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How to Find the Perfect Credit Card in Malaysia

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A credit card not only offers you extra monetary help whenever you are in need but it also provides an array of perks and privileges when you use it. Bonus points, cashback, discount, and promotional offers are only few of the benefits that you can obtain on your credit card. However, to make the most of your card, it is very important to get the right one that suits your lifestyle and spending habits.

How to Find the Perfect Credit Card in Malaysia

Here are a few tips that will help you settle on the Perfect Credit Card for Yourself in Malaysia.  

  1. Understand Your Lifestyle
  2. Compare Credit Cards of Different Banks
  3. Look for Fees and Charges
  4. Interest Rate
  5. Terms and Conditions
  6. Consider the Credit Limit

Understand Your Lifestyle:

Before applying for a credit card, it is necessary to thoroughly understand and analyse your lifestyle. Consider your monthly income and know where you spend most of it. Are your expenses leaning more towards lifestyle and luxury items or are you a traveller who spends a great amount of money on traveling or a commuter whose main expense is fuel? This will give you an idea about a credit card which can prove to be most suitable for you.

If you tend to spend mostly on fuel, it will be ideal for you to get a card that offers deals and discounts on petrol or fuel purchases. If you are looking to earn frequent airmiles to get discounted airfare for your next vacation, a travel card would be the ideal choice.

Compare Credit Cards of Different Banks:

Now that you know what type of credit card you’re looking for, you need to compare the various options available. To get the most out of a credit card, check with your bank on the kind of facilities they are offering on their credit cards. You need to compare the main benefit of the card, what it offers, how much it offers, does it have strings attached such as a cap on cashback, a poorer air mile conversion rate or an expiry on the reward points earned.

You need to figure out how affordable the card is by comparing interest rates charged, fees and penalties, grace period along with other features and benefits of various credit cards.

Look for Fees and Charges:

The income criteria of the card can set the tone for how expensive or affordable a card is. Other fees such as annual fee, cash advance fee and interest charged on retail transactions are some of the common costs involved with a credit card. These however, can and do vary across different cards. Some come with an annual fee waiver for life while some cards might charge higher fees for issuing a duplicate statement or replacing a lost or stolen credit card.

Interest Rate:

Undoubtedly the most important feature of a credit card is the interest rate it is offering. You should watch out for the rate of interest, its type and involved deadlines while getting a card. Many banks or financing organisations offer you an attractive interest rate while obtaining a card which will letter grow uncontrollably. Make sure that after the introductory offer/promotional period ends, which could last for days to months, you are comfortable with the interest rate involved on the card.

Terms and Conditions:

Not all clauses and intricate details of a credit card are written in bold on a bank’s flyer. Don’t let boldly advertised benefits such as cashback or airmiles blind you into making the wrong choice. Often, these advertised benefits come with strings attached such as minimum spend criteria or a cap on how much cashback or airmiles or reward points one can earn.

The fine print also carries information regarding balance transfer fees, cash advance charges, and effective interest rates. Disregarding this information would prove costly in the long run. Soon, a card you thought was useful and affordable would turn out to be an expensive and severely restricting card.

Consider the Credit Limit:

Your credit limit can affect your spending habits. Cards with a higher credit limit can give you a false sense of improved purchasing power and can cause an increase in impulsive purchases. Getting a credit card with bigger credit limit or extending your existing credit limit can put a hole in your pocket when it comes time to repay the bill.

Conclusion: Be it your daily essentials or the occasional splurges, the ideal credit card would allow you to derive the most utility out of your purchases. With a little attention to detail and by taking the above points into consideration when shopping for a credit card, you too can find the credit card that’s perfect for you.

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