Important requirements for obtaining a credit card
1.The applicant’s age
The applicant’s age is also a major consideration; most of the Middle East allows applicants over the age of 21 to obtain credit cards. If a person can provide an independent source of income, they can apply for a card at the age of 18.
A younger entrepreneur can open an account with the help of a co-signer, who must be a legal guardian. The advantage of obtaining a credit card at such a young age is the ability to build good credit and qualify for larger loans and mortgages.
2. The cardholder’s physical address
A physical home address is also required, which means that PO boxes do not qualify, and the address must be a place where correspondence mail can be received. These and other requirements will differ depending on the bank; different issuers may have different credit ratings and requirements. It verifies the user’s occupancy and ensures that the bank does not suffer fraud in an unlikely scenario.
3. Having a verifiable source of income
The most important requirement for issuing a credit card is having a verifiable source of income. This can even help self-employed individuals who are citizens of the state. A steady influx of salary is the best case scenario for a credit card application.
This can be done monthly or weekly. It is critical because without it, one may be unable to pay off debts and end up in a debt trap. Even paying the bare minimum each month can be extremely beneficial.
4. Non-resident Emirates ID and procedure
A proof of residence is also required; in the case of the UAE, the national ID card, known as the Emirates ID, is the required document.
Having this ID is important because it keeps a record of the person and any dues and fines, as well as details such as health and life insurance. Other documents are required for immigrants and other non-Emirati residents. These are the applicant’s passports and residence permit; this helps establish a valid identity and the applicant’s purpose in the UAE. They are assured of receiving a credit card if they meet these criteria, and they can then use the cards to make purchases.
