6 Top Islamic Credit Cards with Great Benefits but No Annual Fee!

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6 Top Islamic Credit Cards with Great Benefits but No Annual Fee!

Shariah compliance, complimentary Takaful coverage, no compounding charges, lower profit rates, attractive benefits. It’s not surprising why many in our country love Islamic credit cards, especially when Malaysia continues to be regarded as a global leader in Islamic finance.

And it can’t get better when a credit card offers fantastic benefits like cashback and reward points among other privileges without charging an annual fee!

If you’re someone who doesn’t want to compromise with a credit card’s Shariah compliance but not sure which option to pick, do check out our list of 6 top Islamic credit cards in Malaysia that offer great benefits but no annual fee.

1. BSN Mastercard Platinum Credit Card-i

6 Top Islamic Credit Cards with Great Benefits but No Annual Fee!

Image source: BSN

This BSN Mastercard Platinum Credit Card-i introduces you to a world of benefits without charging an annual fee at all! To begin with, you can earn up to 2x BSN Happy Points for every RM1 charged to the card. And you can redeem your accumulated points for Enrich Miles, gift items, shopping vouchers, dining vouchers, and more.

You also enjoy low management fees and get a complimentary BSN Zing PLUSMiles card through which you can get toll rebates on highways, and other offers at participating PLUSMiles merchant outlets.

Lastly, complimentary travel accident insurance and inconvenience benefit up to RM100,000 is a major plus!

Keep in mind

  • Minimum annual income required is RM60,000 and minimum age requirement is 21 years for this credit card
  • You can earn 1x BSN Happy Point on local transactions and 2x BSN Happy Points on dining, golf, travel, and overseas expenses
  • BSN EasyPay Plan available at 0% interest on a minimum purchase of RM500

Related: 5 Contributing Factors Behind Malaysia’s Prominence in the World of Islamic Finance

2. AmBank Islamic Visa Signature Card-i

6 Top Islamic Credit Cards with Great Benefits but No Annual Fee!

Image source: AmBank Islamic

Enjoy an array of benefits like AmBank Reward Points, golf privileges, Plaza Premium Lounge access, dining and hotel room privileges, complimentary Takaful coverage, and more with the AmBank Islamic Visa Signature Credit Card-i .

You’ll earn 3x AmBonus Points for all your overseas spends and 1x points for all local spends. You can then redeem your pool of AmBonus Points for free merchandise from rewards catalogue and air miles 4 frequent flyer programmes (Enrich, Asia Miles, Singapore Airlines KrisFlyer and AirAsia BIG) and 50 partnering airlines.

Cardholders will also enjoy 5x lounge access (across 26 lounges in Malaysia and worldwide) and stay protected with RM1 million travel takaful coverage (read details here).

And the icing on the cake is no annual fees for life, for both principal and supplementary cards!

Keep in mind

  • Minimum income requirement is RM80,000 per annum and the minimum age requirement is 21 years
  • First 3 supplementary cards are free for life and RM188 per annum will be charged from the fourth supplementary card
  • 3x AmBonus Points awarded only on overseas retail expenses and points aren’t granted for any online transactions
  • Complimentary takaful coverage up to RM1 million when full fare of airline tickets are charged to this card
  • 5x access to Plaza Premium Lounges per calendar year on a minimum spend of RM500 within 30 days before and/or 30 days after each lounge access
  • Purchase protection up to RM50,000 available within 30 days from the date of buying any product

Related: Opinion: 5 Reasons Why Islamic Banking Makes Sense for Everyone

3. Maybank Islamic Ikhwan American Express Gold Card-i

Not having to worry about paying the annual fee is just the first benefit of Maybank Islamic Ikhwan American Express Gold Card-i.

You can enjoy a 5% rebate on petrol and groceries on Fridays and Saturdays, and earn 1x TreatsPoints for every RM1 charged to the card locally or overseas.

And while you’ll love a host of other dining and shopping privileges, you’ll also stand a chance to win an Umrah package (for 2 Muslims) or a holiday package (for 2 non-Muslims).

Keep in mind

  • Minimum income requirement for Malaysians is RM30,000 per annum and RM60,000 for expats
  • Minimum age requirement for this card is 21 years
  • A minimum spend of RM200 in a single receipt is required for entry to win Umrah or holiday package
  • TreatsPoints on local and overseas transactions available on all days, except Friday and Saturday on petrol and grocery transactions
  • Each spending on this card equals to Maybank contributing 0.1% for charity purposes

Related: Opinion: 5 Reasons to Choose Islamic Banking over Conventional Banking

4. AFFIN Islamic World Mastercard Credit Card

6 Top Islamic Credit Cards with Great Benefits but No Annual Fee!

Image source: AFFIN Islamic

First-year annual fee waiver, reward points on transactions, complimentary Takaful coverage, and competitive rates as low as 12% p.a. — these are just some of the benefits you’ll enjoy with the AFFIN Islamic World Mastercard.

You get complimentary access to airport lounges, golf privileges, and funeral expense coverage as well.

Keep in mind

  • Minimum income requirement is RM80,000 per annum and the minimum age requirement is 21 years
  • Funeral expenses coverage of RM1,000 available
  • First-year annual fee waived for principal and supplementary cards. Subsequent years fees waived on an accumulated spend of RM48,000 per annum
  • Personal accident Takaful coverage up to RM100,000 and travel Takaful coverage up to RM1 million
  • 3x AFFIN Reward Points on every RM1 spent overseas and 1x AFFIN Reward Point on every RM1 spent locally. AFFIN Reward points can be redeemed for free merchandise from the bank catalogue
  • 6x complimentary access to Plaza Premium Lounges available on a minimum spend of RM2,000 in the latest month’s credit card-i statement

Related: 4 Key Differences Between Islamic Banking and Conventional Banking

5. Maybank Islamic PETRONAS Ikhwan Visa Platinum Card-i

The Maybank Islamic PETRONAS Ikhwan Visa Platinum Card-i not only offers you up to 8% cashback on your expenses at PETRONAS pumping stations but also rewards you with 1x TreatsPoints on your retail transactions.

There are no annual fees for your principal and supplementary cards and no compounding charges as well. You also get a free Touch ‘n Go Zing Card, which will be linked to your card.

Keep in mind

  • Minimum income requirement is RM60,000 per annum and the minimum age requirement is 21 years
  • 8% cashback available at PETRONAS stations only on Saturdays and Sundays. You get 1% cashback from Monday to Friday. All cashback capped at RM50 per month
  • TreatsPoints available on all transactions except Government Bodies, PETRONAS stations, and other petrol stations

Related: Takaful Insurance Explained: 10 Common Terms You Should Know

6. Bank Rakyat Gold Credit Card-i

6 Top Islamic Credit Cards with Great Benefits but No Annual Fee!

Image source: Bank Rakyat

Bank Rakyat Gold Credit Card-i (read the full review here) comes with an unconditional lifetime annual fee waiver. Besides this, you also get free Group Family Takaful Coverage and ‘Khairat Kematian’, and 1 Rakyat Reward Point for every RM10 charged to the card.

You can then convert your pool of Rakyat Reward Points to real cash (at the rate of RM0.1 per 10 points) to offset your monthly credit card balance and boost your savings.

You also won’t have to worry about compounding charges, processing fees, and penalty fees for early settlement. The profit rates are also lower in comparison to conventional credit cards.

Keep in Mind

  • Minimum income requirement is RM36,000 per annum and the minimum age requirement is 21 years
  • 1x Rakyat Reward Point is awarded for every RM10 spent on this card
  • Cash conversion available at the rate of RM0.10 per 10 points
  • You can redeem a minimum of 1000 Rakyat Reward Points at a go
  • Transactions at non-halal merchants will be declined

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

Want more options? Do check out our list of top conventional credit card categories:

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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