Insurance Credit Cards

    Credit cards provide various benefits to you ranging from airport lounge access, discounts on movies, grocery, shopping, dining, golf club membership, etc. In addition to all these benefits, some cards provide you with protection as well by offering complimentary travel and accident insurance. These complimentary travel insurance policies and travel takaful have varying degrees of cover with some policies offering a cover as high as RM1 million.

    Compare Insurance Credit Cards In Malaysia

    Credit Card
    Annual Fee
    Interest Rate (% p.a.)
    OCBC Great Eastern Platinum MasterCard Complimentary coverage of RM100,000 on death or Total and Permanent Disability (TPD) Waived 15% to 18%
    CIMB Visa Signature Travel Insurance of up to RM1 million Waived 15% to 18%
    Citi PremierMiles Visa Credit Card You can get personal accident insurance while travelling overseas with a cover of up to RM300,000 RM636; can be redeemed with 30,000 PremierMiles 15% to 18%
    AmBank World MasterCard Get Travel Insurance with a cover of up to RM2 million Waived 15% to 18%
    RHB Travel Money Credit Card Benefit amount of up to RM600,000 on loss of life RM74.20 15% to 18%
    HSBC Premier World MasterCard Takaful coverage of up to RM750,000 on automatic flight accident RM636; waived for the first year 15% to 18%

    Features & Benefits Of Choosing Insurance Credit Cards

    Insurance Credit Card offers the following features and benefits:

    • Insurance Credit Cards cover you against personal accidents when you travel overseas.
    • These cards cover medical expenses at overseas sites.
    • You can split your insurance premium payment into 0% interest instalment plan.
    • The card may protect you against baggage delay, flight delay, flight cancellation, etc.
    • You may also get protection if your house is burgled when you have travelled abroad.
    • Your transactions using the card gets you reward points, cashback offers or cash rebates.
    • Some cards provide concierge service at any time of the day.
    • In addition to coverage, you can also get exclusive access to airport lounge with a few Insurance Credit Cards.
    • You may get offers and discounts on your dining bills.
    • You can get complimentary stays at select hotels.

    How Do Islamic Credit Cards Work?

    An Islamic credit card works much the same way as a conventional credit card in the sense that it allows you to make up-front purchases and pay for it later along with an interest.

    However, the difference between the two is that Islamic cards are Shariah-compliant and are limited to halal transactions. Imposing interest is against the principles of Islam. Consequently, you will be charged a profit rate instead of interest for any kind of financing.

    Based on the concept of Ujrah, some Islamic cards also charge a fee in exchange for its services. The biggest benefit of having an Islamic card is that you don’t have to deal with compounding interest.

    How Do You Choose The Best Islamic Credit Card?

    Islamic credit cards are limited to halal transactions, products, and services. The most prominent benefits of an Islamic card is the takaful coverage and the lack of compounding interest. Most Islamic cards in Malaysia come with a whole host of complimentary takaful benefits, including travel takaful protection and family takaful.

    For starters, pick a card with a low profit rate. A card without any annual fees may be a great option but more often than not, these cards are limited when it comes to benefits. Choose a card that gets you the best rewards for all your spends.

    Eligibility Criteria

    To apply for an Islamic credit card in Malaysia, most banks require you to have a minimum age of 21 years. Depending on the issuing bank, the type of card, and the card’s features, the minimum income requirement for the applicant can vary.

    How Do You Apply For An Islamic Credit Card?

    Islamic credit cards aren’t limited to people of Muslim faith alone. Any one can apply for it. To begin with, you can apply on the bank’s website and fill out the online application or request form. Alternatively, you can head over to the nearest branch for real-time assistance. If you don’t have the time to visit the branch, you could just call the bank’s customer service department for further help.

    Q. What is the monthly payment associated with Islamic cards?

    A. The minimum monthly payment of most Islamic cards is either 5% of the total outstanding balance or RM50 (whichever is higher).

    Q. What is the profit rate range of an Islamic card?

    A. The profit rate ranges from 15% p.a. to 18% p.a. with select cards even offering profit rates starting as low as 13.5% p.a.

    Q. What are the factors affecting the profit rate of these cards?

    A. The profit rate depends upon the repayment pattern of the last 12 months.

    Q. Can I use my credit card to withdraw cash?

    A. Yes, you can use your card to withdraw cash. But, there will be an additional charge called a cash advance fee for you to pay.

    Q. What is balance transfer feature on my card?

    A. Balance transfer lets you transfer a portion of your credit limit (that is decided by the bank) to other bank credit cards.

    Q. What if I miss paying the monthly instalment on my card?

    A. In such cases, you will be charged with a late penalty fee of 1% that is calculated on a daily basis.

    Q. Can I use my card overseas?

    A. Yes, you can use your card for transactions overseas. An overseas transaction fee will be imposed in such cases.

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