Malaysia has an eccentric population that loves to spend and quite often ends up in debt with much ado. This mainly happens because they take their credit cards for granted. But the truth is that a little bit of discipline when it comes to spending money, even if you own a credit card. When you have a big interest rate dangling like a dagger overhead, you might want to rethink your choice of credit card but there is something else that actually help you save and it is not necessarily hiding in plain sight. Rewards credit cards in Malaysia are one of them and they are not difficult to select if you wish to save and enjoy a comfortable lifestyle at the same time.
Types of Rewards Credit Cards in Malaysia
Credit Cards with Incentives: There are certain specific set of rules that a reward program of any credit card possesses. However, what one needs to make sure is that the purchase amount and style is more or less consistent. While some come with dining and shopping privileges, some may simply be the type that provide you cash back benefits on your fuel bills or add air miles if you are a frequent traveller. However, what remains important about these multiple incentive credit cards is that you are clear about the rules and regulations that come along with it. It should not be like a baggage but more of a way of disciplining your expenditure.
Credit Cards with Traditional Rewards: These have the most basic sort of credit reward programs which means you simply get to earn points, which you can later redeem for fabulous gifts and offers. Sometimes these points can be redeemed as bill payments even, which again is savings for you. So you earn points by purchasing goods and services with the help of your plastic money.
But what one needs to really stay alert about is the time, upto which the points can be redeemed. For example the earned points in a particular year may be valid for redemption up to certain period of time. So, there are two things that one needs to keep in mind, firstly do not binge to earn points within the time period and secondly not waste your points and take them for granted. Even if the accumulated points are not much, use it for whatever it helps you to get or save.
Fuel and Retail Rewards Programs: These are perhaps one of the most popular ones since it is also a marketing strategy that has been seen to work over years through partnerships with fuel and retail chains, benefiting both the credit card provider as well as the partners. However, as a consumer one can gain from it too, through fuel cashbacks, extra points when purchasing from particular chains or even discounts and offers for dining and retail purchases.
Airline Rewards Credit Cards: This works on the same principles as spending and earning points as well as partnerships. Not only are you saving your money on flights but you are also increasing your credit value especially if you are using your credit card for business and work travels. These cards are universally accepted and allow you to also enjoy some added benefits such as a travel takaful for free or a simple travel insurance.
However, simply be alert to get carried away but at the same time enjoy the various reward programs that you have much to benefit from.