Overview of Bank Islam Credit Card
Bank Islam credit cards were the first Shariah compliant credit cards to be offered in Malaysia. Bank Islam has emerged as the top leader in Islamic Banking and has over 142 branches across Malaysia. The credit cards offered by Bank Islam cater to every need and offer great benefits and advantages such as loyalty reward points on local and overseas expenses, complimentary Takaful coverage, concierge services and shopping privileges. The list of Bank Islam Credit cards and their features are given below.
Types of Bank Islam Credit Cards
Bank Islam Gold Card – i:
This credit card from Bank Islam is a Shariah compliant credit card and comes in both Visa and MasterCard versions. The Bank Islam Gold Card has an annual fee of RM 137.80 which is waived after 12 swipes of the card per year. The annual fee for the supplementary card is RM 63.60. The interest rate on this card is 13.5% annually. This credit card offers the cardholder a group family Takaful coverage with up to RM 100,000 cover and also provides for funeral expenses up to the amount of RM 1000. This card allows the cardholder to earn 1 reward point for every RM 1 spent on all retail transactions local and overseas. The Bank Islam Gold Card –i offers easy payment plans with payment terms of 3 months to 36 months with interest rates at 0% when transactions are made with select merchants. The minimum annual income required to avail this credit card is RM 36,000.
Bank Islamic Classic Card – i:
This classic credit card from Bank Islam is a Shariah compliant credit card that comes in both Visa and MasterCard versions and can only be used to make Halal Transactions. The card offers easy payment plans with payment terms starting from 3 months and going up to 36 months. These payment terms have 0% interest charged when the transaction is done through select retail merchants. The interest rate charged on this card is 13.5% p.a. and has a reward programme that gives the cardholder 1 reward point for every RM 1 spent on retail purchases both local and overseas. This card does not offer complimentary Takaful coverage but has a low annual fee of RM 63.60 that is waived after 12 swipes of the card per year. The annual fee for the supplementary card is RM 31.80. The minimum annual income required to avail this card is RM 24,000.
Bank Islam Platinum Card – i:
This elite card from Bank Islam provides the cardholder a host of privileges such as shopping offers, travel discounts, Takaful coverage and reward points. The Bank Islam Platinum card comes in both Visa and MasterCard versions. The annual fee of this card is RM 411.28 and is waived if the card is swiped more than 12 times per year. The annual fee of the supplementary card is RM 159. The card offers exclusive concierge services and an emergency helpdesk open 24/7. The cardholder receives added benefits of Takaful travel insurance coverage to the amount of RM 1,000,000. The card also is equipped with easy payment plans with payment terms ranging from 3 months to 36 months. The card offers 1 reward point for every RM 1 spent on retail purchases both locally and overseas. The minimum annual income required to avail this card is RM 84,000. The interest charged on this card is RM 13.5% p.a.
Why Choose Bank Islam Credit Cards
The Bank Islam Credit Cards were the first Shariah compliant credit cards to be offered to both Muslims and Non-Muslims in Malaysia. The Bank Islam credit cards embody the true spirit of Islamic banking and can be used to only make Halal transactions. The card comes equipped with a range of features that help the cardholder maximise the value of their expenses. The cards offer complimentary Takaful coverage. Bank Islam offers easy payment plans with a 0% interest charged when purchases are made from select retail merchants that Bank Islam has partnered with. The cards also have an affordable interest rate of 13.5% and a 20 day interest free period. Outstanding balances on the card have Takaful coverage. The cash withdrawal fees and interest charged on cash withdrawals are low. The annual fees of the Bank Islam credit cards are waived after the card has been swiped more than 12 times in a year.
Features and Benefits of Bank Islam Credit Cards
- The cards can be used only for Halal transactions
- The Bank Islam cards attract a late penalty charge of 1% of the outstanding amount.
- The minimum monthly payment instalment is 5% of the outstanding amount.
- The annual interest charged on the card is 13.5%
- The cash withdrawal fee is 2.65% of the withdrawn amount or RM 12.72, whichever is higher.
- The cash withdrawal limit is RM 5000.
- The easy payment plan has payment terms from 3 months to 36 months. The terms are 3 months, 6 months, 12 months, 18 months, 24 months and 36 months and have 0% interest when purchases are made through select retail transactions.
- The annual fees for the Gold – i cards are RM 137.80, the annual fees for the classic – i are RM 63.60 and the Platinum – i cards are RM 411.28. The annual fees for every card is waived when the card is swiped more than 12 times a year.
- The cards offer 1 reward point for every RM 1 spent locally or overseas on retail purchases.
Bank Islam Credit Cards Eligibility
- Anybody can apply for the Bank Islam Credit Cards
- The minimum age for the primary cardholder must be 21 years as at last birthday
- The minimum age for the supplementary cardholder must be 18 years as at last birthday
- The minimum annual income requirement for the Bank Islam Gold Card – i should be RM 36,000.
- The minimum annual income requirement for the Bank Islam Classic Card – i should be RM 24,000.
- The minimum annual income requirement for the Bank Islam Platinum Card – i should be RM 84,000.
Bank Islam Credit Card Documentation
Bank Islam offers credit cards are tailored for everyday use and come with no frills attached that help the cardholder to maximize their savings and have the added benefit of Takaful coverage on outstanding dues. Aspiring candidates must first meet the eligibility criteria of age and income with the primary cardholder having attained the age of 21 and drawing an annual income of RM 24000.
If the applicants meet the criteria, they can download the Bank Islam credit card application form from the Bank Islam website, fill it out and submit it with a required set of documents corroborating the applicant's’ income.
The required set of documents are as follows
For salaried applicants
- The photocopy of both sides of the identity card.
- A copy of the latest salary slips for the previous 2 months.
- A copy of the bank statement and
- A copy of the employment confirmation letter.
For self-employed applicants
- A copy of both sides of the identity card.
- A copy of the bank statement for the previous 6 months.
- A copy of the latest Form BE with tax payment receipts.
- A copy of the business registration certificate.
The bank may also require additional documents for proof of income and will be requested for on the discretion of the bank.
Frequently Asked Questions - Bank Islam Credit Cards
Q) What is the grace period provided by Bank Islam credit cards?
A) The credit cards offered by Bank Islam provide a grace period of 20 days of no interest from the date of purchase. This grace period s provided only to those cardholders who have been good paymasters and have cleared all prior dues promptly. The grace period is not applicable for cash withdrawals or any balance transfer. If the cardholder does not pay the full amount within this 20 day period, the interest charged by Bank Islam will be calculated from date of purchase.
Q) What are the interest rates charged by Bank Islam credit cards?
A) The interest charged by Bank Islam falls into 3 tiers depending on how good a paymaster the cardholder is. The first tier is when the interest charged is 13.5% p.a. This interest is for those who have consistently paid their dues on time for the last 12 months. Tier 2 is 16% and is for those cardholders who have managed to clear 10 months’ worth of dues in a span of 12 months. Tier 3 is 17.5% and is for those cardholders who do not clear dues on time. 18% is the interest charged for cash withdrawals.
Q) Is there any fee for issuing a duplicate statement?
A) Yes. The fees for re-issuing a statement or obtaining a duplicate statement is RM 5.30 per request, for both the primary and supplementary cards.
Q) What is the cash withdrawal fee for Bank Islam credit cards?
A) The cash withdrawal fees when cash is withdrawn from Bank Islam ATM is RM 12.72 or 2.65% of the amount withdrawn, whichever is higher. The cash withdrawal fees when card is used at MEPS ATM (other bank ATM’s) the cash withdrawal fee is RM 53 or 3.18% of the ash withdrawn, whichever is higher.
Q) What is the minimum monthly payment to be made for Bank Islam credit cards?
A) The minimum monthly payment to be made is 5% of the outstanding amount. If payment is not made on time a late payment penalty of 1% of the outstanding amount is charged.
Other Products offered by Bank Islam:
Apart from offering Credit Card,Bank Islam offers other products and services which include:
- Cash vs Cards Payments Malaysia
- How to Find the Perfect Credit Card in Malaysia
- How to Improve your Credit Rating in Malaysia
- How to Increase Credit Limit in Your Credit Card
- How to Pick an Emergency Credit Card
- Student Credit Cards in Malaysia
- Supplementary Credit Cards in Malaysia
- When to Use Credit over Cash
- Shed the Excess Interest Rates
- Protecting One’s Credit Card While Travelling
- Defaulting Your Credit Card Bills in Malaysia?
- Top 5 Reasons Why Owning a Credit Card is Good for You
- How to improve your chances of having a credit card approved
- Credit Card fraud: Are you aware of it?
- Understand Credit Card interest free period
- Reward Credit cards Malaysia
- Best Cash Back Credit Cards in Malaysia
- Best Zero Annual Fee Credit Cards in Malaysia
- Personal Loan Against Credit Card
- How to Maximise Your Credit Card Benefits
- Popular Credit Card Fees and Charges in Malaysia
- How to Apply for Credit Cards in Malaysia for Foreigners
- Top 10 Credit Cards in Malaysia 2016
- Best Low Interest Rate Credit Cards in Malaysia
- What charges do you pay for when you swipe your card overseas
- Best Petrol Credit Cards In Malaysia
- Credit Cards for Employees in Malaysia
- Common Mistakes to Avoid While Applying for a Credit Card
News About Bank Islam Credit Card
Financial growth target reduces year on year to 15% by BIMB
The BIMB Holdings BHD has moderated the outlook for the financial year 2015 and also lowering their financial growth to 15% year on year. In the 1H15 the management’s target for financing growth was 5.3%, but they are confident of achieving the 15% year on year target along with the resurging business financing contribution and the banking system loan growth post GST backed with the assurance of the business sector.
14th October 2015