Key Fact Statement
Your Credit Card
Credit Cards from Mashreq are a payment instrument & short-term
borrowing (revolving) solution. The product allows customers to make
purchases using ecommerce, Point of Sale terminals, digital wallets,
or any other eligible acceptance methods. The product carries
additional benefits, details of which are highlighted below.
Welcome Offers
20% Cashback at your favourite merchants
noon, Talabat, Zomato, Netflix, Du, Etisalat, iTunes, Dubainow
Max cashback of AED 50 per merchant per month for the first 6 months.
Applicable cashback earned each month will be credited to the card account
by end of next month.
AED 1,000 welcome bonus
AED 1,000 Welcome Bonus on the card when you spend AED 9,500 or more
in the first 2 months post card issuance. If you spend more than AED 5,000
(and less than AED 9,500) on the card, the cashback will be AED 500.
Applicable cashback will be credited by the end of the third month. For e.g.: a
card issued in June 2023 needs to meet the minimum spends criteria by Aug
31, 2023. The cashback will be credited by Sept 30, 2023.
Key Benefits
Cashback on all spends
5% on local and international
dining in the UAE, 2% on other
international spends, 0.33% on Absolutely Free for life
govt. payments, utilities, Absolutely no charges ever
education, charity, fuel, rental and
telecom spends and 1% on all
other spends in UAE
Instant Digital Card
Instant cashback redemption
Start shopping online before card
Instantly redeem without hassle
delivery!
Fees and Charges
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Monthly interest rate
Annual Fee
3.85%
Free for life
View details on dynamic pricing
Interest free period Monthly minimum payment
Up to 57 Days 5% of billed balance
The annual interest rate 46.20%
Other fees
Overlimit fee: AED 303.45
Foreign transaction fee: 2.89% (plus
charges as levied by VISA and When your card goes above the
MasterCard) limit, either due to a fee, or because
Mashreq selected you as a qualified
When there is a transaction on your
customer & allowed you to go
card in non AED currency
overlimit
International transaction in AED:
2.89%
Card replacement fee: AED 78.80
When there is an AED transaction
When you ask for a card to be
on your card outside the UAE. This
replaced
is also called “Dynamic Currency
Conversion”
Early installment plan cancellation:
Cash Advance: 3.15% or AED 210,
AED 262.50
whichever is higher
When you cancel an installment
When you withdraw cash from an
plan on your card before the agreed
ATM using your credit card
duration
Pay Protect: 1.04% of outstanding
amount
When you choose to enjoy credit Late Payment Fee: AED 241.50
card insurance for payment of When your credit card payment is
outstanding amount in the event of received beyond the payment due
involuntary loss of employment, date
critical illness, terminal illness or
death due to accident.
Please note that all fees mentioned in the above sections are inclusive of VAT.
View detailed schedule of charges
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Your Right to Cancel
In line with the Consumer Protection Standards issued by the UAE Central Bank pursuant to the
Consumer Protection Regulation (Circular No. 8 – 2020), you are hereby informed that you have the
right to withdraw or cancel your Credit Card Application within 5 Business Days from date of signing
thereof (“Cooling-Off Period”). On the 6th Business Day (or 1 day after the expiry of the Cooling-Off
Period), you must inform the Bank of your decision to cancel or withdraw the Credit Card
Application otherwise, the same shall continue to apply and shall be deemed confirmed by you. The
Bank will, during the Cooling-Off Period, provide you access and utilization of the Credit Card,
subject to satisfactory KYC and compliance checks and procedures of the Bank.
Should you choose to waive your right to the Cooling-Off Period, you must, in writing, notify and/or
confirm to the Bank such intention. It must be noted that if you opt to cancel or withdraw consent to
the Credit Card Application within the Cooling-Off Period, you shall be responsible to pay all costs
and charges that you may have incurred in relation to any and all Credit Card transactions
conducted during the Cooling-Off Period and before the cancellation of your Credit Card
How do we charge fees and interest?
Please note, effective October 2022 statements, the Payment Due Date on your
Mashreq Credit Card will fall 27 days after the Statement Date, instead of 25 days
as per the current practice.
If you have been paying off the entire statement outstanding every month, you are
tagged as a “transactor” and will not be charged any interest.
If you pay any amount less than the statement outstanding, you are tagged as a
“revolver” and will be charged interest as follows:
For transactions done in current billing cycle: interest will be charged from the date
of transaction until date of repayment (this will show up in your next statement)
For outstanding balance carried over from previous months, interest will be
charged on a monthly basis using at the interest rate that is assigned to you.Please
note that no interest will be charged on the outstanding interest amount on your credit
card account, if any.
As a revolver, if you pay off your entire outstanding balance, your next statement
will carry interest charges for the number of days between your last statement date
until full repayment date
Please note that any repayments to the credit card will be adjusted towards the
outstanding balance in the following order: 1) interest/profit 2) all fees & charges 3)
cash advance 4) retail purchases
Examples
To ensure this is easy to understand and calculate, this assumes no further purchases or payments
other than shown below
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Transactor Revolver
• Statement date: 10th of every month; due • Statement date: 10th of every month; due
date is 27 days from the statement date; date is 27 days from the statement date;
3.85% per month retail interest rate 3.85% per month retail interest rate
• Customer spends AED 1,000 on 12th April • Customer spends AED 1,000 on 12th April
• 10th May statement will carry a total • 10th May statement will carry a total
statement due of AED 1,000 and minimum statement due of AED 1,000 and a minimum
due of AED 50 with a due date of 6th June. due of AED 50 with a due date of 6th June
• If customer pays AED 1,000 or more on or • If the customer pays min due of AED 50 on
before 6th June, the customer is tagged as a 6th June, the customer will be tagged as a
“Transactor” and will not be charged any “Revolver”, and will be charged retail interest
retail interest on 10th June statement as below:
• 12th April (date of transaction) to 6th June
(date of re-payment): AED 1,000 x (3.85% x
12 / 365) x 55 days = AED 69.62
• 7th June to 10th Jun: AED 950 x (3.85% x 12
/ 365) x 4 days = AED 4.81
• Total Interest = AED 74.43
The above interest rate is for illustration purposes, the actual interest rate applicable to you can be
checked on your credit card statement. The credit card statement would be sent to the customer’s
registered e-mail ID. A revolver will become a transactor upon paying of the total amount due as per the
statement, and will still be charged interest from the date of the last statement generation until the actual
repayment date. This interest will show up in the subsequent credit card statement.
Early Payment Penalty on easy cash/balance transfer
There is no early payment penalty on credit cards, since it is a revolving product and you can
choose to pay anything between 5% to 100% of the outstanding. However, in case you take an
Easy Cash or Balance Transfer service on your credit card that involves equal monthly installments,
you may be charged a fixed early settlement fee.
Changes in terms and conditions
The bank has the right to change any or all of the terms and conditions in the Key Facts Statement,
the product terms & conditions, as well as the customer contract after giving 60 days written notice.
See full terms and conditions.
Liened (Secured cards)
Encashment of deposit in case of default: All cardholders need to pay the minimum due every
month, on or before the due date. If you have opted for a liened card (secured by placing a block on
a deposit you have with Mashreq), please be aware that in case you miss your credit card
payments, Mashreq has the right to encash your deposit and pay off the card outstanding. Closing a
liened card: If you have a liened card (against a deposit), you will only be able to withdraw your
deposit 45 days after you have paid off your card in full and successfully cancelled it. Please plan
accordingly.
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WARNING - KEY OBLIGATIONS OF THE CUSTOMER & CONSEQUENCES IN CASE OF
FAILURE TO MEET THE SAME
Responsibility Failing Which
• Pay the total outstanding amount as per • You will be charged with interest, late
statement, or minimum due, on or before payment fee and overlimit fee if applicable
the due date. as per schedule of charges.
• Pay by rounding up to the nearest decimal • Any missed/delayed payment will be
place. reflected in credit bureau report, which may
• If transferring money online from outside of negatively impact your ability to borrow in
Mashreq, or paying through cheque, the future.
ensure payment is done 3 working days • In case of continued non payment, the
before due date. bank will employ all available measures to
recover the due amount. This may include,
and not be limited to, reaching out to you
on the phone, over emails, by conducting
physical visits to your home or place of
employment, or filing a police complaint or
a court case in all relevant jurisdictions.
We may also sell the liability to a third
party, or employ a third party (directly or
indirectly) to enable repayment.
• Spend diligently & within your means. • You will be charged interest as per
Always pay off the entire outstanding schedule of charges.
balance every month. • If your card goes over the approved limit,
• In case you are unable to pay off the either due to a fee, charge, or because you
balance, please consider converting attempted a transaction that was
transactions to Easy Payment Plan. authorized beyond your approved limit as
per Mashreq’s internal policy, you will be
charged an over limit fee and will be liable
to repay the purchase amount.
• Ensure all correspondence with the bank is • Your personal financial details, if
kept secure at all times. compromised on your end, may be mis-
• Ensure you review all statements and used by fraudsters.
transaction notifications promptly as • You may not be able to identify
received from the bank. unauthorized transactions on or misuse of
your card. Disputing charges long after
their occurrence can be a long and
cumbersome process, with high chances of
your request being declined.
• Keep the bank informed of any changes in • Expired documents or outdated details
your contact details or IDs (cell phone, may hamper our ability to process
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email address, Emirates ID, passport, etc.). transactions or reach out to you in time of
This will ensure the bank has your updated need.
information and is able to contact you
easily if needed.
Alternatives to a credit card
The credit card is a unique payment instrument used for making purchases and short term borrowing.
While there is no single product that gives the entire set of benefits that a credit card offers, here are
some alternatives:
Personal loan Debit card
If you have medium to long term borrowing If you have just purchase needs, you may
needs, a personal loan may be better consider using a debit card. When you use
suited to your needs. For short term a debit card, the payment is made using the
borrowing, a credit card is a convenient and funds available in your account with
advisable solution. For the detailed benefits Mashreq, and hence there would be no late
and pricing, please see here. payment fee or finance charges on the
debit card. However, please note that you
can enjoy up to 55 days of interest-free
credit on credit card purchases, which is
not available on debit cards. Purchases on
your credit card would also typically earn
you higher Cashback or Salaam Points
(depending on your credit card type)
compared to debit card purchases. Detailed
features are here.
Fraud Control
Keep your card & transaction details safe – never disclosure card details,
username, passwords, transaction One-Time-Password with any 3rd party
Avoid clicking on links, always type in the URL of the website yourself.
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Be wary of promotions or contests offering large prizes/discounts, they can often
be setup by fraudsters to obtain your information
Be on the lookout for “phishing”, i.e., fraudsters trying to obtain information and
conduct unauthorized transactions
For 3D Secure transactions (which send you a One-Time-Password), always look
out for the Mashreq logo in the 3D Secure window
FEW IMPORTANT MEASURES TO KEEP YOUR CREDIT CARD SAFE
Actions to take in case you suspect credit card fraud
Block the card
a. PREFERRED: Instantly block your card to prevent further fraudulent transactions,
simply log on to MashreqMobile > select card type > click on “card control” and press
“lock temporarily”.
b. ALTERNATIVE: In case you do not have access to MashreqMobile, call Mashreq’s
Direct Banking Centre at number given on the reverse of your card, and speak to a call
center agent to temporarily block your card
File a dispute
If you have observed a fraudulent transaction, visit Mashreq.com/Dispute to
download the dispute form, fill it out, and email it to us at [email protected] from
your registered email ID.
To know more about card safety, kindly see mashreq.com/cardsafety
Actions to take when cancelling or closing a card
While Mashreq would love to have you as a customer for life, we do understand that there are
circumstances when you may choose to close/cancel your Mashreq credit card. Here is what you
need to be aware of:
No outstanding balance: Pay off the entire outstanding balance on your credit card
(to check the balance, you may log on to MashreqMobile). Please remember that
some transactions may appear up to 45 days after you conduct them. Remember to
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pay the amount rounded up to the nearest fil (2nd decimal point)
Call us: Once you have paid off the balance, call us at the Direct Banking Centre
(number on reverse of the card) and ask for card cancellation.
Turn Around Time: Once your request is submitted, we will take 3 working days to
process your request – during this time you may receive a retention call. In case you
agree to be retained, your card will not be cancelled. Otherwise, we will cancel your
credit card
Residual Interest: If you are a revolver (have not paid the prior statement in full), you
will be charged interest from the date of prior statement generation until the actual
repayment date. This interest will show up in your subsequent statement
Mashreqbank PSC is regulated by the Central Bank of the United Arab Emirates
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