Assalamualaikum wbr and Good Day!
Almost all banks in the country have Master Card or Visa credit cards. Some offer life membership and some offer 3 years free membership and discounted rates for the following years. Even some bank is offering a gift to give away upon approval. Yes, there are many ways how these banks promote their product and sometime we could not resist declining the offer. And it is not surprising that some Malaysian have more than three credit cards! We sometimes fail to identify which credit card give better facilities and whether they have hidden agenda which sometime the marketing people would not tell us.
What I’m trying to tell here is about a new product available in the market which a bit different from the credit card but has the same function. This is a charge card from Al Rajhi Bank. Some people fail to differentiate between credit card and a charge card. The main different is the credit card can be paid 5% from the total usage whereas the charge card, you have to pay in full the total amount due as stated in the monthly statement.
An Al Rajhi Charge Card-I offers you all the convenience of a card with none of the pitfalls of credit. And it provides peace-of-mind in knowing that all Al Rajhi Bank’s product protects you under the principles enshrined in the Syariah.
The Al Rajhi Charge Card-I is a way to pay for things online, over the phone and at millions of Visa accepted locations worldwide. And because there is no interest charge, you avoid the compounding effect on your outstanding balance.
Al Rajhi 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 signs.
- Acceptance at millions of Visa outlets worldwide
- A visa Wave feature for faster, secure and contact less transactions
- Monthly statement to track your spending
- Internationally Syariah compliant.
- You can withdraw 50% from your credit limit for cash advance. The RM10 for every withdrawal for domestic (Al Rajhi Bank ATMs outlet) or the amount charged by the correspondence banks.
There will be no late payment penalty as you have to pay the total amount dues.
You will be 55 days interest free. How does it work? Let say, you have made a RM 3,000 transaction from 1st April to 30th April for the cash advance and retail transaction using your charge card. The statement date will reach you by early May and the RM 3,000 is due on the 26 May 2007, which gave you 26 days from the statement date (in this case the statement date is 1st May) to pay the full amount. Failing which, the usage of the charge card will be interrupted and you have another 29 days to pay in full the RM 3000. The 1st 26 days plus 29 days period is the total 55 days interest free which you won’t be charged for any late payment.
Beyond the 55 days, the bank will take legal action against you for failing to pay the total amount due and whatever amount incurred for getting back their monies. So, to avoid interruption in your card usage, please make a payment in full before the due date.
Requirement:-
- Open to Malaysians aged 21 and above
- Minimum monthly income of RM1,500
- A copy of NRIC or Military ID or Police ID, and the latest 2 months pay slip, and Bank Statement and EA Form.
You can download the application form from their website at www.alrajhibank.com.my
It is good for a Muslim as this card is prohibited for any unlawful activities or those contravening to the Shariah principles including but not limited to illegal online banking, betting or gambling!!
I hope this write up will help you to understand some of the important information on terms and condition of the Al Rajhi Charge Card-i.
Thanks,
Zul B M
