The easiest way to borrow money and pay for services and things that you may require is opt for a credit card. A credit card is a type of payment card issued by banks to ensure that you can fulfill all individuals your needs without facing any financial hurdle. It is very simple to get a credit card in Malaysia. Based on your agreement between bank and you, bank will issue a credit card preferred by you. When managed properly, credit cards can benefits us in many ways. But, if not used wisely, credit cards can ruin our lives.
Things to consider before applying for a credit card in Malaysia
Well, are planning to buy a credit card in Malaysia? If so, how are you planning to find out the perfect credit card for you? The credit card market in Malaysia is very much competitive and it offers a wide range of credit cards to suit your diversified needs. Amidst a limitless number of credit cards, how do you decide your credit card?
You need to consider and understand your priorities, needs and interest before you pick up a credit card deal in Malaysia. It is also important you have the answer to the following questions with you - How much credit limit do you require? For which purpose do you need a credit card? Should you apply for an annual fees credit card or not? What are the prevailing interest rates charged on credit cards in Malaysia? Once, all the answers are clear, you can go ahead with your decision of applying for a credit card.
Now, your next step will be to find the perfect credit card in Malaysia to suit your personalized needs.
How to choose a perfect credit card in Malaysia
Mentioned below are the points you need to consider to find out a perfect credit card deal in Malaysia:
- Know your requirements:
- Don’t pick up a credit card randomly:
- Shop around for a better deal:
- Read the fine print:
- Know about annual fees & related charges:
There are different categories of credit card available in the Malaysia Credit Card market. So, based on your requirements, you can choose a credit card for you. For example, if you are a frequent traveller, you can opt for a Travel Credit Card like Standard Chartered WorldMiles Card. On the other hand, if you are a foodie and love to eat outside frequently, you can opt for dining credit cards like Maybank 2 Cards. If you have business related needs, you can apply for commercial credit cards such as Mach Visa Credit Card.
Many people have the habit of choosing a credit card randomly without considering its terms and benefits. They seem to respond to the emails or phone calls made by credit card providers and jump on the first card they come across. This is a very wrong way to apply for a credit card. You may incur loss going forward.
It is always important to shop around and analyze the various credit card offers available in the Malaysia Credit Card market. Shopping around would help you find out different credit cards and compare their benefits and terms. Comparison may help you choose the perfect credit card to meet you personalized needs. So, never get diverted by the tempting offers available in the market without further exploring them.
Before you finalize a credit card deal in Malaysia, it is very essential you read the fine print. The fine print will help you know and understand the terms and conditions applicable for your chosen credit card. Besides, it protects you against frauds, and unpleasant surprises in the future. There are many instances when an offer says that it is a free credit card, but in actuality the card involves a lot of hidden fees and charges. In such scenarios, reading the fine print helps.
It is always important to check the annual fees charged by a credit card. If the annual fees charged by a card is higher than the cost of benefits and rewards received with the card, you may reject the card and opt for another one. There is always an option of closing the card after redeeming the rewards. However, not all the credit cards in Malaysia charge annual fee. In fact, many popular credit cards come with no annuals fees for the whole tenure. Besides, you should also be aware of, card replacement fee, balance transfer fee, supplementary card fee, foreign transaction fee, late payment fee, cash advance fee, credit shield field protection fees and many such related fees and charges charged on your card.
Thus, an understanding of the above-mentioned factors would certainly help you find the perfect credit card in Malaysia to meet your diversified needs.
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