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

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For all the options you have to choose from when it comes to credit cards in general, there are only a handful of choices if you’re looking at women-only cards in Malaysia. While almost every such card follows conventional banking principles, it’s not a given that it’s the only preferred kind out there.

So, those of you looking to get a women-only credit card that follows Islamic banking principles, check out the Bank Rakyat Muslimah Credit Card-i. It’s the first one of its kind—a Shariah-compliant, women-only credit card—in Malaysia!

Read on to see what makes the Bank Rakyat Muslimah Credit Card-i tick.

Shop to your heart’s content

It goes without saying that women love their retail therapy sessions. Whether you’re refreshing your wardrobe or redesigning your home’s interior, you can use the Bank Rakyat Muslimah Credit Card-i to make all your shopping trips—local and overseas—more affordable.

For starters, you get to enjoy zero mark-up rates whenever you make an overseas transaction with this card. So, you won’t need to deal with any additional costs other than the ongoing exchange rate the next time you pick up something from your overseas trip.

Next up, your local shopping trips won’t be too heavy on your wallet as well. To put things into perspective, you can convert large retail transactions made at selected merchant outlets into an instalment plan. This plan can stretch for up to 24 months, which is more affordable. All you need to make sure of is that the transaction value is worth at least RM1,000.

Protect your entire family for free

Ensuring complete financial protection for your family is simple with the Bank Rakyat Muslimah Credit Card-i. If you’re the principal cardholder, you get complimentary family takaful coverage of up to RM200,000. It has death benefit coverage of RM1,000.

However, keep in mind that maximum coverage is valid until you’re 65 years old. Also, the coverage is on the outstanding balance of your card.

What else do you get with this card?

The Bank Rakyat Muslimah Credit Card-i sure does stand out when it comes to some of its benefits. The first of these is that you get to enjoy exclusive activities such as grooming workshops and gourmet classes.

For instance, the grooming workshopSetting the Look for Today’s Professional Muslimah—is set up in collaboration with the Image Consultant for Celebrity Hijab Mrs Emi Idura Hashim. You’ll also be able to take advantage of other such exclusive activities and special campaigns. The bank will notify you of these from time to time.

How does this card fare against its competition?

There’s no real competition for the Bank Rakyat Muslimah Credit Card-i at the moment. It’s the one and only Shariah-compliant card meant for women in Malaysia. But, if you were to compare it against other women-only cards that follow conventional banking principles, it can seem like something of a disappointment on more than one occasion.

For example, the UOB Lady’s Solitaire Credit Card offers plenty of perks. It has cash rebates on fashion purchases, discounts during your birthday month, 0% instalment plan, purchase protection plan, and even complimentary travel insurance.

In comparison, the Bank Rakyat Muslimah Credit Card-i just offers complimentary family takaful coverage and access to some exclusive activities. The instalment plan is no match for the UOB credit card as it does carry an interest charge.

Eligibility criteria

Gender and nationality requirement Women who are Malaysian citizens
Minimum age requirement for the principal cardholder 21 years
Minimum age requirement for the supplementary cardholder 18 years
Annual income requirement RM24,000 p.a.

Fees and charges

Annual fee (principal card) Free for life
Annual fee (supplementary card) Free for life
Retail interest rate Based on your repayment behaviour over the last 12 months:

  • 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
Cash advance interest rate 18% p.a. daily interest
Monthly repayment instalment 5% of the outstanding balance that’s subject to a minimum amount of RM50
Interest-free period 20 days from the statement date as long as you’ve paid your previous outstanding balance in full on or before the due date
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.

Conclusion

The Bank Rakyat Muslimah Credit Card-i is not as good in some areas, especially in comparison with other women-only cards. But, with the card being the first Shariah-compliant card for women, it does manage to offer a level of uniqueness to Malaysians.

Considering how this card fares against other women-only cards, it makes sense to get it only if you’re keen on getting financing under the approved concept of Tawarruq. If you’re not bound by these conditions, this card may not be suitable for you. You should look at other alternatives to get more value for your daily spends.

All information provided in this article/blog, published on this website is strictly for general information purpose only. BBazaar does not provide any warranty about the authenticity and accuracy of such information. BBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Please visit the websites of respective banks/financial institutions for more details about products.

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