• Cashback Credit Cards

    Cashback credit cards are cards that offer cashback on your card purchases. The amount of money you receive is based on the cashback percent rate offered by banks for each specific card. These cards would allow you to save some money on your card expenses.

    Compare Cashback Credit Cards In Malaysia

    Card Name Benefits Annual Fee Interest Rates
    Standard Chartered JustOne Platinum MasterCard RM100 for card activation. Up to 15% cashback on auto bill payments, petrol and online purchases. RM265 (Waived off for the first year). 15-18% p.a.
    Hong Leong Wise Gold Up to 10% cashback on eligible retail purchases per month. RM265. 15% p.a.
    UOB Lady's Solitaire MasterCard Up to 10% cashback on shopping and on Wednesdays. RM318. 15% p.a.
    HSBC Amanah MPower Platinum Credit Card-i Up to 8% cashback on petrol and groceries. Up to 0.2% cashback on other local retail purchases. RM254.40. 15% p.a.
    Public Bank Petron Visa Gold Up to 5% cashback on fuel and non-fuel purchases at petrol stations. Free. 15% p.a.
    Public Bank Quantum MasterCard Up to 5% cashback on dining and online transactions. Free. 15% p.a.
    Maybank 2 Platinum Cards 5% cashback on retail purchases during the weekend. Free. 15% p.a.
    CIMB Cash Rebate Platinum MasterCard Up to 5% cashback on utilities, groceries, cinema, petrol and mobile bill payments. Free. 15% p.a.
    Public Bank Visa Signature 6% cashback on dining, grocery and online transactions. Free. 15% p.a.
    Maybank Visa Signature 5% cashback on all domestic grocery and petrol purchases. RM550 (Waived off for the first year). 15% p.a.
    Citi Cash Back Credit Card Up to 5% cashback on everyday purchases. RM127.20. 15% p.a.
    Alliance Bank You:nique Up to 3% cash rebate on all retail purchases. Waived off for first 3 years. 15% p.a.
    Hong Leong Mach Up to 10% cashback on all retail purchases. RM160. Waived off if your card is used for minimum 12 times in a year. 15% p.a.

    Features And Benefits Of Cashback Credit Cards:

    • You can earn cashback on retail purchases such as groceries and petrol.
    • You need not pay an annual fee on some cards when you meet specific criteria as set by the bank.
    • You can get money back on dining and entertainment expenses.
    • You can get an interest-free period for retail purchases and transactions.
    • You can get cashback for special purchases such as weekend purchases or Wednesday purchases.

    Why Choose A Cashback Credit Card?

    Most cards would give cashback on a specific spending type such as petrol, grocery or dining. If you spend a lot of money on a particular type, you can save money on such spending by using a cashback credit card. Since you would receive a portion of your money in your account, you can even use that money to make payments on your card.

    All cards would differ in terms of cashback and spending types. You can check the features and benefits of each card to choose one that will suit your lifestyle and budget. A suitable card would allow you to use it on things that you love and save some money simultaneously.

    However, you need to remember that in order to save money you have to pay the outstanding dues on time. The interest rates charged for outstanding dues on these cards are more than the cashback you would receive.

    How Do Cashback Credit Cards Work?

    Each card has a cashback percent rate set by the bank. This percent rate would determine the amount you earn back whenever you use your card on purchases. For example, if your card offers you a cashback of 8% and your monthly expenses is around RM100, you would receive an amount of RM8. This means your monthly purchases would be only RM92.

    This amount will be credited to your account at the end of your card statement cycle. Some cards have specific eligibility criteria for cashback such as a minimum spend amount or a tiered rate based on the amount you spend. For such cards, you would receive the cashback only when you meet that criteria.

    How Do You Choose The Best Cashback Credit Card?

    Different cashback cards come with their own set of special offers and benefits. What may be great for you may not always work for another user. A good way to analyse the importance of cashback benefits for your unique needs would be to compare multiple cards.

    This way, you’ll be able to find the best card that suits your spending habits and make the most of it. Always keep your spending history and budget in mind when you’re looking for a cashback card.

    Eligibility Criteria

    For most credit cards, the minimum age requirement for an applicant usually is 21 years. Your employment status and monthly/annual income can also influence your credit card application. Depending on the kind of card you choose and the card issuing company, the eligibility criteria can vary. Remember that the more benefits there are to enjoy, more stringent will the eligibility criteria be.

    How Do I Apply For A Cashback Credit Card?

    You can apply for most credit cards on the bank’s website. All you need to do is fill out an application or a request form online and wait for the bank’s representative to get in touch with you. Alternatively, you could just walk into the card issuer’s nearest branch and start your application process.

    Difference Between Cashback, Rebates And Rewards

    • Cashback: You would get a percentage of the money you spend on your card back to you. This money would not be in the form of cash instead it would be credited to your account.
    • Rebates: Rebates are a form of a discount on a particular product. When you purchase a specific product with your card, you would get a discount on that product. The percentage rate of rebates is determined by banks and merchants.
    • Rewards: Rewards are an incentive program. You can earn reward points on your card purchases which you can redeem for a different product. Banks would usually have a rewards programme catalogue from which you can choose a product as per your preference. Some products that you can redeem your reward points are vouchers, gadgets, home products, air miles and travel offers.

    FAQs

    Q. Do I get a cashback on all transactions?

    A. Although most credit cards offer a cashback on all kinds of retail transactions, some of them don’t consider fuel expenses, government agency spends, or card-related transactions such as monthly repayments, finance charges, etc. It’s important that you go through the fine print so you’re aware of what transaction does and what doesn’t qualify for a cashback.

    Q. Can you use the cashback you’ve earned to pay your card’s annual fee?

    A. Quite a few card issuers allow you to use the cashback you earn using your credit card to pay off the annual fee or even offset it for your monthly payments.

    Q. Are there any terms and conditions of cashback?

    A. Yes. Most banks have their own specific terms and conditions. They could impose a monthly cap on cashback. This would mean that there is a limit on the amount you can earn back while using your card. All such terms and conditions would be specified by each bank so that you are aware of the limitations.

    Q. What happens to my cashback if I return any goods that I purchased?

    A. Most banks in Malaysia reverse any kind of cashback that’s processed in case of refunded, disputed, unauthorized, or fraudulent retail transactions.

    Q. How long would the application process take?

    A. The processing time would vary from bank to bank. If your card application is approved, you would receive your card within 7 to 10 working days.

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