Credit Shield for Credit cards

Credit Bureau Consent, Welcome Offer & General Terms & Conditions

I hereby acknowledge and agree to allow Citibank to share my details with any UAE credit bureau and make enquiries about me with any UAE credit bureau at its sole and absolute discretion. I agree to the Terms and Conditions listed below. Citibank Terms and Conditions apply, are subject to change without prior notice and are available upon request. For the current Terms and Conditions, please visit our website www.citibank.ae. All offers are made available on a best-effort basis and at the sole discretion of Citibank, N.A. Citibank, N.A. makes no warranties and assumes no liability or responsibility with respect to the products and services provided by partners/other entities. By inquiring about our services, offers or products, you will be authorizing our representatives to approach you on your contact details including your telephone/mobile number for any product or service offered by Citibank. The applicant agrees to be bound by Citibank’s General Terms and Conditions available on the website www.citibank.ae. The applicant hereby represents and warrants that the information provided herein is true, accurate, and complete and that he/she agrees to remain responsible for and to indemnify Citibank, N.A. from and against any losses, claims and/or liabilities incurred by Citibank NA as a result of having relied on such information. Citibank, N.A. is not required to verify the information provided by the applicant and neither is the bank obliged to provide the applicant with any loans or credit facilities based on the provided information. The information provided on this website does not constitute the marketing of any products or services to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey, Jersey, Marino, San Marino, Vatican and Isle of man. The content on this website is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the products and services mentioned herein to such individuals. Find your nearest Citi branch: www.findmyciti.com/ae/. Call us at: +971 4 311 4000.

Address: Citibank UAE, P.O. Box 749, Dubai, United Arab Emirates.

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Credit Shield

A Credit shield is an insurance cover for your credit card. One can’t predict what life has in store. Credit shield provides protection if any unforeseen events take place like death or permanent inabilities. Under such circumstances, this cover pays off your credit card bills by not troubling your near and dear ones. There are several banks in UAE which provide this cover on their credit cards. Every month, the credit card holder will be paying some amount in addition to the monthly payments.

Factors covered by Credit Shield

Credit shield Insurance covers various factors like

Accident: In case the cardholder gets injured seriously in some incident whereby the cardholder is rendered disabled causing them to be unable to make payments on time. Any deliberate and self-inflicted injuries are not covered i.e suicide.

Permanent major disabilities: If any injury or illness like loss of eyesight, paralysis, legs amputation etc making the cardholder dependent on someone and unable to take care of himself.

Temporary disabilities: It is similar to permanent disabilities where the disorders are caused by accident or some illness like comatose. But this definition varies from bank to bank. Some banks don’t cover temporary disabilities under credit shield.

Loss of employment: This is when the credit card holder loses his/her job involuntarily. E.g. in case of the company shut down. The loss of employment must come at no fault on the employee side. Then the credit card company will pay the outstanding balance. But it varies with different banks.

Death: If the card holder passes away due to some natural reasons like heart attack, cerebral attack, cardiac arrest etc then the bank will clear the outstanding balance.

Eligibility for Credit Shield Insurance

  • Should have a credit card
  • Should be a primary/secondary credit card holder
  • Must have paid the balance on time and maintaining a good credit score
  • Minimum age is 18 years, maximum age 60 years
  • Minimum salary AED 5000

Documentation for Credit Shield

  • Death certificate(in the case of death)
  • Genuine Medical certificate(in the case of temporary or permanent disabilities)
  • Termination letter(in the case of loss of employment)

Banks providing Credit Shield and Charges:

Banks charge a fee for providing credit shield insurance service on the credit cards. It will be added to the monthly interest and would be beneficial during unplanned circumstances as discussed above.

Arab Bank: Arab bank provides credit insurance service to its credit cardholders and 0.50% is added along with the interest every month.
For more details on Arab Bank Credit Card click here

Citi: Citi Credit Card comes with credit insurance for 0.79% of your bill per month in addition to the monthly payment.
For more details on Citi Credit Card click here

Standard Chartered Bank: Standard Chartered Credit Card charges 0.89% for credit shield.
For more details on Standard Chartered Credit Card click here

HSBC: HSBC Credit Card charges 0.60% for credit shield.
For more details on HSBC Credit Card click here

Emirates Islamic Bank: Emirates Islamic Credit Card charges 0.75% for a credit shield.
For more details on Emirates Islamic Credit Card click here

Mashreq Bank: Mashreq Credit Card charges 0.89% for a credit shield.
For more details on Mashreq Credit Card click here

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