• How to improve your chances of having a credit card approved

    Most credit card applications in Malaysia are rejected for one very basic reason – the Bank does not deem your current employment profile profitable or stable enough to justify giving you a credit card.

    The following is a list of common jobs in Malaysia, and the general card approval rate with an explanation as to why cards are generally approved or denied on the basis of employment. The list is arranged from least likely to have a card application approved to most likely, in ascending order.

    1. Credit Card for Sales / Commission based employees:

      • The quickest way to earn a way higher income than your work experience allows in a normal corporate job, sales has been the go-to option for those seeking fast money.
      • It should be noted that the base pay for any sales job (minus the commissions on sales) is set at a very low level – and most of the income for salespersons comes from commissions, and banks know that commissions vary based on the performance of the salesperson.
      • General (fixed, before commission) salary for this group is usually below RM20, 000 per year (despite this group being among the highest non-fixed salary earners in the country).
      • Banks prefer issuing cards to those that they are absolutely certain can repay the outstanding amount – people with higher basic regular salaries.
      • Approval rate: Roughly 30 applications are accepted out of every 100.
    2. Credit Card for Executive-level employees:

      • The first job for many that are just out of college or university is usually an executive level position in their chosen field.
      • General salary range for this group is under RM25, 000 per year.
      • As this is the base or starting job that doesn’t pay much, banks are apprehensive when it comes to issuing credit cards to those they deem only slightly more economically responsible than students.
      • Still, since there is the factor of fixed and stable income, the approval rate for these jobs is higher than it is for the more volatile sales-related jobs.
      • Approval rate: Roughly 30 to 33 applications are accepted out of every 100.
    3. Credit Card for Designers / creatives / technical-creative-specializations:

      • Creative jobs that involve a technical element like fashion designing, interior designing, etc. are the next highest on the list.
      • These jobs require a special skill set – which makes it a niche category.
      • As there are a lot of people who fall under this category, it’s a rather large niche – and banks are aware of this – which makes them weary of accepting all applications from people employed in this category.
      • General salary ranges for creative jobs are between RM27, 000 (starting / level 1 employee) up to RM45, 000 (senior level non-management employee using the same skill set).
      • Approval rate: Roughly 33 to 35 applications are accepted out of every 100.
    4. Credit Card for Teachers / Educational specialists / Instructors:

      • While the general salaries of teachers are not higher than most other professions, and vary to a large degree based on the qualifications and experience of specific teachers – the profession of teaching is viewed as a stable one which provides regular and steady income.
      • Banks judge steady and regular income as an important factor in deciding whether the applicant can honour outstanding and overdue repayments.
      • There are cards specifically designed for teachers.
      • Approval rate: Roughly 38 to 42 applications accepted out of every 100.
    5. Credit Card for Architecture / Engineering / Specialist occupations:

      • Professions that are enabled through the extensive study of a field of knowledge generally pay higher than those that require basic educational qualifications.
      • There are many fields under engineering itself, for example, where one might find employment (civil, aviation, electrical, etc.).
      • Career stability and job security are also much higher for professionals and professional employees.
      • General pay scale is between RM40, 000 and RM100, 000 depending on the level of seniority and experience.
      • Approval rate: Roughly 46 to 52 applications are accepted out of every 100.
    6. Credit Card for Managers / Middle - Management level employees / Chief Officers:

      • Management level employees are considered very eligible as they check many tick-boxes on the Bank’s eligibility criteria check-sheet.
      • High income, job security, career stability and spending ability are what the Banks look for – and those employed as managers have all these qualities.
      • The largest number of credit card applications comes from this demographic.
      • This is a position that’s respected / stable despite the industry in which the person is employed.
      • Approval rate: Roughly 50 to 55 applications are accepted out of every 100.
    7. Credit Card for High Finance / Financial (banking) sector / Accounting:

      • Banks understand that people employed here have a heightened understanding of finance and financial management.
      • When in the business of finance and banking, banks prefer to issue credit facilities to those that understand the process inherently.
      • Approval rate: Roughly 58 to 62 applications are accepted out of every 100.
    8. Credit Card for Doctor / Medical practitioner / Healthcare specialist:

      • Among the most respectable and stable professions in Malaysia are in the healthcare industry.
      • Medical professionals, doctors, etc. earn on average between RM70, 000 and RM200, 000 depending on the level of seniority, etc.
      • Approval rate: Roughly 65 to 73 applications are accepted out of every 100.

    If you really need a credit card and aren’t getting one because of the job you’re currently working at – maybe it’s time to shift for the better. Bear in mind, however, that employment status is not the only factor that Banks consider before deciding to approve or reject a credit card application – factors like earning potential, previous credit history and behaviour, currently outstanding debt, etc. are also taken into consideration.

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