UAE banks reduce credit card limit to Dhs5,000

RAKBANK introduces risk-monitoring measures for its customers
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UAE banks reduce credit card limit to Dhs5,000

Select customers have had their credit card limits reduced to Dhs5,000 by The National Bank of Ras Al Khaimah (RAKBANK) as the COVID-19 crisis continues.

“Based on a periodic review of our policy, the Credit Limit on your RAKBANK Credit Card has been revised to AED5,000,” customers were told last Thursday, in a decision that's in line with the International Accounting Standards Board's (IASB) response to a financial crisis.

Will this move by RAKBANK pave the way for other banks to follow suit to protect their porfolios?

Photo: Aiqing Wang for Getty Images