Ramadan 2019: the best bank offers to help your money go further

Whether it is online shopping or dining out, there are numerous deals available to UAE residents to help their dirhams stretch further this Ramadan. Even banks run promotions during the month of fasting to ensure customers hit debt repayments on time or can buy a car with a low interest rate and still have enough money left over to fund Eid spending. Here is a selection of some of the best offers to boost your spending power during the holy month: Monthly debt repayments due on personal finance can be postponed during Ramadan at Abu Dhabi Islamic Bank at no extra charge. Eligible customers will be contacted by SMS, with the postponement made automatically. Customers that still want to make the debt payment on time are free to opt out. The offer is valid on any personal finance instalments due before May 31. Beware: only delay the payment if you cannot afford it - missing a month lengthens the time it takes to repay the debt. The Islamic bank has a number of Ramadan offers that run until June 6. Savings: customers with holdings in the bank's Kunooz Savings Account have more chances to win this Ramadan with two Tesla cars and five additional daily prizes of Dh3,000, doubling the total number of daily prizes to 10. To qualify for the Kunooz prizes, customers must maintain a minimum balance of Dh3,000. For every Dh5,000 saved in an account, customers receive one chance for the monthly grand prize. Customers receive one chance for the daily cash prizes for every Dh1,000 saved. Credit cards: Emirates Islamic Skywards Cardholders can earn five Skywards Miles on every US dollar spent on hotel bookings made through the ExtraMiles app during Ramadan. Remittances: those sending money overseas or to their home country are eligible to win Dh500 every day. Personal finance: the bank has an auto finance offer starting from a flat rate of 2.19 per cent with the option to take up to 120 days to pay the first instalment. The financial institution is also offering zero processing fees on home finance deals signed during the holy month and those looking to borrow money can secure a payment holiday of up to four months. Beware: know the difference between a flat or reducing rate on personal finance to ensure you secure the best deal. While flat rates calculate the interest on an entire loan without factoring in what has been paid off, reducing rates calculate the interest on the loan's outstanding balance every year. Dining out: the bank is offering a number of Entertainer buy-one-get-one free deals and HSBC dining discounts on iftars this Ramadan. For example, HSBC cardholders can secure a 25 per cent discount on an iftar buffet at Cascades restaurant in Fairmont Dubai. Car loan: HSBC is also offering a special car loan rate to tie in with the holy month: a flat rate of 2.49 per cent (equivalent to a reducing rate of 4.6 per cent per annum) for new customers that borrow a minimum of Dh100,000. Car buyers borrow up to Dh918,000 without having to open an account at the bank. The dining discounts run until the end of Ramadan and the car loan offer ends on June 5. Beware: after June 5, the car loan rate will revert back to the standard rates which start from 2.99 per cent (flat). Debit and credit cardholders can cash in with a series of offers on any spending during the holy month. This includes a RAKfoodie deal, offering buy-one-get-one free deals on various dining outlets in Dubai. There is also up to 30 per cent off bookings at certain hotels such as Mövenpick, Sheraton JBR and Raffles. In addition, RAKbank Mastercard holders can take advantage of savings on holiday packages, hotels and booking flights from partners such as HolidayMe, MMI travel, Cozmo travel and more. The offers run until June 8. Beware: spending to secure a cheaper deal is pointless if you later pay interest on that outlay because you cannot clear your credit card balance at the end of the month. Emirates NBD has multiple Ramadan offers on shopping, dining out and personal finance this month. Car loan: apply for an Emirates NBD car loan this holy month and you could be one of 30 people to win a bespoke number plate. The bank also offers a 0 per cent payment plan for any cars bought on an Emirates NBD credit card and it has a series of loan offers set up directly with dealerships. These include a 0 per cent rate with BMW-AGMC on three-year loans and a low rate for years four and five. Other 0 per cent deals are available on Porsche at Al Nabooda Automobiles, Chrysler, Jeep, Dodge and Volvo with Al Futtaim Motors and Renault with Arabian Automobiles. Credit and debit card spending: among the many offers on Emirates NBD credit and debit cards are free rides with Careem if you use the promo code DNBD50, with up to four rides capped at Dh50 per ride. The offer is valid between 6pm and 10pm every day until June 6. Personal loan: apply for a personal loan of up to Dh2 million by May 31 and receive finance starting from a flat rate of 2.59 per cent per annum (the reducing rate equivalent is 4.89 per cent). The first instalment is due after 75 days and applications made via online or mobile banking receive a Dh500 voucher. Home loan: the bank is also offering home loans starting at a 2.82 per cent flat rate for five years. As per the law, financing is available for up to 75 per cent of the property's value with loan tenors of 25 years. The deal expires on May 31. Beware: only take on debt obligations you can afford to repay. Debt comes with administration fees and late payment charges are applied if you miss an instalment. Personal finance customers can skip their debt repayment this month, thanks to the financial institution’s offer to postpone their payment during the holy month free of charge. To take advantage, eligible customers must send an SMS to 2326. If approved, they will be sent a confirmation that the payment has been postponed by a month. The offer expires at the end of Ramadan. Beware: never delay a payment if you can afford to make it on time. First Abu Dhabi Bank has a series of offers on card spending, dining out and personal finance this holy month. Car loan: FAB customers can buy a new Chrysler, Dodge or Jeep with a 0 per cent finance rate. The offers comes with a five-year or 100,000 kilometre warranty thrown in (whichever comes first) as well as a free service package and roadside assistance. Dining out: the bank has discounts of up to 30 per cent in Abu Dhabi, Dubai and the northern emirates during the holy month as well as buy-one-get-one free offers. For example, enjoy 15 per cent off your iftar bill at Rangoli and Choices at Yas Island Rotana. Beware: a car is a depreciating asset so choose a vehicle that fits your budget to ensure you can meet the monthly repayments. There's no point driving a luxury model if you are on a budget income.