Business credit cards offer various perks and rewards, which can be very useful for any entrepreneur. Small businesses can equally benefit as they have access to a credit limit that allows them to pay bills and have a healthy cash flow. Small and medium-sized companies in the UAE have many business credit options to choose from to cater to every business need. However, it's vital to consider a credit facility that offers a revolving line of credit with favorable terms and conditions while providing good business perks such as travel and leisure benefits.
Here is a list of the 5 best business credit card options for entrepreneurs and SMEs in the UAE, including their top benefits and application requirements.
CBD Business Credit Card
The Commercial Bank of Dubai Credit Card offers attractive business, and lifestyle perks for any business set up in Dubai. This card is targeted towards owners and employees of registered companies in the manufacturing, trading, service, or professional sectors. There is a generous credit limit to cover business needs, plus personal lifestyle perks.
Key Benefits
It provides lifetime free credit cards with a 250,000 AED maximum credit limit
Access to credit for up to 52 days interest-free
Provides a cash advance for up to 50% credit limit for emergency expenses
Offers a flexible repayment plan of 5% to 100% on balance owed with interest rates as low as 3.45%
Eligibility Requirements
Applicants have to be in the age range of 25 -65 years
Businesses need to have a minimum bank balance of 25,000 AED
The Emirates NBD Business Credit Card
The Emirates NBD Business Credit Card is an excellent option offering a wide range of in-built services, including high cash limits, Plus Points, airport lounge access, and other lifestyle benefits.
Key Benefits
Repayment starts from as low as 5% on the outstanding card balance
Allows an installment plan at low interest monthly
Offers a credit limit of up to 75%
Eligibility Requirements
Requires a minimum age limit of 18 years
Applicants to have a verified source of income
Needs a valid UAE identification and passport
Use of a current UAE mobile number
RAKBANK Titanium Business Credit Card
The RAKBANK Titanium Business Credit Card offers superior advantages for an international business traveler. There is unlimited access to airport lounges in Dubai, Abu Dhabi, Kuwait, and Cairo airports, plus wide coverage for over 36 million enterprises globally displaying the MasterCard logo.
Key Benefits
Access to a cash advance facility of up to 90% of the credit limit
Allows 1% cashback on all local and international retail, cash, and internet transactions. This is ideal for a business dealing with domestic and international suppliers
Zero annual fees charged
Interest-free credit access for up to 55 days
Eligibility Requirements
Minimum 5 years of business operation
Business should earn a minimum revenue of AED 2,500,000
ADCB Self Employed Business Credit Card
As the name suggests, the ADCB Self-employed Business Credit Card has the small business owner in mind. It comes with integrated features such as contactless and 3D secure cards to carry out safe physical and internet transactions in multiple outlets and ATMs with MasterCard logo designations globally. The credit card is customized to help meet the financial obligations of both the business and employees.
Key Benefits
It acts as a joint and several liability credit card for the business and employees
Employees can access a maximum credit limit of up to two-thirds of the credit limit of the business
Has a higher credit limit than personal credit cards
Takes into account the credit status of the business for approval and issuance of credit card
Eligibility Requirements
A business needs to have operated for a minimum of three years in Abu Dhabi, Sharjah, or Dubai.
MasterCard BusinessCard
The MasterCard BusinessCard is an all-inclusive credit tool for a business to easily track expenses and do business globally with airport lounge access offers. MasterCard has wide accessibility with merchants and ATMs in the UAE. There are multiple benefits catered to small businesses promoting daily activities such as cash flow management and budgeting.
Key Benefits
Offers tailored SME insurance rates with 5% savings
Allows up to 20% discount on daily business shipping charges (minus insurance charges and fuel surcharges)
Has a corporate liability waiver protection of up to an annual amount of $25,000 for individual cardholders and up to $1,600,000 for the business
Has the MasterCard Buy 1 Get 1 offer to access redeemable offers across the Middle East and Africa
Eligibility Requirements
Over 20 UAE banks such as the United Arab Bank, Abu Dhabi Commercial Bank, and Emirates Islamic Bank offer the MasterCard Business Card option with their individual terms and conditions.
SMEs in the UAE contribute significantly to the country's GDP, and having access to credit is essential. Choosing a commercial banking partner is a critical step for any business, and with competitive offers and services, selecting the best partner can be a challenge. As Dubai continues to grow, the opportunities for agile companies will also flourish. For businesses ready to take the next step in Middle East markets, Sentinel Business Centres offers a full suite of licensing solutions, as well as fully serviced offices, visa services, and more. Contact a member of our team to learn more.