Is the Ajman Bank Ultra Credit Card Right for You? A Deep Dive!

TL;DR: The Ajman Bank ULTRACASH Credit Card is a solid Islamic finance option with a minimum salary requirement of AED 10,000 for expatriates and AED 5,000 for UAE Nationals. It offers up to 5% cashback on key categories like fuel (for expatriates), online shopping, supermarkets, and school fees, plus a welcome bonus. Be aware of category caps and exclusions.

Hey everyone, if you’re looking into the Ajman Bank Ultra Credit Card – officially known as the ULTRACASH Mastercard Credit Card – you’re probably drawn by its cashback features and Sharia-compliant nature. It’s a popular choice for those wanting good rewards on everyday spending. Let’s break down what you need to know about getting one and its benefits.

Ajman Bank ULTRACASH Credit Card: Eligibility & Benefits

The ULTRACASH Credit Card from Ajman Bank is designed to provide significant cashback on common spending categories. Here’s what you need to consider:

• Minimum Salary Requirement:
  • For Expatriates: The standard minimum monthly salary required is AED 10,000.
  • For UAE Nationals: The minimum monthly salary is typically AED 5,000.
• Annual Fee:
  • For Expatriates: There’s an annual fee of AED 300.
  • For UAE Nationals: The annual fee is AED 500.
  • Fee Waiver: The second-year annual membership fee (and subsequent years) can be waived if you meet a retail spend threshold, usually AED 12,000 per year.
• Salary Transfer: While some Ajman Bank products might require salary transfer, for the ULTRACASH card, salary transfer is generally required as per some sources, though it’s always best to confirm with the bank directly.

Key Benefits of the ULTRACASH Credit Card:

• Welcome Bonus:
  • AED 500 for UAE Nationals.
  • AED 300 for Expatriates.
  • This bonus is typically received upon performing one retail transaction within the first 30 days of card issuance and payment of the annual fee.
• Cashback Program: This is the card’s main draw. You can select 2 out of 4 preferred spending categories to earn boosted cashback: Fuel, Online Shopping, Supermarkets, and School Fees.
  • Fuel: Up to 5% cashback (for expatriates). UAE Nationals can get 10% for the first 3 months and then 5% thereafter if Fuel is selected.
  • Online Shopping: 5% cashback.
  • Supermarkets: 5% cashback.
  • School Fees: 5% cashback.
  • All Other Spends: 1% cashback.
• Cashback Caps: Be aware that there are monthly caps on the boosted cashback categories (e.g., AED 400 for Fuel, AED 200 for Online Shopping, AED 200 for Supermarkets, AED 200 for School Fees). Cashback on “all other spends” is usually capped up to the credit limit.
• Travel Benefits:
  • Complimentary access to over 25 regional and international LoungeKey and Marhaba lounges.
  • Discounts on Cleartrip, Booking.com, IHG Hotels, Rentalcars.com, and Avis.
• Other Features:
  • 0% Profit Rate for 3 or 6 months on balance transfers from other credit cards.
  • Easy Cash facility (up to 90% of your limit transferred to your account).
  • 0% Installment Payment Plans at preferred partners.
  • Valet Parking 3 times a month at over 35+ locations.
  • Sharia-compliant (Murabaha concept).
  • Features like Apple Pay, Samsung Pay, 3D Secure for online purchases, and Contactless payment.

Why Banks Have Eligibility Criteria and Cashback Exclusions

The requirements and exclusions are standard banking practices for several reasons:

• Risk Management: Minimum salary requirements help banks assess a cardholder’s ability to repay debt, minimizing the risk of defaults.
• Regulatory Compliance: The UAE Central Bank sets guidelines for responsible lending, which banks must adhere to.
• Product Tiering: Cards like the ULTRACASH are designed for a specific income segment and spending profile. The benefits are tailored to attract those customers.
• Profitability: Cashback and rewards programs are designed to encourage spending within certain categories that are profitable for the bank, while also managing the costs associated with these rewards.
• Merchant Category Codes (MCCs): Banks use MCCs to classify transactions. Certain categories (like government payments, cash advances, utility bills sometimes) are often excluded from high cashback rates because they are less profitable or are not considered “retail spending” in the same way. The Ajman Bank ULTRACASH card also excludes cash withdrawals, balance transfers, government transactions, money transfers, and wallet top-ups from the cashback program.

These criteria are not “problems” or “outages” that users can fix; they are fundamental aspects of the credit card product.

Getting Official Updates and Information

To ensure you have the most accurate and up-to-date information regarding the Ajman Bank ULTRACASH Credit Card:

• Ajman Bank Official Website: Always check the “Credit Cards” section on the Ajman Bank website. They have detailed Key Fact Statements and Terms and Conditions documents for each card.
• Ajman Bank Mobile App/Online Banking: These platforms can offer insights into your card’s benefits and redemption processes once you become a customer.
• Direct Contact with Bank Representatives: Speaking with a bank representative is often the best way to clarify specific eligibility questions or details about the cashback program.

When to Call Support & the Number

If you’re interested in applying, have specific questions about the ULTRACASH card’s features, or need to clarify any eligibility criteria, contacting Ajman Bank’s customer service is the way to go.

Ajman Bank Customer Service: 600 555522

When to call:

• To confirm the absolute latest minimum salary requirements for the ULTRACASH card, especially if you’re close to the threshold.
• To inquire about the exact welcome bonus terms and conditions.
• To understand how the cashback categories work and any specific merchant exclusions or caps.
• To ask about the application process and required documents.
• If you have already applied and need an update on your application status.

Understanding the specific requirements and benefits of the Ajman Bank ULTRACASH Credit Card will help you decide if it’s the right financial tool for your needs and spending habits in the UAE.Source: Want to take Ajman ultra credit card : r/UAEcreditcards