Reward credit cards are offer an incentive program where a certain percentage of amount that the cardholder spends on the cards is paid back to him. The payback is in terms of air miles, hotel or loyalty points or cash back. The cash back cards are more beneficial to the consumers who pay off their credit every month. And the credit card interest rates are generally higher.
The rewards credit cards are offered to the individuals having an excellent credit rating. It is advisable to not have multiple rewards credit cards, as you might be tempted to spend more. And mainly because it affects your credit score as well. Avoid applying for reward credit cards if you have any huge credit or loan to take, as the higher number of credit card application will drop your credit score.
What to look for while applying for Rewards Credit Card?
- Check for the most valuable rewards.
- Check if you get sign up bonus and rewards.
- Look for non-spending benefits like travel insurance, purchase protection and other travel perks.
- Check for the annual fees charged.
Banks offering Rewards Credit Cards in UAE
Dubai First Platinum Rewards Card:
- Buy one movie ticket and get one ticket free at the select cinemas in UAE.
- Enjoy complimentary airport lounge access in Dubai, Cairo, Kuwait, Riyadh, Jeddah, Dammam and Amman airports.
- Enjoy the benefits of valet parking at certain locations in Dubai and Abu Dhabi.
- Lifestyle Privileges gives you a wide range of 200+ special deals.
- Avail instant cash advance at over 1 million ATMs around the world.
- Low interest loan is available on your credit card, which can be repaid in instalments periods ranging from 3 months- 36 months.
- You can transfer your balance from other credit cards to this card and repay it within 3-36 months.
- Any purchase higher than AED1000 can be converted to Easy Payment Plan for a starting 0% interest for a period of 3-36 months.
Commercial Bank International Rewards Card:
2.99% interest rate is charged on the card. An annual fee of AED500 is charged. A person with a minimum salary of AED8,000 can apply for this card.Benefits:
- Avail 50,000 reward points as a joining bonus.
- Reward points can be redeemed for airline tickets, cash back and hotel stays etc.
- Get free access to select airport lounges across Middle East.