Wio Business Credit: User Guide & FAQs

Overview

Wio Business Credit provides your business with a revolving credit line (ranging from AED 10,000 up to AED 250,000) to manage working capital and business expenses. You can use your credit line seamlessly with your existing physical or virtual Wio Business card—simply switch between debit and credit modes directly within the Wio Business app.

Key Benefits

• One Card, Dual Use: No need to carry multiple cards. Use your existing Wio Business card for both debit and credit spending by toggling modes in the app.

• 2% Cashback on Card Spending: Earn 2% cashback on eligible credit card purchases (up to AED 2,000 per month), available on both Essential and Grow plans. Accumulated cashback is credited directly to your AED Current Account on the 1st of each month.

• Up to 60 Days Interest-Free: Enjoy up to 60 days of interest-free credit when you pay your outstanding balance in full by the due date.

• Flexible Repayments & AutoPay: Pay in full or choose a minimum payment of 5% (minimum AED 100). Automate your repayments directly from your AED Current Account or linked Flexi Saving Spaces.

• Quick Cash (In-App Credit Access): Access up to 25% of your approved credit limit as an instant short-term cash transfer to your Wio Business Current Account.

• Visa Business Benefits: Enjoy travel, lifestyle, and business protection perks powered by Visa.

Eligibility Criteria

To be eligible to apply for Wio Business Credit:

• Your business must be registered and operating in the UAE (including Free Zones).

• Your company has been active for at least 6 months.

• Your business has an annual turnover of AED 375,000 or more.

• You are an authorized signatory with verified borrowing powers for the company.

• Your company trade license, Emirates ID, and passport are valid and up to date.

How to Apply

Note: Wio Business Credit is exclusively available and managed through the Wio Business mobile app.

1. Pre-Approved Offers

If your business is pre-approved, you will see a banner on your home screen:

1. Tap the credit card offer banner on your home screen to review your pre-approved limit and benefits.

2. Review the terms and tap I accept.

3. Confirm or customize your credit limit (you can choose a lower amount if preferred).

4. Review your Emirates ID digital signature and tap Submit application.

5. Once approved, your card will be ready to use immediately in credit mode.

2. Standard Application Journey

1. Open the Wio Business app and tap Credit (or Wio Business credit).

2. Confirm your borrowing authority by uploading your Memorandum of Association or Power of Attorney.

3. VAT Information: If registered, upload your filed VAT statements (last 2 quarters if filed quarterly, or last 2 months if filed monthly). If not VAT-registered, select the applicable reason.

4. Company Turnover: Enter your estimated annual company turnover in AED.

5. Bank Accounts: Confirm your company bank accounts (including non-Wio UAE bank account IBANs if applicable).

6. Set Payment Due Date: Choose your preferred monthly repayment date (between the 1st and 28th).

7. Review your details and tap submit application. Applications are typically reviewed within 2 to 3 business days.

How to Use Wio Business Credit

Switching Between Debit and Credit

1. Open the Wio Business app and tap Cards.

2. Select the card you wish to use.

3. Switch from My Money (Debit) to Wio Credit (Credit) to spend from your credit limit.

4. You can switch back to My Money at any time to spend directly from your current account balance.

Repayment & Fee Structure

Key Terms

• Payment Due Date: Your statement date and due date occur on the same day each month.

• Rollover Fee (3.45% per month): Charged only on the remaining unpaid principal balance carried over after your payment date. If you pay your balance in full before the due date, this fee is waived.

• Minimum Payment: 5% of your outstanding balance or AED 100 (whichever is higher).

• Late Payment Fee: A flat fee of AED 199 applies if the minimum payment is not received within the 5-day grace period following the due date.

How AutoPay Works

AutoPay automatically deducts your chosen payment amount at 9:00 PM on your due date:

• Amount Calculation: Locked at 12:00 AM on your due date based on your selected percentage (5%, 25%, 50%, 75%, or 100%).

• Manual Payments: Any manual payments made prior to 9:00 PM will reduce the amount collected by AutoPay.

• AutoPay from Flexi Saving Space: Enable the toggle in settings to allow Wio to draw from your Flexi Saving Space if your AED Current Account has insufficient balance.

How to Edit AutoPay Percentage

1. Open the Wio Business app, tap Credit, then select Wio Business Credit.

2. Tap Edit autopay.

3. Choose your desired monthly payback percentage (5%, 25%, 50%, 75%, or 100%).

4. Tap Confirm.

How to Make a Manual Repayment

1. Go to Credit > Wio Business Credit.

2. Tap Pay Credit (or Pay Credit+).

3. Enter the repayment amount and confirm payment from your AED Current Account.

Managing Your Credit Line

How to Reduce Your Credit Limit

1. Navigate to Credit > Wio Business credit > manage.

2. Tap reduce your credit limit.

3. Adjust the slider to your desired limit (minimum limit is AED 1,000; cannot be lower than your current outstanding balance).

4. Confirm your changes.

How to Download Statements

1. Navigate to Credit > Wio Business credit > manage.

2. Tap Download statements.

How to Close Your Credit Account

1. Ensure all pending card transactions have settled (usually 1–3 business days).

2. Repay your total outstanding balance in full to reach AED 0.

3. Navigate to Credit > manage.

4. Scroll to the bottom and tap close credit account.

5. Confirm by selecting pay and close credit account. All cards will automatically switch back to My Money mode.

Frequently Asked Questions (FAQs)

Can I withdraw cash at ATMs using Wio Credit?

Cash withdrawals directly against your credit line at ATMs are not supported. If you attempt an ATM withdrawal while your card is set to credit mode, the funds will automatically be deducted from your AED Current Account (if sufficient funds are available).

What is Quick Cash and how does it work?

Quick Cash allows you to transfer up to 25% of your approved credit line directly into your Wio Business AED Current Account through the app. You have up to 30 days to repay the transferred amount.

When is my cashback credited?

Cashback is calculated on settled, successful credit card purchases and credited automatically to your AED Current Account on the 1st day of the following month.

Are any transactions excluded from Wio Credit?

Certain transactions (such as quasi-cash, money transfers, wire transfers, and brokerage funding) cannot be processed on credit. If attempted, the app will automatically process the transaction using funds from your AED Current Account rather than declining it.

What happens if I miss a payment?

If your minimum payment is not made by the due date or within the 5-day grace period, a late fee of AED 199 will be charged, your card will be temporarily blocked from credit spending, and interest/rollover charges will apply. Unpaid balances may negatively impact your business credit score.