How to Apply to Bank Rakyat Platinum Mastercard Credit Card

The premium Islamic credit card with exclusive privileges and unrivalled value.
The Bankrakyat Platinum Card is an elite Shariah-compliant credit card that offers a suite of premium benefits tailored for discerning customers. Offered exclusively by Bank Rakyat, Malaysia’s leading Islamic cooperative bank, the card aims to make sophisticated Islamic banking fully accessible.
With its competitive pricing, zero fees on foreign transactions, unlimited cashback rewards and flexible repayment options, the Bankrakyat Platinum Card packs outstanding value in a single card. Cardholders can experience premium privileges and advantages without compromising on principles.
Benefits
- Low profit rates starting from 13% for share members
- 0% fees on overseas retail transactions
- 1 point per RM10 spent, redeemable for unlimited cashback
- 0% Instalment Plan facility for purchases above RM1,000
- Annual fee waiver upon meeting spend criteria
- Complimentary airport lounge access
- Exclusive invites to events and preview sales
- Dedicated relationship manager
The tiered pricing structure ensures responsible borrowers enjoy the lowest rates. Complimentary family takaful coverage provides extra peace of mind.
Cardholders can save substantially on foreign currency exchange with zero fees imposed on overseas retail spending. The unlimited cashback program enables maximizing rewards on daily expenditures.
Prerequisites
To apply for the Bankrakyat Platinum Card, customers must be aged 21 years and above, with a minimum annual income of RM60,000. Supplementary card applicants must be aged 18 and above.
Supporting documents like identity card, income statements and other eligibility proofs need to be submitted. Applications can be made online or at any Bank Rakyat branch nationwide.
Who is this card for?
The Bankrakyat Platinum Card is designed for discerning customers who appreciate premium privileges and outstanding value from their credit card. Specifically, it suits:
- High income professionals and executives – With a minimum salary requirement of RM60,000 per annum, this card is aimed at elite earners who deserve exclusive benefits and services worthy of their status.
- Frequent travelers – The zero foreign exchange fees provide massive savings for those who travel overseas extensively for business or leisure. Complimentary airport lounge access enhances the travel experience.
- Loyal Bank Rakyat customers – Existing clients who want to unlock more privileges can seamlessly upgrade to this premium card while enjoying preferential rates.
- Savvy customers – Those who want a full-featured elite credit card that optimizes rewards and financing options will appreciate the smart value proposition.
- Muslims who want a premium Islamic card – The card adheres to Shariah principles and provides elite privileges without compromising values.
Step by step to apply for the card
Follow these steps to apply for the Bankrakyat Platinum Card:
- Visit the Bank Rakyat website and navigate to Credit Cards section. Click on the product page for Bankrakyat Platinum Card to begin application.
- Click on the “Apply Now” button, and you will be redirected to the online application form. Make sure you have scanned copies of your documents ready.
- Fill in the required personal and income details accurately. Consent to the terms and conditions to proceed.
- Upload scanned copies of your IC, income statements and other documents as prompted. Review details before submitting.
- Approval is subject to meeting minimum eligibility criteria. Successful applications will be contacted by a bank representative.
- Activate your new card when received via Bank Rakyat’s mobile app available on Android and iOS.
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Positives and negatives of the card
Pros:
- Low profit rates starting from 13% make it affordable
- Zero forex fees great for overseas spending
- Unlimited cashback rewards with no cap
- Flexible 0% instalment plans
- Premium privileges like airport lounge access
- Excellent for high income professionals
Cons:
- High minimum salary requirement of RM60,000
- High annual fees of RM388 for main cardholder
- Cashback can only be redeemed after accumulated
- 0% instalments only for purchases above RM1,000
- Limited acceptance overseas as Islamic card
While the fees and requirements are high, they are justifiable given the elite segment targeting. Overall, the unlimited rewards, flexibility and privileges outweigh the cons for the right customer profile.
How to unlock the card?
Follow these steps when you receive your new Bankrakyat Platinum Card to activate and unlock it for use:
Download the Bank Rakyat mobile app on your smartphone if you haven’t already. It is available on both Android and iOS.
[junkie-button url=”https://apps.apple.com/my/app/irakyat-mobile-banking/id1585944651″ style=”green” size=”medium” type=”round” target=”_self”] PRESS HERE TO DOWNLOAD THE BANK RAKYAT APP ON IOS [/junkie-button]
[junkie-button url=”https://play.google.com/store/apps/details?id=com.irakyatmob.bkrm&hl=en&gl=US” style=”green” size=”medium” type=”round” target=”_self”] PRESS HERE TO DOWNLOAD THE BANK RAKYAT APP ON ANDROID [/junkie-button]
- Open the app and log in to your account using your credentials. Go to the Credit Card section.
- You will see the new Bankrakyat Platinum Card listed there marked as “Not Activated”. Click on it.
- It will prompt you to activate your card. Click “Activate Now”.
- Read and agree to the bank’s terms and conditions to proceed.
- You will now be asked to set a 6-digit PIN of your choice for your credit card. Enter and confirm your PIN.
- Congratulations! Your new card is now activated and ready for use after you set the PIN. You can start making transactions online or at retail outlets.
Fees and Tariffs
Here are the key fees and charges for the Bankrakyat Platinum Card:
- Annual Fee: RM388 for principal card, RM150 for supplementary card
- Monthly Management Fee: RM25
- Cash Advance Fee: 5% of withdrawal amount or RM15, whichever is higher
- Minimum Monthly Payment: 5% of outstanding balance
- Late Payment Penalty: 1% of total outstanding balance, minimum RM10
- Card Replacement Fee: RM50
- Sales Draft Retrieval Fee: RM15 per copy
- Additional Statement Request Fee: RM5 per statement
The tiered pricing structure means the actual profit rate can range from 13% to 18% based on your payment history and relationship with the bank. There are no foreign exchange fees on overseas transactions.
Customers should make the minimum payment due on time each month to avoid late fees and penalty charges. It is best to pay the full outstanding amount monthly.
About Bank Rakyat
Founded in 1954, Bank Rakyat is Malaysia’s longest-standing Islamic cooperative bank. It provides a full suite of Shariah-based financial solutions including deposit accounts, remittance, commercial banking and more.
As a cooperative bank, Bank Rakyat is owned by members who share in the profits. The bank has over 200 branches across Malaysia and over RM9.7 billion in assets as of 2018. Bank Rakyat is committed to community development and making Islamic banking affordable and accessible nationwide. With its strong brand image, wide reach and solid financials, Bank Rakyat provides stability and confidence.
The Bankrakyat Platinum Card enables discerning customers to access elite privileges on Malaysia’s most trusted Islamic banking platform. Customers can expect premium advantages backed by time-tested Islamic banking values.
Customer Service
Bankrakyat Platinum Cardholders can reach customer service through the following channels:
- Phone: +603-2693 6880
- Email: [email protected]
- Website
- Bank Rakyat Mobile App: Live Chat and messaging
- Postal Address: Bank Rakyat Card Services, Level 38, Bank Rakyat Tower, No. 1 Jalan Rakyat, 50470 Kuala Lumpur
Operating Hours: Monday to Friday, 9am–5pm. Closed on weekends and public holidays.
Cardholders can get assistance on account information, statements, payments, Reward points, card activation, fraud/loss reporting and any other issues related to their Bankrakyat Platinum Card through these channels.