Do you know that Banks in UAE are currently giving out an iPad mini, an iPad, a Blackberry z10, Business Class airfare and a holiday to one of the 7 wonders of the world along with a 100% Car finance, Home loans at just 3.99%, Personal Loans upto AED 800,000, free remittance and more.
If you have been in UAE for more than a year, chances are that you have at least 3-4 financial products already and will be looking for at least 1 more in the coming year. Find out if you have the best deal from your Bank and start saving thousands with this check list:
• Compare the rates & benefits on your existing loans & accounts with current offers in the market
• Choose the right financial product after comparing it across Banks
• Use the deals / discounts available to you as a Bank customer to save thousands
1. Compare the rates on your existing Loans and Deposits with the market rates. Compare your Credit Cards and Bank accounts for services and benefits available on these products now.
a. Consider a Home Loan taken in 2008 for 1.5 million dirhams @ 8% p.a. for a period of 20 years. The EMI on the loan can be reduced from 12,500 to AED 9,500 by switching to a loan at 4.5% - that’s a saving of AED 36,000 in a year. You can use Loan Comparison Calculator and Early Repayment Benefit Calculator to find out how much you can potentially save by switching to a cheaper loan. Use the low interest rates prevailing in the market to your advantage and save real money.
b. Reduce your payment on multiple Credit Cards. Instead of paying 3% per month as interest on credit card, consolidate your cards into a personal loan to pay less than 1% interest per month.
2. Compare the financial product you want across Banks with more than 1100 financial products to find the most suitable one. Simply select the three important attributes for you and the search engine will show you the right products.
a. A financial product has many features apart from interest rate and initial fee - just select the features that are important to you to find the most suitable product. For instance, if you think you are likely to foreclose your loan, you should compare the foreclosure charges along with interest rate and other charges.
b. Choose a Credit Card on the basis of the rewards it offers - consider Travel Related Cards to enjoy free air tickets and other travel benefits. Consider a low interest Credit Card if you are likely to keep an outstanding balance on the Credit Card.
c. Banks often offer introductory benefits like a tablet, phone, hotel stay, cash vouchers. Look at the Special Offers section to make the most of such introductory offer by Banks.
3. Find the deals on your Credit Card / Debit Card at the tip of your fingers and save thousands. Save thousands on school fee, grocery, shopping, dining and entertainment expenses by using the right Credit Card to pay. Do you know there are Credit Cards that offer a flat discount or cash back on regular expenses such as Grocery, School Fee, Dining, Air Tickets and / or Cinema? Always pay the full outstanding on your credit card to avoid paying interest and enjoy the offers and discounts offered on the Credit Card anyway. Banks offer discounts when you use a debit card to pay. Find out the offers on your debit card on our special offers section to start saving today.
Some of the products that can help you start saving are mentioned below:
Mashreq Smart Saver Credit Card - Discount on School Fee & Grocery
ADIB Etisalat Credit Card - Free Blackberry z10*( * - with a spend of AED 60,000 before August 20, 2013)
CitiLife Credit Card - Cinema Discounts / Offers