Overview of Bank Islam Credit Cards In Malaysia
Based on the core foundation of Islamic Banking principles, Bank Islam credit cards have a range of benefits to cater to everyone’s needs with its Classic, Gold, and Platinum Mastercards.
What’s better than having unlimited reward points on every single purchase that awaits you?
What are the Features and Benefits of a Bank Islam Credit Card?
1. Bank Islam TruPoints for TruRewards Loyalty Program
Bank Islam credit cards come with a reward programme that helps you earn while you spend.
You can earn your way to redeem cool gadgets, appliances, and service benefits with Bank Islam’s TruRewards Loyalty Programme!
You can gain 1 TruPoints for every RM1 you spend on all local and overseas retail purchases.
Moreover, you can double or triple or quadruple your TruPoints when your supplementary cardholders spend on their cards too!
Do note that your TruRewards Loyalty Programme points will expire in 3 years. So, uncover the world of benefits by being a loyal cardholder!
2. Bank Islam FREE Comprehensive Takaful Protection
If you are an avid traveller, travelling should be fun and less stressful. This makes looking for travel insurance so vital.
Look no further as Bank Islam credit cards got you covered with comprehensive Takaful coverage.
Bank Islam World MasterCard Card-i and Bank Islam Infinite credit cards cover you, your supplementary cardholders, and your family members against death or permanent disablement while travelling.
Benefits also include a maximum sum assured of RM2,000,000 for personal accidents, a third-party liability of RM500,000 per occurrence and up to RM1,000 in compensation if you get caught in travel or luggage delays, among others.
On top of that, Bank Islam cardholders also get FREE Takaful coverage on the outstanding balance and funeral expenses benefit of RM1,000.
Moreover, under the Purchase Protection Takaful, your purchases will be insured from loss or damage up to RM10,000.
3. Bank Islam Credit Card Annual Fee Waiver
The best thing about the Bank Islam credit card is that the annual fee is waived, and subjected to a minimum of 12 transactions per year.
The annual fee for Bank Islam Platinum Visa Credit Card-i, for instance, is RM388 which is substantial but you can waive the liability of paying the annual fee on the condition that you swipe 12 times using this Platinum Visa credit card in a year.
4. Bank Islam Flexible Payment Plan
Avoid harvesting interest rates on your outstanding amount which you are not able to pay in full.
Allocate a smaller monthly instalment so that you can make room for other more pressing expenses.
If you or your supplementary cardholder spend RM3,000 in a single receipt, you can simply call the bank to request for Installment Payment Plan (IPP) of up to 36 months.
No upfront handling fee and interest are charged on the outstanding amount, so you essentially pay less than RM100 per month throughout the tenure.
However, if the store is not part of Bank Islam’s participating merchants, you can request for Retail Spread Value Plan (RSVP), which is also an instalment payment plan but with limited tenures of 6, 9 and 12 months with a one-time handling fee of 4.5% of the transaction amount.
5. Bank Islam Credit Card Offers Airport Lounge Access
For frequent business travellers, your Bank Islam Visa Infinite Business Credit Card-i gives you complimentary access to Plaza Premium Airport Lounges up to 3 times per year.
So, in the event your flight is delayed, just check yourself into the premier boarding room and enjoy some coffee or read the newspaper while waiting for your next flight.
Also, via the Bank Islam Visa Infinite Business Credit Card-i, your company can claim up to 20% Value Added Tax (VAT) charged on overseas spending such as hotels and more.
Under the VAT Refund Solution (a partnership between Bank Islam and Taxback International), your company can reduce foreign business travel costs while ensuring fiscal compliance.
What are the profit rates for the Bank Islam credit card?
For purchases and balance transfer transactions, Bank Islam adopts a tiered interest rate in a range of 13.5% - 17.5% per annum.
The profit rate charged will commonly be higher should you have a history of inconsistent repayments and a lower profit rate if you are prompt in repayments.
Also adopting the concept of Tawarruq, the contract period for this card is 3 years with no joining fee for this Islamic credit card.
What are the minimum monthly repayments for the Bank Islam credit card?
Bank Islam credit card members are required to make minimum monthly repayments of 5% of the current balance or a minimum of RM50, whichever is higher.
Monthly repayments will have to be made on the stipulated due date.
Failing to do so may result in a late payment charge of a minimum of RM5 or 1% of the total outstanding balance (excluding profit rates and fees), whichever is higher and up to a maximum of RM50.
How much does it cost to replace the Bank Islam credit card?
If your Bank Islam card got lost, stolen or damaged, you can get a replacement credit card for RM50 per card within 7-14 working days from the date of issuance.
What is the financing limit of my Bank Islam credit card?
The financing limits for Bank Islam Credit Card-i are as follows:
|Income of RM24,000 - RM36,000 per year||Income of RM36,000 and above per year|
|2 times the monthly salary||2.5 times the monthly salary|
Do note that the financing limit is subject to the discretion of the Bank based on the information and documents from each application.
How do I increase my Bank Islam credit card limit?
The financing limit can be increased by filling up The Increase/Decrease Limit and Card Upgrade/Downgrade Form.
This form can be downloaded from Bank Islam’s website.
Bring along a copy of your:
- Latest 2 months’ pay slips
- 6 months’ bank statements
- Latest B Form
- Tax Payment Receipt (Self-Employed)
- Latest Letter from Employer (Recently changed jobs)
Am I eligible to apply for Bank Islam credit cards?
To apply for a Bank Islam card, the principal cardholder will have to be at least 21 years old, while the supplementary cardholder is to be at least 18 years old.
Minimum annual income differs from card to card.
|APPLY FOR BANK ISLAM CREDIT CARD - ELIGIBILITY|
|Age of Principal Cardholder||Minimum 21 years old|
|Age of Supplementary Cardholder||Minimum 18 years old|
|Minimum Income (monthly)*||
What are the documents required to apply for a Bank Islam credit card?
You can compare and apply for a credit card online here.
To speed up your Bank Islam credit card application, it’s best to prepare the general documents required such as below:
|DOCUMENTS FOR BANK ISLAM CREDIT CARD APPLICATION|
|✔ Copy of IC (both sides), AND
✔ Latest EPF statement, OR
✔ Latest 3-month salary slip, OR
✔ Latest EA form
|✔ Copy of IC (both sides)
✔ 6-month bank statements
✔ Latest Form B with tax payment receipt
✔ Form 9 / 24 /29
✔ Business Registration Certificate
How do I apply for a Bank Islam Credit Card?
Credit card applications can be made online and through RinggitPlus. All you have to do is to compare all the Bank Islam credit cards and apply now.
Some of the best Bank Islam Credit Cards in 2023:
Whether you are a world traveller or an avid shopper, empower yourself with this credit card which provides high financing limit as well as help desk support around the clock!
Live the Platinum Lifestyle with a wealth of travel and shopping privileges, loyalty reward points and generous Takaful coverage.
A Shariah concept credit card that only accepts charges from Halal merchants and offers complimentary Group Family Takaful coverage.
Take your business worldwide with perks and benefits that will only make your business grow further.
An exclusive premium credit card for the world traveller who craves unique experiences based on Shariah principles.
Based on Shariah concepts, this is a platinum credit card free from usury. Only accepts transactions from Halal merchants.
A credit card based on Shariah principles where it only accepts transactions from Halal merchants. Get great deals with MasterCard privileges with lower profit rates.