Monday 23 April 2018

Dubai First launches 'unique' business credit card

Dubai, May 27, 2008

Dubai First, the consumer finance company from Dubai Group, a member of Dubai Holding, today launched the first-of-its-kind business credit card.

The card offers unmatched flexibility and unlimited growth opportunities for the region’s burgeoning small and medium enterprises (SME), said a statement.

Launched in association with Visa International, the Business Credit Card fills a gap in the current ecology for financial services by providing flexible financing options for SMEs. It is in line with the stated aims of the Government of Dubai which has repeatedly highlighted the role of the SME sector as an engine for the growth of the economy, it said.

The card offers complete financial flexibility on three critical fronts: a flexible interest rate mechanism that offers the potential of the lowest interest rates in the industry –as low as 1.33 per cent per month; a flexible rewards program that lets customers redeem their points for cash, business services like free car rentals or for leisure; and the possibility of using the card at merchants where cards are not accepted – through its dial a draft facility.

The card is equipped with several other features and benefits such as a dedicated personal account manager, special discounts and privileges, discounts on UAE Gate Card, business secure insurance as well as information support through MIS expense reports to help keep track of expenditure, the statement said.

The Flexible Interest Rate mechanism on the card is adjusted in a two-phased process. A special low interest rate is charged in the first three months (quarter) of the business card membership. At the end of the quarter, the business card system measures the performance of the account based on monthly expenditure, repayment percentage and promptness of repayment. Depending on the performance of the account on these parameters, a pre-defined interest rate value is calculated and levied on the outstanding balances for the next quarter. The card allows customers to achieve an annual percentage rate as low as 1.33 per cent per month which is the lowest rate in this category, it said.

Ravi Bhardwaj, country head, Dubai First UAE, said: “As a consumer finance company, we are focused on providing an entire range of financing solutions for our customers, particularly in our card business. We believe there is a huge potential to engineer segmented offerings where we see enough critical mass to drive specific value.

“There are around 200,000 SMEs in Dubai, Abu Dhabi and Sharjah, which for us translates to 200,000 potential customers with unmet needs. Through the launch of the Business Credit Card, we are contributing to the growth of the UAE economy by providing support to small and medium enterprises, offering them an innovative and flexible card that is responsive to their individual needs.”

“Visa understands the importance of SMEs and their contribution to the economic fabric of the UAE. While we are committed to supporting businesses in the region, we recognise that every market is different. Visa has partnered with Dubai First to come up with an innovative product offering that adds value to SMEs in the UAE and helps them achieve their business goals,” said Kamran Siddiqi, general manager of Mena region of Visa. – TradeArabia News Service

Tags: Visa | Dubai First | Business Credit Card |

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