Security Advice

Personal

0% Balance Transfer - Terms & Conditions

  • Balance Transfer is a ‘Card Transaction’ initiated by the cardholder via this form, which the Cardholder agrees to repay Mashreq in equal monthly installment.
  • The total of Balance Transfer amount along with the processing fee for the installment period will be charged to the Cardholder Credit Card Account reducing the available credit limit (Balance Transfer).
  • The processing fee is a percentage of the total amount availed as Balance Transfer.
  • The total Balance Transfer amount availed cannot exceed more than 75% of the available credit limit.
  • If the Balance Transfer amount to be transferred as mentioned in the application form exceeds 75% of the available credit limit on the date of acceptance by Mashreq, Mashreq will automatically transfer only an amount equal to 75% of Credit Cardholder’s available credit limit as authorized by Credit Cardholder in the application form.
  • The Balance Transfer monthly installment applicable will be a part of the monthly “Minimum Payment Due”.
  • In case of early settlement of the Balance Transfer 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.
  • Mashreq shall not be held responsible for any fee or any service charge debited to the Credit Cardholder’s other bank Credit Card account due to a decline or a delay in execution of the Balance Transfer.
  • Credit Card Cardholder should continue to make payments to other bank credit card account until Credit Card Cardholder receives the confirmation in their future statement that the amount has been credited.
  • Approval of Balance Transfer and transfer 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.
  • Mashreqpoints, Air Arabia Dirham or Etisalat ‘more’ points will not be credited on any Balance Transfer deal(s).
  • Should there be any cancellation of Balance Transfer deal prior to finishing the tenor, the bank will charge an Early Settlement Fee of AED 100 and also the entire interest amount &/or processing fee accrued on the deal taken. No request to waive these charges will be considered by the bank.
  • 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 the Balance Transfer deal(s) are 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.
  • Extension of the 0% interest rate on Balance Transfer programme for Balance Transfer deals if any is at the banks sole discretion.
  • 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.