Overview of Bank Rakyat Credit Card
Bank Rakyat was established in 1954 and has grown to be one of the biggest Islamic cooperative banks in Malaysia with extensive delivery channels and a growing customer base. The Bank Rakyat credit cards are uncomplicated and come with no frills attached. These cards are easy to acquire with a user friendly online application form. The different types of credit cards offered by Bank Rakyat are given below.
Types of Bank Rakyat Credit Cards
Bank Rakyat Classic Credit Card – i:
This credit card from Bank Rakyat has an interest rate of 13.5% and is designed for everyday use. The credit card has no annual fee and is free for life. The credit card has no annual fees for a supplementary card. The cardholder gets 1 Rakyat Rewards point for every RM 10 spent. These points are converted to money. 10 reward points are converted into RM 0.10. The minimum income required to avail this credit is RM 24,000. The Bank Rakyat Classic credit cardholder with a free Takaful family coverage that is inclusive of repaying any outstanding debts accrued through the usage of Credit Card – i.
Bank Rakyat Gold Credit Card – i:
This credit card from Bank Rakyat offers an added benefit of earning a profit rebate of up to 3% on Bank Rakyat loan facility, the auto debit facility and for being a good paymaster. This credit card requires the applicant to earn a minimum annual income of RM 36000. The credit card has an interest rate of 13.5% p.a. The Gold credit card has no annual fee and is free for life. The supplementary card also carries no annual fee. This credit card offers the cardholder 1 Rakyat reward point for every RM 10 spent and converts these reward points into cash at the rate of RM 0.10 for every 10 reward points accrued. The Gold credit card also offers Family Takaful coverage which includes the repayment of any outstanding debts accrued by the usage of Credit Card – i.
Why Choose Bank Rakyat Credit Card
The credit cards offered by Bank Rakyat are simple and do not come with complicated terms and conditions. This credit card is perfect for those looking for an everyday card with no frills attached that helps them save as much as possible. The card offers the holder a free Takaful coverage that includes cover of guaranteed repayment of outstanding debts accrued through the usage of the credit card-i. The reward points offered by the Bank Rakyat credit cards are more practical as they are converted back to money. The credit cards also come free for life and have no annual fees to be paid. The minimum required income to avail these cards make it easier for people from different walks of life to avail its benefits.
Features and Benefits of Bank Rakyat Credit Cards
- The card is a basic no frills attached credit card
- The interest rate charged on the card is 13.5% p.a.
- The card has no annual fee
- The supplementary card has no annual fee
- The minimum payment required to be made on a monthly basis is RM 50 or 5% of the outstanding amount.
- The daily cash withdrawal limit on the cards from Bank Rakyat is RM 5000
- The cash withdrawal fee is the higher of RM 21.20 or 3.18% of the money withdrawn.
- The interest rate on cash withdrawals is 19.08%
- The card attracts a late payment penalty of 1% of the outstanding amount and is capped to a maximum of RM 100
Bank Rakyat Credit Cards Eligibility
- Anybody can avail Bank Rakyat credit cards
- The minimum required income to avail the Bank Rakyat Classic Credit Card – i is RM 24,000.
- The minimum required income to avail the Bank Rakyat Gold Credit Card – i is RM 36,000.
- The minimum age of the primary cardholder should be 21 years as at last birthday
- The minimum age of the supplementary cardholder should be 18 years as at last birthday
Bank Rakyat Credit Card Documentation
The Bank Rakyat credit cards offer cardholders a convenient, daily use credit card that not only earns them reward points but also provides free Takaful coverage on outstanding credit card dues and annual fees being waived for life. Aspiring candidates can obtain an application form either by downloading it from the website or procuring it from the nearest Bank Rakyat branch.
For aspiring cardholders’ applications to be processed, they first need to meet the eligibility criteria of having attained a minimum of 21 years of age and drawing an annual income of RM 24000.
If a candidate meets the eligibility criteria, they can submit the application with the required list of documents. The documents need vary based on the type of applicant.
For applicants who are salary employed the required documents are
- A photocopy of both sides of the NRIC or passport (for both primary and supplementary cardholders).
- A copy of the latest salary slip for the previous 2 months.
- A copy of the bank statement into which salary is credited.
- A copy of the latest EPF statement.
For applicants who are self-employed, the required documents are
- A photocopy of both sides of the NRIC or passport (for both primary and supplementary cardholders).
- A copy of the business registration certificate.
- A copy of the bank statement for the previous 6 months.
- A copy of Form BE with tax payment receipts.
For applicants who are foreign nationals working in Malaysia or expatriates, the required documents are
- A copy of both sides of the passport.
- A copy of the employment confirmation letter.
- A Copy of the latest pay slip and
- A copy of the work permit that is current and has been valid for at least 6 months.
Bank Rakyat Credit Card Balance Transfer
The recently launched balance transfer scheme from Bank Rakyat offers a 3% cash rebate and allows cardholders to consolidate their outstanding credit card dues by transferring it on to the Bank Rakyat credit cards. The annual interest rate charged is a low 9% p.a. and has a tenure of 12 months.
The minimum balance that can be transferred under this plan is RM 1000 with the maximum amount being subject to cardholder’s available credit limit and other limits set by the bank.
The balance transfer scheme charges no processing fees and is a useful tool for cardholders to manage their finances effectively. In the unfortunate event of a disability of the cardholder resulting in failure to repay the amount, the amount under the balance transfer is also covered by a Takaful insurance.
Frequently Asked Questions - Bank Rakyat Credit Cards
Q) What is the minimum requirement for applying for a Bank rakyat Credit card?
A) The Bank Rakyat credit cards can be applied for by anybody as long as they meet certain criteria. The primary cardholder must be of 21 years of age and should be earning a minimum of RM 24,000 for the classic credit card and RM 36,000 for the gold credit card.
Q) What are the annual fees of the Bank Rakyat credit cards?
A) The credit cards offered by Bank Rakyat have no annual fees and are free for life.
Q) How much is the minimum payment for the monthly bills?
A) The minimum monthly payment of the credit card bill should be RM 50 or 5% of the outstanding amount.
Q) What is the interest rate charged on cash withdrawn?
A) The Bank rakyat credit cards charge a cash withdrawal fee of R 21.20 or 3.5% on the amount withdrawn
Q) How much is the daily cash withdrawal limit?
A) The daily cash withdrawal limit is RM 5000.
Q) Are there any hidden fees?
A) No. The Bank Rakyat credit cards are no frill credit cards that have no annual fees even for the supplementary cards.
Q) What are the benefits provided by the Bank Rakyat credit cards?
A) The credit cards from Bank Rakyat help the cardholder in saving as much as possible and provides cashback and Takaful coverage that is inclusive of repayment of outstanding debts accrued through using the Bank Rakyat credit card
Q) What can I receive with my Rakyat reward points?
A) The reward points are converted back to money. Every 10 reward points are converted to RM 0.10
Other Products offered by Bank Rakyat:
Apart from offering Credit Card, Bank Rakyat 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 Rakyat Credit Card
Bank Rakyat aims to achieve RM1bil card transactions in 2017
Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) is planning to have over 450,000 new credit cardholders with RM1bil transactions in 2017. They aim to achieve this by issuing the Muslimah Card. The bank mentions that this will increase the number of female credit cardholders.
The CEO of the bank said that this card provides special benefits to female customers such as waiving of the annual fee and foreign transaction fees. The profit rate is also great for this card.
The Muslimah cardholders will receive discounts ranging from 5 to 10% at tourist spots and also on Shariah-compliant products at certain beauty and health stores as well as boutiques.
23rd December 2016
RM21 billion approved for financing products by Bank Rakyat
RM21 billion has been approved for Bank Rakyat’s financing products- home, personal, auto and motorcycle, micro, education, and credit cards. The COO of the bank, Md Khairuddin Arshad said that the bank has achieved 95% of the approval target for the financing products this year. The achievement was due to the aggressive marketing and promotional drives. The campaign will promote home financing-i, personal financing-i, auto and motor financing-i, debit card-i, credit card-i, pawnbroking-i, and deposit i-account. The products will be benefiting the customers and the customers can win prizes worth RM1 million.
24th October 2016
Bank Rakyat Makes Further Progress for Loan Growth Target at 6%
Bank Rakyat has made progress to achieve their loan growth target at 6% for 2016, in the last 7 months’ performance. Datuk Mustafa Abd Razak, MD and President of Bank Rakyat claimed that in the backdrop of the existing challenges in the market lead by uncertainties in the world economy the momentum of growth in the loan sector still has been stable.
He also said that Bank Negara’s decision to remove the overnight policy rate did lead to deposit rates cut by approximately 5 to 10 points, and then by the loan rates. He further added that the fall could see loss of 20 to 25 points in the following three months’ time. The loans which were not performing were as low as 2.5%, in the current year while the bank’s products are higher at 2.1% against the industry’s level which is at 1.7%.
8th August 2016
Bank Rakyat’s Financing Status is stated Stable by RAM Ratings
RAM Rating Services Bhd (RAM Ratings) in an act of reaffirmation has rated Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) for AA2/stable/P1 financial institution ratings with AA2(s)/ stable and AA2(s)/Stable/P1(s) ratings for two programmes namely Imtiaz Sukuk Bhd and Imtiaz Sukuk II Bhd sukuk programmes respectively.
RAM Rating Services Bhd spokesperson also added, “Our ratings also factored in the expectation of the government support, given the bank’s role as a cooperative bankcum-DFI,” the firm stated.
The firm stated, “As at end-March 2015, its gross impaired-financing ratio had eased to 2% from 2.2% at end-December 2013, supported by the bank’s more active monitoring and recovery efforts that began in early 2014, to reduce delinquencies.”
14th October 2015