Mashreq Credit Card Eligibility

Mashreq Bank is among the oldest banking institutions in the UAE, with over five decades of experience in the banking sector under its belt. Founded in 1967, it is one of the pioneering financial institutions in the Middle East and currently has branches across Africa, Asia, Europe, and the USA. 

Mashreq Bank credit cards are among the most popular ones in the UAE. You can primarily find three types of Mashreq Bank credit cards, i.e., Mashreq Platinum Elite Credit Card, Mashreq Solitaire Card, and Mashreq Cashback Credit Card. 

To apply for any of those cards, you would be required to fulfil a set of eligibility requirements. Let’s understand what these Mashreq Bank credit card eligibility criteria are as well as the documents required for the application.

Mashreq Bank Credit Card Eligibility - An Overview 

While each Mashreq Bank credit card has its own set of requirements, all the cards follow a few general criteria. Listed below are the general Mashreq Bank credit card eligibility criteria - 

• Age: You must be at least 18 years old at the time of application. 
• Personal Information: You must keep documents related to your address, identity, and others available. 
• Credit Score/History: Most banks in the UAE check your credit score and history when you apply for a credit card and require you to have a good AECB credit score. Similarly, you should have a good credit history in the form of timely repayment of previous loans, bills, credit card dues, and more.
• Monthly Income: Your monthly income must be equal to or more than the minimum monthly income limit to apply for a Mashreq Bank credit card. For your income, you would have to submit recent salary slips or income certificates as proof.

Top Mashreq Bank Credit Card Eligibility in UAE for Each Card - 

Mashreq Platinum Elite Credit Card

• You must have a monthly salary of at least AED 7,000.
• An annual fee of AED 682.5 (inclusive of 5% VAT) would be applicable. 

Mashreq Solitaire Credit Card

• Your monthly salary should be at least AED 25,000.
• You would have to pay an annual fee of AED 1,575 (including the 5% VAT). 

Mashreq Cashback Credit Card

• Your monthly salary should be AED 5,000 or more.
• Unlike the cards discussed above, no annual membership fee is applicable for this free-for-life Mashreq Bank credit card.

Documents Required to Apply for Mashreq Bank Credit Cards

Listed below are the general documents that may be required for your Mashreq Bank credit card application - 

1. Your passport and visa (original and a copy)
2. Your Emirates ID (original as well as a copy)
3. Salary account bank statement
4. For self-employed applicants, a trade licence may be required
5. Salaried applicants may have to submit the details of their employer

It’s important to note that the bank may ask for additional documents besides those on the list at its discretion.

Factors Affecting Mashreq Bank Credit Card Eligibility

Various factors can affect the bank’s decision regarding the approval or rejection of your Mashreq Bank credit card application as well as the terms of the card. Here are the major factors – 

• Current Credit Score - Your credit score plays a crucial role in your credit card application. In case your score is low or very low, you can face difficulty in getting the approval. Moreover, even if your application is approved with such a score, you may be offered a card with a high interest rate.
• Repayment History - Your history of repayment of loans, credit card bills, utility bills, and others is another factor affecting your eligibility. If your credit repayment history is good and mainly comprises timely repayments, it would be to your advantage as you would probably get quick approval and a good deal.
• Current Income/Employment - Your current income and employer are an essential part of your Mashreq Bank credit card eligibility and play a crucial part in the approval. If your income surpasses the minimum income limit for the card, you stand a good chance of getting a card at favourable terms. Similarly, if you have stable employment and work for any reputed organisation, you will likely get easy approval. 
• Debt Burden Ratio - This term simply means the ratio of your total monthly debts (credit card bills, loans, and more) and your monthly income. As per UAE laws, your debt burden ratio must not exceed 50%. So if you have existing loans and credit cards that take up most of your monthly income, you may find it difficult to get approval for your Mashreq Bank credit card application. 

How to Enhance Your Mashreq Bank Credit Card Eligibility in UAE?

Given below are some ways to improve your Mashreq Bank credit card eligibility in the UAE:

• Pay Off Your Current Debts - The easiest way to improve your credit card eligibility is to clear off all your existing loans, credit card dues, and others. This can immediately bring down your credit utilisation ratio and improve your credit score, which can improve the chances of approval.

• Improve Your Credit Score  - To easily clear the Mashreq Bank credit card eligibility criteria, you should aim to improve your credit score UAE. For this, you can take a few steps like being punctual with the repayment of your loans and credit card bills, limiting the number of credit score checks, having a good credit mix, removing discrepancies in your credit report (if any), and more.

• Properly Present Your Income to the Bank  - In case you have multiple sources of income, you should furnish all the necessary proof of all of them to the bank. This is because banks generally consider your total income when you apply for a credit card. With an increased income, as we saw earlier, the chances of approval also increase. 

FAQs