Frequently Asked Questions Everyday SmartSaver Credit Card

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1 Frequently Asked Questions Everyday SmartSaver Credit Card Q. Why should I apply for a SmartSaver Credit Card? The Mashreq SmartSaver credit card is the ONLY savings credit card that allows you to earn genuine cash back from your first spend. That s not all. This is the only Credit Card that offers you a whopping savings of up to across over 450+ outlets in the UAE, up to savings on Supermarket, Education and Utility expenses and savings across all purchases anywhere in the world making it that much more easier to save MORE on your everyday expenses Q. What is so special about the SmartSaver card? The SmartSaver card is a Free for life Credit Card with a unique savings offer. There are no minimum spend thresholds to start earning cashback, the SmartSaver card allows you to save virtually from your first spend. E.g. you will save on spends of as little as AED 10/-. In addition, the savings is not limited to selected categories of purchases or shops. So you can save across all your everyday spends. Q. How do I earn Cashback on my SmartSaver Credit Card? You will save on all the purchases made on the SmartSaver Credit Card. Up to Cashback at SmartSaver merchant partner outlets: You can save up to at more than 450 outlets across 50 leading brands in everyday spend categories like supermarkets, retail & fashion, home furnishings, health & wellness, jewelry, auto rental & accessories and much more. For the updated list of merchants please visit: 1

2 Up to Bonus Cashback on Supermarket & Utility & Education expenses Upto savings on all your Domestic and International School Fee payments, Upto savings on purchases made at any Supermarket worldwide. Upto savings on all your Utility bill payments. Minimum Monthly Spend (AED)* Monthly Bonus Cashback on Supermarket Monthly Bonus Cashback on Education Monthly Bonus Cashback on Utility 7,500-14,999 (Max AED 150) (Max AED 100) (Max AED 50) 15,000 and above (Max AED 300) (Max AED 200) (Max AED 100) Base Cashback on domestic and international spends: For all international and domestic purchases, customers can earn up to 1.00% cashback as shown in below table. Minimum Monthly Spend (AED) Domestic International AED 0-7, AED -7, % 1.00% *Minimum Monthly Spend (AED) indicates the total retail spends in a billing month. Base cashback will not be earned on Charities, Utilities and Government related purchases. On Supermarket, Education, Fuel, Insurance and Real Estate related transactions, base cashback will be earned at a reduced rate of 0. for both domestic and international purchases. Summary on base and bonus cashback: Monthly Spend (AED) Local International Supermarket Education Utility, Government Fuel, Insurance, Real Estate Charity AED 0-7, % 0.50% 0.00% 0.50% 0.00% AED 7,500-15, % 1.00% AED 15, % 1.00% (up to AED 150 (up to AED 300 (up to AED 100 (up to AED 200 (up to AED 50 (up to AED % 0.00% 0.50% 0.00% 2

3 How will I earn Bonus Cashback on Supermarket & Education & Utility expenses? If your monthly total spend is above AED 15,000 then you will automatically be eligible to bonus cashback offer on Supermarket, Education and Utility spends. Your maximum monthly cashback earning on Supermarket, Education and Utility categories can be AED 300, AED 200 and AED 100 respectively. And on all other retail spend categories you can earn base cashback. If your monthly total spend is between AED 7,500 and AED 15,000 then you will automatically be eligible to cashback offer on Supermarket, Education and Utility spends. Your maximum monthly cashback earning on Supermarket, Education and Utility categories can be AED 150, AED 100 and AED 50 respectively. And on all other retail spend categories you can earn base cashback. If your monthly total spend is less than AED 7,500, you would not be able to get bonus cashback on Supermarket, Education and Utility. But, you would continue to earn base cashback. Q. Can you give an example on cashback earning? Take a look at the below table and see how you can multiply your savings with the new Mashreq SmartSaver Credit Card. Merchant/Category Monthly Spend (AED) Cashback% Monthly Cashback (AED) Base Cashback Domestic Spends* (other than supermarket, education & utility) International Spends (other than supermarket, education & utility) 2, % 20 5, Total Base Cashback 70 Bonus Cashback At Supermarket, Education & Utility Total Bonus Cashback At Supermarket, Education & Utility Supermarket Spends 3,000 (Max AED 300) Utility Bill Payments (including Dewa, Du, Etisalat, etc) 1,000 (Max AED 100) School Fee 5,000 (Max AED 200) Extra Bonus Cashback At SmartSaver Partner Outlets V-Kool 2, (No Cap) 175 Total Cashback 845 3

4 Q. What are the Annual fees on the SmartSaver card? The SmartSaver card is free for life for both the Primary & the supplementary Card Q. Is there any minimum spend to start earning Cashback? Unlike most other cards in the market, the Smart Saver credit card does not have any minimum spend thresholds. This means you will start saving from as little as AED 1/- Q. Do all spends towards Education, local or International, qualify for up to Cashback on education? Yes, all spends at institutions that are listed as an Educational Institution as specified by Visa/MasterCard will qualify for up to cashback. Unfortunately if the institution is not listed as an Educational Institution with Visa/MasterCard, then the purchase/transaction will not qualify for the up to cashback. Q. What is considered as a Utility transaction that I can save up to on? Utility purchase transactions include transactions like Etisalat & DU bill payments, payment of Salik, DEWA/SEWA/ADWEA, Pehla, Govt. payments, Insurance payments etc. Transactions mentioned above made through any of the Bank s payment channels like website/ bank branch/ Call Center etc. however will not qualify for the up to savings offer. Q. Do I save on all the transactions on my Card? All retails purchases made on the Card will be eligible to cashback. Spends not qualified for cashback are: Balance transfers Local cash advances Credit card cheques Finance charges All fees charged on the Card by the Bank Transactions reversed by Merchants Utility bill payments like telephone bills, water and electricity bills made through the Bank's payment channels like Call Center, Mashreq On-line, ATM, mobile banking, branches or any other Bank's payment channel. Q. When will the cashback be calculated? The cashback will be calculated on your statement date. For example: For customers with a statement date (billing cycle) on the 17 th - Spends posted between 17 th and 16 th of every month will be considered. For customers with a statement date (billing cycle) on the 12 th - Spends posted between 12 th and 11 th of every month will be considered. Q. What happens to the savings I have earned in the case of a reversal? In the case of a reversal of a transaction, the savings on the transaction will also be reversed. Savings will be awarded to only actual purchase transactions. 4

5 Q. Can I redeem my cashback/ savings for something other than cash? No. The savings earned can be redeemed only as cash credit to the card account. Q. When can I redeem the cashback/ savings that I have earned? The savings can be redeemed on achievement of a minimum of AED 100/- in the saving balance. Q. How do I redeem the cashback/ savings? The savings earned can be redeemed anytime once the saving balance has reached AED 100/-. To redeem your cashback: - Visit Mashreq Online Banking for online redemption, or - Call the Direct Banking Center at and place a request for the same. The savings will be credited within a maximum of 3 working days into the SmartSaver Global Credit Card account. Q. Will the cashback/ savings ever expire? Yes, the savings earned has a maximum validity of 18 months from the date of earning. If the savings have not been redeemed within this period, it will be expired. Notwinstanding anything contained herein, customer has not earned or redeemed any cashback in last twelve (12) months, then all accumulated Cashback shall be forfeited. Q. Is it possible for me to lose the cashback/ savings? As long as the Credit Card account is open and in good standing, the cashback will not be lost. Cashback will not be earned for transactions on accounts that are delinquent. Similarly, Cashback cannot be redeemed on delinquent accounts. Q. Will the Cashback earned apply directly to the outstanding balance of the Credit Card? How does the minimum amount due get affected if I redeem the Cashback covering the partial amount of the total outstanding? The cashback earned can be redeemed upon the choice of the customer to the Credit Card account and will be applied directly to the outstanding balance of the card but does not count towards the minimum monthly payment on the Card. The cashback is considered as a credit towards the Card account and not as a payment, hence customer must still make the minimum monthly payment due on the Card. Q. I have a supplementary card as well? Will I earn cashback on this Card as well? Cashback will be earned on spends made on the supplementary card as well. However, please note that the cashback can be redeemed only against the Primary Card account and will appear only on the statement of the Primary Card account. Q. Will my cashback earned be cancelled when I cancel my Card? Cashback that has not been redeemed prior to the cancellation of the Card will be forfeited. Q. If I switch from my existing Mashreq Credit Card to the SmartSaver credit card, will I still earn Salaam points? No. The Salaam points you have earned will remain. You can choose to redeem the Salaam points using your SmartSaver Credit Card. However, you will not earn any Salaam points on the SmartSaver credit card. You will only earn cashback on purchases made on the SmartSaver credit Card. 5

6 Q. How do I check my cashback balances? The new cashback balance will appear in the monthly credit card statement. The cashback mentioned in the statement will be the cash back earned during that particular billing cycle. Q. Are cash transactions like specific queries on Govt bonds, Mashreq Millionaire payments. Also what about regarding Credit Shield or any other insurance Purchase? Any cash or cash like transactions will be excluded from earning of cashback and only Purchase transactions made on the card will be qualify for cashback. 6