It may sound too good to be true but Union National Bank (UNB) is offering a free-for-life Platinum credit card at a monthly rate of 0.54 per cent
. That's an annual rate of just 6.48 per cent!
With the majority of credit cards in the Emirates offering annual rates of 30 per cent or more, this is by far the lowest rate currently on the market.
When I called the press office to find out why, they told me: "It's because we're the bank that cares." I probed further, still incredulous that such a rate exists in today's market and was told: "There are no catches on this one."
So if you are a UNB customer, earn more than Dh15,000 a month and transfer your salary into the bank, your luck is in. The deal is available for the next three months with those who take up the offer guaranteed the rate for life.
With the UAE charging some of the highest credit-card interest rates in the region, perhaps the time has finally come for a credit-card price war. Watch this space.
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