Wio Business: Credit Savings Space (Deposit-Backed Credit Card)

Overview

The Deposit-Backed Business Credit Card is a secured credit card designed for Wio Business customers. By locking a refundable deposit in a dedicated Credit Savings Space, your business gets instant, guaranteed approval for a business credit card—even if your company is newly established or does not qualify for an unsecured credit card.

Key Benefits

• Instant, 100% Approval: Apply and get approved immediately without lengthy manual reviews or document delays.

• Earn Interest While You Spend: Your locked deposit continues to earn 2% interest per annum in your Credit Savings Space while your card is active.

• 2% Cashback on Spending: Earn 2% cashback on eligible credit card purchases (up to AED 2,000 per month), available for both Essential and Grow plan customers. Cashback is calculated on settled transactions and credited to your AED Current Account on the 1st of each month.

• Up to 60 Days Interest-Free: Enjoy an interest-free grace period of up to 60 days on your purchases.

• Flexible Repayment: Pay a minimum of only 5% of your total balance each month or roll over your balance with a competitive 1.25% monthly fee.

• Easy Cash In-App Transfers: Instantly transfer funds from your credit card limit directly into your Wio Business Current Account using the Easy Cash feature.

Credit Limit & Deposit Structure

Your credit limit is set at 80% of your locked deposit in your Credit Savings Space:

Eligibility Criteria

To apply for a Deposit-Backed Credit Card, ensure you meet the following requirements:

• You have an active Wio Business account.

• You are the single signatory/authorized business owner on the account.

• Account holder age is between 21 and 70 years.

• Only one active credit card can be linked to your Credit Savings Space at a time.

How to Apply

Option A: Direct Application

1. Open the Wio Business app.

2. Navigate to the credit card application section and select the deposit-backed / Credit Savings Space option.

3. Review the card features and select your desired deposit amount (minimum AED 10,000).

4. Lock the required deposit in your Credit Savings Space.

5. Once confirmed, your Credit Account and digital card are created instantly.

Option B: Alternative Offer (If Standard Credit is Unavailable)

1. If your application for a standard business credit card is not approved, you will automatically be presented with the option to get a deposit-backed credit card.

2. Review the terms and tap to accept the agreement.

3. Set up and lock your funds in the Credit Savings Space.

4. Your Credit Account is activated immediately upon deposit confirmation.

How to Release Your Deposit and Close the Card

You can close your credit card and unlock your deposit at any time, provided your outstanding balance is fully settled.

Steps to Release Deposit:

1. Pay off all outstanding dues, including any pending transactions, to bring your card balance to AED 0.

2. Go to the Saving spaces section in the Wio Business app.

3. Select your Credit deposit saving space.

4. Tap Release deposit.

5. Your credit line will be closed, and your full deposit (plus accrued interest) will be transferred immediately back to your main account.

Tip: You can also initiate card closure directly from the Credit section of the app.

Frequently Asked Questions (FAQs)

What is the difference between Easy Cash and ATM cash withdrawals?

• Easy Cash: You can instantly transfer available credit from your credit card to your Wio Current Account directly within the app.

• ATM Cash Withdrawals: Physical cash withdrawals at ATMs using this credit card are not supported.

Can I close the card or release my deposit if I have an outstanding balance?

No. Your deposit serves as security while the card is active. You must clear your outstanding balance to AED 0 before you can close the card and release your locked deposit.

What happens if a payment is overdue by 30 days?

If your credit card payment is past due by 30 days, the outstanding dues will automatically be recovered from your locked Credit Savings Space to bring your account up to date.

Can I reapply if I previously closed my deposit-backed credit card?

Yes. There is no cooling-off waiting period. You can apply again anytime by locking a new deposit in a Credit Savings Space.

Can joint account signatories or delegates apply?

Currently, this product is available only for single-signatory business accounts.