8 January 2016

RAKBANK launches the RAKBANK RED MasterCard

Man holding the RAKBANK RED MasterCard Credit Card.
Source: RAKBANK website. The RAKBANK RED MasterCard Credit Card.

RAKBANK has launched the RAKBANK RED MasterCard Credit Card, its first contactless payment card. Through the Tap & Go contactless payment solution, holders of the RED MasterCard Credit Card can pay by tapping the card at enabled point of sale (POS) terminals to process the transaction in seconds.

“RAKBANK is committed to empowering customers with technology-based solutions that save their valuable time and money,” said Ian Hodges, Managing Director of Retail Banking at RAKBANK. “We always strive to offer our customers a convenient and hassle-free banking experience whether through our award-winning mobile banking, MobileCash, and web chat solutions, or with our recently launched MasterCard contactless Tap & Go facility via the RAKBANK RED MasterCard Credit Card.”

The RAKBANK RED MasterCard Credit Card, which is accepted globally, has no annual fee, offers discount rates of up to 2% on both local and international transactions, and extends one free remittance to India through RAKMoneyTransfer. In addition, cardholders benefit from dining offers at over 220 restaurants and outlets across UAE, various insurance covers such as credit shield, purchase protection and travel accident, and are part of the bank's Dream It. Live It. rewards programme.

In early December 2015 RAKBANK revamped the Dream It. Live It. programme for its conventional and AMAL MasterCard credit cards. The new rewards give cardholders the chance to live a year either rent-free, without paying any utility bills, or are spared their children’s annual school fees. Other lucky winners will drive off with a brand new car or win free fuel or grocery supplies for an entire year. The programme prizes also include free weekend getaways, free airline tickets to the customer's hometown, dining vouchers, the latest gadgets, 100 grams of gold, and a free shopping spree. 

Cardholders automatically enter the draw for the Dream It. Live It. rewards when they use their RAKBANK and AMAL MasterCard credit cards. With every AED200 spent on the credit cards, cardholders earn two chances to enter the draw, and every AED200 spent overseas gives cardholders four chances. The draw is held every two months, with 21 prizes at stake for each draw.

“We always listen to our customers to ensure that we regularly meet their needs,” said Mufaddal Idris Khumri, Head of Cards at RAKBANK. “The enhanced Dream It. Live It. programme reflects the bank’s endeavour to provide customers with unique rewards that add the most value to their lives.”  

The RAKBANK RED MasterCard Credit Card is the third credit card launched by the Bank in less than 12 months. The bank previously launched the RAKBANK World MasterCard Credit Card, which offers up to 10% cashback on travel, hotel dining, and supermarket spends, and a co-branded KALYAN JEWELLERS MasterCard Credit Card, which offers loyalty points that can be redeemed against jewellery purchases at any Kalyan Jewellers showrooms in the UAE.

Dream It. Live It. is available with seven of the Bank’s conventional and AMAL MasterCard credit cards, including the RAKBANK Titanium MasterCard Credit Card and the  RAKBANK KALYAN JEWELLERS MasterCard Credit Card.