Banks in the UAE have learned a lot about fees from their western counterparts so it is no surprise that fees are high. In an effort to get new customers some are offering deals to certain groups. Recently a no fee cash back credit card offer from RAK appeared under my apartment door. This bank, based in Ras Al-Khaimah two emirates north of Dubai, promised a Platinum Card, no fee ever, and 2 percent cash back for residents of Emaar Properties, which includes my building.
I knew that much paper would be required, and I ventured to the bank armed with my tenancy contract, passport, resident visa, bank statement from my current bank, check book, and work permit. Rarely does anything go according to plan and this was to be no exception. It seems that though the offer was made to “residents” what they really meant was “owners” the young bank clerk explained.
Perhaps there was an exception for tenants. But the tenancy contract was in my company’s name and not mine so that was also a problem. Perhaps there was an exception for employees of the company that I work for. A quick call was made to the bank manager, Francis, to confirm the employment status exception. Yes, I could have the same deal—platinum card, no fee, 2% rebate.
I only had to write them an undated check in the amount of 20,000 AED and I could have the card – with a 19,000 AED credit limit – if my credit check passed. I was also eligible for a “no minimum balance” bank account. The 2% cash back still held some interest until I asked about internet banking. Not available until the following year - Insha'allah. Going to the bank to pay my credit card bill during UAE banking hours doesn’t sound like my cup of tea. Sticking with HSBC for now.
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