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World Credit Card.

Summary: Zoya Malik spoke to Ian Hodges, Head of Retail at RAKBANK about the excitement surrounding the launch of the World Credit Card to learn about its position in the bank's portfolio and its lifestyle appeal

Kindly state the remit of the World Credit Card and when it was launched "RAKBANK World MasterCardA Credit Card is a new premium Credit Card launched by the Bank in July 2015."

Which is the target customer segment?

"RAKBANK World MasterCardA Credit Card targets individuals with a monthly salary over AED 35,000. As for the self-employed, it is based on a minimum credit turnover of AED 1 million and above."

What is its lifestyle appeal?

"The World MasterCardA Credit Card offers up to 10 per cent cashback on travel, hotel dining, and supermarket spends plus a host of dining and lifestyle privileges, travel and insurance benefits, and easy payment plans with different merchants.

"In addition to the 10 per cent cashback on travel spends, World Credit card holders enjoy 50 per cent cashback on movie tickets at cinemas worldwide, unlimited global airport lounge access to the primary and supplementary card holders and a companion on both cards at over 500 airports. Additionally the card holders get spectacular privileges from 900 luxury hotel and resorts, car rental offers, golf access, international concierge service, and curated nightlife offers, and additional MasterCard benefits (which card holders can learn more about by visiting"

How does it compete over other banks' products in the market? ' "RAKBANK is known as an innovative player in the credit card industry. Launching the first 'cashback' credit card in the UAE in 2006, we are constantly providing ways to offer our customers value-added financial solutions. With the recent launch of the World MasterCardA Credit Card, card holders now enjoy up to 10 per cent on domestic and international spends, zero per cent easy payment plans for three, six, nine or 12 months at a wide range of participating merchants, and 0 per cent interest on balance transfers for three months. The card also extends up to 55 days interest free credit as well as exclusive discounts on health insurance."

How does this product sit within the portfolio of other RAKBANK credit cards? What's innovative about it?

"All RAKBANK products and services offer unique rewards. Before launching the World MasterCardA Credit Card, RAKBANK commissioned a YouGov survey of about 1000 UAE residents on what credit card rewards they find the most appealing. With 58 per cent of the people surveyed selecting cashback followed by air miles and easy payment plan at 14 per cent and 16 per cent respectively.

"RAKBANK's World MasterCardA Credit Card offers card holders up to 10 per cent cashback on domestic and international spends and deals on lifestyle, travel and health insurance privileges. Card holders can earn a total of AED 4,000 per month in the form of cashback. This card mainly targets the high net worth individuals offering more premium rewards and benefits than that of the Titanium Credit Card.

"The Titanium Credit Card was amongst the first cashback rewards programmes available on credit cards in the UAE targeting the mass affluent. The Titanium credit card's perks include up to five per cent cashback from international spends and three per cent from domestic purchases.

"RAKBANK KALYAN JEWELLERS MasterCardA Credit Card is accepted globally for purchases and cash withdrawals, it is the first in the market to offer a reward programme called 'Goldback'. These are loyalty points that are earned at a rate of up to seven per cent and can be redeemed at any Kalyan Jewellers outlets in the UAE in the form of jewellery. The card also offers zero per cent easy payment plan on diamond and gold jewellery purchases.

"What all our credit cards have in common is the flexibility that card holders gain when collecting their reward programmes. RAKBANK's priority is to make the process of collecting rewards clear and concise for card holders."

What is the USP that will win customer loyalty?

"We recognise the importance of remaining conscious of customers' changing needs and seeking innovative solutions to better serve them. As such, we have prioritised various efforts especially digital initiatives to achieve our goals. For instance RAKBANK customers can use the award-winning MobileCash service to send and withdraw money from the ATM without the need for a debit card. In the event our customers have any queries or concerns, they can refer to the authenticated web chat service conveniently positioned on our website and the Online Banking platform. Additionally, through RAKBANK online and mobile banking, customers can manage their accounts, deposits, cards, investments and loans without having to visit a branch. The ease of making payments, transferring funds, downloading statements, placing various banking requests, and much more can all be done via the customers' computers, tablets, or mobile phones. Ultimately we strive to offer our customers multiple channels to serve their every banking need."

Kindly tell us of the security, customer privacy and protection offered by World Credit Card. "The World Card comprises of six main security features on the credit card and it comes with the comfort of a chip and pin enabled card. The security features on the World Card provide what we like to call peace of mind. The RAKBANK World MasterCardA Credit Card helps card holders when they are in a tight spot providing cover for travel accident and medical insurance, travel inconvenience and cancellation, extended warranty, purchase protection and card fraud protection. Lastly we also provide a 'Secure Wallet' feature for our card holders where any and all purchases are covered worldwide for up to AED 10,000 in case of misuse or if the Card is stolen or lost."

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Publication:Banker Middle East
Date:Aug 30, 2015
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