The Credit Card Promissory Note is a crucial document in UAE banking operations, typically used when issuing new credit cards or as additional security for existing credit card facilities. It combines the legal framework of a promissory note under UAE Commercial Transactions Law with specific requirements for credit card debt documentation. This document is particularly important in the UAE banking sector as it provides banks with a strong legal instrument for debt recovery, being directly enforceable through UAE courts without lengthy procedures. The note typically includes specific credit card account details, payment obligations, and terms aligned with UAE Central Bank regulations and Sharia principles where applicable. It serves as both a security instrument and a formal acknowledgment of the debt obligation.
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1. Place and Date of Execution: Mandatory element specifying where and when the promissory note is executed
2. Unconditional Promise to Pay: Clear statement of unconditional promise to pay a specific sum
3. Payment Amount: The specific sum payable, expressed in both numbers and words
4. Payee Details: Full legal name and details of the bank/credit card issuer
5. Maker Details: Full legal name and details of the credit card holder/debtor
6. Payment Terms: Specific terms including due date or payment schedule
7. Credit Card Reference: Details of the credit card account this promissory note relates to
8. Place of Payment: Specific location where payment should be made
9. Governing Law: Statement that UAE law governs the promissory note
1. Interest Rate: Include when the note carries interest charges - must comply with UAE Central Bank regulations
2. Default Provisions: Additional terms regarding consequences of default - include for higher-value credit facilities
3. Cross-Default Clauses: Include when the cardholder has multiple facilities with the same bank
4. Currency Conversion: Include for cards that may be used internationally or when debt is in foreign currency
5. Joint Card Holder Details: Include when the credit card has supplementary cardholders
1. Payment Schedule: If installment payments are agreed, detailed schedule of payment dates and amounts
2. Credit Card Statement: Latest credit card statement showing the outstanding amount
3. Identification Documents: Copies of maker's identification documents as required by UAE banking regulations
4. Card Terms Reference: Reference to the original credit card terms and conditions
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Consumer Finance
Credit Services
Retail Banking
Islamic Banking
Commercial Banking
Financial Technology
Relevant Teams
Legal
Compliance
Risk Management
Credit Operations
Retail Banking
Collections
Document Management
Customer Service
Credit Assessment
Banking Operations
Relevant Roles
Credit Officer
Bank Branch Manager
Legal Counsel
Compliance Officer
Risk Manager
Credit Card Operations Manager
Customer Service Manager
Collections Manager
Banking Operations Director
Retail Banking Officer
Document Control Specialist
Credit Analysis Manager
Account Relationship Manager
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