RAKBANK Visa Credit Card

RAKBANK Visa Credit Card is a 'free for life' card that offers its cardholders choice, control, and convenience over their finances. The cardholders get an advantage of availing great benefits, saving money, and more. The credit card also offers discounts and cashback on entertainment, shopping, dining, traveling, and more. Some other benefits of this RAKBANK credit card include up to 55 days of interest-free period, a low charge on balance transfer, an easy payment plan, and many more.

Features & Benefits of RAKBANK Visa Credit Card

• Finance Charges: This RAK credit card charges low finance fees of 3.45% on outstanding retail transactions and cash advances.
• Interest-Free Credit: This RAKBANK Credit Card benefits its cardholders with interest-free credit for a maximum of 55 days.
• No Annual Fee: This RAKBANK credit card is free for life, that is, it does not charge an annual fee from the cardholders.
• Minimum Payment: The cardholders need to make minimum payments on their credit card, otherwise, a late payment fee will be levied on them. This RAKBANK credit card offers a low monthly minimum payment of 3 percent only.
• Supplementary Card:The RAKBANK Visa Credit Card also provides supplementary cards to the family members of the cardholder free of cost

Rewards and Offers on RAKBANK Visa Credit Card

• The cardholders can avail a cashback of up to 1 percent on their international transactions including cash advances and internet transactions.
• They can also avail a cashback of up to 1 percent on total domestic retail transactions per month which are subject to minimum retail spend of 1,000 AED monthly.
• The maximum cashback limit on international as well as domestic transactions is AED 300 per billing month.
• With effect from January 1^st, 2018, all the transactions lying under the category of Utility Payments and Government Services are entitled to earn a discount of 0.25 percent for each AED 1 spent.
• With effect from August 2^nd, 2018, all the transactions lying under the category of Bill Payments, Gas or Petrol Station, Real Estate, Transport, and Car Rentals is entitled to earn a discount of 0.25 percent for each AED 1 spent.

Fees & Charges on RAKBANK Visa Credit Card

RAKBANK Visa Credit Card levies very low interests and fees from its cardholders. The fees and charges are as follows: 

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FAQs on RAKBANK Visa Credit Card

Q1: What is a Cash Advance and what are the charges for the same?

Ans: Cash advance refers to the withdrawal made from any branch or an ATM of the bank through a credit card. It is a general suggestion to maintain the withdrawals as low as you can because credit cards levy high-interest rates on the cash advance. Beginning from the withdrawal date, a cash advance fee is charged on the withdrawn amount along with a predetermined interest rate.

This RAKBANK credit card levies a cash advance fee of 3.45 percent monthly on the transaction amount. It also levies a cash advance charge of 3 percent or AED 99 (whichever is higher) on the cardholder. You can take a cash advance of up to 80 percent of your credit limit.

Q2: What are supplementary cards?

Ans: Add-on cards or supplementary cards are offered to the family members of the primary cardholder. They almost function like a primary credit card except that the earned reward points (if any) through this supplementary credit card are credited to the primary cardholder’s account. The supplementary cardholders can also avail the benefits that are offered to the primary cardholder.

The RAKBANK Visa Credit Card offers free supplementary cards to the family members of the cardholder.

Q3: What does a Late Payment Fee mean?

Ans: The credit card in a way offers a short-term loan to the credit cardholders. Ideally, the cardholders should pay off their bills before the due date specified by the bank. But in case they fail to pay their bill, the bank levies a late payment fee on them. The late fees can negatively affect the credit Score of the cardholder and the best option to avoid such a charge is by making all your payments on time.

The RAK credit card charges a late payment fee of AED 230.

Q4: What does a Credit Shield Insurance mean?

Ans: Credit shield insurance is a protection benefit offered to the cardholder which gives cover against the outstanding balance on your credit card. If in case, you fail to pay the due amount on your credit card because of any unexpected situations such as medical issue, loss of employment or death, this insurance prevents you and your family from any unnecessary burden.

This RAKBANK Visa Credit Card levies 0.99 percent on credit shield insurance.

Q5: What does an interest-free Instalment Payment Plan mean?

Ans: Under 0 percent Instalment Payment Plan, you can simply convert the purchases made on your credit card at the partner or selected merchants into interest-free monthly installments.

Q6: What does a balance transfer on credit card mean?

Ans: Balance transfer refers to the transfer of the amount present in one credit card account to another credit card account. You may have to pay a balance transfer fee to avail this facility in case of some credit cards.

This RAKBANK credit card levies a balance transfer fee of 1.50 percent.

Q7: How many remittances can I make using RAKMoney Transfer through the RAKBANK Visa Credit Card?

Ans: This RAKBANK credit card offers you the facility to transfer funds to various parts of the world including Sri Lanka, India, Europe, Philippines, Pakistan, Nepal, and more. You can make many money transfers as you want, keeping in mind the maximum limit of retail remittance. You also have an option of transferring funds above the predetermined maximum limit of retail transfer but only up to the available cash limit on your credit card. Any fund transfer done beyond the maximum retail remittance limit shall be considered to be a cash transaction and finance charges, starting from the date of the transaction, may be charged on it. However, no cash advance fee will be charged on these transactions.

Q8: What should I do if my RAKBANK Credit Card is stolen or lost?

Ans: If in case you lose your credit card or it gets stolen, you should immediately report to the bank and the local police. The more time you take to inform about the stolen or the missing card, the more risk you may have to bear. In such circumstances, you should connect with the bank as soon as possible on +9714 2130000 from within the UAE or +9717 2064444 if you are outside UAE. You have round the clock access to the customer care service of the bank.