In a market coming to terms with the financial downturn, people in theUAE were rationalising their lifestyle choices and reassessing theirpriorities - spending lesser, in a bid to save more. Observing thatdiscretionary spending by its core card base had either sharply reducedor completely stopped, Mashreq was offering them multiple incentives torevive card usage. This included a cash back offer on essential spendsapart from other incentives that helped them save while shopping. Thechallenge was promoting a campaign for spending to an audience that hadset its mind on saving.
Spending wisely in difficult times was a better strategy for savingthan being tight-fisted. To exemplify this message and the significantsavings one could pocket with Mashreq's timely offer, a wallet wasmailed out to customers - who pulled out of its pockets different cardsfeaturing prudent ways to save with their credit card from Mashreq: a)Saving 5% on utility bill payments, b) Saving 5% on overseas purchases, c) Opting for interest-free paymentplans when paying for school fees, furniture, electronics and travel; d) Redeeming MashreqPoints instead of paying cash at select partneroutlets.
The mailer elicited an increment in overseas spends by 24%, whileboosting utility bill payments by 19% over the 3-month period. Theresponse to the other two offers is positive as well - the totalfigures are awaited. But, the most important result was the surge inconfidence and much needed reassurance it gave Mashreq in a market thatwas low on sentiment.