Publish Date: in Money Tips
Credit cards have increased in popularity in recent years due to their usefulness in our daily lives. However, before you head over to a bank to apply for one, here are a few well-kept secrets about them which could prove helpful to you.
1 – The minimum salary you need to earn to apply for a credit card is 1000 EGP.
2 – Contrary to popular belief, you obtain no interest if you settle your credit card bill during your grace period. In other words, if you settle the amount on time, you will only need to pay what you withdrew.
3 – All loans are subject to an annual interest, unlike credit cards, which are subject to monthly interest.
4 – Grace periods differ from bank to bank and are usually between 45 to 58 days.
5 – Four banks in Egypt provide a grace period of 58 days:
There are a further six banks in Egypt that provide a grace period of 57 days:
Every pound you spend with your credit card will give you ‘Bonus Points’ as part of your bank’s Bonus Points Program
6 – Grace periods do not start from the day you use your card but rather from the beginning of every month. Of course, the exact date differs from one bank to the next; therefore, it is advisable to check with your chosen bank regarding their specific policy regarding dates and grace periods.
7 – If you bought something with your credit card after your bank has closed its accounts for that month and before the next month begins, you may take your grace period in full.
8 – Your credit card limit is determined according to your salary and I-score; it is possible for this limit to add up to four times your salary.
9 – You can apply to more premium banking services at select banks such as Premier, Infinite, and Titanium, where all clients enjoy a plethora of benefits and features. However, you will justifiably have to pay more administrative fees than the usual for these services.
10 – Every pound you spend with your credit card will give you ‘Bonus Points’ as part of your bank’s Bonus Points Program. Once points are collected, you may exchange them for cashback or vouchers in select stores which are in partnership with your chosen bank. Additionally, you may exchange them for travel miles. Travel miles provide you with a selection of exclusive options, including the possibility of purchasing airline tickets or receiving class upgrades on flights. Our advice to you is this; review your points balance every once in a while to find out what benefits you could be eligible for.
If you decide to apply for a credit card after knowing all these secrets, we are here to help! Check out Faydety’s Credit Card Finder to choose the most suitable bank for you and apply for the credit card of your choice. Once selected, we will let you know the exact paperwork you will need to submit, all that will be left for you to do is make a quick visit to the bank and sign some papers, and you’ll be all set!