• Islamic Credit Cards

    Islamic credit cards work on the Shariah banking principles. These cards are interest-free cards. There are several banks and financial institutions that offer a range of Islamic credit cards.

    Compare Islamic Credit Cards In Malaysia

    Card Name Benefits Annual Fee Interest Rates
    HSBC Amanah Premier World MasterCard Credit Card-i
    • You can enjoy free travel and complimentary travel insurance if you book your journey using the card
    • You can also enjoy a cash rebate of 1% on all retail purchases made overseas and 0.5% on all local purchases
    • No annual fee
    • 15% p.a.
    Maybank Islamic PETRONAS Ikhwan Visa Gold Card-i
    • You can earn a cashback at the rate of 8% on weekend spendings at PETRONAS and 1% during the weekday
    • The card earns you 1x TREATSPoints with every RM1 spent on retail transactions
    • The card also comes with Touch n’ Go Zing Card
    • No annual fee
    • 15% p.a.
    BSN MasterCard Platinum Credit Card-i
    • This card also comes with a complimentary BSN Zing PLUSMiles card, With 2x reward points earned on every retail transaction and Enrich miles redemption
    • You can also transfer outstanding balances from other bank credit cards onto your BSN card with the balance transfer feature on this card
    • No annual fee
    • 13.5% p.a.
    AmBank Islamic Al-Tasif Platinum Card-i
    • You can use the card to get complimentary access to lounges in more than 26 countries twice a year.The card also earns you up to 25% discount in these lounges
    • You can also enjoy discounts and offers at dining and accommodation using this card
    • If you use the card for shopping, you can earn 2x bonus points per RM1 spent overseas and 1x bonus points per RM1 spent locally
    • The card also comes with a complimentary travel takaful coverage
    • No annual fee
    • 15% p.a.
    Public Islamic Bank MasterCard Gold Credit Card-i
    • You can also get rebates at 0.1% with every RM1 spent on retail transactions. The rebates earned with this card come with no maximum cap
    • The MasterCard PayPass feature associated with the card makes your everyday purchases convenient and quick
    • No annual fee if used for 12 times a year
    • 15% p.a.
    HSBC Amanah MPower Platinum Credit Card-i
    • The card comes with up to 8% cashback on petrol and groceries every day
    • You can also earn 0.2% cashback on all other retail transactions locally.The cashback is calculated on a monthly basis and is capped at RM50 per month
    • The card also comes with a supplementary card
    • RM254.40
    • 15% p.a.
    Bank Islam Platinum Visa Credit Card-i
    • The card comes with no joining fee and financing limit of up to 3 times your monthly salary
    • No annual fee if used for 12 times a year
    • 13.5% p.a.
    RHB Islamic World MasterCard Credit Card-i
    • You can earn a cashback up to 6% p.a. on petrol, travel, dining, and other retail transactions
    • The card comes with a range of golf and lounge privileges
    • You are also eligible to get a complimentary travel insurance if you book your journey using RHB Islamic World MasterCard Credit Card-i
    • No annual fee
    • 15% p.a.
    CIMB Islamic PETRONAS Gold Credit Card
    • You can get up to 7% cash rebate on PETRONAS spending when your statement balance is RM3,000 or above
    • The card also comes with an additional 0.2% cash rebate on all other retail purchases
    • The card also offers a complimentary Touch n’ Go Zing Card and a supplementary card
    • The card comes with a high travel takaful coverage
    • No annual fee
    • 15% p.a.
    Bank Rakyat Classic Credit Card-i
    • The card comes with free takaful coverage for your travel bookings completed using this card
    • You can also obtain the privileges and discounts offered by MasterCard International with this car
    • No annual fee
    • 13.5% p.a.

    Features And Benefits Of Islamic Credit Cards

    The following are the features and benefits associated with Islamic cards:

    • The cards come with takaful benefits. When you book your journey via Islamic cards, you can get a high travel takaful coverage.
    • These cards aren’t just limited to Muslim individuals. Non-Muslims can also apply for these cards.
    • Most of the cards come with a complimentary supplementary card.
    • You can get benefits like bonus points, rewards points, cashback and many more. You can choose the cards from the category that suits your needs.
    • The cards come with balance transfer plans and easy instalment payment plans to help you manage your funds and maximise savings.

    Why Choose A Islamic Credit Cards?

    The following are the reasons why you should choose an Islamic ard:

    • These cards are available for Muslims as well as non-Muslim individuals.
    • The cards come with a takaful coverage.
    • Some of the Islamic cards have a relatively low profit rate range.
    • There are number of Islamic cards that come with an annual fee waiver.

    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.

    FAQ's

    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 this will charge you with a cash advance fee.

    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.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.