RAKBank Cards are great products of RAKBank composed of credit cards, debit cards and prepaid cards.
RAKBank is identified in the UAE as retail, small business bank with assets reaching to 27 billion as of December 2012.
The bank, which was founded in 1976, is among the oldest financial establishments in Ras Al-Khaimah, UAE. The institution offers wide range of small business and personal banking services through their bank network branches and through Online and Mobile banking facilities.
RAKBank is considered as major issuer of card products in the UAE, and the first bank that features cards that are “Free for Life” and cards that yield Cashback on purchases.
These features are now being adopted by other members of the industry in the United Arab Emirates.
The bank was noted with the highest growth and return on assets among the banks that are in the GCC (Gulf Cooperation Council).
Moreover, RAKbank belongs to the most dynamic banks in the category of small to medium financial enterprise.
As a committed business entity, the bank offers relevant financial solutions to enterprising individuals and leads in providing personal loans and mortgage with reliable customer service in the UAE.
RAKBank Cards Diversified Products
The major transformation happened to RAKBank brought about changes in their business focus from corporate banking into retail and small business.
Along with these changes of events is the launching of RAKbank Cards.
The company’s first credit card was launched in 2001; Visa Classic and Visa Gold. At that time, it captured about 20-percent share of the market composed of some 300,000 customers.
With RAKBank introduction of diverse product features, they became popular in providing the “Free for Life” credit cards, which eliminate payment of annual fee.
The year 2006 marks another first from RAKBank; the launching of Titanium MasterCard, the company’s first premium credit card.
Titanium card brings in a new idea of card reward system in the UAE known as Cashback program. This card earned an award given by MasterCard through its Worldwide Gold Awards.
The other cards offered by RAKBank along with the Titanium MasterCard are the Visa Classic, Visa Gold and standard credit cards of MasterCard.
RAKBank cards also issued co-branded cards such Geant La Carte Creditcard and MasterCard NMC.
In 2011, RAKBank received a title as the Best Credit Card provider in the region given by respected award-giving body in the Middle East.
RAKBank offered debit card in 2009, the first in the UAE. It introduces cashback to customers as a certain percentage of their purchases.
Convenience and security are the major benefits of this type of card. It provides access of funds any time and eliminates the trouble related with check payment.
Prepaid cards were launched by RAKBank in the early part of 2011. The bank offered RAKBank Loaded and RAKBank Bling initially.
These prepaid cards are reloadable and can be used at merchant stores that accept MasterCard.
Prepaid cards are cash alternative, which permit consumers to transact just like regular debit and credit cards do. The cards are not in any way linked to certain account and therefore available to everybody.
The latest addition to RAKBank prepaid cards is the Bayani card. This prepaid card caters to the needs of the Filipino community in the region, which services include money sending facility to their families electronically.
Overall, RAKBank cards are among the most successful products of the bank that contribute to the growth and financial well-being of people and businesses in the UAE.