Business | Banking
Barclays launches business credit card
Barclays has launched Barclayscard Business, a new high-end credit card targeted at the UAE's growing number of small businesses.
- By Babu Das Augustine, Banking Editor
- Published: 00:09 August 3, 2008
Dubai: Barclays has launched Barclayscard Business, a new high-end credit card targeted at the UAE's growing number of small businesses.
The new cards, offered with various benefits bundled with them, are available to businessmen across the country. The new cards' credit limits are based on the turnover of the company. While the credit limit can be split among partners or employees in the company, the facility is offered based on the track record of the companies applying for this facility.
"Our new card's objective is to provide a revolving line of credit to small and medium enterprises in the UAE. Under this scheme, companies have the flexibility to use the credit line for various purposes ranging from executive travels, purchases and short-term cash management. The new card packages offer all these along with a host of extra benefits," Rana Zeeshan Saleem, head of cards and retail assets told Gulf News.
The new card offers up to Dh200,000 on a single card. However, a single company can get up to Dh750,000 credit line to its various partners or key employees depending on the size of its business.
"The credit limit is determined by a host of factors such as the size of operations, number of years in operation, profitability of the business, vulnerability of business to changing economic conditions."
The card is offered in three different packages ranging from zero life-time membership fee to up to Dh950 annual membership fee depending on the choice of packages.
"We want to make the product as flexible as possible to different classes of customers. While some of them just need a credit line, there are others who are keen to utilise the add-on benefits," said Dina Ameen, head of SME cards, Barclays Card UAE.
The new card comes in three bundles. The basic Elegant bundle is a card free for life but comes with features such as free roadside assistance, free employee insurance and discounts on business insurance. The Elite and Esteem packages offer a host of additional benefits and discounts on travel, dining and shopping and come with annual membership fee of Dh550 and Dh950, respectively.
According to a study commissioned by Barclays the market size for this segment is about 125,000 customers in the UAE.
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