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    Bank Islam Credit Card

    Bank Islam was one of the first Shariah-based banking institutions to be established in Malaysia and was set up in 1983. Since its inception, the bank has grown in its total assets and offers a range of comprehensive banking solutions. Its range of credit cards are a popular choice in Malaysia as it offers cardholders a high degree of convenience and flexibility. Cardholders can enjoy a host of privileges such as takaful cover on outstanding balances, annual fee waivers, reward points, and complimentary travel insurance policies. The card also offers lowered profit rates making it easier to repay outstanding balances.

    Why Choose Bank Islam Credit Card?

    Bank Islam’s credit cards are Shariah-compliant and are free from any compounding finance charges for the duration of the contract. The cards are free from Riba or Gharar and offer a high degree of convenience. The cardholders can make Zakat payments using this card and can also enjoy worldwide recognition allowing for easier transactions and cash withdrawals overseas. The card also has a competitive cash withdrawal fee and allows cardholders to withdraw up to 50% of their assigned credit limit. The profit rates charged on these cards range from 13.5% to 17.5% based on the payment record of the cardholder. Every card offers a takaful cover on the outstanding balance and prevents any financial burden from passing on to the cardholders’ family in case of their unfortunate demise.

    Features and benefits of Bank Islam Credit Cards

    The following are the various features and benefits of Bank Islam credit cards:

    • The credit cards are Shariah-compliant and work on the principle of Tawarruq.
    • The annual fee on the cards are waived when the card is used for a minimum of 12 retail transactions in a year.
    • The card offers a complimentary takaful cover on the outstanding balance for cardholders aged between 17 years and 64 years.
    • The card offers a cash withdrawal limit of up to 50% of the assigned credit limit.
    • The cards can be used to make Zakat payments.
    • The cards can be used only for Halal transactions.
    • The cards offer a complimentary travel insurance policy with a cover going up to RM2 million anytime the flight tickets are charged solely to the card.
    • The cards have a 20-day interest free period and are free from Riba or Gharar.
    • Certain cards earn reward points on every expense charged to the card. These points are in the form of Trupoints and are earned at the rate of 1 Trupoint for every RM1 charged to the card. The points can be redeemed for exciting gifts.

    Types of Credit Cards offered by Bank Islam

    The following are the various types of credit cards offered by Bank Islam:

    1. Bank Islam Infinite Visa Credit Card-i: The card is a Shariah-compliant card which works on the principle of Tawarruq. The card has a contract period of 3 years and is free from any compounding finance charges, Riba, or Gharar. Cardholders can enjoy a complimentary takaful cover on the outstanding balance of the card and a cover for funeral expenses as well. The card provides up to 3 complimentary access passes every year to Plaza Premium Airport Lounges in Malaysia and Singapore. The annual fee of the card is waived when the card is used for a minimum of 12 transactions in a year and offers a competitive cash withdrawal fee with a withdrawal limit of up to 50% of the assigned credit limit.
    2. Bank Islam Visa Infinite Business Credit Card-i: This credit card caters exclusively for business owners and is designed to help them maximise their purchases and cater to their business needs. The consolidated statement provided by the card allows business owners to keep a track of their spending. The card also offers a purchase protection plan with a cover of up to RM10,000. For business owners who have to frequently travel or have employees that do, the card offers travel related perks such as 3 complimentary access passes to Plaza Premium Airport Lounges every year and a complimentary travel insurance policy with a cover of up to RM2 million when the flight tickets are purchased solely using the card.
    3. Bank Islam World MasterCard Card Credit-i: The World MasterCard offers a range of benefits such as an annual fee waiver for the duration of the contract when the cardholder makes a minimum of 12 transactions in a year, no Riba, Gharar, or any compounding finance charges and a competitive cash withdrawal fee with a withdrawal limit of up to 50% of the assigned credit limit. Cardholders can also enjoy up to 3 complimentary access passes to Plaza Premium Airport Lounges in Malaysia and Singapore every year. The card can be used to make Zakat payments and comes with a complimentary takaful cover on the outstanding balance of the card. The card also provides a takaful cover for funeral expenses.
    4. Bank Islam Platinum MasterCard Card Credit-i: The Platinum MasterCard offers cardholders convenience combined with exclusive privileges. The cardholder can make Zakat payments on the card and enjoy a competitive cash withdrawal fee with a withdrawal limit of up to 50% of the assigned credit limit. Cardholders can also enjoy personalised services such as a discount of up to 40% on will writing services and a takaful cover on outstanding balance and a complimentary travel insurance policy with a cover of up to RM1 million when they charge flight tickets solely to the card. The card also comes with a 24-hour concierge service. Cardholders can earn Trupoints on every expense charged to the card at the rate of 1 Trupoint for every RM1 charged to the card.
    5. Bank Islam Platinum Visa Card Credit-i: The Visa Platinum Card offers a range of personalised services for the cardholder. The cardholder can enjoy round-the-clock concierge service from Visa and a 24-hour customer service line. Cardholders are rewarded on every expense charged to the card in the form of Trupoints. The card earns 1 Trupoint for every RM1 charged to the card. The Trupoints can be redeemed for a range of exciting gifts. Cardholders aged between 17 and 64 years can also get a complimentary takaful cover on outstanding balances and a cover for funeral expenses and a takaful travel insurance policy when the entire airfare is charged solely to the card. The card also provides an annual fee waiver when a minimum of 12 transactions are charged to it in a year.
    6. Bank Islam Alumni UiTM Platinum MasterCard: The Alumni UiTM Platinum card is a Shariah-compliant card that offers a range of travel related perks. The cardholder can enjoy a complimentary travel insurance policy with a cover of up to RM1 million when the entire cost of travel arrangements is charged to the card. The policy also provides cover for travel inconveniences such as delayed flights, missing baggage or missed flight connections. The cardholder can make Zakat payments using the card and the card comes with a takaful coverage on outstanding credit card balances applicable to cardholders between the ages of 17 to 64 years. The card also has an annual fee waiver when the card is charged with a minimum of 12 retail transactions in a year.
    7. Bank Islam Gold MasterCard/Visa Credit Card-i: This credit card from Bank Islam works on the principle of Tawarruq and is ideal for everyday use. The card offers a contract of 3 years and is free from Riba and Gharar. The card can be used to make transactions at ‘Halal Only’ merchants. The card can be used to make Zakat payments and comes with a perpetual annual fee waiver for the duration of the contract provided the cardholders makes a minimum of 12 retail transactions using the card in a year. The card is globally accepted and offers a competitive cash advance fee with a withdrawal limit of up to 50% of the assigned credit limit.
    8. Bank Islam Classic MasterCard/Visa Credit Card-i: The card is catered for everyday use and is a Shariah-compliant card working on the principle of Tawarruq. The card comes with a contract of 3 years and is free from any compounding elements and is free from Riba and Gharar. The cardholders can enjoy cash withdrawals with a competitive rate and can withdraw up to 50% of their assigned credit limit. The card also allows cardholders to make Zakat Payments and with its global recognition can be used to make cash withdrawals or transactions overseas. The card also has an annual fee waiver for the duration of the contract subject to making 12 retail transactions in a year.

    Eligibility Criteria to avail Bank Islam Credit Card

    If you wish to get a Bank Islam Credit Card, you must meet the following eligibility requirements:

    • The minimum age required to acquire a principal credit card is 21 years.
    • The minimum age required to acquire a supplementary credit card is 18 years.
    • The minimum annual requirement will be as follows:
      • Bank Islam Infinite Visa Credit Card-i – RM100,000
      • Bank Islam World MasterCard Card Credit-i – RM100,000
      • Bank Islam Platinum MasterCard Card Credit-i – RM48,000
      • Bank Islam Platinum Visa Card Credit-i – RM48,000
      • Bank Islam Alumni UiTM Platinum MasterCard – RM48,000
      • Bank Islam Gold MasterCard/Visa Credit Card-i – RM24,000
      • Bank Islam Classic MasterCard/Visa Credit Card-i – RM24,000

    Documents Requirements to apply for Bank Islam Credit Cards

    Cardholders are required to submit the following documents when submitting the duly filled application form:

    Salaried applicants:

    • Copy of the applicant’s NRIC, both front and Back
    • Copy of most recent 3 months’ salary slip
    • Copy of the most recent EPF statement

    Self-employed applicants:

    • Copy of the applicant’s NRIC, both front and Back
    • Copy of Form 9/24/49 or Business Registration Certificate
    • 6 months bank statements
    • Most recent B Form with tax payment receipt

    Bank Islam Credit Card Promotions

    Bank Islam is one of the more popular Shariah based banking institutions and offers a range of credit cards that not only reward its cardholders with reward points and value added features but also provides them with periodic offers at various establishments. Cardholders can enjoy discounts on hotel room bookings, vouchers and discounts when shopping at select merchant outlets, discounts at some of the leading restaurants in Malaysia, and access to a range of other promotional deals.

    Bank Islam Balance Transfer

    With the Bank Islam credit cards, cardholders not only enjoy lower profit rates when they maintain a good track record but can also manage outstanding dues on other bank credit cards. Cardholders can transfer their outstanding balances from the other credit cards onto their Bank Islam credit card and pay it off faster at a much lower rate of interest. The profit rates on balance transfer plans start as low as 6% p.a. and is free of any additional charges. The plan also comes with a complimentary takaful cover on the outstanding balance.

    To apply for the balance transfer plan from Bank Islam, cardholders must download the application form available on the bank Islam website. The duly filled application form must be submitted along with the required supporting documents such as the photocopy of their credit cards (front) and copies of the card statements from other banks for the past 2 months.

    Fees and Charges

    The following are the fees and charges applicable to the credit cards:

    Annual fees – Principal cards

    Bank Islam Infinite Visa Credit Card-i – RM823.62

    Bank Islam Visa Infinite Business Credit Card-i – RM823.62

    Bank Islam World MasterCard Card Credit-i – RM823.62

    Bank Islam Platinum MasterCard Card Credit-i – RM411.28

    Bank Islam Platinum Visa Card Credit-i – RM411.28

    Bank Islam Alumni UiTM Platinum MasterCard – RM411.28

    Bank Islam Gold MasterCard/Visa Credit Card-i – RM137.80

    Bank Islam Classic MasterCard/Visa Credit Card-i – RM137.80

    Annual fees – Supplementary cards

    Bank Islam Infinite Visa Credit Card-i – RM352.98

    Bank Islam World MasterCard Card Credit-i – RM352.98

    Bank Islam Platinum MasterCard Card Credit-i – RM159

    Bank Islam Platinum Visa Card Credit-i – RM159

    Bank Islam Alumni UiTM Platinum MasterCard – RM159

    Bank Islam Gold MasterCard/Visa Credit Card-i – RM63.60

    Bank Islam Classic MasterCard/Visa Credit Card-i – RM63.60

    Finance charge on retail transactions

    13.5% p.a. for Tier 1 cardholders

    16% p.a. for Tier 2 cardholders

    17.5% p.a. for Tier 3 cardholders

    Finance charge on cash advance 18% p.a.
    Cash advance fee

    The higher of RM12.72 or 2.65% of the amount advanced at bank Islam ATMs.

    The higher of RM53 or 3.18% of amount withdrawn at other bank ATMs.

    Late payment charge 1% of the amount due or RM10 with a maximum fee of RM100
    Minimum monthly repayment The higher of RM50 or 5% of the outstanding balance.
    Interest-free period 20 days
    Additional statement fee RM5.30 per copy
    Sales draft retrieval fee RM15.90 for original RM5.30 for copy
    Card replacement fee RM50 for every replacement
    Conversion for overseas transaction Overseas transactions are converted into Malaysian Ringgit using exchange rate determined by Visa/MasterCard International.

    How to apply for a Bank Islam Credit Card?

    Applicants can apply for a Bank Islam Credit Card through the following ways:

    • Applicants can find and download the application form for the desired credit card on the Bank Islam website. The duly filled application form must be submitted along with the required supporting documents.
    • Applicants can also visit their nearest Bank Islam branch and request to apply for a particular credit card.

    How to increase Bank Islam Credit Card limit?

    With the changing requirements a cardholder might face in their everyday lives, it becomes important to have access to extra credit should the need ever arise. Bank Islam allows cardholders to upgrade either their credit card itself or have their credit limit increased provided they have had an increase in their salary and maintained a good payment record. Cardholders can find the increase/decrease credit limit and card upgrade/downgrade form on the bank’s website. Cardholders must submit this duly filled form along with supporting documents such as the most recent 2 months’ payslip, the latest EA form or any other document the bank might require.

    Bank Islam Credit Card Customer Care / Hotline Number

    The customer hot line numbers for Bank Islam are as follows:

    • For general enquiries: 603 2088 8000
    • For Contact Centre: 603 26 900 900

    Bank Islam Credit Card FAQs

    Q. Can the Bank Islam credit cards be used overseas?

    A. Yes, cardholders can use the cards overseas to carry out transactions or withdraw cash at ATMs. The card however cannot be used to make non-halal purchases.

    Q. What are the profit rates offered?

    A. Profit rates offered range from 13.5% for Tier 1 cardholders such as new cardholders or those who make prompt minimum monthly payments for 12 consecutive months. 16% for Tier 2 cardholders who make 10 or 11 consecutive payments in a 12-month period and 17.5% for Tier 3 cardholders are those who make 9 or less prompt payments in a 12-month period.

    Q. Is there any exit fee charged on the balance transfer plan?

    A. No. Cardholders who apply for the Bank Islam balance transfer plan will face no additional charges such as processing fees or early settlement/exit fees.

    Q. Is there any limit on the contactless transactions that can be made on the cards?

    A. Yes. Those bank Islam credit cards equipped with the contactless technology can be used for transactions amounting up to RM250 in a single receipt or totalling up to RM2,000 in a day.

    Q. What is the minimum transaction amount required to convert the transaction into an IPP?

    A. The minimum amount required depends on the tenure chosen. For tenures of 3 months, the minimum transaction amount is RM150, for 6 months is RM300, for 2 months is RM600, for 18 months is RM900, for 24 months is RM1,200 and for 36 months is RM1,800.

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