The Mashreq Platinum Elite Visa Credit Card is a versatile financial tool designed to offer a blend of rewards and benefits that cater to frequent spenders, travel enthusiasts, and those who enjoy premium lifestyle perks. With an array of features that enhance convenience and provide significant value, this card stands out in the competitive credit card market.
Generous Reward Points System
One of the primary attractions of the Mashreq Platinum Elite Visa Credit Card is its robust rewards program. Cardholders earn Salaam Points on all expenditures, ensuring that every purchase is rewarding. For international spends, users earn an impressive 5 Salaam Points per AED, making it an excellent option for those who frequently travel or shop abroad. Dining and supermarket purchases yield 3 Salaam Points per AED, while other local spending earns 1 Salaam Point per AED. It’s important to note that Salaam Points cannot be earned on bill payments made via Mashreq Online or Mashreq Mobile.
Attractive Welcome Bonus
New credit card customers are greeted with a welcome bonus of AED 1,500, provided they spend AED 7,500 or more within the first two months of card issuance. Existing customers can also enjoy a bonus of AED 200 under the same spending conditions. This initial incentive can significantly offset initial spending, adding immediate value to the card.
Travel Benefits
The Mashreq Platinum Elite Visa Credit Card offers several travel-related perks that enhance the overall travel experience. Cardholders enjoy three complimentary limousine services annually for airport transfers in Dubai and Abu Dhabi. This benefit is available to those who spend AED 7,000 or more in the previous billing cycle. Additionally, cardholders have access to over 1,000 airport lounges worldwide. By spending AED 7,000 or more in the previous billing cycle, users can enjoy up to 2 complimentary lounge visits per billing cycle, with a maximum of 8 visits per year.
Lifestyle Benefits
Fitness enthusiasts will find significant value in the complimentary access to Fitness First. Cardholders can enjoy up to 8 visits per billing cycle, provided they meet the minimum spend of AED 7,000 in the previous billing cycle. This benefit promotes a healthy lifestyle while offering substantial savings on gym memberships.
Movie lovers also benefit from the Mashreq Platinum Elite Visa Credit Card, with a 50% discount on up to 4 movie tickets per month across VOX, Reel, and Novo Cinemas. This entertainment perk requires a minimum spend of AED 7,000 in the previous billing cycle.
Financial Features and Protection
The card has an annual fee of AED 650 plus 5% VAT for the primary card and AED 149 plus 5% VAT for supplementary cards. It offers an interest rate of 3.85% per month and includes an Easy Payment Plan feature, which allows cardholders to make purchases and pay later without hidden fees. Additionally, the card provides PayProtect insurance at a rate of 0.99% of the monthly statement balance, plus 5% VAT, offering financial security and peace of mind.
What are the Pros and cons of the Mashreq Platinum Elite Visa Credit Card?
Pros
- Generous Rewards Program:
- High Reward Points: Earn 5 Salaam Points per AED on international spends, 3 Salaam Points per AED on dining and supermarket purchases, and 1 Salaam Point per AED on other local spending.
- Attractive Welcome Bonus:
- New Customers: AED 1,500 welcome bonus after spending AED 7,500 in the first 2 months.
- Existing Customers: AED 200 welcome bonus after spending AED 7,500 in the first 2 months.
- Travel Benefits:
- Complimentary Airport Transfers: 3 complimentary limousine services per year for airport transfers in Dubai and Abu Dhabi.
- Airport Lounge Access: Access to over 1,000 lounges worldwide with up to 8 complimentary visits per year.
- Lifestyle Benefits:
- Fitness First Access: Up to 8 complimentary visits per billing cycle with a minimum spend of AED 7,000.
- Half price cinema: Save 50% on up to 4 movie tickets per month at VOX, Reel, and Novo Cinemas.
- Financial Flexibility:
- Easy Payment Plan: Allows cardholders to buy now and pay later with no hidden fees.
- PayProtect Insurance: 0.99% of the monthly statement balance (+5% VAT) for financial protection.
- Moderate Annual Fee:
- Main Card, AED 650 with an additional 5% VAT, and AED 149 with an extra 5% VAT for each supplementary card.
Cons
- Spending Requirements for Benefits:
- Many benefits, including airport lounge access, Fitness First visits, and movie ticket discounts, require a minimum spend of AED 7,000 in the previous billing cycle.
- Limited Reward Categories:
- Salaam Points cannot be earned on bill payments made via Mashreq Online or Mashreq Mobile.
- Interest Rates:
- The interest rate is relatively high at 3.85% per month.
- Limited Free Airport Transfers:
- Only 3 complimentary airport transfers per year, which may be insufficient for frequent travelers.
- Annual Fee:
- While moderate, the annual fee of AED 650 + 5% VAT may still be a consideration for some users, especially if they do not fully utilize the card’s benefits.
- Restrictions on Salaam Points:
- Earning Salaam Points is restricted on certain types of spending, which may limit the overall accumulation of points.
By weighing these pros and cons, potential cardholders can better determine if the Mashreq Platinum Elite Visa Credit Card aligns with their spending habits and financial goals.
Comparing the Mashreq Platinum Elite Visa Credit Card, Emirates NBD LuLu Platinum Credit Card, and ADCB TouchPoints Platinum Credit Card point by point:
Reward Points:
Mashreq Platinum Elite Visa Credit Card:
- International Spends: 5 Salaam Points per AED.
- Dining and Supermarket Purchases: 3 Salaam Points per AED.
- Other Local Spending: 1 Salaam Point per AED.
Emirates NBD LuLu Platinum Credit Card:
- LuLu Purchases: 6 LuLu Points per AED.
- International Spends: 2 LuLu Points per AED.
- Local Spends (Non-LuLu): 1 LuLu Point per AED.
ADCB TouchPoints Platinum Credit Card:
- International Spends: 4 TouchPoints per AED.
- Local Spends: 2 TouchPoints per AED.
- Dining: 3 TouchPoints per AED.
Welcome Bonus:
Mashreq Platinum Elite Visa Credit Card:
- New Customers: AED 1,500 upon spending AED 7,500 in the first 2 months.
- Existing Customers: AED 200 upon spending AED 7,500 in the first 2 months.
Emirates NBD LuLu Platinum Credit Card:
- Welcome Bonus: AED 500 LuLu Shopping Voucher upon spending AED 5,000 in the first 90 days.
ADCB TouchPoints Platinum Credit Card:
- Welcome Bonus: None specified.
Travel Benefits:
Mashreq Platinum Elite Visa Credit Card:
- Airport Transfers: 3 complimentary limousine services per year for Dubai and Abu Dhabi airport transfers upon spending AED 7,000 in the previous billing cycle.
- Airport Lounge Access: Access to over 1,000 lounges worldwide with up to 8 complimentary visits per year upon spending AED 7,000 in the previous billing cycle.
Emirates NBD LuLu Platinum Credit Card:
- Travel Benefits: None specified.
ADCB TouchPoints Platinum Credit Card:
- Travel Benefits: None specified.
Lifestyle Benefits:
Mashreq Platinum Elite Visa Credit Card:
- Fitness First Access: Up to 8 complimentary visits per billing cycle with a minimum spend of AED 7,000 in the previous billing cycle.
- Movie Ticket Discounts: 50% discount on up to 4 movie tickets per month across select cinemas upon spending AED 7,000 in the previous billing cycle.
Emirates NBD LuLu Platinum Credit Card:
- Lifestyle Benefits: None specified.
ADCB TouchPoints Platinum Credit Card:
- Lifestyle Benefits: None specified.
Financial Details:
Mashreq Platinum Elite Visa Credit Card:
- Annual Fee: AED 650 + 5% VAT for primary card; AED 149 + 5% VAT for supplementary card.
- Interest Rate: 3.85% per month.
Emirates NBD LuLu Platinum Credit Card:
- Annual Fee: AED 300 (First year free).
- Interest Rate: 3.49% per month.
ADCB TouchPoints Platinum Credit Card:
- Annual Fee: AED 1,050 + 5% VAT for primary card; AED 525 + 5% VAT for supplementary card.
- Interest Rate: 3.50% per month.
Compared to the Emirates NBD LuLu Platinum Credit Card and the ADCB TouchPoints Platinum Credit Card, the Mashreq Platinum Elite Visa Credit Card offers several advantages. While all cards provide varying degrees of rewards and benefits, the Mashreq Platinum Elite Visa Credit Card stands out with its more competitive Salaam Points earning structure, especially for international spends. Additionally, the Mashreq card offers a welcome bonus for both new and existing customers, whereas the LuLu and TouchPoints cards have different or no specified welcome bonuses. Furthermore, the Mashreq card provides a broader range of lifestyle benefits, including complimentary airport transfers, airport lounge access, Fitness First visits, and movie ticket discounts, enhancing its overall value proposition. Therefore, for individuals seeking a credit card with robust rewards, comprehensive benefits, and moderate fees, the Mashreq Platinum Elite Visa Credit Card presents a more compelling option.
Conclusion
The Mashreq Platinum Elite Visa Credit Card is an excellent choice for individuals seeking a well-rounded credit card that combines travel perks, lifestyle benefits, and a rewarding points system. Whether you’re a frequent traveler, a fitness enthusiast, or someone who enjoys premium lifestyle perks, this card offers a comprehensive suite of benefits that cater to diverse needs, making it a compelling option in today’s credit card market.