Insurance Credit Cards Malaysia
Credit Cards these days offer a lot more services than just being a credit procurement financial tool. Apart from various offers and reward programs that are essential features of any credit card, there are other innovative features like insurance offerings as well. There are many credit cards in Malaysia that offer insurance coverage in case of unforeseen and unfortunate events of death, job-loss, accident etc.
Why Choose Insurance Credit Cards?
Insurance credit cards are a popular and useful financial product because these cover you from sudden tragic incidents so that you and your family do not have to face extreme financial consequences, no matter what. They are generally insurance covers or Takaful privileges in cards
Features and Benefits of Insurance Credit Cards Based on Different Cards
Here are examples of the type of features and benefits that insurance credit cards have in Malaysia:
Some cards offers personal accident insurance coverage of up to RM2, 00,000 to customers. So you can now relax and rest assured when you travel with the credit card in your pocket. You also do not need to obtain a separate accident insurance when you have this card from Aeon.
There are also credit cards come with the exclusive advantage of travel insurance. The New Aeon Visa Classic card is also one such card. This card offers travel insurance of up to RM 2, 00,000 to its customers. You do not need to worry about availing a separate travel insurance policy.
Cards often offer a free flight travel accident insurance of up to RM 2, 00,000.
They also provides credit balance insurance coverage of the same amount. This ensures that your loved ones are financially covered from all angles even in case of any unfortunate event.
Some of the free flight travel personal accident and credit balance insurance coverage can go up to RM 1, 00,000.
There are also cards in Malaysia which offer free group family Takaful insurance and as such it has an amazing appeal among customers. There are ones which offer free group family Takaful insurance that guarantees repayment of outstanding finances that have accrued through this credit card usage.
Eligibility Criteria for Insurance Credit Cards in Malaysia
Here are some of the major eligibility criteria’s that you should meet to able to apply for a credit card for insurance benefits in Malaysia:
You should at least be over 18 years.
You should be a Malaysian citizen, or at least a permanent resident in the country or have a working visa. Regardless of any of them, you will have to provide the proof of identity and address as well as the extra documents necessary based on your type of residence.
You should be earning the minimum income expectation for these cards. They are generally average but your spending capacity through your income will also decide what your maximum spending limit is.
How to Apply For Insurance Credit Card
The application process for these cards are quite similar to opening up savings bank account, as long as you have the required documentation to support your income, age, identity, address and spending capacity. There are very rare chances that your application will be rejected when your eligibility criteria is met. You credit history however, may be sometimes a problem but that is rarely the case. You simply need to check out the bank website and apply online. Download the relevant form, fill it up sign it and submit it with the relevant documentation at your nearest bank branch. Some banks also have agents and pick-up your furnished documentation from your convenient address. It generally takes 15 to 20 days to receive the credit Card through mail, but post-verification. Some banks allow you to check details of acceptance and status online. Bbazzar.my has relevant information on application and various credit cards as well. Hence, it can be very useful for new credit card users.
FAQs for Insurance Credit Cards
Are you charged any annual fees for these insurance credit cards?
Some cards do have the annual fees waived off. However, there are some which are chargeable from a nominal annual fee of RM 30 to RM 95.
Do these cards have any eligibility criteria when it comes to age?
The minimum age of application for entertainment credit card is 18 years and above. However, for some it may vary and the minimum age could be 21 years.
Are there any takaful insurance cards available?
Yes, there are options such as The Islamic Gold credit card from Bank Rakayat also offers free group family Takaful insurance which guarantees repayment of outstanding finances that have accrued through this credit card usage.
What is the travel insurance amount provided by travel insurance credit cards?
These number are variables. For example, New AEON Visa Classic card offers travel insurance of up to RM 2, 00,000 to its customers.
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