CIMB Islamic Bank has launched the CIMB Lite-i Credit Card, a no-frills credit card aimed at Malaysians seeking lower financing costs and flexible repayment options.
The Tawarruq-based card offers a fixed, non-compounding profit rate of 14% per annum across all customer tiers, which CIMB said is lower than prevailing industry rates.
It targets customers who prioritise affordable access to credit over rewards and lifestyle benefits.
Cardholders who spend at least RM500 in a single retail transaction can convert the purchase into a six-month Flexi Payment Plan-i at 0%.
The promotion runs until 31 October 2027.
Novan Amirudin, Group Chief Executive Officer of CIMB Group, said the card makes responsible credit more affordable and helps customers strengthen their financial resilience.
“We believe financial solutions should be relevant to customers’ needs and help them build greater financial resilience over time,”
he said.
The launch follows a July announcement outlining CIMB Islamic’s plans to introduce the card as part of its push to provide lower-cost credit options.
The card can also be added to Apple Pay, Samsung Wallet and Google Wallet for contactless payments.
CIMB said it offers a lower cash advance profit rate than conventional market alternatives.
Featured image credit: Edited by Fintech News Malaysia, based on image by CIMB
