• The Best Islamic Credit Cards for 2016

    Credit cards are a sure shot way to achieve that extra buck needed in case of an expenditure that is required and cash is not at hand. They are also indispensable when it comes to availing offers and getting benefits for being a responsible spender. Not to forget that a regular and prudent use of credit cards actually builds up a great credit score. There are a plethora of credit cards that have taken the streets of consumers by storm. With umpteen number of offers and scores of benefits, finding the card that is well aligned to one’s needs becomes even more important. Frequent flyers might require cards that provide air miles as rewards on purchases while shoppers might opt for cashback offers and/or discounts. Looking at some of the better performing credit cards of Malaysia, the following are the ones that would appeal to the credit-hunter populous.

    HSBC Amanah MPower Visa Platinum Credit Card-i

    Keeping Maslow’s need hierarchy in mind, food becomes the topmost priority in everyone’s life. With the rising prices of fossil fuel, petrol mostly comes next in the necessary segment for people. This card from HSBC aims to make things better considering these two aspects. With an income limit of 3000 ringgits per month, this card can be used by householders with sizable families as it offers an 8% cash back on expenses related to groceries and fuel. The credit card also gives a bonus for availing one free ticket per one paid ticket on weekends at Golden Screen Cinemas.Amanah MPower Visa Platinum Credit Card-i has a nominal annual fee of 240 ringgits and the interest charged on this card starts at 15% per annum.

    Maybank Islamic Petronas Platinum-i

    A joint offering from Maybank and Petronas, this credit card also offers extended benefits on expenses related to groceries and petrol. The benefits are given in terms of TreatPoints that are part of a loyalty system. TreatPoints can then be exchanged for petroleum vouchers. Expenditure on aspects such as shopping, dining and entertainment can also award you TreatPoints, though not as extensive as spends on groceries and petroleum. The card comes with an interest rate of 15% per annum and has no annual fee.

    HSBC Amanah MPower Visa Credit Card-i

    In tandem with its elder sibling, theAmanah MPower Credit Card-I offers benefits on expenditure related to petroleum and groceries, albeit limited to a few outlets. A maximum of 8% cashback can be availed on purchases at select outlets concerning petroleum and groceries. However, all local dining can get almost 8% cashback on every expenditure. A similar movie ticket offer also exists on this card, wherein purchase of one ticket at Golden Screen Cinemas gets you another free ticket. This card has an annual fee of 91 ringgit and an interest rate of 15% per annum.

    Maybank Islamic Ikhwan American Express Gold Card-i

    This credit card has no annual fee and has a lower monthly income quota of 2500 ringgit. The interest on this card is from 15% per annum. It offers 5 times the amount of TreatPoints on purchases pertaining to petrol and 2 times the amount of TreatPoints on retail spending. The focus and benefits of this card make it ideal for people who are used to travelling long distances by their own vehicle.

    HSBC Amanah Premier World MasterCard-i

    This credit card from HSBC offers cashback on all aspects of purchase, be it petrol, dining, entertainment, groceries or shopping. The cashback offers are nominally affixed at 0.5 to 1% of the purchases done. In addition to that, the card also carries the one-on-one free movie ticket offer at Golden Screen Cinemas. The card doesn’t have an annual fee and charges interest at a rate of 15% per annum.

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