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Credit card Dubai constitutes an object of passion for local residence. But over popularity of credit cards has become a problem for many. In recent times credit cards have become a passion for the residents of Dubai and entire United Arab Emirates. A recent survey on use of credit cards in Dubai reveals that around one third of the people use three or more credit cards and the most popular brand is the VISA credit card. Interesting Facts about Credit Cards in UAE Some of the facts about use of credit cards in United Arab Emirates are as follows. • Over 33% of UAE residents hold 3 or more credit cards. • Half of these people have already exceeded their prescribed credit limits. • 42% of the credit card holders including platinum credit card pay only the minimum amount to be repaid and this has compounded the debt problems in the country. • One in every five citizens also makes their regular loan repayments using their postpaid credit card balances. Increase in Debt Problems Extended use of credit card Dubai and others is also fast turning out to be a problem for the economic status of the people as well as the country as a whole. It was found that no less than 45% of people using various cards like the HSBC credit card clearly stated that the repayment is well beyond their capabilities. In fact such people are not even in a position to make their monthly repayments due on the credit cards. Need for Sparing Use Those using credit card should truly appreciate the real essences of using credit cards. • However good the repayment terms and conditions might be it is necessary for every user to use his or her credit card sparingly. • If overspending is a habit then it would be good to opt for the prepaid credit card, also called the debit card. • Users of credit card Dubai should realize that if they are unable to repay in time this could lead them to big trouble and into a financial ditch; revival from which could be near impossible. Expert Opinion Experts that conducted the survey on the use and impact of credit cards on the life of citizens and economy of UAE came to the conclusion that despite all the advantages it extends, over popularity of credit cards is posing a big problem for both. According to Tom Davies of Compareit4.com that makes comparison of various master card and provides analysis; “The results found in the survey were a big concern. We found distressing trends with huge portions of the receivers in day to day life around us. Bottom line of all these is that use of credit card could be a positive incidence but only when it is used with due caution and care. Unless the card owner is responsible, it could lead to disastrous results for the owner of the card. It is rightly said; “popularity has a price to pay.” Bray Dallin talks about HSBC and Visa Credit Card. For more information visit our website gulfmoneymart.com.
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Credit Card Dubai, HSBC Credit Card,
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