KUALA LUMPUR: CIMB Islamic Bank Bhd has announced the upcoming launch of CIMB Lite-i, which aims to increase the accessibility of credit services to consumers for their daily expenses and short-term cash flow needs.
According to the bank, the card, which will be available by October 2026, is tailored for consumers seeking simple, affordable credit facility without frills.
Key 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.
“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.
This card also builds on CIMB’s broader efforts to support Malaysians through customer-focused initiatives namely, the SME Stabilisation Relief Facility, First Car Solution, Salary Account with Takaful protection, and the fee waiver for interbank withdrawals," said Novan Amirudin, group CEO of CIMB, in a statement.
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.
Haniz Nazlan, CIMB's CEO of group consumer banking, said the card is for a segment of customers who do not need premium rewards or lifestyle perks, but a reliable and affordable credit facility to manage daily expenses, bridge short-term cash flow needs, and build a healthy credit profile.
"At CIMB, we believe access to financial tools should not be a privilege reserved for a select few. Financial inclusion means ensuring more Malaysians, especially those beginning their financial journey, are afforded access to safe, affordable and practical financial solutions that help them build stability and resilience over time.”
