Emirates Money collaborates with MasterCard to make its first foray into credit cards for business owners in the UAE

3 Min | 10 June 2015

75% cash withdrawal limit, cash back on government services, utilities bill payments, hotels & international transactions

75% cash withdrawal limit, cash back on government services, utilities bill payments, hotels & international transactions
Entry into credit card space seen as a major growth enabler

Dubai, 10 June, 2015: Emirates Money, a leading finance company and a subsidiary of Emirates NBD, in collaboration with MasterCard, announced today the launch of its first-ever credit card aimed at meeting the specific credit needs of SME /Micro SME business owners in the UAE

With 75 per cent cash withdrawal facility (of the credit card limit), Emirates Money MasterCard Business Credit Card empowers the entrepreneurs in the UAE to proficiently streamline their day to day finances and cash flows instead of using multiple personal credit cards.

The venture in the credit card space is in line with Emirates Money’s strategy for market dominance in the SME and Micro SME segments. Since its inception in 2008, Emirates Money has given more than 25,000 loans worth AED 7.0 Bn. Emirates Money currently enjoys a significant market share and has been growing faster than the market in the key product groups of vehicle financing, business loans, merchant loans and mortgage-backed loans.

"The introduction of the Emirates Money MasterCard Business Credit Card will add tremendous value to our existing and new customers, as well as aid Emirates Money in offering a competitive range of financial products to its customers," said Suvo Sarkar, Chairman of Emirates Money. "This offering will position Emirates Money as an end-to-end finance solutions provider for SME entrepreneurs in the UAE, leveraging the existing range of tailor-made solutions to meet all their financing and payment needs.

"We expect 25 to 30 per cent of our customer base in the UAE to take advantage of this unique offering," Suvo added.

Vikas Thapar, CEO of Emirates Money, said: "Our foray into the credit card domain is a result of an extensive market research amongst business owners. Many entrepreneurs in the UAE currently use multiple personal cards for their business expenses because the credit limit for personal credit cards is limited. With a high cash withdrawal limit as well as attractive discounts and offers, the Emirates Money MasterCard Business Credit Card not only enables cardholders to manage their businesses efficiently, but also rewards them for simply using their card for business and personal expenses."

Business owners can enjoy savings though attractive 5 per cent cash back on local and international purchases, in addition to earning cash back on all spends on government related fee payments, hotels, utility bills and international travel. The card comes with a unique business protector insurance covering the primary card holder, offering insurance of up to AED250,000 (in the event of death or permanent total disability of card holder). This feature also covers the card holder for office utility bills, office rentals and staff salaries

The Emirates Money MasterCard Business Credit Card has a large network of partner tie-ups, enabling attractive discounts on PRO services, rent –a- car services, office furniture, professional services, among others. All purchases can be converted into easy installments and Dial-a-Cheque facility is also available. In addition, Business owners can also enjoy lifestyle benefits such as complementary golf and airport lounge access. The card offers dining discounts of up to 30 per cent at a number of restaurants and discounts of up to 50 per cent at over 500 fitness & wellness centers across the UAE.

Speaking about the new product offering, Eyad Al Kourdi, Country Manager – UAE, MasterCard commented: "MasterCard is committed to supporting the UAE’s flourishing SME sector, which plays a vital role in driving the economy. The Emirates Money MasterCard Business Credit Card will enable small and medium-size businesses to avoid the pitfalls of cash and enjoy the increased speed, convenience, security and transparency of electronic payments."

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