Compare & Opt for Credit Card from various categories like Travel, Shopping, Rewards, Cashback, No Annual Fee, Petrol, Dining etc., Check for Credit Card Balance Transfer Plans, Benefits and Fees & Charges. BBazaar.my helps you to Compare, Choose and apply for the best credit cards in Malaysia.
Issued by a financial company, a credit card is a piece of plastic that extends a line of credit and gives you an option to borrow cash. This option to borrow funds is usually valid whenever you need to make a purchase. Credit cards are mainly meant for all your short-term financing needs and come with a preset cap on borrowing – a credit limit. Most importantly, you’ll need to pay interest on what you’ve borrowed. There are plenty of options when it comes to credit cards in Malaysia. Whether you love to travel every other month or are biased toward a certain brand of products, you’ll be able to find a card that suits your unique needs.
Updated on 14th May 2018
|Best for||Best Pick 1||Best Pick 2|
|Cashback||RHB Visa Signature Credit Card||Standard Chartered Justone Platinum MasterCard|
|Travel||Standard Chartered WorldMiles World Mastercard||OCBC Premier Voyage MasterCard|
|Dining||Citi Cash Back Credit Card||Maybank 2 Cards Premier|
|Rewards||HSBC Visa Signature||Maybank 2 Gold Cards|
|Islamic||HSBC Amanah MPower Visa Platinum Credit Card-i||RHB Islamic Platinum Credit Card-i|
|No Annual Fee||Maybank 2 Gold Card||AmBank Visa Infinite|
|Balance Transfer||BSN Credit Card||RHB Smart Move Balance Transfer|
|Petrol||Shell-Citi Credit Card||CIMB Petronas Platinum Credit Card|
|Shopping||Hong Leong WISE Card||RHB Islamic Smart Value-i|
|Premium||HSBC Premier Travel Credit Card||UOB Visa Infinite|
Based on individual features and benefits, credit cards can be grouped under multiple categories. Here’s an extensive list of the main types of credit cards in Malaysia and how each type of card can be useful to you as a card user:
All Credit Cards in Malaysia come with their own unique features. These features are what makes each card a highly flexible and useful payment option. Here are some important features of Malaysian credit cards that you’d do well to know about:
Annual Fees: One of the most common terms you’ll come across when using a card is annual fees. This fee is charged to your credit account automatically in return for all the features and benefits your card provides you. Keep in mind that cards with an increasing number of benefits attract higher annual fees.
Joining Fees: As you can probably understand from the name, joining fees come into play when you’ve applied for a new credit card. This charge is what you’ll have to pay to have a new credit account with a bank. The joining fees you’ll pay for a card depends on the type of credit card and the issuing bank.
Billing Cycle/Period: Put simply, a billing cycle is the period of time between billings for any credit account. The number of days in a billing period can differ according to the kind of credit card being used and the issuing bank. The billing period for most credit cards in Malaysia usually is about 30-days long.
Card Statement: A credit card statement is a complete summary of all transactions that you’ve made using your card within a specific billing cycle. A card statement will also tell you what your outstanding balance is and how much you’ll need to pay as a minimum amount to continue using your credit card. Banks will send you a statement every month. You can choose to receive your card statement either by email or by post. You can also get a duplicate statement if you’ve misplaced your original one for an additional fee.
Bill Payment: Once your card statement is generated, you’ll have an option to either pay your full outstanding balance or the minimum dues on or before a preset payment date. All dues left unpaid will attract interest that’s carried over to the next billing cycle. Banks in Malaysia offer a whole host of options when it comes to credit card payments. You can pay your card dues through internet banking and phone banking channels. If you wish to handle things in person, you can also pay your credit card balance by visiting the nearest branch of the issuing bank.
Card Alerts/Notifications: From real-time purchase alerts and bill payment reminders to credit balance alerts and statement generation notifications, there’s plenty of notification options that you can sign up for when you use a credit card. These options help you stay abreast of whatever’s happening with your credit card account. Such alerts keep you notified even in case of fraudulent transactions, if any.
Global Acceptance: It’s a widely known fact that credit cards are accepted almost everywhere across the world as they provide a high level of security and flexibility when it comes to financial transactions. Most credit cards in Malaysia are tied with a number of payment networks, such as Visa, MasterCard, and American Express. These networks process all payments made between banks and merchant outlets. Cards that are partnered with such networks are universally accepted as a mode of payment.
24/7 Assistance: It’s impossible to know all the terms and conditions that govern the usage of any credit card, especially when you’re a first-time user. But, banks don’t just leave you hanging when you really need help. Most card-issuing banks in Malaysia have an exclusive helpline for their cardholders. You can seek help on all kinds of card-related topics, including billing details, promotional offers, transaction charges, bill payment channels, etc. You can also report fraudulent and disputed transactions or loss or theft of your card.
Lost Card Liability: You can never be too careful about a credit card. If your credit card gets lost, misplaced, or stolen, there’s every possibility that it can be misused. Most card issuers in Malaysia provide you with zero lost card liability cover. This means that you won’t be held responsible for any kind of transaction that’s made with your card after you’ve reported it to be lost.
Credit Card Loans: If you’ve been a responsible card user and have always made your payments in time, card issuers in Malaysia have the option of providing you with a pre-approved loan that usually comes at a low interest rate when compared to other regular loan facilities.
Balance Transfer: Cards issuing banks in Malaysia offer this facility to their cardholders wherein you can transfer any outstanding balance you have on another bank’s credit card to your existing card. You’re then allowed to repay this balance in the form of monthly instalments over a flexible repayment period at a relatively low interest rate.
Instalment Payment Plan: This common feature of credit cards lets you convert a large retail transaction carried out in a single receipt into smaller, affordable monthly instalments. The interest rates for such conversions can vary from one bank to another. Most Malaysian banks offer 0% interest payment plans too.
Cash Advance: With this feature, you can use your credit card to withdraw cash from an ATM. There’s a limit on the amount you can withdraw and it usually is a percentage of your credit limit. You’ll have to pay a fee to use this facility and interest on the amount that’s borrowed.
Insurance Cover: Besides being an effective financial tool, credit cards in Malaysia also come with complimentary insurance coverage. Such cover can either be in the form of travel and personal accident insurance or even life insurance in some cases.
Having a credit card isn’t just about making purchases on credit, spending responsibly, and paying your dues in full every month. There’s plenty of ways how you can take advantage of having a credit card in your wallet.
Sign-Up Offers: There’s nothing better than being rewarded without having to work too hard. Sign-up promotions are precisely this.All you need to do is sign up with a particular credit card company to enjoy rewards, such as bonus points, discounted airfares, travel perks, waiver of annual fees, cash rebates, etc. Most such offers come with specific terms like a minimum spend requirement in the first year, successful card approval and activation, etc.
Reward Programs: These programs allow you to earn a multitude of rewards in proportion to the amount of money you spend using your credit card. Such programs offer rewards, including air miles, points, cashback, and rebates based on your spending across various categories, such as dining, shopping, online transactions, overseas purchases, etc.
Frequent Flyer Miles: If travelling by air is your go-to option whenever you need to travel, then pick a credit card that focuses on this rewards category. With every purchase you make, you’ll earn air miles or points that can be redeemed for air miles from frequent flyer programs. The air miles redeemed can be used with a partner airline for discounted airfares, seat upgrades, or even free flights.
Reward Points: Most credit cards in Malaysia allow you to earn points on all kinds of purchases, whether it’s in a department store or on an e-commerce website. You can accumulate these points and redeem them later for a wide variety of gifts, vouchers, and exclusive privileges.
Cashback: Based on the type of credit card you have, you can earn a percentage of what you spend as cashback. This cashback can be paid back into your credit account and be used to pay your outstanding balance, annual fees, or even future purchases.
Travel Perks: Credit cards in Malaysia can provide you with a whole lot of travel benefits. From frequent flyer miles and discounted accommodation to complimentary travel insurance and airport lounge access, you stand to gain quite a lot by using such cards.
Price Guarantee: A price guarantee benefit in a credit card works as a form of insurance wherein you’re protected against changes in price for a particular product. Simply put, if you’ve bought a product for a certain value and its price drops in a couple of days, your card issuer will cover the difference if you furnish enough proof. However, this benefit is governed by a lot of terms and conditions.
Purchase Protection: This benefit is another form of insurance that covers you against accidental damage or theft of any product you’ve bought using the card. This cover is usually valid for a certain period of time from the date of purchase.
Credit History: Although improper use of a credit card can wreak havoc on your credit score and finances, responsible usage can do wonders for your credit history. By keeping your spending to a minimum and paying your outstanding balance in full on time every month, you can build a positive credit score and eventually improve your overall credit rating.
Interest-Free Period: Credit Cards come with an interest-free period of 20 days. This means that all retail transactions made during this ensuing period from the statement date will not accrue interest as long as you pay them off in full within this period.
To apply for any credit card in Malaysia, there are certain important eligibility criteria that you should satisfy. These criteria can be distinguished based on your income level, citizenship status, and employment status. Here are the main credit card eligibility in malaysia:
|Minimum Salary to Apply for Credit Card in Malaysia||RM2,000 per month or RM24,000 per annum.|
|Age of Principal Cardholder||21 Years|
|Age of Supplementary Cardholder||18 Years|
|Citizen||Malaysian Citizen or be a Permanent Resident of the country.|
Most banks require you to have been in employment with your current company for at least 3 months or have been in business for at least a year. Some Malaysian banks also accept credit card applications from foreigners if they have a valid work permit and have been employed in Malaysia for a reasonable amount of time.
Just like there are different criteria for you to satisfy before you apply for a credit card in Malaysia, there are specific documents that you need to pair up with your application for successful approval. The kind of documents you need vary according to your employment status, the card issuing bank, and the type of card itself.
Here’s a list of main credit card malaysia requirement to apply for card:
Choosing the best credit card in Malaysia should be a relatively simple process once you’re familiar with how the card works. To make things simpler, here’s a couple of things that you’d do well to follow:
Fees and charges for cards in Malaysia can vary from one bank to another and at times, according to the type of card itself.
|Type of Fees or Charges||What Does it Mean?||Range of the Fee/Charge|
|Annual fees||This fee is what you pay to use all the features and benefits that come with a credit card for a year.||RM0 – RM1060|
|Minimum monthly payment||This is the minimum due amount you should pay every month to continue using the card.||5% of the outstanding balance or RM50, whichever is higher.|
|Late payment charge||This is the amount you need to pay if you miss any of your monthly payments.||1% of the outstanding balance or a minimum of RM10 to a maximum of RM100.|
|Cash advance fee||This is the fee to be paid if you use your credit card to withdraw cash from an ATM.||RM10.60 to 5.3% of the total cash advance amount.|
|Retrieval request fee||This fee is if you wish to request for a copy of the sales draft in order to substantiate a specific transaction.||RM15 – RM21.20 per copy.|
|Card replacement fee||This fee has to be paid if you want a replacement card in case your original card was lost or stolen.||RM0 – RM50|
|Statement request fee||This fee should be paid if you want a duplicate monthly statement sent to you physically.||RM5 – RM5.30|
|Overlimit fee||This fee comes into play when you exceed your card’s assigned credit limit.||RM26.50|
Although the application process can differ according to the bank and the type of card, the way to apply for a credit card in Malaysia remains pretty much the same across most banks. These are the steps how you can apply for a Malaysian credit card according to your convenience:
Most Malaysian banks allow you to increase your card’s credit limit – either temporarily or permanently – when you’ve reached the existing limit or if you’ve had an increase in personal income. Here’s what you need to do to increase the credit limit of your card:
Most banks usually take about three to five working days to process a credit limit increase request.
In order to avoid racking up a huge credit card debt, you need to effectively manage your card usage on a daily basis. Here are some things you need to keep in mind to avoid a credit card debt:
Your credit card usage can affect your credit card directly. Let’s find out how:
A credit card and a debit card are two of the most used financial tools in today’s life. But there’s a huge difference between their working mechanism and how much they charge you. Let’s look at the major differences between a credit card and a debit card:
Q. What is the difference between a primary and a supplementary card?
A. A primary card is designed for the credit account holder. Whereas a supplementary card is for the account holder’s family members like wife, parents, or children.
Q. What is the eligibility criteria for a credit card in Malaysia?
A. The eligibility criteria is a combination of age, income requirement, and nationality criterion. Most of the primary cards are open for individuals who are 21 years old or older, whereas a supplementary card’s minimum age requirement is 18 years. The minimum income requirement may vary from card to card.
Q. What is the difference between cashback and rewards card?
A. A cashback or cash rebate card earns you a rebate every time you use your card for a retail transaction. This cash rebate is directly transferred to your credit account. Whereas a rewards card earns you rewards points with all purchases. You can accumulate these points to get discounts, Air Miles, and to offset the annual fee of your card.
Q. What is a credit card cash advance? What are the fees associated with it?
A. When you use your credit card to access funds in the form of cash, it is called cash advance. This comes with multiple fees and charges like cash transaction fee, ATM fee, and finance charges. Using your card for withdrawing cash overseas comes with an overseas transaction fee also.
Q. Can I use my card outside Malaysia? What are the charges I have to bear in such cases?
A. Yes, you can use your card outside Malaysia provided you have activated it for overseas use. You will be charged with an additional overseas transaction fee that is a combination of a fee charged by Visa or MasterCard International and any administration fee charged by the card issuing bank.
Q. What are other fees and charge associated with a credit card?
A. The major fees and charges associated with a credit card are given below:
Q. What should I do if I misplace or lose my card, or when my card gets stolen?
A. If you lose your card or your card gets stolen, you should reach out to the bank via its customer support number and get the card blocked in order to avoid any misuse of any kind.
Q. What is credit card balance transfer?
A. A balance transfer feature on your credit card lets you transfer the outstanding balance accrued on credit cards issued by other banks onto your credit card and allows you to repay the transferred amount at a lower rate of interest within a specific tenure.
Q. How is a prepaid card different from a credit card?
A. A prepaid card uses the funds you put into from your savings or current account, whereas a credit card uses the credit limit assigned to it. In a prepaid card, you use your own money while with a credit card, you borrow funds from the bank.
Q. How do I track the expenses made on my card?
A. You can track your expenses using monthly e-statements, online banking, and mobile banking.