Bank Rakyat Gold Credit Card-i Review: A Low Maintenance Card with Free Family Takaful Coverage

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Bank Rakyat Gold Credit Card-i Review

Finding a credit card that meets your daily requirements while staying in line with your religious beliefs does require some research. While there isn’t a dearth of good Islamic credit cards in Malaysia, you’re probably seeking one that checks all the boxes.

This is why the Bank Rakyat Gold Credit Card-i can turn out to be a good option to consider. Read our review to find out more about this Islamic credit card.

First, here’s an overview of what we really like and what doesn’t tickle our fancy about this card

What we like most 🙂

What isn’t that great 🙁

Free group family Takaful coverage and Khairat Kematian

No annual fee or processing charges; low profit rates

Earned Rakyat Rewards convert to cash and boost savings

Only 1 Rakyat Reward Point for every RM10 spent on this card

Low cash conversion rate for earned rewards points at RM0.10 per 10 points

Now let’s discuss the key benefits of this credit card in more detail:

Bank Rakyat Gold Credit Card-i Review

Image source: Bank Rakyat

Stay protected with free Takaful coverage

It’s always a delight to know that your card offers you protection, especially when it’s free of cost. That’s why one of the most notable highlights of this card is the free group family Takaful coverage and ‘Khairat Kematian’. “The coverage includes guaranteed repayment of outstanding finances accrued through Credit Card-i usage,” the bank states.

Related: Bank Rakyat Muslimah Credit Card-I Review: First of Its Kind in Malaysia

Get rewarded for every spend

Whether it’s buying groceries or picking out that stunning handbag at the mall, this card will reward you for all your expenses. For every RM10 you charge to the card, you get 1 point as a part of the Rakyat Rewards Programme.

And you can convert your pool of Rakyat Rewards Points to cash at the rate of RM0.1 per 10 points. That means, for example, total eligible spends worth RM30,000 will fetch you 3,000 rewards points which can be converted to RM30 cash savings.

Also, the Rakyat Rewards do not expire so you can accumulate them for a long time. Keep in mind, you can redeem a minimum of 1,000 Rakyat Rewards at a go.

Related: HSBC Amanah MPower Platinum Credit Card-i Review: Is the Hype Well Deserved?

Say goodbye to maintenance costs

Well, there are many credit cards out there that offer excellent rewards programmes or cashback deals. But you need to shell out a considerable amount too (to pay annual fees or to meet steep spending requirements) in order to avail the benefits. Thankfully, you have no such concern with this Islamic credit card.

Firstly, the annual fee for the principal and supplementary cards is waived for life unconditionally.

Also, you won’t be charged a mark-up rate on your overseas transactions. Which means, no additional fees on currency exchanges for overseas spends.

Plus, when you sign up for the card, you won’t have to pay a processing fee. And if you decide to opt for a payment instalment facility and settle the dues before the due date, there are no penalty charges involved too.

Speaking of payment instalment services, there’s a 0% profit charge on plans with retail purchases that are RM1,000 and above.

Related: 6 Best No-Frills Credit Cards to Add Value to Your Spends

Make the most of low profit rates

Bank Rakyat Gold Credit Card-i Review

To begin with, the profit rates for this card are as low as 13% per annum. However, there are three types of tiers with different profit rates, and it changes based on your repayment behaviour. Profit rates also split into two categories—Bank Rakyat Share Member and Non-Bank Rakyat Share Member. Let’s dive into those details in the table below:

Tier Category Criteria Category Profit Rate (p.a.)
Tier 1 – Payments made consistently for 9 months on or before the due date. Non-Bank Rakyat Share Member 13.5%
Bank Rakyat Share Member 13%
Tier 2 – Payments made within a 9-month period on or before the due date. Non-Bank Rakyat Share Member 17%
Bank Rakyat Share Member 15.5%
Tier 3 – Not fulfilling the conditions in Tier 1 and Tier 2. Non-Bank Rakyat Share Member 18%
Bank Rakyat Share Member 17%

Other benefits

  • You won’t have to worry about increased profit rates because there is no compounding element with this card
  • You can easily pay for Zakat with this card
  • You enjoy access to special privileges and discounts with Bank Rakyat’s MOTO Programme, also known as Discount for Mail Order/Telephone Order. These promotions will be shared with you along with your monthly Credit Card-i statement
  • You get a profit rebate or Tabung Rakyat Rewards when you opt for the Auto Debit facility and other Bank Rakyat Financing Facility and are a good paymaster. The profit rebate increases year on year and if you’ve met all the requirements, by the end of 3 years you’ll be getting a rebate of 3%. Check out the table below for the breakdown:
Rebate category Year 1 Year 2 Year 3
Auto debit facility 0.5% 0.5% 0.5%
Good paymaster 1.0% 1.0% 1.5%
Other Bank Rakyat payment facilities 0.5% 1.0% 1.0%
Total rebate 2.0% 2.5% 3.0%

 

Keep in Mind

  • If you use your card for any transactions at non-halal merchants, your card will be declined
  • Before making any overseas or online transactions, it’s recommended to contact the Bank Rakyat Card Centre at 03-2693 6880. This is advised for security reasons

Related: 6 Top Credit Cards for Expats in Malaysia

Eligibility Criteria

Minimum age requirement (Principal Cardholder) 21 years
Minimum age requirement (Supplementary Cardholder) 18 years
Maximum Age Limit for Takaful coverage 65 years
Minimum Annual Income Requirement RM36,000 p.a.

 

Fees and Charges

Annual Fee (Principal Card) Free for life
Annual Fee (Supplementary Card) Free for life
Profit Rate
  • 13.5% p.a. to 18% p.a. – For those who don’t own any shares of Bank Rakyat.
  • 13% p.a. to 17% p.a. – For shareholders of Bank Rakyat.
Overseas Transaction Fee Overseas transactions made in foreign currencies will be converted into Malaysian Ringgit at the prevailing rate according to Mastercard International. There will be no additional exchange conversion mark-up fee.

Verdict

The value of Rakyat Rewards at RM0.1 for 10 points may not be the best out there. But the facility to convert them into actual cash is a great feature towards real savings as you need not dole out a ridiculous amount of points to get, for example, a free merchandise.

And the free family Takaful coverage, apart from extremely low maintenance costs (including zero annual fees, processing fee, penalty charges and foreign transactions currency exchange mark-up fee) makes it an ideal payment partner to add value to your daily spends.

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