CIMB Bank announced the upcoming launch of the CIMB Lite-i credit card under its Islamic unit, which promises to be extremely affordable to own with low profit rates.
Set to be available by October 2026, the Card features include a lower profit rate, non-compounding profit, no annual fee, and cost-effective financing options at lower charges, making credit more accessible and manageable for a wider segment of society.
Novan Amirudin, Group Chief Executive Officer, CIMB Group said, “The CIMB Lite-i credit card addresses a growing gap in the market for practical, low-cost credit solutions. The new credit card exemplifies our continued commitment to better support Malaysians in managing their day-to-day financial needs.
The Card offers no annual fee, a lower profit rate of 14% per annum across all tiers compared to the industry norm, as well as a similar reduced cash advance profit rate. Similar to all CIMB Islamic Tawarruq-based credit cards, the Lite-i credit card adopts a non-compounding profit approach.
Like other credit cards, customers will not be charged the profit rate as long as they pay their full outstanding balance by the due date. It also comes with a practical credit limit tailored to the cardholders, to support everyday spending needs while encouraging prudent credit usage.
