Mashreq introduces UAE’s only cash back card to slash school fees expenditure

Mashreq has been at the forefront of innovation for many years. As a leading UAE National financial institution, the bank has always focused on providing banking solutions that are contemporary.

During a survey conducted, results revealed that 68% of the parents felt that school fees are extremely high. Increasing school fees in the UAE is a growing concern for many parents and in a move to assist, Mashreq has created an opportunity for parents to cut down school costs by 10% be it local or international with the launch of Masherq SmartSaver Titanium Credit Card. The cash back on Educational expenses is valid until 31^st January 2013.

UAE’s credit card customers are not new to the ‘cash back’ feature with various lenders offering the same but with complicated tiers, conditions on minimum spend that can confusing.

Nimish Dwivedi, Head of Payments, Mashreq commented, “To tackle the rising cost of living, we have created a simple and easy to comprehend product that provides genuine savings on everyday spends making our valued customers Smart Savers.

Dwivedi continued, “To reward our customers even more we are the first institution to provide a never-before saving of 10% on all Education expenses. This is based on the insight that Education expenses form a significant chunk of our customers’ household expenditure”

The newly launched, Mashreq SmartSaver credit card is the UAE’s first of its kind and is set to challenge similar offerings in the market with its simple and straightforward offering that can be translated into real every day savings.

Mr. Eyad Al-Kourdi, Vice President and Country Manager, UAE, MasterCard Worldwide said, “MasterCard has been at the forefront of developing highly innovative payment solutions that offer unique and value added benefits to consumers. The newly launched credit card from Mashreq is an effective financial management tool for parents and is a testament of our capability to develop customized solutions for consumers in the Middle East.”

A father of two daughters, Mr. Kiran Monteiro said when asked about his opinion on a card of this type, “I think that it is a good option as school fees are very expensive and whatever incentive one could get out of it would be a great idea. I have not come across this offer before for school fees, for other purchases yes, but not for school fees. I would expect around a 5-10% cash-back. I would go for this card if launched in the market.”

Customers will also receive 1.25% cash back on local purchases, 3.25% on International purchases. The customer can place a request to the Bank’s Direct banking Center for the cash back to be credited to the customer’s card account.