– Latest initiative from Mashreq offering unlimited cashback on a free-for-life card
Dubai, UAE, 23 January 2020: Mashreq, one of the leading financial institutions in the UAE, today announced the launch of its new Mashreq Cashback Credit Card. Launched on the Visa Platinum Platform, Mashreq Cashback Credit Card stands as the only cashback credit card that rewards customers with unlimited 5% cash back on dining, 2% cashback on international spends and 1% on all local spends, all with no annual fee. What’s truly unique about this card is how simple it is: there are no caps, no conditions, no restrictions. The product has been designed to be clear, transparent, and easy for the customer to understand.
The latest cashback offering from Mashreq comes on the back of extensive customer research. The results indicated that most participants preferred the Mashreq Cashback credit card due for a variety of reasons, such as the unlimited cashback at no cap, the card is free for life with no annual fee, and the 5% cashback on dining spends.
The card has also been launched with shifting consumer habits in mind, as millennials increasingly spend money online. According to data from the ‘Youth in the UAE’ survey published from Visa, millennials and Gen Z (ages 18 to 35) comprise around two-thirds of the UAE’s current population and frequently make online shopping.
Insights from Visa also indicate that one in every five dollars spent in the UAE going towards food consumption. Additionally, food spends have continued to grow at 8 percent in 2019 compared to 2018, and there has been a shift towards the quick-service restaurant sector (including food delivery) which has resulted in 40 percent growth in the industry.
Commenting on the launch, Subroto Som, Head of Retail Banking Group, Mashreq Bank, said: “At Mashreq, we place a strong emphasis on understanding what our customers really want and delivering on customer experience. The UAE is fast progressing towards a cashless society, with industry estimates suggesting that day-to-day cash transactions will drop from 72% to 46% by 2021. In line with this trend and our overall digitization strategy, we believe that the latest proposition by Mashreq offers a strong value add to our customers with full transparency. Through the cash back solution, they can reap unprecedented benefits on lifestyle spends across the board without any caps or conditions, particularly when traveling or dining.”
Kartik Taneja, Head of Payments, Mashreq Bank said, “Going out to a nice dinner with friends or family is one of the best ways to wrap up the day. Mashreq wants to make that experience even more rewarding, giving 5% cashback without any caps or conditions. The UAE is home to 2.5 million millennials, 98% of whom go online every day. Millennial spends on dining are currently 47% higher than previous generations. Main reason behind this growth is due to the fact that 50% of spends in the dining sector goes towards online delivery. We strongly believe the new cashback card meets the expectation of Millennial customers both with its cashback offering and 100% paperless digital onboarding experience.”
Shahebaz Khan, General Manager for the UAE, Visa said, “Visa is delighted to partner with Mashreq to launch their new Cashback Visa Credit Card, a unique proposition that’s tailored for the evolving needs of millennial consumers in the UAE. We look forward to growing our partnership with Mashreq by developing more innovative digital payment products and enabling the bank to deliver the secure, frictionless and rewarding payment experiences our Visa cardholders increasingly expect and deserve.”
The launch of the Cashback Credit Card is aligned with Mashreq’s strategy to provide its customers with significant value as well as rewards that suit their needs.