UAE-based Mashreq along with MasterCard Worldwide, has launched the SmartSaver credit card, a first-of-its-kind education solution in the Emirates.

The bank has always focused on providing banking solutions that are contemporary, a statement from Mashreq said.

During a recent survey conducted, results revealed that 68 per cent of the parents felt that school fees are extremely high. Increasing school fees in the UAE is a growing concern for many parents and in a move to assist, Mashreq has created an opportunity for parents to cut down school costs by 10 per cent be it local or international with the launch of Masherq SmartSaver Titanium Credit Card.

The cash back on educational expenses is valid until January 31, 2013.

Nimish Dwivedi, head of payments, Mashreq, said: “To tackle the rising cost of living, we have created a simple and easy to comprehend product that provides genuine savings on everyday spends making our valued customers Smart Savers.”

“To reward our customers even more we are the first institution to provide a never-before saving of 10 per cent on all education expenses. This is based on the insight that education expenses form a significant chunk of our customers’ household expenditure”

Eyad Al-Kourdi, vice president and country manager, UAE, MasterCard Worldwide, said: “MasterCard has been at the forefront of developing highly innovative payment solutions that offer unique and value added benefits to consumers.”

“The newly launched credit card from Mashreq is an effective financial management tool for parents and is a testament of our capability to develop customised solutions for consumers in the Middle East.”

Customers will also receive 1.25 per cent cash back on local purchases and 3.25 per cent on international purchases. The customer can place a request to the bank’s direct banking center for the cash back to be credited to the customer’s card account. – TradeArabia News Service