Best Balance Transfer Credit Cards in UAE

Best Balance Transfer Credit Cards in UAE

While many credit cards offer a balance transfer facility, choosing the right one matters. The right card depends on your debt, the promotional rate it offers, and when the promotional period ends. 

That being said, here are some balance transfer credit cards you can consider.

Disclaimer: Balance transfer conditions are subject to change. Please check the terms and conditions before applying.

What is Balance Transfer? 

With balance transfer, you move outstanding debt from one or multiple credit cards to a single card, usually the one offering 0% interest for a set introductory period. The new bank pays off your old card(s) directly. You then repay the transferred amount to the new credit card. The goal is to pay it off before the promotional period ends. The promotional period can range from 6 to 12 months.

Pros and Cons of a Credit Card with Balance Transfer

A balance transfer credit card lets you move high-interest card debt from one bank to another with a lower introductory rate or a 0% promotional period. 

Here are the pros of a credit card with balance transfer:

• Save money by replacing a high monthly APR with a 0% or low-rate promotional period between 6 and 12 months
• Most of your monthly payment goes towards clearing your principal balance instead of heavy interest/finance charges
• You can combine multiple credit card bills from different UAE banks into a single monthly payment
• Several UAE banks offer fixed instalment plans for the transferred amount

However, there are certain risks involved in balance transfer if not handled properly:

• If you do not clear the total balance before the promotion period ends, the standard, high credit card interest rates apply to the remainder
• The eligibility of such a card is strict and depends on your salary certificate, credit history with AECB, and existing credit limit
• Accumulating new retail purchases on the old or new card can get you deeper into debt if spending habits don’t change

When Does a Balance Transfer Make Sense?

A balance transfer credit card is suitable when you have high-interest debt on an existing card and a stable income to pay it off. The low introductory rate during the promotional period is also important. Here’s when it makes sense:

• Your current card charges 30%+ annual interest 
• You have predictable income to make fixed payments
• The one-time processing fee (1% to 5%) is lower than the interest you would pay otherwise
• You can repay the total balance before the 0% promotional period ends

Eligibility Criteria for a Balance Transfer Card

Specific eligibility criteria vary by card. The minimum salary requirement could range from AED 5,000 to AED 15,000. The general eligibility requirements include:

• Minimum Age: 21 years
• Minimum Salary: AED 5,000 per month
• Employment Status: Salaried and self-employed
• Nationality: UAE residents
• Credit Score: Depends on the bank’s assessment; a strong AECB credit score improves your approval chances

Documents Required to Apply

This is a general list of documents required to apply for a balance transfer card. However, you should compare the final documents with the bank. 

How to Apply for a Balance Transfer Card via Paisabazaar.ae?

You can easily apply for a credit card with balance transfer in a matter of minutes on Paisabazaar.ae. Fill in the lead form and use the balance transfer filter to browse cards with this feature. Compare the promotional period window, fees, and minimum salary. Select the card and complete the application. 

Frequently Asked Questions