banks lure customers with zero balance transfer
Last Updated : GMT 08:21:11
Arab Today, arab today
Arab Today, arab today

Banks lure customers with zero balance transfer

Arab Today, arab today

Arab Today, arab today Banks lure customers with zero balance transfer

Dubai - Arabstoday

Banks awash with cash are now charging less for loans — some even zero interest — via balance transfers. XPRESS has learnt that banks such as HSBC, Barclays Bank and Standard Chartered have unleashed zero per cent credit buy-outs to certain customers, a totally unheard-of practice since the financial crisis began in 2008. That’s a savings of Dh1,680 for every Dh10,000 loan on which banks usually charge 1.1 per cent per month. Many credit cards charge between 2.75 and 3.09 per cent per month on retail purchases. The UAE Central Bank recently said no ceiling will be imposed on credit card rates, despite a cap imposed by neighbouring countries. “This [zero-interest offer] gives me a way out,” said Jaya, an executive. Banks lure customers with zero balance transfer “One year is a good time to re-adjust your finances.” Depending on the balance, a transfer fee of Dh100 to Dh300 is charged. Not all are equal But not everyone is cut out for it. “You have to fit a certain profile to qualify for this scheme. It’s much harder for lawyers and journalists to get an approval,” said a Barclays’ agent. Zero-per cent balance transfer deals have been around since at least 2003. At the height of the credit-spending spree, the UAE had nearly nine million cards in a total population of around five million. As credit dried up from 2008, the total number of cards [debit and credit cards] dropped by almost half in the UAE. “Now it [lending] has come back to life,” said an official of an international bank in Dubai. An HSBC loan agent said their zero-interest balance transfer for six months is gaining ground. “This is for finance-savvy people who know how to play their cards right. Almost every bank is making this offer now,” said the agent. Other banks entice borrowers with significantly reduced rates. Since April, ADCB has cut credit card buy-out rates from 0.99 per cent to 0.59 per cent for six months based on reducing balance. “This is a win-win proposition,” said an ADCB loan agent. 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

banks lure customers with zero balance transfer banks lure customers with zero balance transfer

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

banks lure customers with zero balance transfer banks lure customers with zero balance transfer

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday