Start here: Mashreq Vantage Rewards — earning points, redeeming them and avoiding forfeiture

Step 1: What Mashreq Vantage Rewards is and who it suits

You will learn: what the programme is, who the terms call "you" and "Mashreq", and how much control Mashreq keeps over the programme.

"You" means any person holding retail banking solutions with Mashreqbank or Mashreq Al Islami, or corporates holding a Mashreq corporate credit card, while "Mashreq", "Mashreqbank" and "Bank" mean Mashreqbank psc, its branches and divisions, including successors and assignees [1]. In all matters relating to the programme, Mashreq's decisions and records are final, conclusive and binding [1]. The terms describe no status tiers [1]. The programme suits Mashreqbank and Mashreq Al Islami retail banking customers and holders of a Mashreq corporate credit card, subject to Mashreq's qualifications [1].

Mashreq reserves the right to amend, change or terminate the terms at any time by giving due notice to clients, and to change, vary, modify, terminate or cancel the programme or any of its benefits and features, amend eligibility criteria, limit or change the value and validity of points and change the manner of redemption, at its sole discretion and without liability [1]. A customer accepts that those acts may diminish the redemption value of points already earned and agrees not to claim compensation for such discrepancies [1]. The terms may be accessed online at www.mashreq.com/vantage, and checking that information for updates and changes is the customer's responsibility [1].

Clause 8 adds that Mashreq may vary, delete or add to any provisions without notice, including the earning rates for points, the number of points required to redeem, the types of transaction qualifying for points, the type or value of rewards, the expiration date of points and any monthly or annual earning cap; replace a reward with a similar one of lesser, equal or greater value; and terminate a customer's participation for any reason [1]. The terms are governed by the laws of Dubai, United Arab Emirates [1].

The notice wording is printed in more than one form: clause 2.2 describes amending, changing or terminating the terms "by giving due notice to clients", clause 6.8 describes amending and/or supplementing them "without any prior notification to the cardholder", and clause 8.1 describes varying, deleting or adding to provisions "without notice" [1]. Those wordings stand as printed.

Go deeper: Mashreq Vantage Rewards programme hub for every page about this programme, and Start here: cards and transfers for how card points and transfers work in general.

Step 2: Eligibility and how points are earned

You will learn: what eligibility rests on, which kinds of points exist, and where the eligible categories are published.

Eligibility rests on the customer's relationship with Mashreq, on holding Mashreq Vantage Rewards eligible products provided by Mashreq, or on use of eligible Mashreq credit cards, Mashreq corporate credit cards, Mashreq Al Islami credit cards or any other cards Mashreq includes in the programme [1]. Eligibility is subject to qualifications determined by Mashreq, which may impose a validity period for participation and extend or reduce it at any time without notice [1]. Participation is non-transferable [1].

An eligible customer earns points based on the banking solutions subscribed to, or the transactions made using those products, and by default earns points for Spend points; no points are earned for spends made on the Novo credit card effective 14 May 2017 [1]. Clause 1.8 states as printed that SME and corporate banking products, including corporate credit cards, are also not eligible for the Mashreq Vantage Rewards Program [1].

The eligible product and service categories for earning points are displayed on the Mashreq Vantage website, and Mashreq may amend, change or terminate any eligible product and service category, amend eligibility and participation criteria, and limit or change the value of points at any time without notice [1]. Mashreq may also amend or forego points for certain types of card transaction and for transactions at certain outlets or outlet categories, without prior notice [1].

Go deeper: earning rate for what an earn rate is and how programmes express it.

Step 3: Redeeming points

You will learn: where points can be redeemed, what is fixed once a request is confirmed, and which conditions apply at the merchant.

Points may be redeemed through POS machines at selected merchant outlets, or via the Mashreq Mobile App, or through any other mediums or methods Mashreq determines at its sole and absolute discretion, provided the customer's relationship with Mashreq is active and in good standing and subject to Mashreqbank's approval [1]. Clause 4.5 states that only points that are earned during a billing cycle are eligible for redemption, and that Mashreq's records are final, conclusive and binding on the number of points credited for redemption [1]. As printed, clause 4 numbers its sub-clauses 4.1, 4.2, 4.3, 4.5, 4.6, 4.7, 4.8, 4.9 and 4.10, so there is no clause 4.4 [1].

To request a redemption a customer must have an active Mashreq credit card, required for transaction and verification purposes at merchant partner outlets, together with the Mashreq Mobile App or Mashreq Online, and the merchant may ask for a personal identification document for verification [1]. The customer must inform the merchant partner before any purchase transaction of the desire to redeem points, and present the credit card or gift voucher issued to them for the purchase [1]. The POS redemption option is not applicable to corporate credit card customers [1].

Once redeemed, points are not exchangeable, returnable, refundable or redeemable for cash or credit, and a submitted purchase order cannot be cancelled, revoked, transferred or changed in any manner [1]. Reversal of points may be considered only in the case of failed transactions [1]. For third-party services, cancellation and modification charges are managed directly with the merchant and settled in cash, and points cannot be redeemed for such charges [1].

Go deeper: points value calculator for comparing what a redemption costs against a cash price.

Step 4: When points are lost

You will learn: the events that cost points, and why ending a card or a banking relationship is the most immediate of them.

Mashreq may deduct or revoke a percentage of points, or place a restriction on earning for a period it determines, in cases of default or delay in payment, bouncing of cheques, failure to comply with the terms or with the terms of other Mashreq products or services, or failure to maintain minimum requirements in account balance or average spending, and its decisions in this regard are final and binding [1]. Upon termination of the Mashreq relationship by the customer, all points accrued are forfeited [1]. On voluntary cancellation of a credit card, points earned on that card are burned or deleted within 60 days of cancellation, which does not apply to customers who upgrade or switch to a different type of card within the same period [1].

Clause 6.1 lists the triggering events — termination of the relationship with Mashreqbank, delay or default in payments or loan repayments, non-compliance with Mashreq product terms, bouncing or returning of cheques including for insufficient funds or any other reason of default, fraud or money laundering or other illegal activity, inappropriate behaviour of the customer, expiry or voluntary cancellation of a Mashreq credit card, failure to maintain minimum participation requirements, breach of the terms or of any incorporated policy, and any other event that in Mashreq's sole discretion should result in forfeiture — and on any of them Mashreq may forfeit all or part of earned points, stop accumulation, terminate membership, change the value of conversion from Mashreq Vantage points to AED Dirham value and cancel reward redemption requests, with all its decisions final and binding [1].

Where a customer defaults on any matter related to Mashreq's banking products or services, the customer is not eligible to earn any points for an undefined period, and Mashreq may at its sole discretion allow earning to resume once the default has been regularised [1]. Mashreq may also disqualify anyone from participating, refuse to award or redeem points and terminate the relationship if in its judgment the customer has violated the terms, including through payment default or fraud [1].

Go deeper: card points expiry for how card programmes treat unused balances, and the Mashreq Vantage Rewards programme hub for the programme's own pages.

Step 5: Expiry and keeping track

You will learn: the two time limits on a balance, and how discrepancies and disputes are handled.

Any unutilised points expire, or are forfeited, three years from the date they are first credited to the customer's points balance, and Mashreq is under no obligation to send any communication informing the customer of the forfeiture before the points expire [1]. The entire accumulated balance is forfeited if the customer has not earned or redeemed any Mashreq Vantage points in the last twelve months [1].

Mashreq has no liability for any discrepancy in the calculation of points but will use reasonable efforts to rectify one, and its decisions on discrepancies are final and binding [1]. Mashreq is not responsible for any dispute involving points between joint or multiple account holders, and personal liability arising from receipt or use of points is the customer's sole responsibility, with the customer responsible and liable for all transaction orders and other activity related to their use of the programme [1].

Amendments and supplements to the terms may be made at Mashreq's absolute discretion at any time without any prior notification to the cardholder, and are provided on Mashreq's website at www.mashreq.com/vantage [1].

Go deeper: card points expiry for the general mechanics of point expiry in card programmes.

Step 6: Your first concrete action

You will learn: five checks to run against your own accounts today.

1. Check on the Mashreq Vantage website which of your products and spend categories earn points, because the eligible categories are displayed there and Mashreq may change them at any time [1].
2. Earn or redeem at least once every twelve months, because the whole balance is forfeited if no points have been earned or redeemed in the last twelve months [1].
3. Note when each batch of points was first credited and redeem within three years, because points expire three years from first credit and no warning is required [1].
4. Keep payments on time and meet product minimums, because a default stops earning for an undefined period and can cost points already held [1].
5. Redeem before you cancel a credit card or end your Mashreq relationship, because points on a voluntarily cancelled card are burned or deleted within 60 days unless you upgrade or switch to a different type of card within that period, and all accrued points are forfeited if you terminate your Mashreq relationship [1].

Next: read the Mashreq Vantage Rewards Program Terms & Conditions, check the current categories on the Mashreq Vantage Rewards programme hub, and continue with Start here for the rest of the reading chain.