The "buy now, pay later" cycle, which many consumers were seduced by before the global economic crisis, is back. But this time, there's a slight twist.
Mashreq Bank, Dubai's third-largest lender by assets, has launched a zero per cent "easy payment promotion plan" that aims to make it easier to own the good things in life.
By tying up with more than 90 brands and 800 outlets across the country, the bank's credit-card customers can buy those big-ticket items, such as electronics, jewellery, fashion and travel, in the knowledge that they don't have to pay for the entire item up front.
Instead, the programme allows customers to plan their high-value purchases by converting their credit-card transactions into monthly instalments at zero interest.
"All that it needs is a phone call or an SMS to convert high-value transactions to [the] zero per cent EPP [easy payment plan]," says Nimish Dwivedi, the head of payments at Mashreq. "This comes as part of our endeavour to extend exciting, value-added and customer-centric banking experiences."
With brands such as Sharaf DG, Jacky's, Damas, Homes R Us and Al Futtaim Motors on board, that dream car or must-have TV could be yours right now.
For more information, go to www.mashreqbank.com.
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United Arab Bank (UAB) has launched a raft of personal finance products and services at attractive rates that are designed specifically for Emiratis.
The Sharjah-based lender says its Al Ahlam - Only For You banking package is the first of its kind in the UAE.
Benefits include car loans at 2.99 per cent, the lowest home finance rate in the UAE at 3.99 per cent, personal loans of up to Dh2.5 million at 6.49 per cent and a pre-approved salary overdraft. Customers are also entitled to a credit card with up to 3 per cent cash back and a free debit or credit card.
In addition, customers can enjoy free valet parking and those who take out a personal loan and transfer their salary to UAB will receive a free BlackBerry 9300.
"We have remained close to our roots throughout our 37-year history and have consistently supported Emiratis with innovative products and services, which address both their commercial and personal banking needs," says Tom Smith, the executive vice president and group head of retail banking at UAB.
"Al Ahlam, as the name denotes, is all about giving our valued customers the financial freedom to make their dreams come true."
To be eligible for the programme, Emiratis must have a minimum salary of Dh20,000 and maintain a deposit of Dh100,000 with the bank for 12 months.
Call 800 474 for more information or go to www.uab.ae.
