This week in money

The number of people applying for credit cards in the first quarter of 2017 grew by 65 per cent year-on-year, according to data released by compareit4me.com.

Al Futtaim Motors has launched its Ramadan promotion this week with offers including deferred payments for up to 12 months on select vehicles. Victor Besa for The National
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65%

The number of people applying for credit cards in the first quarter of 2017 grew by 65 per cent year-on-year, according to data released by compareit4me.com. The comparison website revealed that residents applied for multiple products to get approvals. During the quarter users made an average of 3.25 card applications each, compared to the 2016 average of 2.07 applications per user.

Insurance issues for non-GCC cars

Ninety per cent of imported (non-GCC spec) cars are rejected by insurance companies for comprehensive insurance, according to a recent study by dubizzle Motors and Souqalmal.com. The results also highlighted that insurance premiums can vary for the same make and model based on factors such as depreciation of the vehicle, vehicle specifications, the age of the driver and the number of driving years. According to an analysis of policies purchased through Souqalmal.com between May 2016 and March 2017, the average premium per policy was around Dh3,000 for comprehensive coverage.

This is the first crypto-currency with a real value”.

Ignacio Ozcariz, the chief executive of R Fintech, the company behind a new virtual currency called bilur

Buy a Toyota and pay later

Al Futtaim Motors has launched its Ramadan promotion this week with offers including deferred payments for up to 12 months on select vehicles. Customers looking to purchase the Corolla, RAV4, Camry, Prado and the Pride of the Land Toyota Land Cruiser will be able to take advantage of 12 months of deferred payments with an annual percentage rate (APR) of 3 per cent and 3.1 per cent. The offer applies until the end of Ramadan.

Euro zone inflation to rise

Inflation in the euro zone will pick up in the future but remain driven by volatile food and energy prices, a quarterly survey of forecasters by the European Central Bank has suggested. In 2017, the economists predict an average inflation rate of 1.6 per cent, up from a previous forecast of 1.4 per cent, in the 19-nation single currency area, followed by 1.5 per cent in 2018 and 1.7 per cent in 2019.

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