Good Bye ‘Cash back’, here’s a Credit Card that offers “GOLDBACK”

Rakbank Kalyan Jewellers Credit Card

In a recent collaboration with Kalyan Jewellers, RAKBANK has launched the new RAKBANK Kalyan Jewellers Credit Card. A Card that offers customers “Goldback” loyalty rewards.

Gold has historically been popular as an investment and especially so, in the Middle East and India. Most people invest in gold as a hedge against the risk of losses in other investments. It is also common knowledge that women and their love for jewellery is inseparable. The newest credit card to hit the UAE markets aims to cash-in on this sentiment.

MoneyCamel Teams has reviewed the card in detail and here’s what you need to know:

The Idea:
The co-branded Titanium MasterCard credit card is unique in its Goldback offer to customers in the form of loyalty rewards. This card targets Indian expats who constitute a sizeable majority of UAE’s expat population. This seems logical since Kalyan Jewellers is one of the biggest and most established jewellery chains in India.

How Goldback Rewards Work: The Goldback percentage would depend on whether you spend locally or internationally and is subject to monthly spend tiers. Here is a breakdown of the reward structure for your reference:

Monthly Spend Tiers

Goldback % on Domestic Spend

Goldback % on International Spend


Spend elsewhere

Spend at Kalyan Jewellers, UAE*

Spend elsewhere

Spend at Kalyan Jewellers, India*

< AED 15,000





AED 15,000 - AED 29,999





≥ AED 30,000





* This is Additional Goldback

Good News – No Minimum Monthly Spend required to earn Goldback.

Watch out for – Maximum Goldback per month is capped at AED 1,200 for domestic spend and AED 2,000 for international spend.

Besides this, you will also get up to 5% Goldback on international Cash Advances and Internet Transactions. You can redeem the Goldback points earned within 15 months against any purchase at Kalyan Jewellers outlets in the UAE. Goldback points accumulated up to the last statement are available for redemption; however, the points earned when you spend at Kalyan Jewellers can be redeemed after 24 hours of the transaction.

Other Features:

  • When you buy gold or diamond jewellery worth AED 1,000 or more at a Kalyan Jewellers outlet in the UAE, you can convert it into an easy instalment plan for 3 months (for gold purchases) or 6 months (for diamond purchases).
  • There is an introductory Apply & Win promotion going on till 2nd April, 2015 in which, 20 winners will win 100 grams of gold each.

Eligibility & Fees:

To apply for this card the Minimum monthly income requirement is AED 5,000.
This is a free-for-life credit card with no annual fee and you can get a free supplementary card as well. The interest rate charged is 2.95% p.m.

APPLY for your RAKBANK Card today!