1.In order to ensure that credit cards are issued to creditworthy individuals, a mandatory minimum income level of AED 60,000 per annum has been stipulated. Banks may fix the limits within the policy as stated in this regulation.
2.Those not meeting the above income criteria are required to place a pledged deposit of not less than AED 60,000 with the bank for issuance of credit card. However such persons may be permitted credit facility besides credit card provided aggregate of credit facility and credit card limit do not exceed 50% of the pledged deposit.
3.Credit card limit is allowed as additional facility but repayment of outstandings must remain within 50% of gross salary and any regular income as explained in Article (7).
4.Banks may encourage greater use of debit cards for the customers who are not found to be eligible for issuance of credit card.
5.If the cards have been issued to non-customers, banks should compile statistical data separately for residents and non-residents and review them from time to time.
6.Banks will take particular care in respect of credit cards issued to non-residents.