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.
Key Features and Benefits of Bank Rakyat Credit Cards:
Here are some features and benefits offered by Bank Rakyat credit cards:
1. Shariah-compliant
When you apply for a Bank Rakyat 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, the bank ensures a 0% markup 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 credit cards' annual fees are waived with no conditions whatsoever.
The same goes for 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 of RM0.01 in a year to waive the annual fee.
3. Rakyat Rewards and Profit Rebate
Enjoy a unique credit card rewards program where you can earn 1 Rakyat Reward for every RM10 spent 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 a 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 death and permanent disability.
In addition, you will receive a Compassionate Allowance of RM1,000 for funeral expenses.
5. Theft or loss of Bank Rakyat credit card
Can’t find your Bank Rakyat 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 Balance Transfer Plan
If you are looking for the lowest rates and most flexible repayment balance transfer plan, the 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.
| BANK RAKYAT BALANCE TRANSFER PLAN | ||
|---|---|---|
| Tenure | Interest Rate | Min. Transfer |
| 3 months | 3% p.a. | RM1,000 |
| 12 months | 13.5% p.a. | RM1,000 |
We don't call the Bank Rakyat balance transfer plan "flexible" without any reason.
The plan allows you to pay off your debt early without any charge. Therefore, remember to pay your bill on time!
Types of Bank Rakyat Credit Cards in Malaysia
There are a few types of Bank Rakyat credit cards that you can find in Malaysia, such as:
- Bank Rakyat credit card for travellers and businessmen: Those who travel often for individual or business purposes will benefit greatly from Bank Rakyat Platinum Explorer Credit Card-i which offers 5% cash back for all airlines and hotel bookings. On top of that, you'll get complimentary 3x access to Plaza Premium Lounge in Malaysia!
- Bank Rakyat Platinum card: A credit card that rewards you with 1 Rakyat Reward Point for every RM10 spent. Complimentary Family Takaful Protection Plan.
- Bank Rakyat Gold card: With a minimum annual income of RM36,000, turn your spending into 0% easy payment plans. Enjoy zero additional fees on currency exchange on overseas transactions.
- Bank Rakyat Classic card: Anyone earning a minimum annual income of RM24,000 can apply for this Bank Rakyat card and collect 1 Rakyat Reward Point for every RM10 transaction.
- Bank Rakyat credit card for women: Specially designed for women, Bank Rakyat Kad Muslimah offers up to 10% discount at selected Merchants and Mastercard privileges.
How to Apply for Bank Rakyat Credit Cards
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.
| APPLY FOR BANK RAKYAT CREDIT CARD - ELIGIBILITY | |
|---|---|
| Age of Principal Cardholder | Minimum 21 years old |
| Age of Supplementary Cardholder | Minimum 18 years old |
| Nationality | Malaysian & Expats |
| Income Requirement (monthly)* |
|
*Please note that the minimum income requirement for expatriates might be different.
Bank Rakyat Credit Card Application
To get approved on your credit card application, you must prepare several general documents below:
| DOCUMENTS FOR BANK RAKYAT CREDIT CARD APPLICATION | ||
|---|---|---|
| Salaried Employee | Self-employed | Expatriate |
| ✔ Copy of IC (front & back) or Passport ✔ Copy of latest salary slip ✔ Copy of the latest EA form and EPF statement |
✔ Copy of IC (front & back) or Passport ✔ Copy of Business Registration Certificate ✔ Latest 3-month bank statement ✔ Form B |
✔ Copy of Passport ✔ Copy of Bank Rakyat Savings Account ✔ Copy of Letter of Confirmation from employer |
Best Bank Rakyat Credit Cards in Malaysia 2024:
- Bank Rakyat Platinum Explorer Credit Card-i
Enjoy 5% cashback on airlines and hotel bookings without a minimum spend. Collect Rakyat Reward Point, 1 point for every RM10 spent locally and overseas. - Bank Rakyat Platinum Credit Card-i Earn Rakyat Rewards every time you spend then convert them to cash whenever you are strapped. Plus enjoy free Family Takaful coverage and an annual fee waiver!
- Bank Rakyat Kad Muslimah A free-for-life credit card optimised for all Malaysian women. Enjoy exclusive deals, discounts up to 10% at selected merchants and MasterCard privileges.
- Bank Rakyat Classic Credit Card-i FREE group Family Takaful insurance. Coverage includes guaranteed repayment of outstanding debts accrued through Credit Card-i usage.
- Bank Rakyat Gold Credit Card-i Pay zero annual fees for life and get FREE group Family Takaful Coverage, 0% instalment Plan facility, low-profit rates and rewards points.
