There is a rapid increase in the number of credit card users in the UAE. The credit card offers and rewards provided can be one of the primary reasons that attract customers. Banks receive several credit card applications on a daily basis but not all the applications will get approved. They check some factors while analyzing an application. The applicant needs to understand some ways which can help in getting their credit card application approved.
Tips to get your credit card application approved easily
Credit score
Credit score plays a vital role when any financial assistance is requested from banks. Banks check credit score in order to determine whether you qualify to get a new credit card/ loan. So before applying for a credit card check your credit score.
To know the credit score, the applicant can visit nearby AECB(Al Etihad Credit Bureau) center or download the AECB app and provide the required details. AECB charges AED 105 to provide credit report along with the credit score.
If your credit score is good i.e. at least 400 above while at some banks the good credit score is 500 above, you can proceed further to find the right credit card and apply for it.
But if your credit score is not good, then it is important to improve your credit score before taking any other step.
Find the right product
While shopping we usually stick with the first product we see. The same goes for credit card shopping. This is not right. You must check what are the products available. Filter different credit card products according to the eligibility criteria. Pick the ones that are suitable for your monthly income and choose one among them according to your requirements.
Credit card applications get rejected due to the eligibility criteria so if you have done thorough research making you the right fit for the card, the chances for getting approved can be high.
Compare The Best Credit Cards in the UAE
No too many applications at a time
It is not recommended to apply for multiple credit cards at a time. When an individual applies for a credit card it will be added to his credit report. When you apply for multiple credit cards at the same time it will leave a negative remark on the credit report which can make the credit card provide reject the application.
After a detailed understanding, apply for one card and wait for the application to be processed. If it gets rejected you can request your credit card provider regarding the reason for rejection, analyze what made your credit card application gets rejected and work on it before reapplying.
Right details in the application form
Errors in credit card application are the most common reasons for getting rejected. Make sure each and every detail you give on the application is valid and error-free. Name and other details on the application should match the identity documents you’ve provided. Errors or overwriting details can make your application get rejected. You can clarify with bank officials if you have any doubts while filling the form. An error-free and rightly filled application have a higher chance to get approved.
Proper documents
Usually, banks request for some basic documents like Income Proofs, Identity Proofs, Address Proofs, etc. Provide photocopies of genuine documents along with the original documents for validation. Missing of any mandatory documents is not acceptable by the banks. Ensure you provide all the mandatory documents that are valid and genuine.
Check: List of Documents required by banks in UAE
Don’t rush
Never rush while applying for a credit card. A rejected credit card application will be noted on the credit report which can have a negative impact for a long time when any financial assistance is needed from the banks. So choose a product wisely, give accurate details and wait till the application status reaches a final stage.
About the author
Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.
