NBAD's Visa Business Credit Card, a new initiative to support SMEs
The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has launched NBAD Visa Business Credit Cards, its first credit card exclusively for small- and medium-sized enterprises (SME).
The new card has been tailored specifically with a host of outstanding and unique benefits to meet the business needs of SMEs.
“Small- and medium-sized enterprises are a critical component of the nation’s economy and its engine of growth,” said Haitham AlRefaie, the Head of Business Banking Group at NBAD. “This is why NBAD has accelerated delivering services and products to this segment because it allows us to grow our business and at the same time help this segment increase its contribution to the national economy.”
The NBAD Visa Business Card has no annual fee and its other special features include up to 50 days interest-fee grace period, travel insurance up to US$150,000, pre-set limits on individual cards, access to cash, consolidated payments as well as special offers and discounts. The card can offer credit limit from AED20,000 to AED500,000.
“NBAD understands the needs of SMEs and this card was specifically tailored to address their needs to allow each cardholder operate the business smoothly and grow it,” Mr. AlRefaie said.
In the last three months, NBAD’s Business Banking Group has initiated several programmes and services aimed for the SME sector. The Bank began its e-Business Banking Services and launched dedicated business banking centers in Abu Dhabi’s Industrial City (ICAD) and Al Ain, with plans to open more. It also became administrator of Khalifa Fund and signed a memorandum of understanding (MoU) with Mohammed Bin Rashid Establishment for SME Development (MBRE), which provides for the two organisations to collaborate and cooperate on extending services to SMEs.
“Enabling SMEs to invest in their business contributes to a healthy market generally, benefits all players. Abu Dhabi’s ambitious development plan envisions a special role for SMEs in the Emirate’s progress. NBAD in its commitment to support Abu Dhabi Vision 2030 continues to advance the objectives and goals of this blueprint, such as SMEs,” Mr. AlRefaie says.