Mashreq SmartSaver Credit Card

Mashreq SmartSaver Credit Card

For the UAE residents, including nationals and expats alike, credit cards remain the most preferred mode of spending. As a matter of fact, according to a report by Payfort, over 5 million UAE residents put most of their day-to-day spends on credit cards. In fact, popularity of credit cards remains such that 65% more UAE residents applied for credit cards in 2017 as against 2016.

But why do credit cards remain so popular amongst the UAE residents? Well, there are a lot of reasons for it. For starters, credit cards in the UAE offer cash backs and rewards on each dirham spent. In addition, several credit cards in the UAE also allow the UAE residents to enjoy a wide range of exclusive privileges, and discounts that help them consolidate spends and get the maximum value for the money spent.

But here’s the deal: there are over 200 different types of credit cards available in the UAE region such that taking the best pick could prove to be a cumbersome task. To make this choice easier for the UAE residents, UAE’s leading financial institution - Mashreq Bank launched its SmartSaver Credit Card that offers unlimited cash back on all international spends, domestic purchases, education, and utility spends with no minimum spend thresholds. This amazing credit card offers a wide range of rewards and savings on every dirham spent.

About Mashreq SmartSaver Credit Card

Launched in 2012 and relaunched in 2014, Mashreq Bank launched SmartSaver Credit Card to help credit cardholders in the UAE region make the maximum value of their hard-earned money with cash back on every dirham spent on the card. Since its launch, Mashreq SmartSaver Credit Card has consistently ranked alongside the best cash back credit cards in the UAE region.

Mashreq SmartSaver Credit Cardholders get to earn cash back worth 10% at over 400 outlets across different spend categories. In addition, card members also get to multiply their savings with up to 8% Bonus cashback at 450 partner outlets in the UAE across spend categories including jewellery, home furnishing, supermarkets, health & wellness, retail & fashion, auto rentals and much more.

The card also offers guaranteed cash back worth 0.5% for all domestic retail purchases in the UAE and 1% on all international spends. Also, card members can earn up to 6% Bonus Cashback on online spends through Global Cashback Mart at over 2,500 retailers.

Mashreq SmartSaver Global Credit also offers multiple travel, and lifestyle privileges.  Card members get to earn 10% Discount on Emirates’ Holiday Packages, 10% off at Hotels.com, Up to 12% off at Agoda.com, 20% off at OYO hotels, and 40% discount at Anantara Vacation Club.

Furthermore, the card offers a wide range of features such as coverage for lost luggage, luggage delays, trip delays, trip cancellations, missed connections and more. Card members also get access to medical emergency expenses, daily in-hospital cash benefit, emergency medical evacuation repatriation and personal accident insurance.

Given all this and much more, it comes as no surprise that Mashreq SmartSaver Credit Card has found a fair share of suitors, admirers and patrons, over the years of its launch and relaunch by Mashreq Bank.

Features of Mashreq SmartSaver Credit Card

Mashreq SmartSaver Credit Card comes with a wide range of innovative and ground-breaking features to help card members make the most of their card. The extensive and exclusive range of features that this card has on offer for the card members makes it one of the best credit cards in the UAE region. Let’s take a look at some of the outstanding benefits of Mashreq SmartSaver Credit Card:

  • Access to Global Cashback Mart.
  • Balance Transfer Facility.
  • Cash Advance Feature.
  • Access to Salaam Rewards Point Program.
  • Easy Payment Plans.
  • Credit Shield Feature.
  • Pay Protect Feature to help card holders and their nominees take care of card dues and other necessary expenses in the event of the death or diagnosis of critical illness.
  • Easy Cash feature with repayment terms of up to 36 months.
  • Visa Check-out Feature.
  • Smart Protect Feature to provides coverage of:
    • AED 100000 for accidental death
    • AED 50000 for death due to sickness
    • AED 1000 monthly for a maximum period of 3 months for involuntary loss of job
    • AED 200 per person per day for a maximum period of 30 days as Hospital Cash Benefit
    • AED 500 per incident for ATM Assault worldwide
    • AED 2500 per incident for fraudulent charges
  • Wallet Protect Feature
  • Revolving Balance Transfer Feature
  • Travel Protection Insurance Plan that provides coverage of:
    • Up to USD 200,000 for Accidental Death and Permanent Total and Partial Disablement.
    • Up to USD 60,000 for Emergency medical expenses (Accident & Sickness), Inpatient, and emergency repatriation expenses.
    • Trip cancellation and delays for more than 6 hours.
    • Damage or loss of baggage.
    • Loss of passport or other travel documents.
    • Up to USD 2,000 per customer per year for fraudulent transactions.
    • Up to USD 50,000 for accidental injury during trip.
    • Up to USD 5,000 for illness during trip.
    • Free worldwide Legal and Medical assistance

Benefits of Mashreq SmartSaver Credit Card

Mashreq SmartSaver Credit Card ranks alongside the premium credit cards in the Middle East region. The card comes packed with an extensive range of benefits to ensure maximum value for every dirham spent. Here’s a list of just some of the many benefits of this amazing credit card:

  • No annual membership fee for lifetime.
  • Up to 6% bonus cashback at more than 2,500 retailers through Global Cashback Mart.
  • Guaranteed 1% cash back for international spends
  • Guaranteed 0.5% cash back for international spends.
  • Up to 8% Bonus Cashback at 450 outlets across jewellery, home furnishings, retail & fashion, supermarkets, auto rentals, health & wellness, and other categories.
  • Up t0 40% discount on Hotels and Holiday Packages.
  • Up to 15% off on air tickets with Jet Airways.
  • No minimum spend threshold.
  • Complimentary travel insurance plan.
  • Access to Salaam Points Rewards Program.
  • Access to Mashreq MyOffers.
  • Up to 4 free supplementary cards.

Eligibility

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

  • Income Eligibility: AED 10,000 (Minimum monthly income)
  • Residential Eligibility -UAE residents with valid UAE residence Visa
  • Verification Eligibility - Age/Id Proofs

Top Reasons to Get Mashreq SmartSaver Credit Card

Lucrative cash back rewards, zero annual membership fees for lifetime, and a wide range of exclusive discounts and privileges, there are simply reasons galore to have Mashreq SmartSaver Credit Card. Listed below are just 5 of those many reasons that make Mashreq SmartSaver Credit Card a must-have in any UAE resident’s financial portfolio.

  1. Cash Back Rewards - Mashreq SmartSaver Credit Card is perhaps the best cash back credit card in the entire Middle East region. The card promises cash back on every dirham spent on it. Card members get to earn guaranteed 1% cash back for every international spend and 0.5% guaranteed cash back for every dirham spent for domestic purchases. In addition, the card provides card members with a bonus cash back of up to 6% for spends made at over 2500 retail outlets through the Global Cashback Mart. Furthermore, Mashreq SmartSaver Credit Card members are also privy to up to 8% Bonus Cashback at 450 outlets across jewellery, home furnishings, retail & fashion, supermarkets, auto rentals, health & wellness, and other categories.
  2. Complimentary Travel Insurance - Mashreq SmartSaver Credit Card members get access to complimentary travel insurance plan from Mashreq that provides comprehensive protection against missed flights, trip cancellations, trip delays, loss of baggage, and medical emergencies while on a trip. Listed below is the coverage offered by the complimentary travel insurance plan accompanied by Mashreq SmartSaver Credit Card:
    • Up to USD 200,000 for Accidental Death and Permanent Total and Partial Disablement.
    • Up to USD 60,000 for Emergency medical expenses (Accident & Sickness), Inpatient, and emergency repatriation expenses.
    • Trip cancellation and delays for more than 6 hours.
    • Damage or loss of baggage.
    • Loss of passport or other travel documents.
    • Up to USD 2,000 per customer per year for fraudulent transactions.
    • Up to USD 50,000 for accidental injury during trip.
    • Up to USD 5,000 for illness during trip.
    • Free worldwide Legal and Medical assistance
  3. Revolutionary Mashreq Smart Protect Feature - Mashreq SmartSaver Credit Card members are also privy to the innovative and ground-breaking Smart Protect Feature from Mashreq Bank. This feature ensures comprehensive protection for the card holders and their loved ones against unfortunate circumstances. Smart Protect provides coverage of:
    • AED 100000 for accidental death
    • AED 50000 for death due to sickness
    • AED 1000 monthly for a maximum period of 3 months for involuntary loss of job
    • AED 200 per person per day for a maximum period of 30 days as Hospital Cash Benefit
    • AED 500 per incident for ATM Assault worldwide
    • AED 2500 per incident for fraudulent charges
  4. Hotel, and Holidays Benefits - Mashreq SmartSaver Credit Card members get to enjoy multiple hotel and holiday privileges and discounts. Some such privileges are listed below:
    • 10% discount on Emirates’ Holiday Packages
    • 10% off at Hotels.com
    • Up to 12% off at Agoda.com
    • 40% discount at Anantara Vacation Club
    • 20% off at OYO Hotels
  5. Free Membership for Lifetime - Mashreq SmartSaver Credit Card is available absolutely free for lifetime for eligible card applicants. This means card members can enjoy an exclusive range of benefits, discounts and privileges without having to worry about the annual membership fees for the card.

Mashreq SmartSaver Credit CardOffers (Updated in June 2018)

  • 10% discount on Emirates’ Holiday Packages
  • 10% off at Hotels.com
  • Up to 12% off at Agoda.com
  • 40% discount at Anantara Vacation Club
  • 20% off at OYO Hotels

Fees and Charges

Annual Membership Fee Nil
Retail interest rate per month 3.45%
Cash Advance rate per month 3.75$
Cash Advance fee Higher of 3% or AED200
Over limit fee AED 279.00
Late payment fee AED 230.00
Card replacement fee AED 75
Paper statement fee AED 5
Returned cheque charge AED 300
Credit shield fee (Optional) 0.89% of outstanding charges
Smart Protect (per month) AED 60
International card delivery AED 200


Mashreq SmartSaver Credit Card Rewards

  1. Salaam Points - Mashreq SmartSaver Credit Card members get access to the much sought after Salaam Points rewards program. This program allows card members to earn reward points for each dirham spent on the card. For every international spend worth 1 AED put on the card, members get to earn 3 Salaam points and for every domestic spend worth 1 AED, card members get to earn 1 Salaam Point. These points can be accrued by making purchases on the card and can be redeemed instantly for vouchers or through POS.
  2. Cash Back Rewards - Mashreq SmartSaver Credit Card offers unlimited cash back rewards to provide maximum value for money to the card holders. Card members get to earn guaranteed 1% cash back for every international spend and 0.5% guaranteed cash back for every dirham spent for domestic purchases. In addition, the card provides card members with a bonus cash back of up to 6% for spends made at over 2500 retail outlets through the Global Cashback Mart. Furthermore, Mashreq SmartSaver Credit Card members are also privy to up to 8% Bonus Cashback at 450 outlets across jewellery, home furnishings, retail & fashion, supermarkets, auto rentals, health & wellness, and other categories. There is no minimum threshold for earning cash back rewards and card members can start earning cash back by even spending AED 1.

How to Earn Rewards?

Mashreq SmartSaver Credit Card allows card members to earn cash back points and Salaam Points for all purchases they put on the card.

  1. Cashback Points - Card members can instantly earn 0.5% Cashback on all local and 1.0% Cashback on all international spends with no minimum spend threshold. In addition, card members can also earn bonus cash back of up to 6% for spends made at over 2500 retail outlets through the Global Cashback Mart. Furthermore, Mashreq SmartSaver Credit Card members are also privy to up to 8% Bonus Cashback at 450 outlets across jewellery, home furnishings, retail & fashion, supermarkets, auto rentals, health & wellness, and other categories. Cash back rewards are added as cash points in the card account on the statement date.
  2. Salaam Points - In addition to the cash back rewards, card members also get to earn Salaam Points for all the spends they put on their Mashreq SmartSaver Credit Cards. For every international spend worth 1 AED, card members get to earn 3 Salaam points and for every domestic spend worth 1 AED, card members get to earn 1 Salaam Point.

How to Redeem Your Points?

Quite like earning cash back and reward points, it is easy to redeem the accrued points too. Card members can redeem their reward points for a wide range of benefits and privileges. Here’s how to redeem cash back and reward points.

  1. Cash Back - In order to redeem the cash back accrued on the Mashreq SmartSaver Credit Card, members need to call the Mashreq phone banking number on 04-4244444 and place a request for redemption. The minimum amount that can be redeemed is AED 100. Upon placing the request for redemption, the card account is credited with the cash back points within 3 working days. Card holders must redeem their cash back rewards within 18 months of accrual to ensure that the cash points are not forfeited.
  2. Salaam Points - Like cash back, it is easy to redeem Salaam Points too. Card members can instantly redeem the accrued Salaam Points for vouchers or at Point-of-Sales. Gift Vouchers redeemed using Salaam Points may take up to 7 days to be delivered and can be redeemed only at select retail or travel partner. Also, vouchers cannot be cancelled, exchanged or modified once issued. These vouchers valid for 180 days from the issuance date.

Additional Information / Documentation

Here is a list of documents that applicants may need to furnish in order to get Mashreq SmartSaver Credit Card:

  • Salary Certificate/Salary transfer letter (Salaried individuals)
  • Trade licence (Self-employed individuals)
  • 3-6 months bank statements
  • UAE Residence Visa (For Expats)
  • Passport (Expats)
  • Emirates ID
  • Address Proofs

In addition, applicants may also be required to submit a security cheque.  

How to Apply For Mashreq SmartSaver Credit Card?

It is easy to apply for the free-for-life Mashreq SmartSaver Credit Card, Interested applicants may apply for the card at the official website of Mashreq Bank by filling up their personal information in the online application form.

However, those looking to compare the card with other similar credit cards for rewards, cashbacks, fee structure, interest-free period, reviews and ratings may simply visit UAE’s leading credit card marketplace, Policybazaar.ae.

The portal provides complete and exhaustive details about the different credit cards available in the UAE along with their unbiased and uninfluenced reviews. Policybazaar.ae helps card applicants find and apply for the right credit card that best matches their requisites, budget and preferences in just 3 simple steps.

Step 1- Compare Cards - The portal allows card applicants to find and compare the best credit cards in the UAE region on benefits, features and fee structure to find the best credit card that suits their budget and lifestyle.

Step 2- Check Eligibility - Interested card applicants may instantly check their eligibility for the cards of their choice by simply filling up a few basic details and answering a few questions online.

Step 3- Instant Approval - After carefully comparing different cards, and checking the eligibility criteria, interested card applicants can simply fill out a basic form and get instant approvals for their applications.

At Policybazaar.ae, it is easy to compare and buy best credit cards in the UAE and immediately start saving money.

FAQ's

Question 1: Is there an annual fee for the Mashreq SmartSaver Credit Card?

Answer: No. There is annual membership fee charged for Mashreq SmartSaver Credit Card and the card comes absolutely free-for-life for both primary and supplementary card holders.

Question 2: Is there any minimum spend to start earning Cashback?

Answer: No. There is no minimum threshold for earning cash back on the Mashreq SmartSaver Credit Card. This means card members can earn cash back for every dirham spent on the card.

Question 3: Is cash back awarded for every transaction made on the Mashreq SmartSaver Credit Card?

Answer: Card members can earn cash back for all retail spends put on the card. However, there are a few spends that do not attract cash back. These expenses include:

  • Balance transfers
  • Cash Advance
  • Credit Card Cheques
  • Finance Charges
  • Reversed transactions
  • Utility bill payments made through Mashreq Bank

Question 4: When does cash back get credited to the account?

Answer: Cash back is added to the credit card account as cash point at the statement date.

Question 5: Can cash back be redeemed for something other than cash point?

Answer: No. Cash back cannot be redeemed for anything other than cash point added to the credit card account.

Question 6: How to redeem cash back?

Answer: Cash back can be redeemed in 2 different ways. These are:

  1. By calling up Mashreq Call Center at 04-4244444 and placing a redemption request.
  2. By online redemption through official website of Mashreq.

Please note: Cash back can only be redeemed once card members accrue AED 100 in the account.

Question 7: Does cashback ever expire?

Answer: Yes, if not redeemed within 18 months of the issuance date, cash back earned expires. If the card member has not redeemed or earned any cash back in last 12 months, then all the cash back gets forfeited.

Question 8: Can the cashback earned be applied directly towards the outstanding balance of the Credit Card?

Answer: Yes! Cash back earned on the card can be applied directly towards the outstanding balance of the card. 

Question 8: Can the cashback earned be applied towards the minimum payment due on the Credit Card?

Answer: No! Cash back earned on the card cannot be applied directly towards the minimum payment due on the card and card holders need to make the minimum payment due.

Question 9: Do card members get supplementary cards with Mashreq SmartSaver Credit Card? Is there a fee for supplementary cards?

Answer: Yes! Card members can get as many as 4 supplementary cards with Mashreq SmartSaver Credit Card. No, there is no fee for supplementary cards and they too are free-for-life like the primary card.

Question 10: Is cashback cancelled when the card is cancelled?

Answer: Any remaining cashback that has not been redeemed before the cancellation of the credit card is forfeited upon the cancellation of the card.