Al-Rajhi Bank Charge Card-i offers:

Up to 55 days of cost-free funds
24-hour ATM access at Al Rajhi Bank ATMs and ATMs displaying Visa PLUS and MEPS signs
Accepted at millions of Visa outlets worldwide
A Visa Wave feature for faster, secure and contactless transactions
Monthly statements to track your spending
In Compliance with Al Rajhi Bank (Malaysia) Shariah Standard



Requirements
- Minimum monthly income of RM3,000 for Classic Card and RM6,000 for Gold Card
- Open to Malaysians aged 21 and above
- Minimum income of RM3,000 per month
- A copy of:

• NRIC or Military ID or Police ID
• Latest 2 months’ pay slips
• Latest 3 months’ bank statement or latest EPF statement


Card Features
Minimal income : RM40,000
Annual Fee : RM70

No contract
No Treat/Reward Points
No Rebate Petrol
No Other Expense Rebate
No Group Insurance/Takaful
No Reward Programme
No Monthly Instalment charge-free services



I think this is a good charge card for all muslim brothers and sisters as Al-Rajhi not practicing riba' in their business.

I'm in the midst to terminate my Bank Islam Card and HSBC card ...

This post has been edited by kevler: Jun 22 2012, 04:02 PM

those who always ask about cash advance maybe interested with this card. You can withdraw 50% of your limit with the cost of RM 10 service fees without any interest up to 55 days. If you exceed that 55 days no interest will be levied however you will not be able to use the card until full payment is made

Wah, what you mentioned above is really a good offer. Looks like a lot of members here going to sign up for it.

Yes, this is a really good card for cash advance and you can park the money elsewhere. But they will not entertain for GST and annual fee waiver. They are very strict with credit limit, someone who have 100k salary without many cards also only managed to get their classic card with 7k limit only. I hope my point about the late payment should not be treated as something that everyone must do because the officer said they will terminate the card straight away if the late payment exceed certain period (I also hope no one will do this otherwise bank might review this product).

This post has been edited by cenkudu: Jun 24 2012, 11:35 AM

Thanks for sharing the great product here. Didn't notice that have such product after signing up their personal loan ..

Ok let's see, assume one get CL 10K. So can get cash RM5K. Deposit into FD 4% for 2 months, get interest about RM33. Less GST, Annual Fee and RM10 service charge, still rugi about RM97.

To break even need CL about RM30K.

but 1st year also no GST and annual fee waiver?

Assuming 1st year is waived then just pay back all b4 next year and cancel the card?

if you read above post by cenkudu, it was mentioned that they are strict about GST and annual fee.

yes, if calculate that way still rugi. but i only tried to ask for waiver once. in case someone who is really loyal customer to them has loan for example maybe can give a try

RM 10 fee is per withdrawal, normally RM 1500 is the max. if you need to withdraw 4.5 k that means RM 30 service fee. but I heard from my friend you can withdraw over the counter for free without fee (haven't tried this yet)

This post has been edited by cenkudu: Jun 24 2012, 03:40 PM

Aiyah, why you never mention earlier.

So based on above new info, if need to pay back in 55 days, the withdrawal fee works out to be minimum approximately 4% interest p.a.. But if no fee over the counter, then different story.

Let's assume that one does pay if full every 2 months and can withdraw again RM4.5K the next day (assume max CL RM10K again), one can earn like RM202.50 a year (based on RM4500 @ 5% interest in FD). Need to increase profit rate to more than 4% else no diff. Any investment earning less than 4% p.a. rugi straight away.

So RM202.50 - (RM30 fee x 6 times withdrawal a year) = RM22.5 . Still rugi RM97.5 after considering RM50 GST and RM70 annual fee.

But if no withdrawal fee over the counter like your friend said, RM202.50 - RM120 = RM82.50 profit/year or RM6.88/month

This post has been edited by Gen-X: Jun 24 2012, 04:36 PM

the reason why i want to terminate Bank Islam credit card is because they are now behave like other conventional bank like HSBC,Maybank,and so forth

so ..i think , from Islamic perspective , AlRajhi provide a good service without charging any interest/riba/bunga if we want to do cash advance ..after 55 days if we not able to pay the debt , AlRajhi will send letter saying that u should pay the debt else u will get penalty ...this is good too as Prophet Muhammad saying people whom not paying debt should punish them.

can u elaborate more regarding penalty charges?

why not so many people using this card?

i find the product features are quite interesting

Sound like a great card!

The card is no longer offer to public. Only by invitation. Luckily my wife own one.

This card still possible for Cash Advance over the counter; with only RM10 service fees?

This post has been edited by leo_kiatez: Nov 13 2014, 10:50 AM

Woah.... thats to someone dig out this card info.

Never knew this.

Then? Once the date comes, I still can't use it till I settle everything.

Never try to withdraw over the counter. I believe you still can do that as it will not charge for RM10 per RM1.5k WD.