Deals of the Week: Finance House defies UAE's high interest rates

Just two weeks after it was reported that the UAE Central Bank was planning to cap credit-card interest rates at 18 per cent per annum, the Abu Dhabi-based Finance House has launched a new card that it says offers the country's lowest rate.

The commercial and retail financial company says its Titanium credit card has an interest rate of 1.66 per cent per month, or 19.92 per cent a year.

Credit-card interest rates in the UAE rank among the highest in the world, averaging anywhere between 27 per cent to 36 per cent a year.

"We are leading the way and offering the lowest interest rates in the market by launching this unique product, whereby we have decided to go back to the basics of banking," says Mohammed Wassim Khayata, the group chief operating officer at Finance House.

"We believe that this product will encourage financial responsibility by setting new low levels of interest."

Mr Khayata says the card will be interest free for the first three months and there is no membership fee for the first year. Cardholders will also be able to invest in gold through the Titanium card, which offers up to a 3 per cent payment bonus with an option to keep this saving either in gold grams or bonus points equivalent to dirhams.

Other benefits include free supplementary cards, free silver membership for AAA roadside assistance with FH Credit Shield Insurance, free lounge access to a selected number of airports and discounts on dining and purchase transactions.

The Titanium credit card also offers car insurance through Insurance House.

"This product is another major milestone, which will exceed the expectations of our valued customers," Mr Khayata says.

For more information, go to www.financehouse.ae.

***

Emirates NBD (ENBD), the largest bank in the UAE in terms of assets, has teamed up with Gargash Enterprises, the authorised dealer of Mercedes-Benz vehicles in the UAE, to offer customers car loans at reduced rates for select models of the luxury brand.

Until February 29, customers can take out car loans with a flat rate of 3.25 per cent interest, or about 6.02 per cent at the reducing rate, if they buy selected Mercedes-Benz C-Class and S-Class models.

A complimentary service at 15,000 kilometres is included in the deal. Other benefits include preferred motor insurance rates, free doorstep annual registration renewal services, a free credit card for one year, 24-hour roadside assistance and a free Salik card.

The promotion was launched as part of a joint sponsorship by Mercedes-Benz and ENBD of the Omega Dubai Desert Classic Men's Golf Tournament, which was won by Spain's Rafael Cabrera-Bello last Sunday.

Go to www.emiratesnb.com for more information.

pf@thenational.ae

TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

Heather, the Totality
Matthew Weiner,
Canongate

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

Kibsons%20Cares

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match info

Union Berlin 0

Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')

Man of the Match: Benjamin Pavard (Bayern Munich)

Main report

Ten years on, the UAE's stateless people reflect on how life has improved and on the challenges ahead

SPECS

Toyota land Cruiser 2020 5.7L VXR

Engine: 5.7-litre V8

Transmission: eight-speed automatic

Power: 362hp

Torque: 530Nm

Price: Dh329,000 (base model 4.0L EXR Dh215,900)

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.