The terms and conditions below are in addition to the Credit Cardholder Agreement already accepted and agreed to by the Cardholder via the acceptance of the Mashreq Credit Card (“Card”) issued by Mashreqbank Psc (“Mashreq”).
1. Balance Transfer is a transaction on the Card initiated by the Cardholder via application form / recorded line / Mashreq Online / Mashreq Mobile which the Cardholder agrees to repay Mashreq in equal monthly instalments. 2. The total of Balance Transfer amount along with the interest amount for the instalment period & processing fee will be charged to the Cardholder Credit Card Account reducing the available Credit Limit. 3. A processing fee may be applicable on Balance Transfer, which can be a flat amount, or a percentage of the total Balance Transfer amount availed, as communicated at the point of sale or at the rate specified by Mashreq on its website. 4. The interest rate mentioned in the application form or on recorded line or on Mashreq Online or on Mashreq Mobile is the monthly fixed interest rate. The equivalent reducing interest rate is approximately 1.5 - 2 times that of the fixed interest rate mentioned in the application form/ recorded line/online portals. Mashreq charges interest at the equivalent reducing rate every month on the outstanding principal amount. 5. The total Balance Transfer amount eligibility shall be communicated to the Cardholder at the point of sale or at the rate specified by Mashreq on its website 6. One equal monthly instalment (EMI) for the Balance Transfer will be billed every month to the Credit Card account until the tenure of the Balance Transfer is completed and will be a part of the monthly “Total Payment Due”. 7. Approval of the Balance Transfer is at the sole discretion of Mashreq. 8. In case of early settlement of the Balance Transfer before the expiry of the entire tenure of the plan as early settlement fee of AED 100 shall be levied to the Cardholder Credit Card Account. Further, all interest or fee charged towards instalments pre-settled shall have to be borne by the Cardholder and no such charge will be waived off by Mashreq. 9. Your Right to Cancel: In line with the Consumer Protection Standards issued by the UAE Central Bank pursuant to the Consumer Protection Regulation (Circular No. 8 – 2020), you are hereby informed that you have the right to withdraw or cancel your Balance Transfer request within 5 Business Days (“Cooling Off Period”) from date of signing of the relevant terms and conditions. On the 6th Business Day (or 1 day after the expiry of
Classification: Public the Cooling-Off Period), the terms and conditions of your Balance Transfer request/application, shall be deemed to have been confirmed/accepted by you. The Bank will, during the Cooling-Off Period, allow you to avail of and utilize your Balance Transfer. Should you choose to waive your right to the Cooling-Off Period, you must, in writing, notify and/or confirm to the Bank such intention. It must also be noted that if you opt to cancel or withdraw your Balance Transfer request / application within the Cooling- Off Period, you shall be responsible to pay all applicable costs and charges that you may have incurred in relation to all transactions conducted during the Cooling-Off Period and before the cancellation of your Balance Transfer. 10. Rewards / cashback / loyalty points will not be credited on any Balance Transfer transactions. 11. Mashreq shall not be held responsible for any fee, or any service charge debited to the Credit Cardholder’s other bank Credit Card account due to a decline or a delay in execution of the Balance Transfer request by Mashreq. 12. Credit Card Cardholder should continue to make payments to the other bank credit card account until Credit Card Cardholder receives a confirmation in the subsequent statement of the other bank’s credit card that the Balance Transfer amount has been credited by Mashreq. 13. Mashreq reserves the right, at its absolute discretion, to enrol the customers who have already benefited from this programme for any other card promotions. 14. It is the Cardholder’s responsibility to ensure that he/she provides the correct and valid information to Mashreq to ensure the Balance Transfer request is booked appropriately during this programme. 15. Mashreq reserves the right, at its absolute discretion, to amend and/or supplement these terms and conditions at any time without any prior notification to the Cardholder. Any such amendments or supplements shall be provided on Mashreq website: www.mashreq.com/cards. 16. Extension of the 0% interest rate on Balance Transfer programme for Balance Transfer deals, if any, is at Mashreq’s sole discretion. 17. These terms and conditions are governed by and construed in accordance with the laws of the United Arab Emirates and the Emirate of Dubai. 18. In no event shall Mashreq, any of its affiliates, or any of its officers, directors, employees, or agents be liable or responsible for any loss, damage or expense arising out of or otherwise related to this programme. 19. Mashreq does not offer or provide any warranties or accept any responsibility or liability of any kind in respect of this programme and hereby disclaims any and all express or implied
Classification: Public warranties with respect of the same. 20. Mashreq shall not be in breach of its obligations or otherwise be liable to conduct this programme as a result of any Force Majeure Event. A Force Majeure Event in these terms and conditions, shall mean circumstances beyond the reasonable control of Mashreq including, amongst other things, acts of God, industrial disputes, acts and regulations of any governmental or authority in any jurisdiction. In such circumstances, Mashreq obligations to the Cardholder shall automatically stand discharged without the need to provide notice. 21. Upon non-payment of three or more instalments towards your Balance Transfer (“BT”), the instalment plan shall be terminated and the entire BT outstanding balance, including the remaining principal amount and interest, shall be added into existing credit card outstanding balance which would be considered as New Balance. 22. Payments made to the card will first settle the Balance Transfer instalment amount/Interest and then the billed and unbilled cash advances and purchases. 23. Balance transfer is available for credit cards issued by other banks in the UAE only. 24. An AED 0.95 authorization transaction will be processed on the Cardholder’s other bank’s Credit Card at the time of processing the Balance Transfer request. This transaction is only done for Card authentication and the amount will be released once the Balance Transfer is processed. 25. Mashreq will attempt to resolve any dispute as per the Credit Card Cardholder Agreement and the above-mentioned terms.
