Terms and Conditions: Mashreq Credit Cards Payments Holiday

SMS HOLIDAY to 4250 or visit www.mashreq.com/holiday to opt-in

Mashreq Credit Cards Payment Holiday

As part of the Mashreq COVID-19 Relief Program, Mashreq offers a 2-month Payment Holiday on Credit Cards to select Credit
Cardholders. Cardholders can opt to defer their Credit Card statement to May 2020. SMS HOLIDAY to 4250 to opt-in.

FAQs for Payment Holiday for Credit Cards

 What is Payment Holiday for Mashreq Credit Cards?
As part of the Mashreq COVID-19 Relief Program, Mashreq offers a 2-month Payment Holiday on Credit Cards to select
Credit Cardholders. As part of this program, Cardholders can opt to defer their credit card statement to May 2020.
Additionally, the cardholders that opt-in for the program are not required to pay the Minimum Due for their March 2020
Credit Card statement by the Due Date. This balance would be carried forward to the May 2020 statement

 Who is eligible for a Payment Holiday?

Select Credit Cardholders that have received an SMS communication from Mashreq are eligible for the Payment Holiday
program. Cardholders need to opt-in to the program by sending an SMS HOLIDAY to 4250 at least 3 days before the due
date as per Mar-20 Credit Card statement.

 Do I have to opt-in to avail the benefits under this program?

Cardholders need to opt-in to the program by sending an SMS HOLIDAY to 4250 at least 3 days before the due date as per
Mar-20 Credit Card statement

 Do I still have to make the Minimum Amount Due for March 2020 statement?
If the due date for your Mar-20 statement is on or after 2-Apr-2020, you are not required to make payment towards the
Mar-20 statement minimum due

 Can you provide an example of the Payment Holiday?

If the statement date for a Credit Card is 10the of every month and the Payment Due Date is 25 days from the statement
date, the following would be applicable for a Credit Cardholder opting-in for the Payment Holiday:
• The Credit Cardholder is not required to pay the Minimum Due for the statement generated on 10-Mar-2020 (no
payment required by 4-Apr-2020)
• The statement date would be deferred from 10-Apr-2020 to 10-May-2020. Since no statement would be generated in
Apr, no payment is required by 5-May 2020 as well (hence a 2-month Payment Holiday)
• No Late Payment Fee would be charged in May 2020 statement
• The Credit Card would not be tagged as delinquent in May 2020 and hence AECB record of the Credit Cardholder
would not show as overdue
• Retail Interest would be charged as per the regular interest rate in the May 2020 statement. As part of the COVID-19
Relief Program, 50% of this retail interest would be reversed by 20-Jun 2020
• The Credit Cardholder would be required to make regular payments for the statement generated on 10-May-2020
(due by 4-Jun-2020) and onwards
• Select Credit Cardholders that have received an SMS communication from Mashreq are eligible for the Payment
Holiday program. Cardholders need to opt-in to the program by sending an SMS HOLIDAY to 4250 at least 3 days
before the due date as per Mar-20 Credit Card statement.

 Will I be charged any processing fee to avail the program?

No.

 Will I be charged interest on the outstanding balance if I opt for Payment Holiday?
Retail Interest will be charged as per regular rates if you avail the Payment Holiday and make a payment less than the
Total Due. As part of the Relief Program, 50% of the retail interest charged in May 2020 statement would be reversed by
20-Jun-2020 for customers that have opted-in.

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 Will I be charged Late Payment Fee for the April 2020 Statement?
No. If you opt in for Payment Holiday, then your April 2020 statement will not be generated. Therefore, there is no
payment required for the April statement and no LPF would be charged in April.

 I am enrolled for Credit Shield/Pay Protect on my Credit Card. Would I be charged for this service in April 2020?
Fees for Credit Shield / Pay Protect would be charged for April 2020, as per the April-20 month-end balance. This fee
would be manually credited on the credit card no later than 15-May-2020.

 Will my AECB history get impacted?

No.

 Would the program be extended to all the Mashreq Credit Cards I hold?
Yes, this program would apply for all Credit Cards held by the Credit Cardholders that opt-in. Mashreq Business Cards and
Corporate Cards are excluded from this Program.

 Is Payment Holiday available anytime or is it only a limited time program?

Payment Holiday is a limited period program and is available for select Credit Cardholders only.

Terms and Conditions for Payment Holiday

 Mashreq Credit Card Payment Holiday Program (“Program”) is solely offered to select Mashreq Credit Cardholders who
have received the Program via SMS (“Eligible Customers”)
 In order to avail the Program, Eligible Customers have to opt-in by sending SMS HOLIDAY to 4250 from their Registered
Mobile Number with Mashreq, at least 3 days before the due date as per Mar-20 Credit Card statement
 For Mashreq Credit Cardholders that have opted-in and are eligible for the Payment Holiday Program (“Enrolled
Customers”), the monthly credit card statement will not be generated for the April 2020 billing cycle
 If Eligible Customers have more than one Mashreq Credit Card and opt-in for the Program, Eligible Customers will be
eligible on all their Credit Cards subject to Terms & Conditions of the Program
 50% Retail Interest reversal for the interest charged in May 2020 statement would be credited to the customer’s credit
card account by 20-Jun-2020 (“Program Fulfillment Date”) on a best effort basis by Mashreq
 For avoidance of doubt, interest on installments (Easy Cash, Balance Transfer, Easy Payment Plans etc.) running on the
Cardholder’s Credit Card, if any, would not qualify for the 50% reversal
 Cardholder’s account(s) that are either closed or blocked or terminated or delinquent or over limit prior to or during the
Program period or prior to the Program Fulfillment Date will not be eligible for the 50% interest reversal
 The Program is only offered to those Credit Cardholders whose Card(s) accounts are in good standing, as determined by
Mashreq at its own sole discretion
 Mashreq Business Cards and Corporate Cards are excluded from this Program
 Employees and Staff of Mashreq or any subsidiary of Mashreq are also included in the Program
 In case the Credit Card goes over the assigned credit limit as a result of availing the Program, an over limit fee will be
charged as set forth in the " Credit Cards Schedule of Charges". It will be the sole responsibility of the Cardholder to
ensure not to surpass the available credit limit on their Credit Card (s) at any time during the Program period to avoid any
over limit fee charges
 By sending SMS HOLIDAY to 4250, the Cardholder agrees to be a part of this Program and agrees to be bound by these
Terms & Conditions unconditionally
 Any complaints/ inquiries by the Cardholders in relation to the Program will only be entertained until 31st July 2020
 Mashreq reserves the right to notify the Cardholders by phone or any other means of communication which Mashreq, in
its absolute discretion, deems fit. It is the Cardholder’s responsibility to ensure that details such as mobile number and
email ID provided to Mashreq are correct. Cardholder’s name should be correctly updated in Mashreq's records
 Mashreq reserves the right in its absolute discretion to amend, suspend or terminate this Program without any prior
notice. For the avoidance of doubt, the amendment, suspension or termination of this Program by Mashreq shall not
entitle the Cardholder or winner to any claim, compensation of loss or damages from Mashreq.
 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's website: www.mashreq.com.
 The Bank has the sole right to exclude and/or disqualify any Cardholder from participating in the Program at any given
time for any reasons whatsoever without giving any prior notification to such Cardholder. Any excluded/disqualified
Cardholder from the Program shall not, under any circumstances, be compensated by the Bank any event whatsoever.
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 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 Program
 Mashreq shall not be in breach of its obligations or otherwise be liable to conduct the Program 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 and unforeseeable situations including, amongst other things, acts of God, industrial disputes, acts
and regulations of any governmental or authority in any jurisdiction, epidemics, pandemics, diseases or public health
emergencies, etc. In such circumstances, Mashreq's obligations to the cardholder shall automatically stand discharged
without the need to provide notice
 Mashreq does not offer or provide any warranties, nor accept any responsibility or liability of any kind in respect of the
Program and hereby disclaims any and all express or implied warranties with respect of the same
 These Terms and Conditions are to be read in conjunction with Mashreq’s Credit Card general terms and conditions
governing the card and the Cardholder agrees to be unconditionally bound by the same. In the event of any conflict or
inconsistency between these Terms and Conditions of the Program and the general credit card terms and conditions,
these Terms and Conditions will prevail only to the extent of the Program
 The Program along with its Terms and Conditions are governed by and construed in accordance with the laws of Dubai,
United Arab Emirates
 Mashreq’s decision on all matters relating to this Program and in case of any dispute shall be final and binding on all
Cardholders

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