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UAE Central Bank registers 3.85 million credit cards

Disclosure is considered a first of its kind, as the number was never announced before

By the end of last year there were 3.85 million credit cards carried by the clients of banks in the United Arab Emirates, the UAE Central Bank reveals.

The bank points out in a report that the issuance of these cards is subject to the guidelines and regulations of the card programme, UAE-based Emarat Al Youm Newspaper reports.

The UAE Central Bank adds in its report that 946 complaints were received by the Consumer Protection Union in 2014 regarding credit cards, their interest rates or fees, which represent 14 per cent of total number of complaints received by the Unit.

This disclosure is considered a first of its kind, as the central bank never announced the number of credit cards carried by individuals.

Banks in the local market raised the interest rates on credit card purchases to hit between 3.09 and 3.25 per cent monthly (between 37.08 and 39 per cent annually) with a 2.99 per cent monthly increase and a 35.88 per cent annual increase.