Business Credit Cards with Balance Transfer in UAE

Carrying a credit card can sometimes feel like holding a double-edged sword. It enables prompt access to funds that you may not be carrying physically with you at the time or entitle you to make expenses in excess of the funds in your account if the situation demands. At the same time, there is a possibility that debts may start piling up on the card. Do you feel that you have accumulated substantial debt on your existing credit card? Is it becoming a heavy burden on your salary, and do you feel that a lot of your income is getting wasted in repaying the outstanding balance on the card? One smart strategy to get rid of such existing debts, or at least minimise their volume, could be to transfer your balance to an alternate credit card that provides this feature. Banks and financial institutions provide credit cards with a balance transfer option. It is in the interest of various banks to try and lure customers by offering them lower interest rates on outstanding credit debts for shorter terms like 3 to 6 months or allowing them reduced interest rates as compared to the earlier card. Thus, the customer should be smart about his or her choice and make the most of this facility by perhaps availing of easier installment plans. A credit card with the balance transfer facility may be used to transfer all the outstanding debts into one card, thus consolidating the amount into one card.

One of the factors that need to be considered while making a balance transfer is the policies that are mentioned by credit card companies. For instance, only a certain credit score with the AECB will entitle you to use this feature, and one must check what is the minimum credit score requirement of the company. The customer should do thorough research about the various transfer facilities available on such credit cards, the rate of interest required to be paid, and the other technical features that are mentioned in the fine print on the credit card purchase pack. Provided below is a descriptive summary of some of the cards that provide a balance transfer facility and the details that you need to pay attention to if you are considering purchasing one.

How Does A Balance Transfer Work for Business Credit Card & Should You Go for It?

As explained above, a balance transfer comes in handy when one is dealing with an accumulated debt on one’s credit card. The plus point is that banking companies are willing to waive the debt that a person might be carrying in exchange for their conversion to their own credit card policies. In case one is carrying substantial debt, balance transfers can come in useful in saving one’s money by transferring the balance into another card which ideally has zero or a comparatively lower rate of interest. However, there are certain catches to this situation that one must be wary of. The balance transfer is likely to go through if one has a credible credit Score and a lack of that will forestall the possibility of the transfer happening. At any rate, one has to do the math and make a comparative evaluation. The first factor to consider is the amount of outstanding debt that one has in one’s personal credit card and multiply it with the relevant interest rate to calculate the final amount payable. In comparison, one has to think whether they stand to gain by converting this liability into a transferred balance to a different card. If the interest on the new card is zero or nominal, and a majority of the credit debt is allowed to be transferred, it probably makes sense to go for the balance transfer. 

Best Credit Cards with a Balance Transfer Facility in UAE

Abu Dhabi Commercial Bank Etihad Guest Infinite Card

Features & Benefits for Abu Dhabi Commercial Bank Etihad Guest Infinite Card

• The cardholder can easily transfer their credit balance from other cards into an ADCB card and no interest shall be levied.
• The cardholder shall be exempt from the interest in any form whatsoever if they keep paying their outstanding dues before the required date

HSBC Advance Credit Card

Features & Benefits for HSBC Advance Credit Card

• Balance Transfer on this card from any other card in the UAE is available for practically zero percent interest rate. 

FAB Platinum Credit Card 

Features & Benefits for FAB Platinum Credit Card

• Balance can be transferred to this card without any fee being levied.
• Transfer balance rate starts at 0.79% per month.
• The reward of 2.5 Miles for every 10 AED balance that is transferred to this card, which can be redeemed for miscellaneous facilities.

Citi Premier Credit Card

Features & Benefits for Citi Premier Credit Card

• Complete fee waiver for the first year of subscription.
• Charge of AED 250 per year in the subsequent years.

HSBC Zero Credit Card

Features & Benefits for HSBC Zero Credit Card

• Convenient balance transfer facility whereby flexible time duration is provided for processing the exchange, which can range from 6 to 36 months.
• No processing fee shall be levied on balance transfer transactions.
• 0% interest rate shall be levied for repayments during the first year.
• Card does not come with an annual fee or over-limit charges or cash advance charges.

Mashreq Platinum Elite MasterCard Credit Card

Features & Benefits for Mashreq Platinum Elite MasterCard

• Balance transfer can be done on this card at a 0% interest rate.
• The process of balance transfer is extremely convenient. If one is opting for this card, it’s very beneficial as it comes with features like purchase protection and extended warranty.
• The advantage of using this card for balance transfer is that documentary evidence of one’s income structure is not required here.
• Up to 75% of the credit limit can be transferred to this card.
• Balance transfer cancellation charge of 105 dirhams shall be levied upon cancellation.

Mashreq Solitaire Credit Card

Features & Benefits for Mashreq Solitaire Credit Card

• Balance transfer allowed up to the amount of 75% of the credit limit provided that it is done within the first 36 months.

RAKBANK Red Credit Card

Features & Benefits for RAKBANK Red Credit Card

• Balance transfer facility can be availed through RAKMoney transfer.
• No interest will be charged on the balance transfer amount for the first three months. 
• After that period, an interest of 3.19% shall be levied along with a processing fee of 1.95%.
• Charge of 1.50% on miscellaneous balance transfers.

Emirates NBD Visa Platinum Credit Card

Features & Benefits for Emirates NBD Visa Platinum Credit Card

• AED 250 is charged on balance transfers to this card.
• A cancellation fee of three percent on the outstanding principal amount.

HSBC Black Credit Card

Features & Benefits for HSBC Black Credit Card

• Flexible balance transfer facility with the time duration that is allowed ranging from 6 to 36 months.
• 0% interest rate on balance transfer amounts for the first year

Eligibility Criteria for Business Credit Card with Balance Transfer in UAE

Credit Card	Eligibility Criteria
ADCB Etihad Guest Infinite Card	Minimum salary required is AED 40,000
HSBC Advance Credit Card	Minimum salary must be AED 15000.
FAB Platinum Credit Card	Minimum monthly salary of AED 8000 is required.
Citi Premier Credit Card	Minimum monthly income of AED 750 is required.
HSBC Zero Credit Card	Minimum salary should be AED 10,000.
Mashreq Platinum Elite MasterCard	Minimum salary should be AED 7000.
Mashreq Solitaire Credit Card	Minimum salary of AED 25000 is required.
RAKBANK Red Credit Card	Minimum salary requirement ranges between AED 5000 to AED 35000. Minimum age of 21 years is required.
Emirates NBD Visa Platinum Credit Card	Minimum income of AED 5000 is required.

Documents Required to Apply for Business Credit Card with Balance Transfer

Individuals generally need to submit the following documents while applying for a credit card with a balance transfer facility in the UAE. There may be specific divergences based on the specific company and the same needs to be duly checked.

• Identity proof in the form of a valid Emirates ID or valid passport.
• Residence proof in the form of title deeds or signed landlord agreement.
• Income proof in the form of bank statements and salary slips of the last 3 months from the employer in the UAE

How to Apply for the Business Credit Card with Balance Transfer Facility in UAE? 

What is the exact process of making the balance transfer from one card to another? The customer has to first fill in the application for a zero percent interest balance transfer to an alternative credit card. They should be clear about which funds on the respective cards that they wish to transfer. It makes sense to make this decision based on the highest volume of debt on a specific card or the amount of interest that is being charged on a specific debt. Secondly, one must check whether the zero interest rate is applicable based on the credit score that one possesses. Finally, one must be wary of the transfer limit of the new card and whether it is possible to shift all the debt onto the new card. Also, the transfer fee that is charged, which is typically around 3% to 5%, should be checked. 

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Why Visit Policybazaar for Business Credit Card With Balance Transfer?

We at Policybazaar understand the importance of having accurate knowledge of the various card features while one is making this decision. If one has decided to switch their balances to a different credit card, one must have a clear understanding of the shift in finances that this will affect. To make this calculation, one must be clear about the amount that one is transferring, the interest rates on the new card, etc. One can visit our website while making this decision. We are committed to providing you with a rigorous comparison of all the cards that you can opt for and ensuring that you make the best choice regarding the card that you switch to.

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