How to Apply to Bank Rakyat Gold Mastercard Credit Card

The Bank Rakyat Gold Card is a shariah-compliant credit card that caters to modern Muslim needs. With bundled benefits and lifestyle rewards, it provides an ethical option for daily spending.
The Bank Rakyat Gold Card is launched by Bank Rakyat, one of Malaysia’s leading Islamic cooperative banks. As an Islamic financial provider with over 60 years of experience, Bank Rakyat is well-positioned to create a credit card that complies with shariah requirements. The card offers the convenience and rewards of a modern credit card, while adhering to Islamic financing principles.
Benefits
The Bank Rakyat Gold Card provides a range of benefits that appeal to Muslim professionals and middle-income earners:
- No annual fees and free takaful insurance coverage for protection
- Tiered profit rates starting from 13% that reward good payment behavior
- Reward points earned on spending for cashback redemption
- Accepted for zakat payments to facilitate religious obligations
- 0% markup on overseas transactions for savings on foreign currency exchange
- Instalment plans at 0% profit rate for large retail purchases
- Profit rebates up to 3% for using Bank Rakyat’s auto debit and other financing
- Discounts and privileges for shopping, dining, travel and more
With this combination of bundled benefits, usage rewards and community-focused features, the Bank Rakyat Gold Card is competitively positioned in Malaysia’s Islamic credit card landscape.
Prerequisites
To apply for the Bank Rakyat Gold Card, applicants must meet the following eligibility criteria:
- Age 21 and above for principal cardholder; 18 and above for supplementary
- Minimum annual income of RM36,000
- Malaysian citizenship or permanent residency
Required documents for application include identification card, income statements and supporting documents. The credit limit offered ranges from RM8,000 to RM19,000 based on applicant profile. Both primary and supplementary cards are available.
About Bank Rakyat
Bank Rakyat is one of the largest Islamic cooperative banks in Malaysia with over 2.8 million members. Founded in 1954, it is deeply rooted in community values and champions equitable economic development.
As a cooperative bank, Bank Rakyat is owned by members and focuses on their interests. This aligns with Islamic principles of collective welfare and shared prosperity. Beyond banking, Bank Rakyat also provides microfinancing and microinsurance to support financial inclusion for underserved communities.
With over 650 branches nationwide, Bank Rakyat has an extensive presence while also investing in digital capabilities. Its offerings comply with shariah standards, from savings accounts to business financing. By integrating Islamic values in its products and community-focused mission, Bank Rakyat has become a leader in Islamic social finance.
The launch of the Bank Rakyat Gold Card applies Bank Rakyat’s strengths in shariah expertise and community-centric ethos to the modern Muslim consumer lifestyle. With market demand for shariah credit cards on the rise, Bank Rakyat leverages its established reputation in Islamic banking to cater to this growing segment.
As a card issued by an Islamic cooperative bank, the Bankrakyat Gold Card enables cardholders to practice ethical financial habits and contribute to wider community development goals with their everyday spending. This aligns with Islamic principles of wealth circulation and economic justice.
Who is this card for?
The Bank Rakyat Gold Card is designed for modern Muslim professionals, entrepreneurs and middle-income earners who desire a shariah-compliant credit card.
Specifically, it appeals to those who are looking for a credit card that:
- Does not charge annual fees or require a balance transfer
- Offers bundled benefits like free takaful coverage
- Rewards good financial habits with tiered profit rates and cashback
- Facilitates religious obligations like zakat payments
- Provides savings on foreign transactions and large purchases
- Aligns with Islamic business principles and ethics
With its lifestyle perks and community focus, the card suits Muslims who want convenience and modern rewards while adhering to their faith. Given Bank Rakyat’s mass market presence, the card is accessible to middle income segments.
Step by Step to Apply for the Card
Follow these steps to apply for the Bank Rakyat Gold Card:
- Go to the Bank Rakyat website and click on “Apply for Credit Card”.
- Select the Gold Card option and click “Apply Now”
- Review the product details, fees and eligibility criteria before proceeding
- Begin the online application – you will need to create a Bank Rakyat account if you do not already have one
- Enter your personal details, income information and upload supporting documents
- Read and accept the credit card terms and conditions
- Confirm submission of your application
- The bank will contact you within 5-7 working days regarding the status of your application
- If approved, your new credit card will be delivered to your registered address within 2 weeks
You can also apply at any Bank Rakyat branch nationwide. Downloading the Bank Rakyat mobile app (iOS/Android) allows you to manage your card anytime.
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Positives and Negatives of the Card
Pros:
- No annual fee and free takaful coverage provide savings
- Tiered profit rates encourage responsible usage with lower rates
- Cashback through reward points redemption
- Accepted for zakat payment
- 0% markup on overseas transactions
Cons:
- Credit limit may be lower than conventional cards
- Fewer promotional discounts compared to bigger banks
- Limited presence outside Malaysia reduces overseas usage
- Requires good credit profile to get lowest profit rates
- Lower range of card designs to choose from
While the Bankrakyat Gold Card has many strong benefits, its drawbacks include more limited credit limits and promotional offers. However, users prioritizing shariah compliance and community impact may view its advantages as outweighing the negatives.
How to Unlock the Card
Follow these steps once you receive your new Bank Rakyat Gold Card:
- Activate your card through the Bank Rakyat mobile app or by calling the activation hotline at 03-2693 6880.
- You will need to provide personal details for verification before activating your card.
- Set a 6-digit ATM PIN at any Bank Rakyat ATM machine for card security. This allows ATM cash withdrawals.
- Register for internet banking at the website to access your account online.
- Download the Bank Rakyat mobile app on your smartphone (iOS/Android) and log in using your credentials. This lets you manage your card on-the-go.
- Consider setting up an auto-debit from your Bank Rakyat account to pay your monthly card bill. This helps avoid missed payments.
- Activate the online shopping function in your mobile app or by calling the bank to enable online transactions.
- Your card is now ready for use at ATMs, retail stores, restaurants and other outlets!
Fees and Tariffs
Here are the key fees and charges for the Bank Rakyat Gold Card:
- No annual fee
- No cash advance fee
- No charges for late payment
- No charges for exceeding credit limit
- Card replacement fee of RM50
- No foreign transaction fees
- Profit rates from 13% to 18% based on tiered pricing
- RM10 monthly paper statement fee (free e-statements)
- Standard personal financing late penalty charges apply
Customers who maintain good financial behaviors can enjoy the card with minimal fees. But irresponsible usage can incur penalty costs.
Customer Service
Contact Bank Rakyat customer service for any card inquiries and assistance:
- Call Centre Hotline: 03-2693 6880 (daily 8am-9pm)
- Email: [email protected]
- Website
- Mobile app: Download the Bank Rakyat app on iOS/Android
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