Thursday, July 8, 2010

UAE Credit Cards Among World's Costliest

As reported in The National:
A survey of more than 170 cards offered by 40 banks operating in the UAE shows the average annual interest rate is 33.9 per cent, more than double the average rate in the US and almost twice the average rate available in the UK.

Two percent over the average rate last year.  Apparently, First Gulf Bank, Mashreqbank, and DubaiFirst offer platinum cards with APRs of 40%.  Wonder what they offer their less preferred customers?

But I guess somebody's got to pay for the Dubai World provisions not to mention AlGosaibi, Saad and perhaps Dubai Holdings.

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4 comments:

Laocowboy2 said...

Credit card borrowing is just about the most expensive way to borrow below going to a loan shark. The wise pay of cards every month, concetrating any borrowings in either a mortgage and/or a term personal loan facility where interest rates will be much lower. I see the fact that people still borrow on cards more a condemnation of teaching standards in maths than anything else.

Abu 'Arqala said...

Laocowboy2

When banks are offering "platinum" card customers 40% APRs, that's a sign of (a) "shortcomings" in customer knowledge or (b) no other source of bank credit.

Abu 'Arqala said...

Delano

We don't do advertisements at SAM.

Abu 'Arqala said...

Anonymous

Your post removed because we don't accept advertisements here at SAM.