Some of the great features that make iFreedom stand out from the crowd is their ‘zero debt, no bills, zero interest’ condition.
The iFreedom Plus MasterCard is similar to a prepaid MasterCard and also offers exclusive discounts, offers and rewards from partners. The zero-interest feature is what makes iFreedom Plus MasterCard the card of choice for the growing Muslim population.
At the moment, this card is only available for residents in Canada, but online applications will be available to the public soon.
|Product Name||iFreedom plus|
|Annual fee||$0 p.a.|
|Complimentary Travel Insurance||No|
|Available To Temporary Residents||No|
|Minimum Age||18 years of age|
|Available to Temporary Residents||No|
|Credit Rating Requirement|
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
|Annual Fee||$0 p.a.|
|Gambling Transactions Allowed||No|
iFreedom Plus MasterCard Review
In addition to the zero interest, the card also has zero monthly fees, and zero annual fees. The only fees you pay are a one-time purchase fee of $20 paid at sign up and an activation fee of $30 debited from your first load.
Some of the discounts you enjoy when you use this credit card are: 10% off Etihad Airways; a $30 off coupon at ontario place; 32% off admission to Royal Ontario Museum; and 100 free long distance with Telecom Inc.
Features of the iFreedom Plus MasterCard
- Zero interest rate – Unlike most credit cards, the iFreedom Plus MasterCard has a 19.74% p.a. interest rate on purchases. This makes the card great for the Muslim community whose faith is completely against interest.
- Zero transaction, monthly and annual fees – The only fees you pay are one-time setup and activation fees.
- Exclusive discounts, rewards and offers – With the card, you get discounts and offers from partners like Etihad Airways, ontario place, Royal Ontario Museum, and Telecom Inc. among others.
- 1% cash back reward program – For monthly purchases over $100, the card gives you 1% cash back. For instance, if you made purchases worth $1,000 per month, you would have cashback of $120 over one year (i.e. $10 per month).
- Teen friendly – The card is 100% teen friendly. Your 13+ old kids can have their own cards, and you can monitor their spending. The cards are a great way to train your kids on responsible spending behaviours.
- Safety – With this card, there is no risk of fraud. You also have the ability to lock your cash if you lose your card.
- Convenience – With iFreedom Plus MasterCard you get the financial flexibility you deserve. You can shop at over 24 million merchants worldwide, withdraw cash from over 1 million ATMs globally, and load cash easily via your bank account.
- Budget friendly – Since the amount you load will be within the credit limit, you will be able to manage your budget easily.
- Zero liability protection – With this feature, you are protected from unauthorised purchases made using your card.
- 99% approval rate – Since no credit checks are required when applying for the card, iFreedom Plus MasterCard boasts a 99% approval rate.
About the iFreedom Plus MasterCard
iFreedom Plus MasterCard is a joint venture between UM Financial Group, Canada’s premier Islamic financial institution, and Mint technology Corp, a public company currently managing prepaid card programs for Canada Tire and MuchMusic. The iFreedom card is issued by a Calgary-based bank and is open to both Muslims and non-Muslims. The MasterCard boasts being Canada’s First Halal-Approved Card. Halal is Arabic for permissible.
How to apply
Please note that the card is currently not available to apply for online but it is an easy-to-apply card if you live in Canada. Lack of credit checks when applying for the card makes the application process straightforward and stress free. You can apply for the card by visiting any of UM financial group’s branches. You can also leave your email at the official iFreedom website, and you will be notified when the online application is available.
The following is the simple eligibility criteria you need to meet before you apply for the MasterCard.
- You must be at least 18 years of age. For supplementary cards, your kids must be at least 13 years old.
- You must be a permanent resident of Canada.
- Like with all other cards, you must provide some proof of income.
Since the card’s application does not require any credit check, very few documents are required. The following are the documents you need to have when applying for the iFreedom Plus MasterCard.
- Your driver’s license number.
- Your residential address information.
- Your employment details including employers details.
- For self employed applicants, your business’ audited accounts.
After you have met the edibility criteria and have all the required documents ready, you can now head to your nearest UM financial group branch to start the application process. The application process should not take more than 15 minutes.