Summer is here and you want to beat the heat with cool plans with your family and friends. Whether you are one arranging for it or just tagging along, credit card offers can come in handy to help you save while still having fun. There are so many ways that people can use their credit cards for things like entertainment, travel, shopping and more.
Here we will be listing out the various uses and the best credit card offers by the most popular credit card provider in Dubai. But before we do so, let’s look at some of the basics of credit cards and also understand the best practices to follow when it comes to credit card offers and purchases. What is a Credit Card A credit card is a type of revolving loan that allows you to borrow money against the value of your credit line. It is called a revolving loan because it is a revolving line of credit — you can keep borrowing and repaying the amount, and the terms are always the same. In order to get a credit card, you will have to apply for one and be approved by the issuing bank whether it is a bank card or a card from a credit card company. You will then be given a credit limit based on your creditworthiness, along with interest rates and other associated costs. You can charge up to the amount of credit on your card. This amount is known as your credit card balance. In addition to the loan amount, credit card offers are also one of the attractive reasons to get a credit card in Dubai. How to Use Credit Card Offers Credit card offers are great and plentiful with a wide variety of merchants. You should definitely make the most of them! The best way to use the credit card offers is by signing up for a cash back credit card. There are many credit cards that give you cash back or redeemable points for every expense that you make. You can use your credit card to pay for things like groceries, gas, dining etc and as per your bill a corresponding point or cashback will be credited in your account. Now with the basics of credit card clear, let’s explore what are the credit card offers that can help have a fun summer outing! Using your Credit Card for Travel If you travel a lot, you should definitely use your credit card to pay for travel. You can use the miles on your credit card to book flights, hotels, and rental cars. The best credit cards in Dubai offer deals with travel merchants of the likes of British Airways, Discover Jordan, and Ghorayeb travels. You can get a discount on your billings anywhere between 10 to 20 per cent with them. As you fly or take a road trip to your destination, why not go to destinations within your credit card offers: Razn Retreats, Safari Village Hotel, Dolphin Village Club, Avani Muscat Hotel, Fifty One East, etc. Using your Credit Card for Shopping If you want to shop and get cash back at the same time, look out for credit card offers. You can use your credit card to shop at online or brick-and-mortar stores where for every purchase you not only get points but also discounts like no other. For example, if you shop for accessories, you can get deals with L’Optique Specialiste, Oud Elite, Clarks Store, etc. If the summer has you in the mood of redoing your house interiors, then you’re in luck with credit card offers. You can get up to 15 per cent off with furniture and art pieces stores like Danube Home, The Luxx Art, IDDESIGN, Kare and more. Using your credit card for dining Out in the hot summer of Dubai shopping will definitely leave you hungry. Avail your credit card offers to pay for your meals when you dine out. It will not only give you discounts and cashback but will also add to your depository of points which can be redeemed in future purchases. With the best credit card in UAE, you will get exclusive and delicious deals with popular restaurants and fast food chains like Streat Restaurant, Gelato Divino, Ruby Passion For Meat Restaurant, Noor Lounge etc. You can also get rebates up to 15 per cent with luxury eateries like La Pergola, Al Waha, Royal Thai, Burlington Club, etc. With all these offers to avail in a summer outing, you may be tempted to splurge with your credit card, however, you need to keep in mind that all the money that you spend (minus all the credit card offers and discounts) need to repaid within the stipulated time to avoid any interests on the loaned amount. Best Practices When Using Credit Cards Pay off your Credit Card Balance: When you use your credit card, you must pay off your balance every month. If you don't, you will be charged high interest, and it can be very expensive. Use Credit Cards for Big Purchases: Credit cards are best for big purchases like a home appliances and car if possible. You can use a credit card for these purchases because it will help you build your credit score. Keep an eye on credit history: Keep checking credit bills every month to check for any discrepancies. If left unaddressed, these can bring down your credit score. Final words Credit cards are an asset, not a liability, so it is important to use them wisely. Similarly treat credit cards offers as a gift that comes with the expectation of return gift which in this case is repayment of whatever you loaned using your credit card. With all these in mind, hope you make the most of your credit cards offers this summer!
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Covid 19 has changed many things. It has changed the economic approaches and policies of the entire world, and Kuwait is no different. As the country eases restrictions and life goes back to normal, you might require a loan to restart your life. It is a very urgent issue, especially for the Expats living in the country, which make up more than half of the population. Most commercial banks offer Expat loans in Kuwait.
Traditionally, Expats have relied very little on loans. But now, they must take financial help to get their lives back on track. According to a recent report by Kuwait Times, cash-strapped Expats are being exploited by loan sharks all over the country. In such a scenario, it is wise to go with one of the commercial banks for the loan to protect yourself. However, we understand that not everyone is familiar with the process, which can seem daunting at first. We are here to take you through everything there is to know about Expat loans in Kuwait. Let's begin. What is an Expat Loan? An Expat loan is a type of financial loan that allows international workers to borrow money from a bank or other lender in their home country and then purchase an asset, such as real estate, in another country. Types of Loans Available to Expats in Kuwait First, let us discuss what kind of financial help is available to Expats in Kuwait. Two kinds of loans are available to Expats in Kuwait:
Factors that determine eligibility for an Expat loan in Kuwait A lot of expatriates are misinformed about this aspect. The eligibility criteria set by the commercial banks of Kuwait are easy to meet, and thus financial help is effortless and straightforward to come by. Usually, you need to:
The last thing that determines whether or not you can borrow money is your credit score. It will depend on where you live now, but it may be difficult for you to get approved for a loan if your credit score is low in Kuwait. How to Apply for an Expat Loan in Kuwait? So now you have met the eligibility criteria for the Expat loan in Kuwait. What to do next? The first thing would be to connect with the bank, either offline or online. Connecting offline would have you going to the nearest branch and then filling out the application form. Online would require you to fill in your details online and then wait for the bank support staff to contact you. Once the process starts, you need the following documents:
And that's it! If you are approved for an Expat loan in Kuwait, here are some things that may affect your loan terms and interest rate:
Important things to remember while getting a loan in Kuwait Here are a few things you should keep in mind when getting an Expat loan in Kuwait:
Finally Hopefully, you are better equipped to apply for a loan at one of the commercial banks in Kuwait. Expat loans are essential, especially now that the global economy is recovering from the damage done by Covid-19. If you are looking for financial help, an Expat loan in Kuwait is the answer. Do not go for private moneylenders. Visit the nearest branch, or the website of your trusted bank today! What is a credit line? In simple words, it acts as a personal cash reserve. If you apply for a credit line from a top fintech company, you can avail a personal loan, multiple BNPL loans or both under the facility.
The personal loan comes with end-use freedom to finance various goals. These include medical costs, holiday expenses, mobile phone bill payments, debt consolidation, relocation, a 2/4-wheeler purchase, rental deposit payments, etc. In addition, a Buy Now Pay Later (BNPL) loan allows you to shop at popular online retail stores without upfront payments. On the other hand, credit cards provide access to a line of credit issued by the lender. Although these credit products sound similar, they are pretty different. Here are the major benefits of a credit line over a credit card. Easy Access to Cash and Virtual Payments Based on your eligibility, you can get up to ₹1 lakhs as a credit line from a leading fintech company. The personal loan under this facility is disbursed straight to your bank account. You can withdraw it free of cost to finance your cash requirements. The BNPL loans can be used virtually at respective online merchant sites. If you use a credit card to draw cash from an ATM, you're usually charged a cash advance fee. On the other hand, not all lenders offer virtual credit cards. So, you need to ensure to carry your card for any payment. Convenient Repayment in EMIs The funds availed under a credit line can be repaid wholly in easy EMIs. For instance, you can repay a personal loan under this credit product in 90, 180, 270, 365 and 540 days. Likewise, you can repay a BNPL loan in 90 or 180 days. However, not all credit card issuers allow you to pay the card bills in EMIs. Even if allowed, you usually need to spend beyond a specific limit to avail of this repayment facility. No Limit to Credit Utilisation There's no limit to using the funds offered under a credit line. However, you need to maintain a certain credit utilisation ratio when you use a credit card. Interest Charged Only on the Money Spent The interest is charged only on the funds used and not the overall credit limit in a credit line. However, the interest is levied on the entire credit limit of a credit card. More Comprehensive Credit Assessment When you apply for a credit line, your creditworthiness is determined by your credit score and your social loan quotient (SLQ). The SLQ score is calculated based on modern factors like your social media footprint and smartphone metadata. However, your credit score plays a crucial role in your eligibility and limit when you apply for a credit card. Conclusion Now that you know what a credit line is and its benefits over credit cards, opt for this advanced credit product for any cash requirement. Just apply on a reputed fintech company's loan app on your Android or iOS device. Personal loans from a fintech company can fulfil a diverse range of needs. You can borrow as little as ₹1,000 as a microloan for small needs like tuition fees and utility bills. Getting a loan for salaried individuals is a breeze. A smart analytics-based scoring mechanism drives the credit decision. It assures financial inclusion to all those who do not have an impressive credit profile yet and helps get the funds. The instant loan is disbursed within a few minutes from the loan app.
You must also know how to pay off the EMIs smoothly. It can then ensure a seamless borrowing experience. You can also avoid paying the penalty to reduce the overall loan cost. Here’s a look at how to boost the repayment capacity. Know Your Financial Obligations Make a practical monthly budget. It will help save a significant amount every month. Start by analysing your cash outflow. Try to cut down on unnecessary spending like extra subscriptions, frequent movies and binge-ordering food. Then, you can contribute the saved money towards debt clearance. This is an easy and effective way to increase your repayment capacity. You can also make some added payments to clear the personal loan early. Side Hustle Work on earning more money on weekends. You can consider a second job like part-time teaching, virtual assistance, baking or creating artwork. The income can be a great fall-back option and clear different expenses like the debt if needed. It helps in timely repayment as well. You are less likely to default or get flagged as a negative profile on the loan platform. Simply download the loan app from Android or iOS stores to get started. Increase the Tenure A personal loan offers flexible tenure. So, choose a longer repayment term of 270, 365 or 540 days. It will help you spread the payment in small EMIs. Lower monthly payment is easy to clear slowly and steadily without compromising your lifestyle. But know that it can impact the overall interest rate. So, it is good to consult a financial expert who can help you make an informed choice. Choose the Right Product Try not to opt for an instant loan beyond your repayment capabilities. This makes it difficult to pay off, and you end up with penalties after the 5-day-interest-free grace period. So, work up your finances and see how much you would require. Try not to take a more significant amount even if you qualify for the same. For example, get a quote for your home repair project from professionals before applying for the loan. Conclusion These are a few smart ways to clear the instant loan without worries. Now you can borrow and repay funds whenever you require without piling up debts. Banking is an essential part of everyone's lives nowadays, and visiting a bank physically to carry out transactions has become redundant. Many banks from all around the country have tried to start digital banking services, but only a few have been successful. The first digital bank in Kuwait is fully functional now, and many customers are benefiting from the facilities provided.
Earlier, people used visit the bank to perform simple banking transactions such as cash transfers, bills payment, EMI clearing, address changes etc., but now through the introduction of the first digital bank in the country, it is much easier to do these tasks from the tip of a finger sitting at home only. Customers get to experience fast account opening, and seamless online transactions in one go through a simple app or a computer. The benefit of the first digital bank is that it helps the customers to get the best service possible for a banking firm. Any of the queries of the customers can be handled digitally by the supportive customer service team. Also, people can make sure that all their transactions are safely made online. Many bank facilities are really important to any person or business to sustain their basic finances. It is important to have a reliable bank to handle all the finances of a person, and banking facilities are not just limited to cash deposits and withdrawals only; it has many other things like loans, insurance, allowances, mortgages etc. The first digital bank in the country promises to deliver all these essential services through an app that is very user friendly and can be downloaded on almost every platform. To use these facilities, users can easily just download the app and get their account open in some simple steps, and once the formalities are completed, and the account is set up, the app itself will generate certain passwords and pins which are needed to be remembered by the user for any future logins. By using this facility, the user benefits from the security of the first digital bank and the security setup they have on their phones. All a person needs is to have a Kuwait ID or Civil ID, and then the app will just ask for a selfie that can, in turn, help to verify the person and then the app can help to register the user online on a secured database. The bank itself has a tie-up with card providers like Mastercard and Visa that increases the number of places where the person can use the app to make any digital transactions. By using the first digital bank, users can utilize the following customer service benefits-:
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August 2022
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