Mashreq has launched three co-branded credit cards with Alshaya Group, on Mastercard. They earn in Aura, Alshaya’s loyalty programme. Mashreq announced them on 1 October 2026.
Alshaya runs franchises such as Starbucks, H&M, Bath & Body Works, Victoria’s Secret, American Eagle, Shake Shack and Primark in the region. Those are the places where these cards’ rewards are worth spending.
The three cards
From Mashreq’s Key Facts Sheet (September 2026 edition) and its product pages:
| Feature | Aura | Aura World | Aura World Elite |
|---|---|---|---|
| Annual fee (incl. VAT) | Free for life | AED 525 | AED 1,575 |
| Aura brands in the UAE | up to 8% | up to 10% | up to 12% |
| UAE groceries | 3% | 4% | 5% |
| Other UAE spend | 0.75% | 1% | 1.25% |
| International spend | 0.75% | 1% | 1.25% |
| Government, utilities, education, fuel, rent, telecom | 0.25% | 0.25% | 0.25% |
| Instant discount at Aura brands | 15% | 20% | not published |
| Welcome bonus (new Mashreq card customers) | AED 500 on AED 5,000 in 2 months | AED 1,000 on AED 10,000 in 2 months | not published |
All rates are paid as Aura Points, not cash. The Key Facts Sheet values 50 Aura Points at one dirham. The welcome bonus is paid in Aura Points too. Existing Mashreq credit card customers get less: AED 100 on the Aura card and AED 200 on the World.
All three charge 3.85% a month interest (46.20% a year) and a 2.89% foreign-currency spread.
The catch: where the points go
Mashreq’s announcement says Aura Points are redeemed at Alshaya brands. So “3% on groceries” means 3% back as Starbucks, H&M or Shake Shack credit, not 3% off your grocery bill. If you already spend that much at those brands each year, the points are close to cash. If you do not, they are worth less than the headline rate.
That is the main difference from a plain cashback card. The free Aura card’s 3% on groceries is a strong rate for a card with no fee. Compare it with what the cashback cards pay in dirhams before you choose.
Which tier, in dirhams
- Aura (free): no fee to recover. Its AED 500 welcome bonus is 10% back on the first AED 5,000, paid in points.
- Aura World (AED 525): it pays one percentage point more than the free card on groceries and 0.25 points more on other spend. On groceries alone, you would need about AED 52,500 a year (about AED 4,375 a month) for the extra 1% to cover the fee. Its AED 1,000 welcome bonus is worth more than the first year’s fee, if you can spend AED 10,000 in two months. But the fee is charged in dirhams and the bonus arrives in Aura Points.
- Aura World Elite (AED 1,575): we could not find a product page, so we have no welcome offer or full benefit list to judge it on.
Do not use any of them abroad. The best international earn rate is 1.25%, and the foreign-currency spread is 2.89%. Every overseas purchase costs you more than it earns.
What we could not verify
The pages we read do not give a minimum salary for any of the three cards, or say whether Aura Points expire. Mashreq’s announcement also lists airport fast track and restaurant reservations through “The Mastercard Collection”. We did not find which tier gets which of those. The free Aura card’s page lists airport lounge access through the Mastercard Travel Pass app, subject to terms.
We have not added these cards to our card data yet. That needs the salary and benefit fields confirmed, and a full review.
Sources
- Mashreq announcement, 1 October 2026: Alshaya Group and Mashreq Launch Exclusive Co-Branded Credit Card with Mastercard in the UAE
- Mashreq product pages: Aura Credit Card and Aura World Credit Card
- Mashreq Key Facts Sheet (KFS_Cards_09 2026)
Checked against Mashreq’s announcement, product pages and Key Facts Sheet on 13 October 2026.
