National Bank of Abu Dhabi (NBAD) said it has joined hands with global payments and technology company MasterCard and Dubai-based GEMS Education network to launch its first education credit card.

The card is co-branded with GEMS Education, the largest private education provider with 29 schools across the UAE, and offers cardholder parents with additional value and convenience when making their child’s school or day-to-day payments.

The key benefits include free credit of up to 51 days, competitive interest rates, convenient minimum payment of 5 per cent, access to cash, zero per cent easy payment plan (EPP) option, balance transfer facility and travel benefits.

Speaking at the launch, Richard Forbes, director of Marketing and Communications, said, “This collaboration builds on our commitment to pass on to our parents and students the benefits of GEMS’ long and fruitful association with reputable financial institutions like NBAD and with MasterCard.”

Eyad Al-Kourdi, vice president and country manager of UAE, MasterCard said, “We are committed to financial education around the world, which is why together with our customers; we create a range of financial programs tailored to further educate consumers on the wealth of benefits payment tools provide.”

Suvo Sarkar, the general manager of Consumer & Elite Banking at NBAD, said the novel card reflects NBAD’s practice of teaming up with the right partners and working methodically to develop a product that delivers true value for consumers.

"In addition to the financial values it offers, this card contributes to sustainability principles, instills financial responsibility in cardholders and encourages them to be proactive within their community," he added.

The benefits offered to cardholders include;
•Up to 11 per cent discount on advance payment of school tuition with zero per cent Easy Payment Plan when paid with the card,
•Education protection coverage of up to Dh500,000 per child,
•The ability to earn NBAD Stars on purchases made with the card
•Special offers at numerous leading F&B and family entertainment venues across the UAE, such as Magic Planet, Ski Dubai, Atlantis, Al Sayegh Brothers Group, Café Ceramique, Sega Republic, iFLY Dubai, and many other leading merchants.
•No annual fees
•The card also entitles them to roadside assistance and access to airport lounges in Dubai, Cairo, Kuwait City, Jeddah & Riyadh.

In line with launching the card programme, a competition was held for GEMS students to submit their own artwork, which would become the design of the card.

The panel judging the submissions selected a 9th grader’s design, which showcased artistic talent, as the face of the co-brand credit card.

The card, made from 100 per cent biodegradable material, is the first of its kind in the UAE, said a NBAD statement.-TradeArabia News Service