RHB Launches Sinar Credit Card-i for RM2,000 Earners at a Fixed 14% With No Annual Fee
RHB Bank has opened applications for the RHB Sinar Credit Card-i, a no-frills Islamic credit card aimed at Malaysians who earn around RM2,000 a month. The card drops rewards and lifestyle perks in exchange for a fixed profit rate of 14% a year and no annual fee, pitching itself as a simpler, cheaper way to use credit for everyday spending.
Key facts
- Who can apply: Malaysians aged at least 21 with an income of at least RM24,000 a year, or about RM2,000 a month.
- Price of borrowing: a fixed profit rate of 14% a year on retail purchases, with no compounding charges.
- Fees: no annual fee for both the principal and supplementary cards.
- Extras: automatic bill payments, balance transfers from other cards, cash withdrawals and 0% instalments of up to 36 months at selected merchants.
- Timeline: RHB first announced the card in July 2026 and said it would launch in October; it is now open for applications at branches and online.
A card built around the rate, not the rewards
Most credit cards in Malaysia compete on cashback, air miles or lounge access. The Sinar card, whose name is the Malay word for “ray” or “light”, goes the other way. RHB’s group chief executive, Dato’ Mohd Rashid Mohamad, said when the card was announced that not every customer wants rewards or lifestyle privileges, and that some simply value simplicity.
The trade-off is in the rate. A profit rate is the Islamic banking equivalent of interest: under Shariah rules, the bank charges an agreed profit instead of interest on what the cardholder owes. Card charges on regular cards can reach 18% a year, according to a report on the July announcement, so a fixed 14% can make a real difference for people who do not always clear their bill in full.
According to Fintech News Malaysia, the credit limit is capped at RM20,000 or twice the cardholder’s monthly income, whichever is lower. Jeffrey Ng Eow Oo, who heads group community banking at RHB, said the bank wanted to give customers a practical option with more flexibility in managing their finances.
What it means for Malaysians
- For lower and middle-income earners: people at the RM2,000-a-month level often find premium cards out of reach because of income rules or annual fees. A card with no fee and a lower fixed rate gives them a regulated alternative to informal borrowing or high-cost cash loans.
- For anyone carrying a balance: the gap between 14% and higher card rates adds up over time. Even so, the cheapest way to use any credit card is still to pay the full statement balance by the due date.
- For merchants: the 0% instalment plan at participating merchants can help shops sell bigger-ticket items, such as phones and appliances, to customers who would otherwise wait or pay cash.
- For the banking market: the launch adds a basic, rate-focused product to a card market where most banks fight for wealthier customers with perks.
What to watch
- Whether other Malaysian banks answer with their own low-fee, fixed-rate cards for entry-level earners.
- How the card competes with buy now, pay later (BNPL) plans and digital banks, which target the same younger and lower-income customers through apps.
- How many applicants are approved, given that RHB still has to assess each borrower’s ability to repay.
Related on FinDeskAsia: How Malaysia’s payment system works and PayNet and the regulators.
Sources: Fintech News Malaysia (November 2026), RHB Group, RHB Sinar Credit Card-i product page (November 2026), Varnam Malaysia (July 2026).
