Overview of Bank Rakyat Credit Cards
Bank Rakyat is amongst Malaysia’s popular banks and currently offers two credit cards to Malaysian citizens. The Islamic Cooperative bank has witnessed a steady increase in in its customer base over the years owing to efficacy and seamlessness in the services it offers. Bank Rakyat Credit Cards come loaded with just the right offers to make everyday life more enterprising than before. Let us look at what Bank Rakyat Credit Cards have in the offing.
Key features and benefits of Bank Rakyat Credit Cards
Credit cards offered by Bank Rakyat come with some impressive features and benefits. Here are some of their features and benefits:
- Bank Rakyat credit cards attract interest charges of 13.5% p.a. on transactions.
- The bank does not levy any annual charges on its credit cards. This is applicable to both primary and supplementary cards.
- Customers can use their credit card to withdraw money at ATMs. Cash advances are subject to interest charges.
- Interest charges on cash advances is 19.08% along with additional cash withdrawal handling charges of 3.18% of the withdrawn amount.
- The minimum payment required to be made by customers is 5% of the monthly outstanding amount or RM50, whichever is higher.
- Late payment charges of 1% of the monthly outstanding amount will also be charged if the monthly payment is not made by the payment due date.
- Bank Rakyat offers its credit card customers with a travel insurance cover.
- Customers can apply for a credit card by visiting the official Bank Rakyat website and placing a request by filling out the application form.
Types of Bank Rakyat credit cards in Malaysia
The Bank Rakyat Gold Card – i: This credit card is particularly built to add flavour to everyday experiences by allowing you to earn reward points on a wide range of purchases. Besides, the card also allows you to earn cash rebates of up to 3%. Reward points accumulated on purchases can be translated into Malaysian Ringgits and other exciting offers from the rewards catalogue. The interest charges on the Bank Rakyat Gold Card is 13.5% p.a. on transactions.
The Bank Rakyat Classic Card – i: The Classic credit card offered by Bank Rakyat is similar to the Gold card – the Classic card also lets you earn reward points on your purchases. These reward points can be converted directly into Ringgits or a spate of offers from time to time. Both these cards come with a travel insurance cover if flight tickets or other travel tickets are booked using either one of these cards.
The other Credit Cards offered by Bank Rakyat include:
- The Bank Rakyat Platinum Card
- The Bank Rakyat TISB Card
- The Bank Rakyat Muslimah Card
Why choose Credit Cards from Bank Rakyat?
- Credit cards from Bank Rakyat come with low annual interest charges.
- The annual fee for the cards is waived. Supplementary cards do not carry annual charges as well.
- The cards allow you to withdraw cash from ATMs. Bill payment methods are easy and simple.
- You can earn reward points on all purchases using these cards. Reward points can be directly converted into cash.
- Bank Rakyat credit cards can also be applied for as balance transfer cards.
- Payments and purchases made using these cards can be converted into easy, flexible monthly payments. Purchases as low as RM500 can be converted into easy monthly payments.
Supplementary Cards offered by Bank Rakyat
Bank Rakyat issues up to 3 supplementary credit cards to its customers. Individuals who are aged 18 and above can apply for supplementary cards. These cards attract a one-time fee and don’t attract annual fees.
Bank Rakyat allows customers to consolidate their existing credit card debt with another bank by transferring the entire balance to a Bank Rakyat Credit Card. The interest charges for balance transfers is 9% p.a. Bank Rakyat allows customers to transfer their entire balance to their Bank Rakyat Credit Card.
Note:The minimum credit card debt that can be transferred under the balance transfer provision is RM1,000.
Fees and Charges on Bank Rakyat Credit Cards
- Annual charges for the credit cards are waived. Annual interest charges on purchases made using the cards is 13.5%.
- Cash withdrawals will attract interest charges of up to 19.08% p.a. Interest on cash withdrawals is calculated and charged on a daily basis at a compounding rate. Besides interest charges of 19.08%, additional charges of 3.18% of the withdrawn amount is also levied.
- Late payment charges of 1% of the monthly outstanding balance will hold applicable if the minimum payment is not made on time (on or before the payment due date).
- The minimum payment is usually 5% of the total monthly outstanding balance. The minimum payment can also include late payment charges for the previous month and any pending charges including charges on cash withdrawals, etc.
How to apply for a Bank Rakyat Credit Card
You can apply for a Bank Rakyat Credit Card by visiting any of the Bank Rakyat branches in Malaysia and physically filling out the online application form. You can also fill out the online application form that is available in the official Bank Rakyat website. A representative from Bank Rakyat will subsequently get in touch with you and help you complete the remainder of the formalities for your application.
Reporting the loss/theft of your Bank Rakyat Credit Card
If your credit card has been lost/stolen, you are required to immediately contact the bank and report the loss/theft of your card. Liability charges will hold applicable if it is determined that you’ve acted fraudulently or in gross negligence. Unauthorised transactions taking place after reporting the loss/theft of your card will not hold you liable for any penalty charges or penal action.
Bank Rakyat Credit Card Hotline number
You can contact Bank Rakyat at 1-300-80-5454.
Bank Rakyat Credit Cards Frequently Asked Questions (FAQs)
- Q.What is the permissible cash withdrawal limit?
Cardmembers are allowed to withdraw up to RM5,000 using their Bank Rakyat credit card.
- Q.What is the minimum payment that needs to be made?
The minimum payment that needs to be made every month is 5% of the monthly outstanding balance. A late payment penalty of 1% of the monthly balance will be charged if the minimum payment isn’t made by the payment due date. The minimum monthly payment for a given month can also include any pending minimum payments over previous months, overlimit charges and late payment charges.
- Q.How does the balance transfer mechanism work?
Existing credit card debt with a different bank can be consolidated by way of transferring the entire debt to a Bank Rakyat credit card. The interest charges are 9% p.a. on the balance amount transferred. The minimum amount that needs to be transferred under this provision is RM 1000. Balance transfers below this amount cannot be processed by the bank.
- Q.How does the reward programme work?
Reward points can be earned on a wide range of purchases including those on fuel, retail purchases both online and offline, dining, fuel, shopping and more. Reward points can be converted into cash. 10 Reward points earned accumulated can be converted into RM 0.10.
- Q.What are the annual interest charges on cash withdrawals?
The annual interest charges on cash advances is 19.08% of the withdrawn amount. Additional cash withdrawal charges of 3.28% of the withdrawn amount will also be levied.
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