RAKBANK announced the launch of its World MasterCard credit card, its latest credit card which offers up to 10% cashback on travel, hotel dining, and supermarket spends plus a host of dining and lifestyle privileges, travel and insurance benefits, and convenient easy payment plans. Prior to the launch, Rakbank asked over 1,000 participants in conjunction with YouGov what they find most appealing as credit cardholders and cashback came out on top for both genders and all ages, while 16% chose easy payment plans followed by air miles, discounts on movie tickets and retailer tie-ups with 14%, 8%, and 5% respectively. Dubai has the world's busiest airport and its residents have a penchant for traveling, yet 76% prefer cashback to air miles when given a choice between the two because of the flexibility of using cashback for flight purchase even during high season. “Rakbank was the first in the country to offer a permanent ‘cashback' feature back in 2006 on its credit and debit cards,” said Ian Hodges, Head of Retail Banking at Rakbank. “Following its success and the positive customer feedback, we launched a suite of conventional and Sharia-compliant credit cards since then that continue to offer cashback, the latest of which is the Bank's first premium Credit Card - the Rakbank World MasterCard credit card.” The survey also found that higher earners are more interested in added perks and rewards, with 60% of the higher income brackets** indicating interest in added extras. In addition to up to 10% cashback on travel spends such as flights and hotels, World Credit cardholders enjoy 50% cashback on movie tickets at cinemas worldwide, global airport lounge access, hotel privileges, car rental offers and more. The card also extends 0% easy payment plans for 3, 6, 9 or 12 months at a wide range of participating merchants, as well as 0% interest on balance transfer for 3 months. Over a third of survey respondents have one credit card with a reward program, and 26% have two. Men tend to have more credit cards than women and the older demographic boasts the most in their wallet, with 10% of people over 40 years of age having four or more credit cards. As people hold more credit cards, 78% of respondents would consider consolidating their debt onto one card that has the added benefit of 10% cashback. The World MasterCard credit card is the second credit card launched by Rakbank this year following the co-branded Kalyan Jewellers MasterCard credit card, which is the first credit card to offer ‘Goldback' or loyalty points that are earned at a rate of up to 7% and can be redeemed at any Kalyan Jewellers showrooms in the UAE in the form of jewelry. — SG
