New CIMB Lite-i credit card to offer lower financing cost at 14% and no annual fee

KUALA LUMPUR, Oct 7 (Bernama) -- CIMB Islamic Bank Berhad ("CIMB" or "the Bank") today launched its CIMB Lite-i Credit Card ("Card"), a no-frills, credit card designed for Malaysians seeking a practical credit facility with lower financing costs and flexible repayment solutions. 

CIMB offers one of the most affordable credit card propositions in the market, featuring a fixed and non-compounding profit rate of 14% per annum across all customer tiers, lower compared to prevailing industry rates. The Card is tailored for customers who prioritise affordability and access to responsible credit over rewards and lifestyle privileges, making it an ideal solution for managing everyday expenses and short-term cash flow needs. 

Cardholders who make a minimum retail spend of RM500 in a single transaction are eligible for a 0% Flexi Payment Plan-i (FPP-i) for six months. The promotion, valid until 31 October 2027, provides customers with greater payment flexibility by allowing eligible retail purchases to be converted into monthly instalments at no additional financing cost. Prevailing merchant deals and promotions, as well as other Easy Payment Plan (EPP) offers, remain available to eligible cardholders.  

Novan Amirudin, Group Chief Executive Officer, CIMB Group said, “The CIMB Lite-i Credit Card reflects our commitment to advancing customers and society by making responsible credit more affordable for Malaysians. We believe financial solutions should be relevant to customers’ needs and help them build greater financial resilience over time. Through propositions such as CIMB Lite-i, we aim to support Malaysians in managing their finances so they can move forward with greater confidence and stability.”  

Haniz Nazlan, Chief Executive Officer, Group Consumer Banking, CIMB added, "The CIMB Lite-i Credit Card addresses a growing gap in the market for practical, low-cost credit solutions. We recognise that many consumers are seeking a dependable credit facility without paying for premium rewards or lifestyle benefits they may not need. At CIMB, we believe credit should be simple, affordable and within reach of more Malaysians. By offering a lower profit rate and flexible payment plans, CIMB Lite-i helps customers manage everyday expenses, navigate short-term cash flow needs and build a healthy credit profile over time, while supporting their financial aspirations in line with CIMB's purpose." 

The introduction of the CIMB Lite-i Credit Card strengthens the Bank's efforts to support access to responsible credit among Malaysians. Consistent with CIMB Islamic's Tawarruq-based credit card offerings, it adopts a non-compounding profit structure and offers a lower cash advance profit rate compared to conventional market alternatives. For greater convenience, the Card can also be added to digital wallets including Apple Pay, Samsung Wallet and Google Wallet, enabling secure and seamless contactless payments for everyday purchases. The card also comes with 2 practical credit solutions aligned to customers' spending and repayment capacity, encouraging prudent credit management while providing financial flexibility.  

This new offering also reflects CIMB's "Moving You Forward" brand promise by empowering more Malaysians to access practical financial tools and participation in the economy. For more information on the CIMB Lite-i Credit Card and the launch promotion, please visit www.cimb.com.my/creditcard.  

SOURCE: CIMB Group 

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Anis Azharuddin / Kelvin Jude Muthu
Group Corporate Communications
CIMB Group Holdings Berhad
Email: anis.azharuddin@cimb.com / kelvinjude.muthu@cimb.com

--BERNAMA