CIMB is one of the leading banking institutes in Malaysia with over RM500 billion in assets. The bank caters to a wide range of banking services which include asset management, investment banking, and brokering of equities. The bank also offers conventional and Islamic banking solutions. In its consumer banking operation, the bank offers unsecured credit facilities such as personal loans, overdraft facilities, and credit cards. The Islamic credit cards offered by CIMB are Shariah-compliant and work on the concept of Ujrah and offers cardholders an easy and effective way to meet their daily requirements.
CIMB’s Islamic credit cards are Shariah-compliant and work on the principle of Ujrah. The Islamic cards offers a wide range of features and benefits and allows cardholders to meet their daily varying requirements. The credit cards reward cardholders with every purchase they make using the card either in the form of bonus points that can be redeemed for discounts at select merchant outlets or through cash rebates on specific expenses. The annual fee on the Islamic cards are waived and come with a 20 days interest-free period for retail purchases. The card also offer a range of financial tools and services such as a balance transfer plan and an instalment payment plan that allow cardholders to manage finances and make purchases more efficiently.
The following are the various features and benefits of CIMB Islamic Credit Cards:
The following are the various types of Islamic credit cards offered by CIMB:
If you wish to get a CIMB Islamic Credit Card, you must meet the following eligibility requirements:
Cardholders are required to submit the following documents when submitting the duly filled application form:
Full commission applicant:
· Self-employed applicants:
CIMB’s Islamic credit cards are not just a form of payment offering cardholders bonus points or cash rebates anytime they use the card. The cards also provide cardholders with access to special deals, discounts, and promotional offers on a periodic basis. Cardholders can enjoy a host of benefits and privileges that include periodic deals catering to travel, shopping, lifestyle, and dining. Cardholders can enjoy offers such as additional discounts when they make holiday bookings using their card, get gift vouchers from select merchant outlets, convert larger retail purchases into more affordable monthly instalments using at attractive rates using the Easy Pay service, and enjoy deals on vacations and getaways among other exciting offers.
CIMB Islamic Balance Transfer
With the CIMB Islamic credit cards, cardholders can manage their outstanding or overdue finances with ease by using the balance transfer plan. Cardholders can transfer outstanding credit card dues accrued on credit cards from other banks onto their CIMB Islamic credit card. The balance transfer plan offers a lower rate of interest making it not only easier to repay the loan but also saving the cardholder a lot of money that would otherwise have been paid in the form of interest. Cardholders can get a tenure of up either 6 months at an interest rate of 5.99% p.a. or a 12-month tenure at an interest rate of 7.99% p.a. The minimum amount that can be transferred under this plan is RM1,000.
The following are the fees and charges applicable to the credit cards:
|Annual fees – Principal cards||CIMB Islamic Petronas MasterCard – waived CIMB Islamic MasterCard – waived|
|Annual fees – Supplementary cards||CIMB Islamic Petronas MasterCard – waived CIMB Islamic MasterCard – waived|
|Finance charge on retail transactions||Profit rates start from 15% p.a. and go up to 18% p.a. based on the payment record of the cardholder|
|Finance charge on cash advance||18% p.a.|
|Cash advance fee||The higher amount between RM15.90 or 5% of the amount advanced.|
|Late payment charge||The higher amount between 1% of the amount due or RM10. The maximum fee that can be charged is RM100|
|Minimum monthly repayment||RM25 or 5% of the outstanding balance, whichever amount happens to be higher.|
|Interest-free period||20 days|
|Additional statement fee||RM5.3 per copy|
|Sales draft retrieval fee||RM15 per copy|
|Card replacement fee||RM10 on first instance of replacement RM50 for subsequent replacements|
|Conversion for overseas transaction||Transactions carried out overseas are converted into Malaysian Ringgit at an applicable exchange rate determined by Visa/MasterCard International. An administrative fee of 1% of the converted amount is charged on overseas transactions.|
Applicants can apply for a CIMB Islamic Credit Card through the following ways:
With the uncertainty of life, one can never truly tell where or when an emergency expense may arise. Cardholders might find themselves in need of more credit to tackle such expenses. Credit limit on the CIMB Islamic credit cards can be increased when the cardholder has an increase in their annual salary. The credit limit increase can be done by requesting for an increase at the nearest CIMB branch. The bank also sends periodic invitations to candidates who are eligible for an increase in the credit limit as well. While requesting for an increase in the credit limit, a cardholder must provide all supporting income documents as proof. These may include a copy of the cardholder’s most recent computerised payslips, latest EPF statements, recent bank statements, and any other additional document the bank might request.
The customer hot line numbers for CIMB are as follows:
For CIMB Preferred customers:
Q. What are the obligations on a Balance Transfer payments?
A. The cardholder must make a payment of no less than 5% of the total balance transfer amount on a monthly basis or pay an amount of RM50. Failure to make the payment on time will result in a penalty of 1% of the outstanding balance transfer amount. The minimum penalty that can be imposed is RM10 with the maximum fee being RM100.
Q. Are profit rates offered on CIMB Islamic cards affected by payment track record?
A. Yes. For those cardholders who make prompt minimum monthly payments for 12 consecutive months a profit rate of 15% p.a. Failure to make prompt payments will result in increased profit rates of 17% p.a. for cardholders who make 10 or more consecutive payments in a timely manner for a 12-month period and 18% p.a. for cardholders who make less than 10 prompt payments in a 12-month.
Q. Is there a cap on the cash rebates earned on the Islamic Petronas MasterCard?
A. Cash rebates earned on Petronas spend of either 7% or 3% is capped to RM50. Rebate of 0.2% earned on all other retail spend has no cap.
Q. Is there a minimum amount that has to be transferred when opting for a balance transfer plan?
A. Yes. The minimum amount that needs to be transferred in a balance transfer plan is RM1,000.
Q. Do supplementary credit cards offer a separate line of credit?
A. No. Any additional cards taken will have a shared credit limit.