Dubai First, the consumer-finance subsidiary of Dubai Group, has launched a new credit card that is aimed at the UAE's emerging affluent middle class.
According to Dubai First, the UAE has 3.7 million active credit cards, 1m of which fall under the "gold card" category - and it is this demographic the finance company is targeting for its Titanium Life credit card.
"The basic classic gold [credit card] makes up about 50 per cent of the cards," says Amit Marwah, the head of marketing and communications at Dubai First. "We have created a platform for these cardholders to upgrade.
"The emerging affluent segment is still not right up there in terms of getting a platinum card, but it is almost there. There is a huge potential."
Titanium Life offers a range of welcome gifts for new cardholders to choose from, including a designer pen, a watch, a leather business-card holder, an airline ticket to one of 45 destinations, or a weekend getaway package.
Other benefits include a cashback bonus of up to Dh12,000 a year, a return airline ticket every year and up to 10 per cent cash back on duty-free purchases. The card also offers zero per cent interest for 90 days on high-value purchases, discounts on car insurance and 24/7 roadside assistance.
"We are confident that the Titanium Life experience will offer a highly rewarding experience to the customers, enabling them to get more out of life," says Ibrahim Al Ansari, the chief executive of Dubai First.
To apply for the card, customers must have a minimum salary of Dh10,000, while it offers a risk-based pricing interest rate that can be as low as 2.69 per cent per month.
For more information, go to dubaifirst.com.
The retail lender RAKBank has expanded its online banking service with the Evantage account. Launched this week, it is an interest-bearing account that offers consumers flexibility without having to lock their funds away for a specific amount of time, such as fixed-deposit accounts.
"Evantage takes into consideration our customers' fast-paced lifestyle by extending a product that not only values their time, but also gives the added benefit of earning them interest without locking down their funds," says Graham Honeybill, the chief executive of RAKBank.
Interest on the Evantage account is calculated daily and paid monthly. Depending on the customer's balance, it can pay up to 1.5 per cent interest.
The Evantage account also comes with a debit card that can be used internationally. RAKBank offers a range of e-accounts, including F@st S@ver, an online-only savings account.
For more information, go to www.rakbankdirect.ae.