Nick Donaldson / Getty
Nick Donaldson / Getty
Nick Donaldson / Getty
Nick Donaldson / Getty

The Debt Panel: 'Can freelancers apply for credit cards?'


Felicity Glover
  • English
  • Arabic

I started freelancing in the UAE media industry last year after losing my full-time job of 10 years.

I recently applied for a credit card but this was rejected on the grounds that I am a freelancer.

I don’t understand the bank’s decision as I have a freelance licence, a valid UAE residence visa and also proof of my monthly income.

I have had a credit card in the past and never defaulted on any payments. However, I closed my credit card account when I was made redundant.

The bank has told me that I can only have a credit card if I open a fixed-deposit account. Is this correct?

Will I be charged a higher interest rate on the credit card because I am a freelancer?

I am also thinking of buying a property in Dubai soon. Will my mortgage application be turned down because I am a freelancer? SA, Dubai

Debt panellist 1: Steve Cronin, founder of DeadSimpleSaving.com

Each bank has a different process for assessing the risk of a card or loan applicant.

There are many factors that may be considered, including your credit score, the size and stability of your income and expenses, while the bank has access to lots of data about your financial behaviour through your current account.

The freelance visa is relatively new and freelancer incomes are usually variable from month to month.

One of the few layers of protection a UAE bank has against you disappearing is your salary from an established company. So, freelancers are going to be seen as more of a risk and the policy of some banks may be to not accept card or loan requests from them.

Have you tried talking to other banks?

Some may be happy to give you a credit card without a deposit if you move your current account to them.

Usually, interest rates are fixed per card type, rather than varied based on your financial situation.

However, you may not have access to the best cards if you are a freelancer or have credit problems.

Until your existing bank changes its policy on freelancers, it will not give you a credit card easily.

Before you make a decision on this, you should ask yourself a number of questions, such as how much the bank wants you to deposit in the fixed-deposit account and the interest rate it carries.

If you need to take out some of the money, how quickly will they return it and will there be penalties on the capital invested or only the interest earned?

You need to have a cash buffer, or emergency fund, of six months’ total expenses anyway, so the fixed-deposit account may be an acceptable place to put it if the interest rate and withdrawal policies are reasonable.

You would need to be able to get your money out within a week for it to be a proper emergency fund.

It is difficult to secure a mortgage as a freelancer. Many banks may reject your application and they are probably doing you a favour.

You should consider whether now is a good time to get a mortgage, as you will get into financial difficulty if you cannot keep up repayments.

Is your income steady and not reliant on one source only? Are you planning to stay in the UAE for at least seven to 10 years?

Maybe renting is a good idea for now, as this will give you flexibility until you get a new salaried job or your freelancing is well established across good years and bad.

Debt panellist 2: Carol Glynn, founder of Conscious Finance Coaching

Congratulations on your successful business. You are not alone in expressing frustration with accessing credit services as an entrepreneur.

The requirement to open a fixed-deposit account in order to guarantee a credit card is not isolated to freelancers.

I have seen this requirement in large multinational, multimillion-dollar companies, where a deposit equal to the credit limit is required against any card issued to an employee.

While it was conscientious to cancel your credit card when you were made redundant, it is unfortunate in hindsight as it is difficult in the UAE to obtain a credit card as an entrepreneur.

Keeping that card open would have saved you this headache now.

If you feel you need a credit card, placing a deposit with the account may be the best option in the short term until you build your credit as an entrepreneur.

Watch: Understand your finances

Entrepreneurs are also considered higher risk and the bank may impose a higher interest rate.

However, this is inconsequential if you plan to use the card responsibly and pay it off every month.

Even the lowest rates applied to credit cards are an extremely expensive form of debt and should not be used as a regular source of cash or debt.

As for obtaining a mortgage, it is important to start planning for that as soon as possible.

Have your clients pay your business income into your business bank account and every month, pay yourself a salary.

It should be a consistent amount on the same date each month.

The bank will want to see this regular income in your personal account every month.

Most banks will want evidence of this for at least six months before they will process your mortgage application.

They will also probably review your business accounts, so it is important to have them organised and ready for when you apply for a mortgage.

Debt panellist 3: Keren Bobker, financial adviser and senior partner at Holborn Assets

Each bank has its own criteria when it comes to issuing credit cards, although most will automatically request details of standard employment.

If you have a track record of regular income, a bank can choose to override their usual box-ticking process. However, you would need approval from a senior member of staff who is able to make such a decision.

It is not unusual for a bank to request that a certain balance is maintained in a current account if they are extending credit, so insisting on a savings account is much the same thing.

This is an alternative to asking for a security cheque.

While you did a responsible thing by cancelling your credit card when you were made redundant, with hindsight it would have been better simply not to use it
Keren Bobker,
financial adviser and senior partner at Holborn Assets

If your own bank will not assist you, even if you ask to speak to staff in higher positions of authority, I would suggest looking at an alternative bank that does want your business.

The rate of interest depends on the credit card and the bank’s own rates. It is always best to repay all credit cards in full each month, as interest rates are very high on all of them.

While you did a responsible thing by cancelling your credit card when you were made redundant, with hindsight it would have been better simply not to use it.

These days, it is possible for someone who is self-employed, either as a freelancer or a business owner, to obtain a mortgage but it is not easy.

UAE lenders will generally require several years of audited business accounts as proof of regular earnings.

As you have only been self-employed for a limited period, it is unlikely that you would be able to obtain a mortgage in the UAE at the moment.

The Debt Panel is a weekly column to help readers tackle their debts more effectively. If you have a question for the panel, write to pf@thenational.ae

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De Bruyne (70')

Man of the Match: Kevin de Bruyne (Manchester City)

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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League A:
Germany, Portugal, Belgium, Spain, France, England, Switzerland, Italy, Poland, Iceland, Croatia, Netherlands

League B:
Austria, Wales, Russia, Slovakia, Sweden, Ukraine, Republic of Ireland, Bosnia-Herzegovina, Northern Ireland, Denmark, Czech Republic, Turkey

League C:
Hungary, Romania, Scotland, Slovenia, Greece, Serbia, Albania, Norway, Montenegro, Israel, Bulgaria, Finland, Cyprus, Estonia, Lithuania

League D:
Azerbaijan, Macedonia, Belarus, Georgia, Armenia, Latvia, Faroe Islands, Luxembourg, Kazakhstan, Moldova, Liechtenstein, Malta, Andorra, Kosovo, San Marino, Gibraltar

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

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Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A
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COMPANY PROFILE

Company name: Happy Tenant

Started: January 2019

Co-founders: Joe Moufarrej and Umar Rana

Based: Dubai

Sector: Technology, real-estate

Initial investment: Dh2.5 million

Investors: Self-funded

Total customers: 4,000

The specs: 2019 Audi A7 Sportback

Price, base: Dh315,000

Engine: 3.0-litre V6

Transmission: Seven-speed automatic

Power: 335hp @ 5,000rpm

Torque: 500Nm @ 1,370rpm

Fuel economy 5.9L / 100km

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

The team

Videographer: Jear Velasquez 

Photography: Romeo Perez 

Fashion director: Sarah Maisey 

Make-up: Gulum Erzincan at Art Factory 

Models: Meti and Clinton at MMG 

Video assistant: Zanong Maget 

Social media: Fatima Al Mahmoud  

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Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

UAE currency: the story behind the money in your pockets
The biog

Name: Fareed Lafta

Age: 40

From: Baghdad, Iraq

Mission: Promote world peace

Favourite poet: Al Mutanabbi

Role models: His parents 

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The Byblos iftar in numbers

29 or 30 days – the number of iftar services held during the holy month

50 staff members required to prepare an iftar

200 to 350 the number of people served iftar nightly

160 litres of the traditional Ramadan drink, jalab, is served in total

500 litres of soup is served during the holy month

200 kilograms of meat is used for various dishes

350 kilograms of onion is used in dishes

5 minutes – the average time that staff have to eat
 

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Ways to control drones

Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.

"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.

New measures have now been taken to monitor drone activity, Geo-fencing technology is one.

It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.

The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.

The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.

Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.

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Updated: February 01, 2023, 5:00 AM