Cashback Credit Cards in UAE, is it worth it?

Take maximum advantage from your cashback card in UAE. Find the best available card hyper-personalized for your transactions.

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Credit Cards

With credit cards charging interest rate as high as 36-40% in UAE, is it even worth taking a credit card. Well the answer is still a Yes, but a cautious yes. Credit cards are more like two edge swords and can give you lot of benefits if you may use them wisely. In UAE especially, popular cash back cards offers very good deals and can make you earn as high as AED 1500 per month depending on your monthly expenditure and optimal usage.

Cashback cards

A cashback card is a credit card which pays you some commission of your expense back in form of cash back, for ex. if you may have spent AED 400 in expense on Carrefour and you have used FAB’s cash back card, you can earn 5% of spend amount i.e. AED 20 as cash back. For a single transaction this might appear a small reward but if you combine it overtime for an average monthly grocery spend of AED 4,000 you can earn approx. AED 2,400 per year as cash back. And that’s only grocery if you may combine other expenses like Fuel (5% cashback), Utility(5%), all other retail(1%), with a monthly average spend of AED 16,000, you may earn an annual cashback of approx. AED 3,600, which is good amount for a free money. And if you invest this 3,600 wisely, this can be substantial amount (close to AED 300,000 ) on you retirement, more on this in later sections.

Card for your need

But the key here is to get the card most appropriate for your need, for ex. there are cards which offer very good deals on RTA and fuel stations for ex Emirates Islamic NOL card offers 10% cash back on NOL and fuel station expenses, while cards like FAB’s cashback offers 5% on grocery. Similarly Mashreq’s Cashback card offers 5% cashback on dining. So depending on your expenses, do you have more expenses on grocery or are you more like a dining out guy, you should choose your card and then enjoy the rewards offered by these cards smoothly.

Now, I understand its easier said then done, how to track our expenses and then mix and match with available cards, it’s a cumbersome process. However, FinView has made it very simple for its users, you can simply download the app; it will track all you expenses from your SMS inbox and their spend category; and will mix match it with available cards in market and then will tell you how much cashback you can earn from which card, along with 3 top cashback cards available for you in UAE market. And this all is completely personalized based on your past transactions. All this happens as soon as you download the app. Check out the how it works and its rich features

How Finview helps

Finview is completely free of cost. You can compare all cards in the market and you can also apply the maximum cashback card from the app itself. And its not only for cashback, the app also helps you in managing your day to day finances by tracking your expenses, budget planning and due reminders etc. all key features to assist you in managing your finances better. Try the app download from here and make a smart choice. []

FinView Google Play
FinView Google Play

In concluding remark, as I mentioned earlier credit cards can be a two edge sword and hence always pay back your monthly full outstanding before due date without fail. And then you can peacefully enjoy a smooth inflow of cashback money every month.

Cashback Cards (1) Credit cards (1) Expat Investing (2) Investment (2) Passive Income (1) Personal Finance (3) Savings (1) Wealth building (3)

Hope you like our blog and FinView app, please leave queries or suggestions in the comments section below.  

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