Writing cheques for security
Discussion
FYI - http://gulfnews.com/news/gulf/uae/general/uae-bank...
I recently opened some accounts with EmiratesNBD due to changing jobs - I've learnt that having your accounts at the same bank as your employer makes everything far easier.
Having seen my salary go in they were on the phone within hours to offer me a credit card. I said no, as I have a card with my other bank, but after a couple of months of hounding I gave in, 1: To shut them up; and 2: Maybe its not such a bad idea to have a standby for whatever reason.
The bloke turned up today, went through all the paperwork and just before he left he said, 'oh, and you have to sign this cheque for security'.
Ummmm, no I don't - that's illegal.
I wasn't going to argue with him, he just said it is bank regulations and just looked at me uncomprehendingly when I showed him the article. So I sent him on his way.
Know your rights people - if enough of the public stand up to them they'll get around to changing the backward systems.
I recently opened some accounts with EmiratesNBD due to changing jobs - I've learnt that having your accounts at the same bank as your employer makes everything far easier.
Having seen my salary go in they were on the phone within hours to offer me a credit card. I said no, as I have a card with my other bank, but after a couple of months of hounding I gave in, 1: To shut them up; and 2: Maybe its not such a bad idea to have a standby for whatever reason.
The bloke turned up today, went through all the paperwork and just before he left he said, 'oh, and you have to sign this cheque for security'.
Ummmm, no I don't - that's illegal.
I wasn't going to argue with him, he just said it is bank regulations and just looked at me uncomprehendingly when I showed him the article. So I sent him on his way.
Know your rights people - if enough of the public stand up to them they'll get around to changing the backward systems.
To add to that, be wary of the APR (Annual Percentage Rates) on UAE credit cards.
In short, many banks will say its 2%. Well...yes...sort of. Its 2% PER MONTH, not per annum. Its 24% on outstanding balances per annum.
Also, be aware of annual charges. Most are around 500AED for a standard VISA credit card. I have one with HSBC and its a Mastercard....and there is no annual fee. There is only one way to avoid charges and that is to pay the card off in full every month.
The HSBC and Citi cards also offer you Airmiles, so if you rack up enough points you get free flights. Handy harry. This is the sole benefit of having a credit card in the UAE.
In short, many banks will say its 2%. Well...yes...sort of. Its 2% PER MONTH, not per annum. Its 24% on outstanding balances per annum.
Also, be aware of annual charges. Most are around 500AED for a standard VISA credit card. I have one with HSBC and its a Mastercard....and there is no annual fee. There is only one way to avoid charges and that is to pay the card off in full every month.
The HSBC and Citi cards also offer you Airmiles, so if you rack up enough points you get free flights. Handy harry. This is the sole benefit of having a credit card in the UAE.
VanquishDubai said:
The HSBC and Citi cards also offer you Airmiles, so if you rack up enough points you get free flights. Handy harry. This is the sole benefit of having a credit card in the UAE.
a colleague has an emirates NBD credit card. she has to spend at least 4000AED a month on it to qualify [pretty easy if you use it for everything] but gets 3 skywards points per dirham spend which is just insane, i got a master card as my visa debit doesn't always work abroad and etihad don't accept debit cards. i am ditching the visa credit card though as it was mis sold.
shirt said:
a colleague has an emirates NBD credit card. she has to spend at least 4000AED a month on it to qualify [pretty easy if you use it for everything] but gets 3 skywards points per dirham spend which is just insane,
i got a master card as my visa debit doesn't always work abroad and etihad don't accept debit cards. i am ditching the visa credit card though as it was mis sold.
Which card is this? Looking at the website, it says you get 1 air mile with every $1 you spend.i got a master card as my visa debit doesn't always work abroad and etihad don't accept debit cards. i am ditching the visa credit card though as it was mis sold.
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