Bank Islam

Previously we look at “Compilation of Cash rebate credit cards“.

For those who prefer to use Debit Card instead of Credit Card to control spending, there are a number of banks offer debit cards with cash rebate. However, the quantum of rebate is lower when compare to rebate from credit card spending.

The table below is the list of debit cards that offers good cash rebate to the cardholders.

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Debit Card

Bank Islam recently launched a new debit card called “Bank Islam Visa Debit Card-i”. It is a multi functional card that combines the features of ATM a Visa card.

One of the main benefit of this card is, on every retail purchases made using Visa Debit Card-i, card members will enjoy 0.5 percent cash rebate.

The new Visa Debit Card-i will also allow card members to conduct transactions such as bill payments, dining, charitable contributions, online shopping, petrol purchases, Pilgrimage Fund Board’s (Tabung Haji) transactions or ticket bookings.

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mortgage rates down

That’s true. There is a new round of price war among banks for consumer loans, with the new mortgage rate going down to as low as base lending rate (BLR) -2.3%. The current BLR rate is 6.3%.

This is a very good news to property investors because they can obtain cheaper loan to buy more properties. With the news that Malaysia properties are booming, there are more reason to buy properties especially medium to high end landed properties.

There was a lots of interest in Malaysia properties priced below RM2mil and less movement among the higher end homes. Many foreigners especially from Singapore keen to invest in Malaysia due to affordability.

The new mortgage rate is now down to as low as BLR-2.2% since end-July.

After a quick check, below are the rates offered by some of banks. I believe other banks also have the same competative rate.

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interest rate

Following Bank Negara decision to raise Overnight Policy Rate (OPR) by 25 basis points to 2.5% last week, some banks in Malaysia start to revise up their Base Lending Rate (BLR) and Base Financing Rate (BFR).

This is the second time in 2010 that Malaysian have to bear the burden of higher interest rate. The first increase was implemented in March 2010.

Maybank, CIMB Bank, Public Bank, RHB Bank and Bank Islam have increased their BLR & BFR by 25 basis point to 6.05% from 5.80% previously. Other bank will follow suit.

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interest rate

With recent hike of Overnight Policy Rate (OPR) by Bank Negara Malaysia (BNM), Banks do not take a long time to raise BLR and BFR. The first bank to raise the BLR is Bank Simpanan Nasional.

BLR normally used in conventional loan package while BFR normally used in Islamic loan package. However, most of the time BLR & BFR figures are the same.

The table below show the latest BLR or BFR rate for most of banks in Malaysia as at 12th March 2010. This table is no longer maintained. The latest rates can be found on this page.

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