What is great about this card?
Sometimes getting a credit card with no frills attached is the way to go. You have less to think about, no extra fees to worry about. Especially for those of you starting out in the world where you have a line of credit for those things you can’t really afford.
That’s when you look for a card like the Bank Islam MasterCard Classic. It offers you rewards benefits, no joining fee and is completely Shariah compliant, under the contract of Tawarruq.
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This card comes with a special set of profit rates. Most credit cards come with a profit rate of 15% - 17% p.a. However, this one has a minimum of 13.5% p.a. when you make all your payments in full on time every time for a year.
The maximum interest rate charged is 17.5% p.a. Bank Islam’s Classic MasterCard does come with an annual fee, but you can easily have it waived by when you swipe the card at least 12 times a year.
Cardmembers are also entitled to an exclusive cash withdrawal fee of only 2.65% p.a. or RM12.72 depending on which is higher. Also, you can withdraw up to 50% of your credit limit.
Well this is a basic card, with lower interest rates. Maintaining it is super easy, especially because you can convert your more expensive purchases under the Bank Islam Easy Payment Plan.
This way you get to spend some money and treat yourself but the best part is, you don’t have to pay any interest. Simply pick a repayment tenure from 3 months up to 36 months and there you have it. Smaller installments and 0% interest.
Other than that, Bank Islam also wants to make it easier for you to make your Zakat contributions. You can no do it, via standing instruction, auto-debit from your account, or you could make an online transaction. Of course, you can always swing by any Pusat Zakat counters supported by Bank Islam to make your contribution there.