Overview of HSBC Amanah Credit Cards
The HSBC Amanah credit cards are basically credit cards that follow the Shariah principles of Islamic banking. They offer cardholders the benefits of Islamic banking coupled with special features like 1% to 0.2% cash back on international and domestic purchases and waiver of the annual fee. They can also offer features like travel insurance cover of around RM 2 million and emergency cash privilege that can give cardholders up to USD 2,000 in case of emergencies. These cards also have supplementary cards that can be taken based on them and those cards can enjoy the same emergency privileges as the parent card.
Types of HSBC Amanah Credit Cards
HSBC Amanah Premier World MasterCard Credit Card-i
The Amanah Premier World MasterCard Credit Card-I is a card that offers 1% cashback on overseas retail transactions and 0.5% on domestic retail transactions. It has no annual fee and is made available only to those customers who have the Amanah Premier Account-i. It allows primary cardholders to take supplementary cards and maintain control over the credit limits of those cards.
HSBC Amanah Advance Visa Platinum Credit Card-i
The Amanah Advance Visa Platinum Credit Card-i that is meant only for those customers who hold an Amanah Advance account with the bank. It can also be taken only by someone who have a minimum annual income of RM 60,000 and offers 1% cash back on overseas retail expenses and 0.5% on domestic retail purchases.
HSBC Amanah MPower Visa Credit Card-i
This is a kad kredit that offers up to 8% cash back when it comes to purchases like petrol, groceries and dining. It is a card that is Shariah compliant and also offers facilities like cash advance, balance transfer and interest free periods. It also gives cardholders access to special privileges through the SmartPrivileges Programme which offers special discounts and offers shopping outlets across the country.
HSBC Amanah MPower Visa Platinum Credit Card-i
This is a credit card that complies with the rules of Islamic banking along with offering services like balance transfers, grace periods for payment of dues and cash advance. It also offers access to the SmartPrivileges Programme which provides special discounts and offers at merchants across the country and can be taken by anyone who has a minimum annual income of more than RM 36,000.
Why choose HSBC Amanah Credit Cards
Balance transfers, attractive special offers and cash advances are not the only things that these cards have to offer. One of the reasons for taking these cards can be that they are all compliant with the guidelines of Islamic banking. They also offer other services like phone banking and internet banking that make them especially convenient to use. They also come with facilities like e-statements and auto bill payments that lets you pay bills for participating services automatically through these cards.
Features & Benefits of HSBC Amanah Credit Cards
- All these cards are Shariah compliant.
- They also offer access to special discounts and privileges.
- These cards can be taken by the salaried, self-employed and expatriates.
- Some of these cards also offer travel insurance ranging from RM 500,000 to RM 2 million.
- Almost all of the cards offer cashback schemes that allow cardholders to earn 1% to 0.2% of their expenses as cashback.
- Almost all the cards have their annual fees waived off subject to conditions set forth by the bank.
HSBC Amanah Credit Cards Eligibility
To be able to apply for these cards, applicants will have to fulfil the following criteria:
- The age of the applicant for a primary card must be 21 years or more.
- The age of the applicant for a supplementary card must be 18 years or more.
- The annual income of the applicants must range from RM 36,000 to RM 100,000.
- In case of the Amanah Premier World MasterCard and the Amanah Advance Visa Platinum –i the applicant will have to have the Amanah Premier Account-i or the Advance Account-i.
HSBC Amanah credit card cash advance & interest on cash advance
These cards do offer cash advances, the fee for which ranges from RM 50 to RM 53 and the maximum amount that can be withdrawn in one transaction is RM 1,000.
HSBC Amanah Credit Card balance transfer facility
These cards allow for balance transfers and the interest rate charged on the service is 18% per annum of the amount transferred.
Interest free period of HSBC Amanah Kad Kredit
Instead of an interest free period, these cards have a grace period of 20 days for payments to be made towards the cards.
Frequently Asked Questions - HSBC Amanah Credit Card
Q. What is the interest rate charged on these cards?
A. There is no interest rate charged since they are Islamic banking products. There is, however, card management fee that differs from one card to another.
Q. What is the minimum amount that I can pay?
A. The minimum amount that can be paid towards the card is the highest of 5% of the outstanding balance or RM 50.
Q. I lost my card. Can I get a replacement? What will it cost me?
A. If you lose the card, it can be replaced for a fee of RM 50 per card.
Q. Can these cards be used for international transactions?
A. Yes, they can and the fee for that will be 1% of the transaction amount along with any fee that is charged by Visa or MasterCard.
Other Products offered by HSBC Amanah:
Apart from offering Credit Card, HSBC Amanah offers other products and services which include:
- HSBC Amanah Personal Loan
- HSBC Amanah Home Loan
- HSBC Amanah Fixed Deposit
- Savings accounts
- Term Deposit-i
- Current Account-i
- Foreign Currency Account-i
- Amanah Personal Financing-i (Education)
- HomeSmart-i (Home loan)
- Takaful Education Plan
- Takaful Retirement Plan
- HSBC LifeSelect Regular
- Takaful Future Smart
- HSBC LifeSelect Single
- HSBC Lifestyle Protector Plan
- HSBC LifeStyle Protector Plus Plan
- Homeowner Takaful Scheme
- TRTC for Home Financing
- HSBC TravelSafe
- Household Contents Shield
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News About HSBC Amanah Credit Card
New CEO appointed by HSBC Amanah Malaysia
Arsalaan Ahmed has been appointed as the new CEO by HSBC Amanah Malaysia Bhd. He will be leading the Islamic Banking business for retail, wholesale banking, commercial banking, and report to HSBC Bank CEO Mukhtar Hussain. Arsalaan Ahmed was the head of capital financiang and financial institutions for Barwa Bank in Doha. He led the development of Islamic debt capital market and the wholesale banking platform. He has over 15 years of experience and has held many senior management positions in UK, Malaysia and Middle East.
25th October 2016