Mashreq Credit Card
Easy Payment Plan (“EPP” or “Mashreq Easy
Pay”) – Terms and Conditions
1)
Mashreq Easy Pay or EPP is a plan offered to Card Members to
enable them to pay their outstanding(s) under the Credit Card in equal monthly
installments for a certain pre-agreed tenures.
2)
Mashreq Easy Pay is available to all Card Members who hold
valid Credit Cards issued by Mashreq in the United Arab Emirates.
3)
The Card Member’s eligibility to avail Mashreq Easy Pay shall
depend on his present status, the good standing of the Credit Card account at
the time of requesting for EPP, the repayment history and the general
performance of the Card Member with respect to the Credit Card. Accordingly,
Card Member should ensure that the relevant Credit Card is not blocked, there
are not late payments or over dues on such Credit Card and the outstanding
balance on the Credit Card is not over the limit assigned to such Credit Card,
the Card Member is regular in his payments on the outstanding under the Credit
Card.
4)
In order to avail of EPP, the Card Member shall make a
request to Mashreq either by the Card Member submitting a duly executed
application form (Mashreq’s standard format) to Mashreq, by placing a request
for EPP over recorded telephonic call or making a request through online
banking on Mashreq’s website (“Request”).
Upon receiving a Request, Mashreq shall conduct a detailed review including if the
Request meets the minimum amount stipulated for EPP, the outstanding amount under
the Credit Card, the amount sought to be converted to EPP, the repayment
history and the status of the Card Member. Mashreq may approve or reject the
Request at its sole discretion without assigning any reason whatsoever. Once
approved, Mashreq shall communicate, in the manner specified herein, the
approval to the Card Member along with details of the EPP, the Monthly
Installment, the Tenure, the interest, fees and charges that will be levied by
Mashreq and any other information that is required for the Card Member to
comply with these T&Cs.
5)
The Request should be submitted at least 5 business days before
the payment due date (as per the Credit Card statement) in order to initiate
the Tenure in the same month on which the Request was made, failing which the
Tenure shall start from the subsequent month, in each case provided that the Request
for availing the EPP has been approved by Mashreq.
6)
A Card Member may convert the full or partial balance or a
particular transaction under the Credit Card into EPP. Outstanding(s) on the
Credit Card pursuant to cash advance, balance transfer and easy cash shall not
be covered under Mashreq Easy Pay.
7)
Card Members availing of the EPP scheme will be charged, on
the total outstanding(s) on the Credit Card:
a)
a non-refundable interest,
b)
a processing fee for converting their payments scheme into
EPP, and /or
c)
an insurance fee in each case at the rate
specified by Mashreq on its website or communicated to the Card Member at the
time the Card Member makes the Request.
8)
EPP will be applicable to the Card Member only after the Card
Member has been informed of the interest, the fees and other applicable charges
and agrees to make them Monthly Instalments in a timely manner.
9)
Once the EPP scheme is set up for the Card Member, the Monthly
Installment shall be billed as a transaction on the Credit Card and shall
appear on the Credit Card statement as part of the minimum payment due amount
that Card Member will have to pay on or before the payment due date (as
specified in the Credit Card statement).
10)
Cancellation or early settlement of the outstanding under a
Credit Card covered under the EPP scheme is not recommended. If a Card Member
cancels or settles the outstanding under the Mashreq Easy Pay scheme before
completion of the Tenure, he/ she shall be required to pay the EPP Cancellation
Fee. In addition, the Card Member shall also be required to pay the interest
for the remaining period of the Tenure.
11)
If the Card is cancelled or terminated for any reason during
the Tenure, the outstanding unpaid amounts and any payable interest shall
become immediately due and payable by the Card Member.
12)
From time to time, Mashreq may review the status
of the EPP scheme as a whole or for a particular Card Member including his/ her
repayment history and may, at its sole discretion decide to revise, cancel or
suspend these T&Cs, the Mashreq Easy Pay, the terms on which the Request
was approved, the Monthly Installment and/or the Tenure without assigning any
reason whatsoever and without providing any prior notice. The Card Member
agrees to comply with the terms of any such revisions, cancellations or
suspensions.
13)
Mashreq Easy Pay is available only for Credit Cards and not for
debit cards, prepaid cards or any other cards issued by Mashreq or otherwise.
14)
Communications with the Card Members may be in writing, through
recorded telephonic call on the registered number of the Card Member,
electronic transmissions or through online banking system via Mashreq’s website and all risk
and responsibility arising as result of, or pursuant to, such communications
shall remain with the Card Member.
15)
The EPP scheme offered to the Card Members is subject to all
applicable laws and regulations and shall be pursuant to these terms and
conditions, as amended from time to time and available on Mashreq’s website: www.mashreqbank.com/cards.
16)
The total amount covered under the EPP along with the
interest amount for the Tenure and the processing fee will be charged to the
Credit Card as a result of which the available credit limit under the Credit
Card shall be reduced. The available credit limit shall increase as the Card
Member makes payments of his Monthly Installments.
17)
These T&Cs 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 or their officers, directors, employees or agents be liable or responsible
for any loss, damage or expense arising out of or otherwise related to the EPP
scheme.
19)
Mashreq does not offer or provide any kind of warranties or
guarantees nor does it accept any responsibility or liability of any kind in
respect of the EPP and hereby expressly disclaims
all liability and responsibility with respect of the same.
20)
These T&Cs are in addition to the terms and conditions
under the Credit Card Agreement. By making a Request, the Card Member is
considered to have accepted these T&Cs and the terms and conditions under
the Credit Card Agreement in full and agrees to be bound by them.
21)
The books and records of Mashreq shall be considered final
for the purpose of determining the amounts owed to Mashreq by the Card Member.
Mashreq shall have the final decision on all matters and disputes relating to
the EPP scheme and the outstanding(s) under the Credit Card.
22)
Mashreq shall not be in breach of its obligations or
otherwise be liable to conduct the EPP scheme if it is or becomes illegal to do
so or 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 Card Member shall automatically stand
discharged without the need to provide notice. It is clarified that any such
Force Majeure Event shall not relieve the Card Member of his liabilities owed
to Mashreq.
23)
Definitions: for the purpose of these T&Cs, the following
definitions shall apply.
“Credit Card” means a plastic payment card issued to a
Card Member by Mashreq enabling the Card Member to make payments with a promise
to return the payments to Mashreq as per Mashreq’s terms and conditions and
includes a supplementary credit card.
“Credit Card Agreement” means the agreement entered into by the
Card Member and Mashreq pursuant to which Credit Card is issued to the Card
Member.
“Card Member” means a Mashreq customer holding a valid
Credit Card and includes a person holding a supplementary Credit Card.
“EPP Cancellation Fee” means the fee levied
by the Bank on the Card Member if the Card Member cancels the EPP scheme or
settles the outstanding(s) under the Credit Card after availing of EPP, before
expiry of the Tenure.
“Monthly Installment” means the amount
due on each payment due date (as specified in the Credit Card statement) that
includes (i) the total outstanding covered under the EPP divided by the number
of months of the Tenure, and (ii) any interest, fees, charges and expenses
charged by Mashreq.
“Request” shall its meaning assigned to
it in paragraph 4 of these T&Cs.
“Tenure” means the tenure of the EPP
scheme each of which shall be multiples of 3, starting from three (3) months to
a maximum of thirty six (36) months. Tenures in excess of thirty six (36)
months shall not be permitted unless otherwise advised by Mashreq.
“T&Cs” means these terms and
conditions governing EPP as amended from time to time and available on
Mashreq’s website.
24)
Please note that the Processing Fee, if any, would be subject to 5% VAT w.e.f. 1st Jan 2018.