Kartik Taneja, Head of Payments at Mashreq
Kartik Taneja, Head of Payments at Mashreq Image Credit: Supplied

What steps have Mashreq taken to ensure its credit cards meet the needs of its different customers?

Mashreq’s vision includes an ambition to enable innovative possibilities for our clients. To achieve that, we constantly engage our customers (through research, surveys, meetings) to identify what they want. We also come up with innovative possibilities to provide them solutions that they never thought possible. Here are some of the recent changes we’ve done to our card proposition to meet customer needs:

1. In 2019, we launched the region’s only 100 per cent digital paperless card journey. All UAE residents can apply for a card while sitting at home, no papers required, no need to speak to anyone. No other bank in the UAE has been able to offer a competing alternative. We now sell over 4,000 cards a month using our digital journey; paper applications are virtually zero.

2. In 2020, we launched the first e-commerce co-brand in the UAE, the Noon VIP Mashreq credit card, offering 3.5 per cent cashback on Noon purchases.

3. This was also the first ever card in the region offering “preloaded credit of Dh500” – no need to spend a certain amount to have your reward credited after three months… our reward was instant and convenient for customers. The instant preloaded reward has now been expanded to all our cards… Solitaire credit card customers get Dh2,000 of preloaded credit when they opt for our credit card!

4. Mashreq launched risk-based pricing in December 2020. Your card interest rate is now based on your risk profile, linked to your bureau records. This pricing ranges from 1.75 per cent p.m. to 3.45 per cent p.m. and 33 per cent of our clients are now priced below 2.50 per cent p.m. – significantly lower than any other bank in the UAE.

5. We also launched the instant digital card – customers don’t need to wait for two-three days for the courier to deliver the plastic. Once they complete the digital journey, the digital card details are sent to them securely over encrypted and password protected email and SMS.

6. In 2021, we launched our state-of-the-art mobile application, which offers instant (again, paperless, no need to speak to anyone) cash on card, installment plan bookings, card control features, instant remittances to tens of countries around the world, and much more.

7. Mashreq remains the largest reward redemption network in the UAE, with over 30,000 POS terminals where you can pay using Salaam Points.

How can Mashreq’s customers benefit from special rewards and offers through their credit cards?

Mashreq customers can benefit from a bouquet of offers in the form of:

● Preloaded cash as a joining bonus on a new credit card. We offer up to Dh2,000 of preloaded credit which customers can use for free shopping, anywhere they wish. No conditions, no catches.

● Free for life cards.

● 20 per cent cashback for the first six months on your favourite e-commerce merchants like Zomato, Talabat, Netfix, etc.

● Special partner discounts and online shopping benefits.

● Every card comes with a unique loyalty offering which rewards the customers on every purchase.

How easy is it for new customers to apply for a credit card with Mashreq?

In response to the evolving customer needs and the growing preference for innovative digital solutions, Mashreq provides a superior user experience powered by digital-first innovation for all its credit cards. Mashreq credit cards can be applied digitally, it takes a few clicks, no paperwork and no branch visits to the get the card. Customers can visit www.mashreq.com/cards to apply for the credit cards. It takes only 10 minutes.

How do you ensure customers are satisfied with your credit card products?

At Mashreq we aim to measure customer satisfaction regularly. We have a monthly Net Promoter Score survey, which gives us a monthly pulse of how happy our customers are, as well as why certain customers may not have been not delighted with their experience. We then reach out to those customers and ensure we make things right.

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