Knowing how to apply for a Mashreq Platinum Elite Mastercard helps you avoid mistakes and speed up approval. This guide explains each step, from eligibility to activation.
It also covers fees, benefits, and required documents. Follow along to make the process simple and hassle-free.
Benefits of the Platinum Elite Mastercard
This card offers exclusive travel perks like lounge access and insurance. It includes reward points that can be redeemed for various benefits.
Foreign transactions come with low conversion fees, making it useful abroad. Contactless payments provide a fast and secure checkout experience.
It also offers dining and shopping discounts at selected merchants. Additional security features help protect transactions from fraud.
Who Can Apply for This Card?
Applicants must meet specific age and income requirements before applying. They also need to provide valid identification and proof of financial stability.
Age and Income Requirements
The minimum age to apply is 21 years. Salaried individuals need a stable monthly income to qualify.
Self-employed applicants must show consistent earnings from their business. A strong credit history improves approval chances.
The bank may ask for higher income proof for increased credit limits. These requirements help assess financial responsibility.
Required Documents for Application
A valid government ID is necessary for identity verification. Salary earners must provide payslips or bank statements as proof of income.
Self-employed individuals need to submit business financial records. A residence visa or Emirates ID may be required for non-UAE nationals.
Address proof like a utility bill might also be requested. Providing complete documents helps avoid delays in processing.
Steps to Apply for the Platinum Elite Mastercard
The application can be completed online or in-branch for convenience. Each step requires accurate details and supporting documents for approval.
Where to Start Your Application?
Applications can be submitted online through the bank’s website or in person. The online method is faster and allows document uploads digitally.
Visiting a branch provides face-to-face assistance for any concerns. A dedicated customer service line can also guide applicants.
Ensuring all details are correct prevents unnecessary delays. Choosing the proper method depends on personal preference.
Filling Out the Application Form
The form requires personal details like name, date of birth, and contact information. Financial details such as monthly income and employment status must be provided.
Applicants need to mention existing debts or financial commitments. A section for preferred credit limit may also be included.
The bank uses this information to evaluate creditworthiness. Double-checking for errors avoids processing issues.
Submitting the Required Documents
After filling out the form, all necessary documents must be submitted. Online applications allow secure digital uploads through the portal.
In-branch applicants can hand over physical copies directly to bank staff. Missing documents can delay approval, so checking the list carefully is important.
The bank may request additional information if needed. Once submitted, processing usually takes a few days.
Assessment and Approval
The bank reviews your application to check if you meet credit and income requirements. This step ensures that applicants are financially stable and can handle repayments.
How the Bank Assesses Your Application?
A credit check helps determine financial history and repayment habits. The bank also evaluates income stability and existing debts.
A higher credit score increases approval chances. Self-employed applicants may need to show business financials for verification.
Any inconsistencies in documents can delay processing. Meeting all criteria improves the likelihood of a quick decision.
How Long Approval Takes?
Processing times depend on application accuracy and the bank’s workload. Online applications are usually faster than in-branch submissions.
If additional documents are needed, expect a longer review period. Standard approval takes a few business days.
High-value credit limits might need extra verification. The bank will notify applicants via email or SMS once approved.
Receiving and Activating Your Card
Once the bank approves your application, your card will be mailed or collected in-branch. The delivery method depends on the option selected during the application.
Steps to Receive Your Card
After approval, follow these steps to get your card:
- Wait for the bank’s notification confirming dispatch or pickup availability.
- If mailed, expect delivery within a few business days.
- For in-branch pickup, bring valid identification for verification.
- Check the package to ensure the card is undamaged and matches your details.
- The envelope usually includes activation instructions and terms.
- Keep the card in a secure place until activation.
How to Activate the Card Online or by Phone?
Activation is required before using the card for transactions. Online activation involves logging into the bank’s portal and entering security details.
Some banks offer mobile app activation, making the process quicker. Phone activation requires calling customer service and verifying personal details.
A PIN may need to be set up for ATM withdrawals and purchases. After activation, the card is ready for use immediately.
Interest Rates and Fees
Understanding the fees and interest rates helps you manage payments effectively. This section explains the charges for different transactions.
Interest Rates for Transactions
The interest rate is 3.85% per month on outstanding balances. This applies to purchases, cash advances, and balance transfers.
Carrying a balance without full payment leads to interest accumulation. The longer the balance remains unpaid, the higher the total cost.
Making at least the minimum monthly payment helps avoid penalties. Paying the full amount on time prevents interest charges altogether.
Fees for Using the Card
The annual fee for the primary card is AED 650 + 5% VAT, while a supplementary card costs AED 149 + 5% VAT. Foreign transactions may include additional charges based on currency conversion rates.
Late payments lead to penalties that increase the total amount due. The monthly minimum payment required is 5% of the statement balance.
PayProtect insurance costs 0.99% of the statement balance + 5% VAT. Understanding these charges helps avoid unexpected costs.
Benefits and Features
This card comes with various rewards and lifestyle perks. It offers benefits for shopping, travel, and entertainment.
How the Rewards Program Works
Cardholders earn Mashreq Vantage points on every purchase. Spending internationally earns 5 points per AED, while dining and groceries give 3 points per AED.
Local purchases earn 1 point per AED. These points can be redeemed instantly for discounts or benefits.
Rewards cannot be used for bill payments via online banking. Maximizing purchases increases point accumulation over time.
Extra Perks and Travel Benefits
The card offers airport lounge access with up to 8 complimentary visits per year. Spending AED 7,000 per billing cycle qualifies for lounge access, fitness club entry, and movie ticket discounts.
Cardholders get 50% off movie tickets at VOX, Reel, and Novo Cinemas. The Easy Payment Plan allows big purchases to be paid in installments.
Travel benefits include discounted bookings and special Visa offers. These features add value to regular spending.
Customer Service and Support
For help or questions, support is easy to reach. Call 800SANADAK (800 72 623 25) for quick assistance.
Visit www.sanadak.gov.ae for more details. Email [email protected] for inquiries or documents.
Quick Summary of the Application Process
Getting a Mashreq Platinum Elite Mastercard is simple. Meet eligibility rules and submit documents on time.
Know the fees, interest rates, and benefits before applying. Follow the steps for fast approval and activation.
Disclaimer: Details may change anytime based on bank rules. Check the official site or call support for updates.