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Key Fact Statement (KFS) – Credit Cards

Click here to open the KFS pdf document for signature

 

This KFS provides you with indicative information about profit, fees and charges of this product.

All charges are inclusive of Value Added Tax (VAT) in AED currency

Credit Card Type

Product Name

Skywards Black

Skywards Infinite

Skywards Signature

Cash Back

Cash Back Plus

Emarati

Flex Elite

Flex

RTA

Etihad Premium

Etihad Saqer

Etihad Ameera

Etihad Platinum

Switch Cashback Card

Annual Fee

5,775*

2100

735

367.5

313.95

NA

735

NA

NA

2625

943.95

733.95

208.95

313.95

Important Terms and Charges

Minimum Payments

You must pay the Minimum Payment Due by the Payment Due date each month. Minimum payment is 5% of the closing balance outstanding, or AED 100, whichever is higher. If the closing balance is less than AED 100, it must be paid in full.

1 Annualized Percentage

Rate (APR) for Purchase

Skywards Black & Business Credit Card

Emarati Credit Card

All other Credit Cards

Corporate Credit Cards

39%

43.08%

44.28%

23.88%

If we receive payment of the statement balance in full on or before the payment due date, you do not have to pay any Billed Profit on the statement balance. This is at the sole discretion of Emirates Islamic Bank (P.J.S.C) (the “Bank”).

If you do not pay the statement balance in full on or before the payment due date, we may charge, without prior notice, Billed Profit even if you have paid the minimum payment due in full.

Billed Profit will be applicable on the Total Retail & Cash Amount Due as noted in the previous month’s Statement of Account as well as on all new transactions (from the respective transaction date) till such time as the total outstanding amounts are paid in full.

Annualized Percentage

Rate(APR) for Cash Advance

Skywards Black & Business Credit Card

Emarati Credit Card

All other Credit Cards

39%

43.08%

44.28%

This facility will be reviewed from time to time.

• Cash Advance transactions include ATM, Over-the-Counter, Returned Payment and Cash Equivalent (money orders, foreign currency, travelers checks from a non-financial institution, person-to-person money transfers, Quasi Cash and Crypto Currency Exchanges as defined by VISA and Mastercard).

• Billed Profit will be charged on the amount of cash advance from the date of the transaction until the payment is made in full.

Cash Advance Fee

3.15% of cash advance amount or AED 103.95 whichever is higher will be charged for each Cash Advance transaction Maximum cash advance per transaction 10,000 or up to 50% of the card limit whichever is lower.

Profit -free period

Up to 55 days for Retail Purchases together with any related fees and charges, and any profit or fees that are not related to a specific balance type.
For example, profit free period does not apply for Cash Advances, Balance Transfers, special promotions, and any profit or fees related to these balance types.

Late Payment Fee

AED 131.25 per month will be charged to the Card Account if the Minimum Payment Due is not received by the Payment Due Date (the Bank shall pay any such amounts on behalf of the Customer to a charity approved by the Bank’s Internal Shariah Supervision Committee, after deducting the actual expenses).

Direct Debit return fee

AED 105 surcharge will be levied towards handling charge on Dishonored Direct Debit.

Over Limit Fee

AED 261.45 per month will be charged to the Card Account, if at any time during the billing cycle, the Current Balance in the Card Account exceeds the Credit Limit assigned. Such fee will be charged once during the billing cycle.

Supplementary Card Fee

NA (One-time joining fee of AED 525 will be charged for Skywards Black Metal Supplementary cards only).

Replacement Card Fee

Skywards Black Credit Card

Emarati Credit Card

All other Credit Cards

AED 420

AED 210

AED 78.75

Replacement Card Fee will apply for all replacement/reissuance request(s) by customers for their Credit Card.

No Liability/ Liability

AED 52.5 will be charged upon request for No Liability/Liability letter from Emirates Islamic.

Foreign currency transaction fee

Emarati/Skywards Black Credit Card

All other Credit Cards

1.84%

2.34%

This fee is charged on all foreign currency transactions on the Credit Card.
This fee is charged in addition to the standard processing fee charged by Mastercard International or Visa International and is applicable to transactions performed outside UAE (approximately 1.15%).

Foreign currency transaction in UAE dirhams

1.99% currency conversion fee is charged for transactions where customers may sometimes be offered the option to settle foreign currency transaction in UAE dirhams at the point of sale overseas. Such option is a direct arrangement offered by the overseas merchants and not the Bank (card issuer). This fee is charged in addition to the standard processing fee charged by Mastercard International or Visa International and is applicable to transactions performed outside UAE (approximately 1.15%).

Duplicate Statement Copy

AED 26.25 or AED 47.25 (for Statement over 3 months old)

Shariah based Murabaha

All our Credit Cards are based on a Shariah compliant structure of Murabaha. Murabaha is a form of contract of sale whereby the Bank sells Wakala Certificates which are being purchased and in the possession of the Bank against a price which is equal to cost of acquisition and a defined profit.

*Card Maintenance Fee AED 2,100 and Gold Tier Fee AED 3,675

Additional Information
The Bank reserves the right to amend this KFS and/or the Bank’s General Terms and Conditions for Consumer Banking Services (including any relevant applications and documents and other Special Features) by serving a notice of 60 days as per the applicable laws and its amendments from time to time.
The Bank may debit your accounts with any charges, expenses, payable against the banking services rendered in accordance with the approved and announced banking charges and commissions, as notified to you from time to time.
There may be circumstances in which you have to pay other fees. You may visit this link to view these other fees https://www.emiratesislamic.ae/en/personal-banking/cards/credit-cards .
The cooling-off period allows you to cancel the product within five (5) business days of signing the application or offer letter and the Bank will not be able to proceed until this period expires, unless you waive this right. To cancel within this period you must give the Bank notice.
You can contact the Bank for any enquiries, assistance or complaints at any of its branches or by visiting its website. https://www.emiratesislamic.ae/en/personal-banking/cards/credit-cards .
Please contact 600 599 995 or visit branch for any queries or to file a complaint on any fraudulent transactions or to dispute a transaction.
In particular you should call 600 599 995 immediately if you have lost your card or if your PIN became known to another person.
Warning
If you do not meet the payments on your credit card, your account will go into arrears and you may incur fees. This may affect your credit rating, which may limit your ability to access financing in the future.
If you make only the minimum payment each period, you will pay more in profit/ fees and it will take you longer to pay off your outstanding balance.
In case you fail to fulfil your obligations as per the product terms and conditions, before and during your relationship with the Bank, there will be consequences including, but not limited to penalties.
You are required to provide the Bank with copies of your updated documents at all times (Emirates ID, Passport, Visa, Trade License, etc.). Not providing these documents might result in the charges, transactions being restricted, account or card being blocked, or account or card being closed.
Any accounts you have with the Bank may be used to set off against amounts owed under your credit card(s).
Annualized Percentage Rate (APR) for Purchase Illustration:
Transaction
Transaction Date
July 1, 2021
Transaction Amount
AED 2,000
Statement Date
July 6, 2021
Minimum Amount Due (5% of the retail purchase)
AED 100
Amount Due
AED 2,000
Payment Due Date
July 31, 2021
Monthly profit Rate
3.69% of the unpaid credit card bill
Scenario: Minimum payment before the due date:
Total payment made
AED 100
Payment Date
July 21, 2021
Next Statement Date
August 6, 2021
Transaction done between July 6 to August 6
NIL
On statement Date: 06/08/2021, following Billed Profit will be levied:
a) Billed Profit on AED 2,000 for 20 days (from 1 July - 20 July)
48.53
b) Billed Profit on AED 1,900 for 16 days (from 21 July - 5 Aug)
36.88
Total Billed Profit charged in the statement dated 06/08/2021
85.41

Note: AED 2,000 credit balance with an 44.28% annual rate, with a minimum payment of 5% of the balance, or AED100, whichever is greater, would take 37 months or approximately 3 years to pay off.

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