Mashreq Bank and Alshaya Group have teamed up with Mastercard to launch three new credit cards in the UAE, offering up to 25 percent discounts and 12 percent rewards for spending at major retail and dining brands
Shoppers in the UAE just got more options. Mashreq Bank and Alshaya Group have joined forces with Mastercard to launch three co-branded credit cards. These cards promise big rewards and perks. The move puts pressure on other loyalty programs and payment cards in the country. The focus is clear: everyday spending at top retail and dining spots. The timing matters. The UAE dirham (AED) is still pegged to the US dollar. The Central Bank of the UAE keeps this policy to steady the currency and keep investors confident. That matters now, with global currency swings and recent US Federal Reserve rate changes.
Cardholders can get up to 25 percent off and earn up to 12 percent back as Aura points when they shop or eat at Alshaya brands. The Aura World Credit Card, according to the official Mashreq catalogue for September 30, 2026, gives 6% Aura Points at Aura brands, 4% on products, and a 20% discount at select brands. The list includes Starbucks, H&M, Bath & Body Works, American Eagle, Shake Shack, and The Cheesecake Factory. There's also up to 5 percent cashback on groceries across the UAE. That makes these cards useful for both daily and extra spending. Independent reviews show the Aura World Credit Card has an annual fee of AED 525. New users get a 1,000 Aura Points bonus if they spend AED 10,000 in the first two months. Points last for 12 months after they're issued, according to Kredit.ae product details. That's a lot of incentives.
Three card tiers, more perks
The lineup includes the Aura Credit Card, Aura World Credit Card, and Aura World Elite Credit Card, all from Mashreq and all on the Mastercard network. Each tier brings its own perks. All three give access to The Mastercard Collection. That means priority reservations at certain restaurants, early event tickets through Live Nation, and fast-track airport services at major hubs. The Aura rewards system is backed by the Aura Rewards MENA app. The app ranks high in App Store lifestyle charts. Alshaya keeps expanding its loyalty and digital reach.
Points from the Aura program can be used at a long list of Alshaya brands. These include Starbucks, American Eagle, Foot Locker, Victoria's Secret, H&M, Bath & Body Works, Charlotte Tilbury, Raising Cane's, Shake Shack, Chipotle, Primark, Ulta Beauty, and more. Regional shopping aggregators say the Alshaya/Aura network has over 1,278 offers at 1,069 locations. Foot Locker stands out for Aura rewards and lets customers both earn and use points, as shown by HASM shopping data. This wide network keeps spending inside the Alshaya system. That's a common play among big retail groups in the Gulf Cooperation Council (GCC).
UAE rewards race gets sharper
Since 2022, the Aura rewards program has signed up over 9 million members. The app has been downloaded more than 7 million times. The reward redemption rate is 80 percent, which leads the industry. The app's rating is 4.9. Aura has won Best International Loyalty Program in the Middle East three years running. These numbers show Mashreq and Alshaya are betting on scale and engagement with their new cards. The UAE payment card market is now shaped by deals that mix banking with retail and lifestyle rewards. The goal is to keep customers loyal with real, everyday benefits. The Central Bank of the UAE keeps a close watch on this space. Its rules protect consumers and keep payment systems strong. Global monetary policy also plays a role. US Federal Reserve rate hikes directly affect AED lending and deposit rates.
Emirates NBD has also been recognized for new ways to connect with customers, as reported earlier. The International Monetary Fund (IMF) says the UAE's retail and hospitality sectors are key for non-oil GDP growth. Consumer spending in these sectors is closely tied to monetary policy and the stable exchange rate. The new cards are built to work smoothly for both in-store and online shopping. This fits a bigger trend: payment cards that reward not just big purchases, but daily ones too. Grocery cashback and restaurant perks are likely to draw in many UAE residents who want more from their cards. That's the pitch.
Loyalty programs shape how people pay
Loyalty programs like Aura reward repeat spending at certain brands. They use points, discounts, or special access to keep customers coming back. In the UAE, where retail and hospitality matter, these programs can steer not just where people shop, but how they pay. By tying big rewards to certain cards and brands, banks and stores try to grab a bigger share of each customer's wallet. They want loyalty to last. But these programs only work if the rewards feel valuable, are easy to use, and cover enough brands. As more banks and retailers launch loyalty offers, shoppers will see more complex deals. People will have to weigh the real value against fees, rules, and the risk of spreading spending too thin. For more on monetary policy and rules, see the Central Bank of the UAE monetary policy page.
