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 Specific Name||Cashback 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.|
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.
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.
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.
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.
Q. How can I choose a right cashback card?
A. You can compare different cards to analyse the benefits. You can use a comparison tool to find a card that will suit your lifestyle needs. Choose a card that would be ideal for your spending history and budget.
Q. How can I apply for a cashback card?
A. Most banks allow you to apply for a card online via their website. You can either fill up an online application form or an online enquiry form. A bank representative would contact you to help you with the process. You can also visit your nearest branch to apply for a card.
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 is the eligibility criteria to apply for a cashback card?
A. The age criteria to apply for a credit card is 21 years and above. You need to have a stable income to get a card. The minimum monthly income criteria would differ from bank to bank and card to card.
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.