Easy Cash is a ‘Card Transaction’ initiated by the cardholder via form/recorded line/ Mashreq Online, which the Cardholder agrees to repay Mashreq in equal monthly installment.
The total of Easy Cash amount along with the interest amount for the installment period & processing fee will be charged to the Cardholder Credit Card Account reducing the available credit limit as well as Cash limit.
A processing fee may be applicable on Easy Cash, which can be a flat amount or a percentage of the total Easy cash amount availed, as communicated at the point of sale or at the rate specified by Mashreq on its website.
The total Easy Cash amount eligibility shall be communicated at the point of sale or at the rate specified by Mashreq on its website
Easy Cash is inclusive of the Cash limit on the card & hence the cash limit will not be available until the entire Easy Cash amount has been settled.
If the Easy Cash amount to be transferred as mentioned in the application form / or on recorded call exceeds more than the eligibility criteria on the date of acceptance by Mashreq, Mashreq will automatically transfer only an amount equal to eligibility criteria of Credit Cardholder’s available credit limit as well as cash limit as authorized by Credit Cardholder in the application form/ recorded call.
The Easy Cash monthly installment applicable will be a part of the monthly “Minimum Payment Due”.
In case of early settlement of the Easy Cash before the expiry of the entire Tenure of the plan an early settlement fee of AED 100 shall be levied to the Cardholder Credit Card Account. Further, all interest or fee charged towards installments pre-settled shall have to be borne by the Cardholder and no such charge will be waived off by Mashreq.
Approval of Easy Cash amount is at the sole discretion of Mashreq.
Mashreq will attempt to resolve any dispute as per the Credit Card Cardholder Agreement and the above mentioned terms.
Rewards / cashback / loyalty points will not be credited on any Easy Cash deals.
Mashreq reserves the right, at its absolute discretion, to enroll the customers who have already benefited from this programme for any other card promotions.
It is the Cardholder’s responsibility to ensure that he/she provides the correct and valid information to Mashreq in order to ensure Easy Cash deal is booked appropriately during this Programme.
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.mashreqbank.com/cards.
These terms and conditions are governed by and construed in accordance with the laws of the United Arab Emirates and the Emirate of Dubai.
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.
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 warranties with respect of the same.
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.
The interest rate mentioned in the application form or on recorded line or on Mashreq Online or 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. This equivalent reducing rate would be charged every month on the principal outstanding under this installment product. The principal and interest repayment schedule for this installment product would be governed by the reducing rate.
For Revolving Easy cash, if there is a 100% Standing Instruction on the Card, the customer needs to call the call centre at 04-4244444 and reduce that Standing Instruction percentage.
In case of Revolving Easy Cash Payments made to the card will first settle the Easy Cash amount/Interest and then the billed unbilled Cash advance and purchases.
Upon taking Revolving Easy Cash, the Cardholder agrees to repay 5% of the Revolving Easy Cash amount each month up to the tenor of the deal taken.
In case of interest based revolving easy cash, the promotional interest will be charged for the agreed tenure, post which the balance will attract the normal rate of interest (APR).
In case of zero percent interest revolving easy cash, there is no interest charged on the easy cash amount for the agreed tenor, post which the balance will attract normal rate of interest (APR).
Upon nonpayment of three installments towards your Easy Cash (“EC”), the installment plan shall be terminated and the entire EC 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.