Some banks in the UAE have introduced a new fee on credit cards - Dh5 for an account statement. Meanwhile, some banks have increased insurance charges and others cancelled certain services offered to clients.
According to the Sharjah-based Arabic language daily 'Al Khaleej', banks are implementing such measures “in anticipation of new rules on credit cards” to be introduced by the Central Bank shortly.
“Many banks are inventing new fees ahead of those rules, the latest of which is charging Dh5 for an account statement, which is sent to clients automatically," it said. "Some banks have also just raised insurance fees for credit cards while others have gone further by stripping those cards off some of their facilities.”
The paper said banks are trying to take what it described as “precautionary measures” ahead of the new credit card regulations.