Best Bank Rakyat Credit Cards in Malaysia 2019

No compounding interest and no annual fees - ever. Unlike many other credit cards on the market, Bank Rakyat offers plain and simple credit cards that match the principles of your faith. If you're looking to save money on charges and want a no-frills credit card that won't charge you the earth in interest fees, look no further than Bank Rakyat. Easy online application.

Overview of Bank Rakyat Credit Cards in Malaysia

Open to all faiths and backgrounds, Bank Rakyat credit cards cater to all segments of the economy. Whether you are just starting out or already a high earner, Bank Rakyat understands your needs, expectations and limitations.

 

Bank Rakyat MasterCard credit card benefits:

 

1. Shariah compliant

When you apply for a Bank Rakyat Islamic card, you will get a Shariah compliant credit card that follows the rules of Islamic finances. That means, there is no riba’ or no compounding element on your credit.

Plus, you will save a lot of money when spending with Bank Rakyat cards as they offer among the lowest profit rates (between 13.5% p.a. to 17% p.a.) in the market. Since it abides by Shariah laws, Bank Rakyat ensures a 0% mark up rate for overseas transactions, which means it does not charge additional fees on currency exchange.

 

2. Annual fee waiver

You will also be pleased to know that all Bank Rakyat cards annual fees are waived with no conditions whatsoever. The same goes to the Bank Rakyat Platinum Credit Card for the first year only; for the second year onward, you just make at least one transaction or charge a minimum RM0.01 in a year to waive the annual fee.

 

3. Rakyat Rewards and Profit Rebate

Bank Rakyat have a unique credit card rewards program where you can earn 1 Rakyat Reward for every RM10 spend on your credit card. These reward points can be converted into cash at the rate of RM0.10 per 10 points. That’s not all, Bank Rakyat also rewards you with profit rebate of up to 3%. Isn’t that great?

You can redeem your Rakyat Rewards and Profit Rebate to redeem umrah or travel packages. Or, you can redeem them as cash via cheque, credit to your Bank Rakyat Savings Account, or credit to your Bank Rakyat account to reduce your outstanding balance.

 

4. Free Takaful Coverage

All Bank Rakyat credit cards are offering a FREE Group Family Takaful Coverage of up to RM200,000 that covers for death and permanent disability. In addition, you will receive a Compassionate Allowance of RM1,000 for funeral expenses.

 

5. Bank Rakyat Balance Transfer plan

If you are looking for the lowest rates and most flexible repayment balance transfer plan, Bank Rakyat balance transfer plan is the answer. You can transfer up to 100% of your credit card limit, with no lock-in period and no early settlement fee.

 

6. Theft or loss of Bank Rakyat credit card

Can’t find your credit card? Don’t panic as you can reach out to Bank Rakyat Cards Centre at 03 2692 4600 to report a stolen or lost credit card. If you’ve got any questions or a complaint, just phone the Bank Rakyat 24 hour hotline at 03 2693 6880.

 

Bank Rakyat credit card application. Am I eligible?

Anyone aged between 21 years old to 65 years old, with a minimum income of RM24,000 annually is eligible to apply for a primary Bank Rakyat card. For a Bank Rakyat supplementary credit card, you must be at least 18 years old.

To get approved on your credit card application, you must prepare several documents below:

Salaried employee:

  • Copy of Identity Card (front and back) / Passport, and
  • Copy of latest salary slip
  • Copy of latest EA form and EPF statement

Self employed:

  • Copy of Identity Card (front and back) / Passport, and
  • Copy of Business Registration Certificate
  • Latest 3-month bank statement
  • Form B

Expatriate:

  • Copy of Passport, and
  • Copy of Bank Rakyat Savings Account
  • Copy of Letter of Confirmation from employer

 

Best Bank Rakyat Credit Cards in Malaysia:

  1. Bank Rakyat Platinum Credit Card-i
  2. Earn Rakyat Rewards every time you spend then convert to cash whenever you are strapped. Plus enjoy free Family Takaful coverage and annual fee waiver!
  3. Bank Rakyat Kad Muslimah
  4. A free-for-life credit card optimised for all Malaysian women. Enjoy exclusive deals, discounts up to 10% at selected merchants and MasterCard privileges.
  5. Bank Rakyat Classic Credit Card-i
  6. FREE group Family Takaful insurance. Coverage includes guaranteed repayment of outstanding debts accrued through Credit Card-i usage.
  7. Bank Rakyat Gold Credit Card-i
  8. Pay zero annual fees for life and get FREE group Family Takaful Coverage, 0% installment Plan facility, low profit rates and rewards points.