There are different types of credit cards available in Malaysia and it is important to know them, because they often decide the credit card fees and charges in Malaysia. The most popular types of credit cards include Cashback, low interest, rewards, airline, kad kredits with no annual fee and Islamic credit cards.
General Bill Structure with Popular Credit Card Fees and Charges in MalaysiaMalaysia has several financial companies and banks providing credit cards, to its people and they are a sufficient mix of foreign, regional and national banks. Hence, the popular credit card fees and charges in Malaysia vary from place to place. However, the regular fee and charge structure of Credit Card bill will include the following elements in general:
Previous Balance: This includes the amount that is left to be paid from the last bill. This should ideally be zero, every month unless you overspend.
Payments: This includes the payments that have already been paid.
Other Credits: Read the terms and conditions to find out what are charged under other credits, because it may vary on the bank’s policies.
Purchases: The sum or amount in the billing period used to make purchases with your credit card.
Balance Transfers: This is generally the transferred money through your credit card.
Cash Advances: This is a cash loan amount for the month, from a credit card, for a bank withdrawal or through “convenience" checks.
Past Due Amount: The past due amount that is payable as a late payment fee.
Fees charges: This includes all the charges the bank would take for offering the regular and special services, sometimes which may even include foreign transaction fees, reward redemption fees, activity fees, payment protection fees and paper statement fees.
Interest Charged: This is the interest amount on the total amount used for your credit card that includes purchases for the month and may also include the amount on the unpaid amount.
New Balance: The net payable amount for the bill statement.
Credit Limit: This is the maximum credit limit for a month.
Available Credit: This is the maximum credit limit available to you, after calculating past due amounts and current purchases for the month, for the coming month, unless you make more payments.
Statement Closing Date: The last date up to which the bill has been computed for.
Days in Billing Cycle: Number of days considered and calculated for the billing period of the month.
Minimum Payment Amount: The acceptable amount of payment from the bank to be able to use the credit month for the coming billing cycle, but restricted to the available credit limit.
Remember that interest starts accumulating the day a purchase is made with a credit card, hence, keep paying your bills in time and always choose a card which allows you to save more, based on your monthly expenditure and requirement pattern.