Sep 30, 2022
When it comes to financial health, whether you need a credit card or not is a common question that comes to mind. Credit cards, when used appropriately, can be crucial tools for earning rewards, travelling, dealing with emergencies or unexpected bills, and enhancing credit scores. While having a credit card can be useful in some situations, you should carefully consider whether you need one before signing up.
Here are a few of the reasons why you require a credit card:
If you are planning to get a new card, look for one that offers a sign-up bonus like cashback, free hotel stays, points redeemable for airline tickets, etc. Most credit cards now provide rewards for spending—a specific percentage of cash back or miles that can be used toward future trips.
A cashback credit card is a good option if you pay off your credit card balance every month and have no intention of incurring debt. These cards reward you for your good spending habits by giving you a percentage of your spending back in cash. However, because these cards usually have high-interest rates, they are only worthwhile to use if you intend to pay off your balance each month before interest charges kick in.
Credit cards are a valuable tool for credit building since they allow you to demonstrate how well you handle credit. Credit cards can help you create a great credit history if you make timely payments and avoid exceeding your credit limit, making it easier for you to obtain loans in the future.
Carrying cash or using a debit card may not give as much protection from fraudulent activities as using a credit card. Card issuers may also provide various sorts of fraud protection to cardholders, like dark web monitoring for your personal details, contactless payments, and virtual credit card numbers for online purchases, all of which may help make your card and identity safer.
Many credit card companies have a "discount mall," or a group of national retailers with whom they collaborate to provide cardholders with regular discounts. You can usually find a list of these stores, as well as how much you can save, on the website of your credit card company.
Travel rewards credit cards allow you to accumulate miles or points that can be redeemed for a free flight or hotel stay. When you pay with an eligible travel credit card, you can also get travel insurance for trip delays, cancellations, lost luggage reimbursement, and other benefits. This is a great way to save money when booking vacations.
In short, acquiring a credit card can be a great way to build credit and finance purchases, but it can also harm your credit score and lead to debt, depending on your circumstances. At BanqMart, you can find the perfect credit card in Dubai that's ideal for your needs.
Having a good credit score is essential for obtaining financial services in the UAE. It is a three-digit value assigned to individuals based on their financial activities, such as debt repayment schedule, number of active loans, and on-time or delayed bill payments. A good credit score can help you get loans and credit cards at reasonable interest rates and with a higher credit limit.
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Apr 28, 2023Credit cards have become an integral part of our daily lives, especially in the UAE, where cashless transactions are widely accepted. They offer various benefits, including reward points, cashback offers, discounts on shopping, and easy access to credit. However, applying for a credit card can be a daunting task, especially for first-time users. In this blog post, we will provide a complete guide to successfully applying for a credit card and receiving approval in the UAE.
Mar 30, 2023Having a good credit score is essential for obtaining financial services in the UAE. It is a three-digit value assigned to individuals based on their financial activities, such as debt repayment schedule, number of active loans, and on-time or delayed bill payments. A good credit score can help you get loans and credit cards at reasonable interest rates and with a higher credit limit.
Mar 27, 2023To mark International Women's Day, here are five financial empowerment tips for women, as well as some credit card offers available in the UAE that can help them reach their financial goals.
Mar 9, 2023Are you tired of spending money without getting anything in return? With the right credit card, you can start earning cashback on all of your purchases. Cashback credit cards are all the rage in UAE and have become a budgeting essential for UAE customers. These credit cards not only offer you money back on every purchase, but they also provide additional benefits such as loyalty points, discounts, coupons, etc.
Feb 28, 2023The debt-to-burden ratio assesses the proportion of your monthly income that goes towards paying your expenses (including loans and credit card installments). Banks use this measure to determine your loan and credit card eligibility based on your current obligations and ability to repay them.
Feb 23, 2023There's no better place to celebrate Valentine's Day than in Dubai, where you can express your love in some of the most romantic and unique ways.
Feb 13, 2023UAE is a bustling country that never sleeps, and having a car can be a game-changer when it comes to getting around. With the high cost of living in UAE, not everyone can afford to purchase a car outright, and this is where car loans come in handy. Car loans are a popular option in UAE as they provide an easy and convenient way to finance your dream car. In this comprehensive guide, we'll take a closer look at car loans in the UAE, including the types, processes, and tips for choosing the right one for you.
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Apr 28, 2023Credit cards have become an integral part of our daily lives, especially in the UAE, where cashless transactions are widely accepted. They offer various benefits, including reward points, cashback offers, discounts on shopping, and easy access to credit. However, applying for a credit card can be a daunting task, especially for first-time users. In this blog post, we will provide a complete guide to successfully applying for a credit card and receiving approval in the UAE.
Mar 30, 2023