Overview of CIMB Islamic Credit Card
CIMB Islamic is the global Islamic banking leg of CIMB and is one of the largest Islamic banks in the world. Headquartered in Malaysia, CIMB Islamic has over 17 branches across Asia with total assets worth over RM 433.2 Billion. The credit cards from CIMB aim to simplify the cardholder’s life and give them benefits and privileges that extract maximum value from their purchases and expenses. The credit cards from CIMB offer a range of benefits from reward points to cashback and easy payment options. The Islamic credit cards from CIMB are catered for everyday use. The types of CIMB Islamic credit cards and their features are listed below:
Types of CIMB Islamic Credit Cards
CIMB Islamic UKM MasterCard:
It is a daily use card that earns reward points for all expenses charged to the card. The card earns 1 reward point for every RM 1 spent on all retail expenses and the reward points earned from both primary and supplementary cards can be clubbed to redeem exciting gifts including the latest electronic gadgets and appliances. The card also offers a facility for acquiring cash loans on the available credit limit of the cardholder.
CIMB Islamic MasterCard Gold:
This credit card is the only card from CIMB Islamic to have an annual fees which is RM 148.40 and is tailored for everyday use. The card earns 1 reward point for every RM 1 spent on all retail expenses, both locally and overseas. The reward points earned can not only be redeemed for exciting gifts but every 200 points can be redeemed for RM 1 off on the next purchase at select participating outlets.
CIMB Islamic Petronas MasterCard:
This card charges the standard interest rate of 15% and is catered to provide cardholders with real cash earnings. The card allows cardholders to maximise their savings by not only waiving annual fees for life but providing up to 7% cashback on petrol expenses incurred at Petronas stations. The card earns a maximum of RM 50 in cashback when charged for petrol and earns a 0.2% uncapped cashback on all other retail expenses.
Why Choose CIMB Islamic Credit Cards
For a standard interest rate of 15% p.a. the credit cards from CIMB offer a world of benefits and privileges to the cardholder. The islamic cards are Shariah compliant and offer the cardholder a wide range of benefits ranging from cashback on petrol expenses for up to 8% to reward points on every expense which can be redeemed for exciting gifts such as electronic gadgets and home appliances. The cards also provide an easy pay plan with payment terms of 12 months, 24 months and 36 months that convert large retail purchases into affordable monthly instalments allowing the cardholder to shop in peace. The credit cards from CIMB Islamic also offer cashback on retail expenses at the rate of 0.2% and the cashback received is uncapped.
Features and Benefits of CIMB Islamic Credit Cards
- The card has a 20 days interest free period and an interest rate of 15% p.a.
- The card has a balance transfer plan with available tenures of 6 and 12 months
- The card has Easy Pay options with payment terms of 12 months, 24 months and 36 months.
- The Easy Payment terms have a 0% interest rate and no upfront handling fee.
- The Islamic MasterCard Gold has an annual fe of RM 148.40 whereas the other cards have no annual fee and is free for life. The supplementary card for Islamic MasterCard Gold has an annual fees of RM 74.20 whereas the supplementary cards of other credit cards have no annual fee.
- There is an 18% charge on cash withdrawals.
- The withdrawal fee for 5.3% or RM 53, whichever is higher.
- The late payment penalty is 1% of the outstanding amount capped to a maximum of RM 100.
- CIMB credit cards have a daily cash withdrawal limit of RM 5000
- The minimum bill payment is RM 50 or 5% of the outstanding amount
CIMB Islamic Credit Card Eligibility
- The minimum annual income required to avail the CIMB Islamic credit cards is RM 24,000.
- The minimum age of the primary cardholder must be 21 years and that of the supplementary cardholder must be 18 years of age.
- Only Malaysians who are either salaried or self-employed can apply for this card
F.A.Q’s of CIMB Islamic Credit Card Eligibility
Q) What is the interest rate charged on the CIMB Islamic credit Cards
A) The CIMB credit cards have a 15% p.a. interest rate with a 20 days no interest period.
Q) What is the annual fee of the Islamic credit cards from CIMB?
A) The CIMB Islamic MasterCard Gold has an annual fees of RM 148.40 whereas the other 2 Islamic cards from CIMB have no annual fees and are free for life.
Q) What are the charges on the credit cards?
A) The credit cards from CIMB have no hidden charges. There is a cash withdrawal fee that amounts to 5.3% of the withdrawn amount or RM 53 and a late payment penalty fee of 1% of the outstanding amount capped to a maximum of RM 100
Q) Do the credit cards have an easy pay option?
A) Yes. The Islamic credit cards from CIMB have an easy pay option that has payment terms of 12 months, 24 months and 36 months with a 0% interest and no upfront fee for handling when the cardholder spends RM 50 onwards at select merchants.
Q) What is the minimum bill amount that has to be paid?
A) The minimum bill amount that needs to be paid is 5% of the outstanding amount or RM 50.
Q) Are there penalties involved in the cards?
A) The late payment penalty is 1% of the outstanding amount that is capped to a maximum of RM 100
Q) Is there a cash withdrawal charge?
A) Yes. The charge for withdrawing cash is 5.3% of the withdrawn amount or RM 53, whichever is higher and the interest on cash withdrawals is 19.08%
Other Products offered by CIMB Islamic:
Apart from offering Credit Card, CIMB Islamic 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 CIMB Islamic Credit Card
CIMB Islamic banking arm To Be Lead By HSBC Amanah Chief
Mohamed Rafe bin Mohamed Haneef, chief of HSBC Amanah Malaysia Bhd, has been appointed chief executive of CIMB Islamic Bank Bhd and the Group Islamic Banking Division and will be effective from January 4, 2016, based on a statement by CIMB Group Holdings.
Haneef, who is considered a 15 year Islamic finance veteran, will be taking the charge of the largest arrangers of Islamic bonds or sukuk at a time when the market seeks to expand into new markets and attract a wider range of issuers.
He is replacing Badlisyah Abdul Ghani, who resigned from CIMB Islamic in July.
17th December 2015