Mashreq Corporate Credit Card

Mashreq Corporate Credit Card

UAE is perhaps one corner of the planet that has long been luring start-ups to its shores. Over the years, some of the world’s most successful start-ups have found abode at the UAE. Reports suggest that UAE's startup ecosystem will go stronger in 2019 and beyond. Al Bawaba, an online publication in the UAE, has predicted that 2019 will bring bigger start-ups and even bigger funding rounds to the fore.

But here’s a brutal truth: nine out of 10 start-ups fail to succeed. And the number one reason behind the failure of most start-ups is the credit funding. In fact, several reports reveal that lack of credit funding led several promising start-ups to dust in FY 2018-19.

It seems as if credit card providers in the UAE region have understood the importance of credit funding for new, start-ups. Quite expectedly, a large number of credit card lenders in the UAE region are offering corporate cards to small business enterprises and new start-ups in order to help them cope up with cash flow and funding.

And when it comes to the best corporate credit card in the UAE region, one can’t help but talk about Mashreq Corporate Credit Card. With a wide range of benefits for businesses of all size, ultimate security features, payment flexibility and greater control on spends, Mashreq Corporate Credit Card has become a name to reckon with in the UAE’s business segment.

In addition to providing the small business enterprises with credit funding, Mashreq Corporate Credit Card also makes it easy for corporate credit card holders to earn lucrative rewards, benefits and special privileges for every dirham spent on the card. With some of the best offering unique features and wide range of exclusive privileges, it’s doesn’t take a rocket scientist to understand why Mashreq Corporate Credit Card offered by UAE’s leading financial institution, Mashreq Bank remains the top choice amongst large corporates, small businesses and start-ups alike in the UAE.

About Mashreq Corporate Credit Card

Launched by UAE’s leading financial institution, Mashreq Bank, Mashreq Corporate Credit Card is one of the most sought-after and popular credit cards in the UAE. Ever since its launch, this amazing corporate credit card has redefined the way corporates spend and earn lucrative rewards. Carefully conceptualized and thoughtfully designed, Mashreq Corporate Credit Card ensures ultimate benefits, exceptional features and complete peace of mind to help corporates get the maximum value for their money.

Over the years, Mashreq Corporate Credit Card offers a comprehensive commercial card payment solution for corporates to efficiently manage their corporate payment needs, ultimate delivering financial control, rendering ultimate savings, and supreme employee benefits. The Mashreq Corporate Credit Card solution offers a dedicated relationship management to help corporates focus on their growth without having to worry about corporate payment needs.

Mashreq Corporate Credit Card comes in 2 different variants:

1. Mashreq Purchase Cards - Mashreq Bank is aimed at providing corporates with easy solutions for Business to Business (B2B) and Business to Government (B2G) payments. Mashreq Purchase Cards are available in 2 variants:

  • Mashreq Central Payment Cards - This is the physical version of the Mashreq Corporate Credit Card that provides complete solution to all corporate expenses helping corporates score maximum value for money.
  • Mashreq Virtual Payment Cards - Mashreq Virtual Cards are secured, plastic-less card solution to help corporates to ensure ultimate transaction security and control on corporate payments.

2. Mashreq Travel & Entertainment Cards - Managing and consolidating corporate employees’ travel & entertainment expenses is perhaps the most important for any corporate. The card also provides complete peace of mind and a host of value-driven services to ensure rich and satisfying experience for every corporate and their employees. The card has been designed specially to reduce administrative cost and make the process of reconciliation and reporting easier for corporates.

With so much on offer for corporate credit card holders, it’s not surprising that small businesses, start-ups and large corporates in the UAE region are often to be seen applying for Mashreq Corporate Credit Card Bank to get their hands on this awesome corporate card that comes loaded with everything that a corporate to thrive and survive in today’s cut-throat competitive business world.

Features of Mashreq Corporate Credit Card

Over the years of its launch, Mashreq Corporate Credit Card has become the top choice for business in the UAE region. With its remarkable line-up of innovative features, Mashreq Corporate Credit Card makes it easy to understand why it is so popular in the UAE region. Though the card comes loaded with a wide variety of ground-breaking features, let’s look at just some of the many amazing features that make it so special. 

  • Multiple supplementary cards
  • Global acceptance
  • Multiple statement cycles
  • SMS alert
  • Instant Transaction Clearance
  • Staff Usage Restriction Feature
  • State-of-the-art online reporting tool
  • Corporate Liability Waiver Insurance
  • Email Statement for Employees
  • Balance transfer facility
  • Options to customize card with company logo
  • 3D secure feature
  • Mastercard Smart Data Generation 2 (SDG2) Reporting
  • Up to 51 days of interest-free
  • 100% auto debit
  • B2G Payment Facilitation
  • 24 hour customer service facility

Benefits of Mashreq Corporate Credit Card

Mashreq Corporate Credit Card comes packed with a wide range of unparalleled benefits to ensure maximum purchasing power and ultimate financial flexibility for the corporates in the UAE region. The card offers innumerable benefits including travel insurance, global acceptance, no annual membership fee, etc. Let’s take a look at some of the most amazing benefits of Mashreq Corporate Credit Card that make it so popular in the UAE’s business community.

  • Free-for-Life
  • Unlimited complimentary access to over 500 premium airport lounges in more than 300 cities worldwide 
  • Complimentary travel insurance
  • Complimentary accidental insurance
  • Fraud Protection for up to up to $4,000 per year
  • Access to over 1600 Regus Business Lounge across in 100 countries at 50% discount
  • Up to 30% at restaurants and premium 5-star hotels across the Egypt, Qatar, Oman, Kuwait, Bahrain, India and UAE
  • Discounts on air travel, getaways, hotel bookings, shopping abroad and more
  • Exclusive offers and deals across wellness, healthcare business, and support services
  • Mastercard Commercial Card offers on dining, travel and more at pricelessarabia.com
  • Corporate Liability Waiver Insurance of up to $25,000 per employee and up to a maximum of $1,600,000 per company

Eligibility

Listed below are the eligibility criteria for Mashreq Corporate Credit Card:

  • Residential Eligibility: UAE residents with valid UAE residence Visa for primary card holder
  • Verification Eligibility: Age/Id Proofs for primary card holder

Top Reasons to Get Mashreq Corporate Credit Card

Mashreq Corporate Credit Card provides card members with a wide range of rewards and benefits. It is specially designed and thoughtfully conceptualized to make sure that the businesses in the UAE region get to enjoy enhanced card security, greater financial control, consolidate spend reports and ultimate peace of mind. Complimentary travel and accidental insurance, exclusive discounts and offers, and the ever-so-helpful fraud protection feature, Mashreq Corporate Credit Card comes loaded with irresistible lures. Let’s take a look at top 5 reasons that make Mashreq Corporate Credit Card a must-have financial instrument for UAE’s ever-so-thriving business community.

  1. Free for Life - Mashreq Corporate Credit Card is available at no annual membership fee and is offered absolutely free for life to the eligible businesses in the UAE region. With no annual membership fee for primary and secondary corporate credit cards, Mashreq Corporate Credit Card helps corporates in the UAE manage the cash flow efficiently by putting all corporate spends on the card without having to worry about a minimum spend threshold to get the annual membership fee waived off.
  2. Exclusivity - Exclusivity remains one of the most important lures for corporates in the UAE behind getting their hands on the ever so sought-after Mashreq Corporate Credit Card. Ranking alongside some of the world’s best corporate cards, Mashreq Corporate Credit Card has been carefully designed to match the requisites, and preferences of the UAE’s growing business community. Engineered with the innovative and exclusive Mastercard Smart Data Generation 2 (SDG2)technology, Mashreq Corporate Credit Card ensures a hassle-free and secure expense and information management. With easy and customizable templates, the card helps corporates turn their expense data into business intelligence without having to run from pillar to post.
  3. Complimentary Travel & Accidental Insurance - Mashreq Corporate Credit Card provides card holders with complimentary travel and accidental insurance ensuring minimum spend and maximum protection for the corporates in the UAE. This complimentary travel and accidental insurance provides comprehensive coverage against medical emergencies, trip cancellation, trip delays, lost baggage, baggage delays, etc. Listed below is a little smattering on the coverage offered under Mashreq Corporate Credit Card’s complimentary travel and accidental insurance plan.

 

Benefits Amount
Age Limit 65 Years
Pre-exisitng Medical Condition Yes
Maximum Length of Any Trip 45 Days
Free 24 Hour Medical Helpline Yes
Personal Accident cover USD 200,000
Permanent Total Disability USD 200,000
Permanent Partial Disability USD 100,000
Emergency Medical Expenses (Accidental & Sickness) USD 60,000
Emergency dental expenses USD 1500
Emergency medical evacuation USD 12,000
Personal Liability USD 50,000
Legal expenses USD 5000
Cancellation/Curtailment USD 5000
Departure delayed - delay in excess of 6 hours ($ 300 per hour up to 12 hours) USD 2000
Baggage delay (in excess of 6 hours up to 12 hours) USD 100 per hour
Baggage loss USD 5,000
Loss of travel documents and Passport USD 1,000
FREE Worldwide Assistance Service Yes
Legal and Medical Assistance Services Yes
Fraudulent Transactions USD 2,000
  1. Complimentary Lounge Access - This is yet another top reason why Mashreq Corporate Credit Card is so popular amongst the business community in the UAE. The card provides corporate card holders with free complimentary access to more than 500 premium airport lounges in more than 300 cities worldwide. In addition, the card also offers access to over 1600 Regus Business Lounge across in 100 countries at 50% discount. Mashreq Corporate Credit Card members can savour the impeccable hospitality at one of the many participating lounges by simply presenting their Mashreq Corporate Credit Card.
  2. Exclusive Privileges - Mashreq Corporate Credit Card is well known to leave its card members sheer spoilt for choices when it comes to offering special and exclusive privileges. Corporate Credit Card members get to enjoy special, exclusive discounts on air travel, getaways, hotel bookings, shopping abroad and more with Mashreq Corporate Credit Card. In addition, card members get to earn up to 30% at restaurants and premium 5-star hotels across the Egypt, Qatar, Oman, Kuwait, Bahrain, India and UAE. And that’s not all; Mashreq Corporate Credit Card users also get to exclusive offers and deals across wellness, healthcare business, and support services. Furthermore, Mashreq Corporate Credit Card provides users with access to MasterCard Commercial Card Offers where card members get to earn exclusive deals and discounts across dining, travel and more at pricelessarabia.com.

Mashreq Corporate Credit Card Offers (Updated in June 2018)

  • Exclusive discounts at pricelessarabia.com
  • Up to 30% at restaurants and premium 5-star hotels
  • Exclusive discounts on air travel, getaways, hotel bookings, shopping abroad
  • 50% discount at 1600+ Regus Business Lounge

Fees and Charges

 

Annual Membership Fee Free for life
Cash Advance Fee 3% of cash advance amount or minimum AED 200
Over limit fee AED 279
Late payment fee AED 230
Card replacement fee AED 75
Paper Statement Fee AED 5
Forex Charges   2.30%
Returned Cheque Fee AED 300
Supplementary card fee Free
Maintenance Fee Free
Retail Interest Rate 3.25% monthly
SMS Service       Free

 

Mashreq Corporate Credit Card Rewards

  1. Corporate Credit Card Rewards- Mashreq Corporate Credit Card provides card members with direct access to exclusive corporate card rewards, discounts and offers. Card members get to enjoy special, exclusive discounts on air travel, getaways, hotel bookings, shopping abroad and more with Mashreq Corporate Credit Card. In addition, card members get to earn up to 30% at restaurants and premium 5-star hotels across the Egypt, Qatar, Oman, Kuwait, Bahrain, India and UAE. And that’s not all; Mashreq Corporate Credit Card users also get to exclusive offers and deals across wellness, healthcare business, and support services.
  2. MasterCard Commercial Card Offers- In addition to the exclusive discounts and deals that can be availed on Mashreq Corporate Credit Card, card members may also get access to MasterCard Commercial Card Offers where card members get to earn exclusive deals and discounts across dining, travel and more at pricelessarabia.com.

How to Earn Rewards?

  1. Corporate Rewards - It is easy for Mashreq Corporate Credit Card members to earn exclusive corporate card rewards across travel, shopping and lifestyle categories. All card members need to do is to use their Mashreq Corporate Credit Card for booking or purchases to get exclusive discount deals and offers.
  2. MasterCard Commercial Card Offers- Quite like corporate rewards, Mashreq Corporate Credit Card users may also simply use their credit card to make a purchase at pricelessarabia.com to avail exclusive MasterCard Commercial card discounts and offers.

Additional Information / Documentation

To apply for Mashreq Corporate Credit Card, corporates need to present the below mentioned documents:

  • Cash flow statement
  • Passport Copy
  • Emirates ID
  • 3 month bank statement
  • Copy of business license

How to Apply For Mashreq Corporate Credit Card?

Applying for a corporate credit card in the UAE is pretty different from that of personal credit card application. It is important for any organization or business owner applying for a credit card to be well prepared in advance. Being careful and prepared goes a long way in ensuring that the corporate credit card application is not rejected by the concerned financial institution. In order to make sure that the corporate credit card application is not rejected, it makes sense to carefully mull over some important information before filling out the application form. Here’s a step-by-step guide to applying for corporate credit cards in the UAE for established corporates, small businesses and start-ups. So let’s dive right in! Shall we?

1. Find Out the Credit Score - Remember, rejection or acceptance of corporate credit card largely depends upon the credit score of the business and the business owners. So the first step when applying for a corporate credit card in the UAE is to ensure that the applicant’s or business’ credit score is good. Experts suggest that one must carefully mull over the credit score before applying for a corporate credit card in the UAE to save both time and resources.Mashreq Bank carefully analyses the credit score of the applicant, be it an individual or an organization, upon successful submission of the corporate credit card application form. Furthermore, Mashreq Bank also carefully analyses company’s revenue, type of industry for the applicant organization and company’s monthly expenses before accepting or rejecting a corporate credit card application. Companies with excellent revenue or remarkable repayment history and business owners with good credit score easily qualify for the Mashreq Corporate Credit Card that comes loaded with a staggering range of exclusive privileges and unlimited rewards.

2. Ascertain Corporate Card Eligibility- Next step is to ascertain if the corporate credit card applicant is eligible for the Mashreq Corporate Credit Card or not. There are a certain terms and conditions stipulated by Mashreq Bank in order to be eligible for its Corporate Credit Card. It makes sense for the applicants to carefully check the eligibility terms and conditions to ascertain if they or their organization stands eligible for the Mashreq Corporate Credit Card or not.

3. Compare Mashreq Corporate Card -Before submitting the application for the Mashreq Corporate Credit Card, applicants should ensure comparing the card with other business or corporate credit cards available in the UAE market. This will help applicants make sure that Mashreq Corporate Credit Card matches their requisites, budget and preferences. One must remain heedful of comparing Corporate Credit Card on 3 major criteria: features, benefits and the fee structure. Spending some time comparing different corporate credit cards available in the UAE market can help applicants save thousands of dirham annually.

4. Collect Required Documents - Corporate Credit Card application isn’t considered complete without apt documents. It makes sense for the applicants to collect all vital documents beforehand to avoid any last minute rush at the time of application. Here’s a list of all the information required to fill out the corporate credit card application form and the documents required to qualify for it.

Information Required

  • Name of the applicant
  • Business Name
  • Mailing address
  • Legal entity or type of business
  • Annual business revenue
  • Years in business
  • Monthly business expenses
  • Personal income information

Documents Required

  • Cash flow statement
  • Passport Copy
  • Emirates ID
  • 3 month bank statement
  • Copy of business license

Please note that the above mentioned list of information and documents is just for illustration purpose and Mashreq Bank Bank may or may not ask for certain information or documents from an applicant.

5. Corporate Credit Card Application - Last and the final step when applying for Mashreq Corporate Credit Card is to fill out the application form, attach the documents and submit the application for review. In order to apply for Mashreq Corporate Credit Card, interested applicants may visit the official website of Mashreq Bank and apply for the card by simply filling out an online application form. Alternatively, interested applicants may log on to UAE’s largest and leading online credit card marketplace, Policybazaar.ae and apply for the card. At policybazaar.ae, applicants may also easily compare different corporate/business credit cards for fee structure, features and benefits. After careful analysis of these factors and reading out the user reviews about the card, applicants may choose to apply for the Mashreq Corporate Credit Card directly through the portal. Comparing and applying for Corporate Credit Card via policybazaar.ae just takes a few minutes and few clicks.

Frequently Asked Questions

Question 1: Who can apply for Mashreq Corporate Credit Card?

Answer: Any business owner can apply for Mashreq Corporate Credit Card on the behalf of their business, be it an established corporate or a start-up or a small business.

Question 2: Do Mashreq Corporate Credit Card members get supplementary cards?

Answer: Yes! Supplementary Corporate Credit Cards may be issued to the partners or employees of the organization upon request from the authorized signatory on behalf of the company.

Question 3: How many supplementary credit cards can be issued to a business?

Answer: Businesses that have Mashreq Corporate Credit Card can request for as many as 99 supplementary cards.

Question 4: Is there an annual fee for Mashreq Corporate Credit Card?

Answer: No. There is no annual membership fee for Mashreq Corporate Credit Card. It is a free for life credit card.

Question 5: What is covered under Mashreq Corporate Credit Card’s complimentary travel & accidental insurance?

Answer: Here’s a list of coverage provided under Mashreq Corporate Credit Card travel insurance:

 

Benefits Amount
Age Limit 65 Years
Pre-exisitng Medical Condition Yes
Maximum Length of Any Trip 45 Days
Free 24 Hour Medical Helpline Yes
Personal Accident cover USD 200,000
Permanent Total Disability USD 200,000
Permanent Partial Disability USD 100,000
Emergency Medical Expenses (Accidental & Sickness) USD 60,000
Emergency dental expenses USD 1500
Emergency medical evacuation USD 12,000
Personal Liability USD 50,000
Legal expenses USD 5000
Cancellation/Curtailment USD 5000
Departure delayed - delay in excess of 6 hours ($ 300 per hour up to 12 hours) USD 2000
Baggage delay (in excess of 6 hours up to 12 hours) USD 100 per hour
Baggage loss
USD 5,000
Loss of travel documents and Passport
USD 1,000
FREE Worldwide Assistance Service Yes
Legal and Medical Assistance Services Yes
Fraudulent Transactions USD 2,000

 

Question 6: Does Mashreq Corporate Credit Card offer complimentary lounge access?

Answer: Mashreq Corporate Credit Card provides corporate card holders with free complimentary access to more than 500 premium airport lounges in more than 300 cities worldwide. In addition, the card also offers access to over 1600 Regus Business Lounge across in 100 countries at 50% discount. Mashreq Corporate Credit Card members can savour the impeccable hospitality at one of the many participating lounges by simply presenting their Mashreq Corporate Credit Card.

Question 7: Does every card member, including the supplementary card members, get the statement for transactions on card(s)?

Answer: Yes! Email statement is sent to employees at their registered email addresses, every month. In addition, a consolidated e-statement is sent to the Program Administrator, every month.

Question 8: Does Mashreq Corporate Credit Card provide protection against fraudulent activities?

Answer: Yes! In the event of fraud activity on the card, Mashreq Corporate Credit Card provides protection for up to $2,000 per instance of misuse, capped at up to $4,000 in a year. 

Question 9: What is SDG2?

Answer: Mastercard Smart Data Generation 2 or SDG2 is a ground-breaking web-based reporting solution to help card holders with expense and information management. This unique feature allows card holders to turn data into business intelligence with customizable templates, HTML previews, advanced filtering options, report categorization, and the ability to create and export reports in a variety of formats. 

Question 10: How does Mashreq Corporate Credit Card protect my company against card misuse by an employee?

Answer: Mashreq Corporate Credit Card ensures comprehensive protection against misuse of the card by an employee with Corporate Liability Waiver Insurance for up to $25,000 per employee and up to a maximum of $1,600,000 per company.