Top 5 Cashback Credit Cards in Jordan

Top 5 Cashback Credit Cards in Jordan

Sep 17, 2021 by AmwalCom

Did you know that only 4.8% of Jordanians own a credit card? And that only 4% of the people who own a credit card indicated that they used their credit card!!!

These numbers are taken from the 2020 National Financial Inclusion Strategy Report conducted by the Central Bank of Jordan. Of course, this is a low percentage; But for Frank Abagnale, these numbers are confusing; For those of you who don't know Frank Abagnale, he's the one that the movie “Catch me if you can” is based on his life story.  Abagnale says "To remove 99% of my personal liability, I used the most secure payment method on earth... which is a credit card,"

if used properly; There are many advantages to credit cards besides that they are the safest method of payment... For example, with some banks, a credit card enables you to pay your purchases or school and university installments for a period of up to two years at 0% interest... Not to mention the many discounts and offers that you will get from different stores when using your cards!!! Nonetheless, Cashback is perhaps one of the most attractive features for the cardholder...

What is cashback on credit cards?

In short, cashback is a cash prize that the bank offers you as a reward for using a credit card

There are two types of cashback:

1- Direct cashback at a certain percentage of the value of your purchases. For example, if your card gives you a cashback rate of 1% of the value of the transactions on the card, and suppose that the value of your transactions on the card were 1000 JDS, this means that the bank will give you an amount of 10 JDs directly as a cashback reward.
2- As for the second type, it is an indirect cash refund, where the bank awards you with points with every purchase on the card, and you can exchange these points for a specific cash amount, or they can be used to take advantage of discounts and offers at specific merchants.

Before choosing the most suitable credit card for cashback purposes; You have to pay attention to a few things:

1- Is there an upper limit for the cashback value on the card or on the monthly points?
2- Is there a minimum value of purchases or points as a condition for cashback?
3- Is there a validity period on the accumulated points? Will you lose these points after they expire?
4- Are there certain payment transactions that are not counted as cashback?
5- When collecting certain points; What is the arithmetic method that the bank adopts to convert points into a cash amount...for example, if a certain card gives you one point for every 10 JDs...the more important question than this value is: what is the amount due as a cashback if you collect 100 points (that is, you spent 1000 JDs) on the card? Answering this question will help you compare the different cards in Jordan
6- Am I eligible to get a credit card from banks and what is the card limit that I can get?
7- What are the annual card issuance and renewal fees?

Of course, analyzing all of the above and comparing the results seem like a complex task that takes time and patience that may not be available to everyone, so Amwalcom team conducted a study for most credit cards in Jordan and we put in your hands the five best credit cards for cashback (in our opinion)

1-  MasterCard "U" from Jordan Commercial Bank:

Advantages
  • 1% direct cashback on all purchases on the card
  • There is no upper limit on the cashback amount
  • There is no minimum amount to get cashback
  • There is no expiration date for cashback
  • Issuance fees are free for the first year and 70 JDS for subsequent years
  • Easy Payment Plan with 1% interest rate for up to 24 months
  • 0% interest for a period of 6 months from issuance date of the card on all domestic and international purchases whether point of sale or Internet
Beware
  • Payment transactions in government departments, gas stations and e-Fawateercom are excluded from being counted as cashback
  • Minimum salary 750 JDs
  • Card limit 2,000 - 7,000 JDs
** Although there are other cards with higher cashback rates, our choice MasterCard U from the Commercial Bank as the best credit card for cashback in Jordan as there are no upper or lower limits for the cashback and no minimum transaction amount to earn the cashback
Click here to apply for this card

2- Titanium MasterCard from Cairo Amman Bank


Advantages
  • 2% direct cash back on purchases on the card
  • Cashback includes payment transactions in government departments, gas stations, and bills
  • Purchases can be paid in installments at 0% interest from authorized dealers for up to 6 months
  • Issuance fees are free for the first year and 50 JDS for subsequent years
  • The minimum salary for issuing the card is 250 JDS for the government sector and 350 JDs for the private sector
Beware
  • The maximum cashback allowed is 100 JDs per month (excess amount will not be rolled over to the next month)
  • The minimum value of any transaction must be more than 30 JDs in order to be counted as a cashback (if the value of your purchases on the card for a single transaction is 29 JDs, then this transaction is excluded from the cashback value)
  • The maximum cashback limit for each transaction is 3 JDs (if the value of your purchases on one transaction is 200 dinars, this means that the value of the cashback on this transaction will be 3 JDs only, not 4 "200 * 2%")
  • Although purchases can be paid in installments at 0% interest for six months, there is an interest of 1% per month if the installment period is 9 or 12 months, and there is also an installment commission of 10 JDs to be paid once for each installment transaction
  • Card limit up to 2500 JDs
** Despite the high value of the cash back on the card, there are many limitations to the amounts that you can redeem as cashback

3- Visa Platinum from the Investment Bank


Advantages
  • 2% direct cash back on purchases on the card
  • There is no minimum amount to get cashback
  • Cashback includes payment transactions in government departments and gas stations
  • Issuance fees are free for the first year and 120 JDs for subsequent years
  • Purchases can be paid in installments at 0% interest for 24 months
  • Card limit from 2500 - 7500 JDs

Beware
  • The maximum allowed cashback is 100 JDS per month (excess amount will not be rolled over to the next month)
  • Each purchase is rounded to the lowest whole number for the purpose of calculating the cashback; For example, if the value of your purchases on the card for one transaction is 1.99 JDs, then only one JDs is calculated as an acceptable amount for cashback
  • Payment transactions through e-Fawateercom or installment transactions on the card are excluded from being counted as cashback
  • Although the installment on the card is at 0% interest, there is an installment commission on each installed transaction that may reach up to 8%
  • The minimum salary for issuing the card is 500 JDs
**Despite the high cashback rate (2%), but we did not put this card on top of the list because there is a limit for cash back amounts you could earn and also because fractions (piasters) are not counted in the cashback calculation process

4- Visa Signature from Capital Bank


Advantages
  • Cashback by redeeming points equivalent to 1.33% of the value of purchases on the card (one point is earned for every 7.5 JDs spent on the card, then every 10 points are exchanged for one JD)
  • There is no upper limit on the cashback amount
  • Issuance fees are free for the first year and 120 JDs for subsequent years
  • Card limit from 5000 - 50000 JDs

Beware
  • The minimum number of points required to be accumulated for cashback purposes are 500 (meaning that you have to spend at least 3750 JDs on the card to get 50 JDs as cashback)
  • The validity period of the accumulated points is 24 months
  • Bill payment transactions are excluded from counting as cashback
  • You can pay your purchases in installments on the card for a period of 12 months, but at an interest rate of 0.75% per month
  • The minimum salary for issuing the card is 500 JDs
**Although there is another card at Capital Bank with a higher cashback rate (Visa Infinite with a 2% rate), we chose the Visa Signature card because conditions for illegibility are easier

5- Visa Platinum from Bank of Jordan


 Advantages
  • Cashback by redeeming points equivalent to 1.14% of the value of purchases on the card (one point is earned for every 7 JDs spent on the card, then every 400 points are exchanged for 32 JDs)
  • Purchases can be paid in installments at 0% interest for 24 months from merchants approved by the bank

Beware
  • The minimum number of points required to be accumulated for cashback purposes are 400 (meaning that you have to spend at least 2800 JDs on the card to get 32 ​​JDs in cashback).
  • The maximum cashback limit is 2500 JDs annually
  • Payment transactions in government departments, gas stations and e-Fawateercom are excluded from being counted as cashback
  • The validity period of the accumulated points is 24 months
  • Issuance or renewal fees of 75 JDs annually
  • Minimum salary for card issuance 1500 JDs
  • Card limit up to 5000 JDs
**Although there is another card at the Bank of Jordan with a higher cashback rate (World MasterCard with a 1.6% rate), we chose the Visa Platinum card because conditions for illegibility are easier

There is no doubt that the decision to own a credit card at the present time is a smart one, But you have to use the card in the right way to avoid paying any fines or interest

**To compare credit cards in Jordan, click here

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