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14% flat, landing Oct

The 'Basic Credit Card' Is Coming to Malaysia at a Flat 14% — Beating Every Existing Rate Tier (2026)

RaymondRates.my4 min read

A new Basic Credit Card lands in Malaysia this October, and Bank Negara's rate-setting makes the pitch clear: 14% a year, flat — no matter your repayment history. That beats even the best behaviour tier on an ordinary card today. Maybank Islamic, RHB and CIMB Islamic have all confirmed they're building one.

14% p.a.
Basic Card rate
flat, every cardholder
RM0
Annual fee
on the Basic Card
Oct 2026
Applications open
Maybank Islamic, RHB, CIMB Islamic

How 14% compares to your card today

0%5%10%15%20%14%Basic Cardeveryone, flat15%Tier 112/12 months on time17%Tier 210–11/12 months18%Tier 3under 10/12 months
Ordinary cards charge 15–18% depending on how many of the last 12 months you paid on time. The Basic Card skips the test and gives everyone 14%.
  • No repayment history needed. The rate doesn't depend on your payment record — every cardholder gets the same rate from day one.
  • Balances move over free. Existing cardholders can shift an outstanding balance to a Basic Card account with no transfer fee, per MOF.
  • Interest doesn't compound. It uses non-compounding financing — unpaid interest doesn't pile more interest on top.
Three transparent credit cards stacked together
No annual fee, no rewards tier to chase — the Basic Card is built for daily spending, not lifestyle perks. · Photo: Unsplash

Who's actually building one

Maybank IslamicOwn version confirmedOct 2026RHB BankOwn version confirmedOct 2026CIMB IslamicCIMB Lite-iOct 2026
All three confirmed so far open applications the same month. Expect more banks to join before October.
A second change from the same announcement. On 1 July 2026, Malaysia also scrapped the RM1 fee on interbank ATM withdrawals — across more than 14,000 machines nationwide. Both moves came from the same PM Anwar Ibrahim statement on banking-industry financial inclusion.
A customer tapping a card to pay at a small shop's payment terminal
The card is aimed at everyday spending and short-term cash flow — not miles or cashback chasers. · Photo: Unsplash

Who actually qualifies

Under RM24,000/yearNot eligible for a first credit cardRM24,000–RM36,000/yearMax 2 issuers · combined limit capped at 2× monthly incomeAbove RM36,000/yearNo BNM cap — each bank assesses individuallyExisting BNM rules for ordinary cards — Basic Card's own eligibility criteria are due closer to October.
These are today's rules for any Malaysian credit card. The Basic Card's own eligibility criteria haven't been published yet.
  • The exact Basic Card criteria aren't out yet. Banks say eligibility rules land closer to October — until then, BNM's existing limits apply to any card you hold.

What to watch

  • Oct 2026Applications open at Maybank Islamic, RHB Bank and CIMB Islamic (CIMB Lite-i).
  • Closer to OctEach bank publishes its own eligibility criteria and credit-limit rules for the Basic Card.
  • OngoingWhether more banks — beyond the three confirmed — join with their own Basic Card.
Not financial advice. This is general information based on public statements from the Ministry of Finance, Bank Negara Malaysia and the named banks as at 5 August 2026. Rates, fees and eligibility criteria are provisional until each bank confirms its final terms — always check with the bank before applying, and borrow only what you can repay.

Sources & further reading

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