Shopping Credit Cards in Malaysia
Credit cards these days come with a lot of additional benefits and incentives that can save you money if used judiciously. One of the types of credit cards available in Malaysia is the shopping credit cards that give you rewards every time you make a purchase. If you are a regular shopper – online or in stores – these shopping credit cards offer you an advantage over the normal credit cards.
Why choose shopping credit cards
Shopping credit cards are great both for people who use credit cards for their daily purchases, and for those who love shopping. There are two main types of shopping credit cards available in the Malaysian market:
Cashback credit cards: Many credit card providers offer instant money-back on all or specific purchases made by the card-holder. It is like getting a small discount – of 0.5 to 6 percent – on every purchase you make.
Rewards credit cards: The credit cards that get you reward points every time you make a purchase fall under this category. These reward points can be accumulated to convert into ringgits, which can then be used for more purchases. Some credit cards offer a product portfolio you can choose from, to buy with the reward points you have accumulated. Many credit cards also offer a welcome gift of bulk reward points.
Benefits and features of shopping credit cards
Shopping credit cards offer several incentives and benefits that make them an attractive option for a regular credit card user. Let us look at some key features of Malaysian shopping credit cards:
Retail shopping benefits: Every time you swipe your card at a grocery or fashion store, you could get a small discount that will save you money, as opposed to paying by cash.
Online shopping benefits: Many credit card companies and online shopping sites have tie-ups that help you get attractive rebates, reward points and exclusive discounts on certain products.
Dining benefits: Your restaurant and food bills can get you discounts if you are using credit cards. Many credit cards also offer special dining offers where you can redeem your reward points at your favourite restaurants.
Travel benefits: If you are a frequent flyer, shopping credit cards that offer airline miles for reward points can save you a lot of money in both domestic and international air travel. Some cards also offer access to premium lounges at airports, and special discounts at restaurants, hotels, resorts or spas.
Overseas benefits: You can get money-backs and rewards not only while spending in Malaysia but anywhere in the world. This depends on the credit card you own.
Fuel benefits: Expenses on petrol or diesel for your vehicle can also get you cashbacks and reward points. This way, you can earn benefits even as you drive.
Utility bill benefits: Some credit cards offer cashbacks or reward points on your payments of phone and internet bills, gas and electricity bills, water bills, educational expenses, and payments at government offices and agencies.
Each card has its own terms and conditions, and the incentives offered by them vary. Ensure that you pick a shopping credit card that offers benefits that will be useful to you. For example, if you are not a frequent flyer, a card with great offers on airline miles and overseas expenses would not be a good choice.
Eligibility criteria for shopping credit cards
Eligibility criteria of banks may vary depending on the maximum available credit limits and privileges. The generally applicable conditions are as follows:
Age: You should be at least 21 years old, when you start earning and thus are capable of paying the credit card bills. Some cards also put a cap on the age at which you can apply for a credit card.
Documents: Some credit cards require you to be a Malaysian citizen, while others just need you to have a valid visa and residence rights in the country. A proof of identity and proof of address/residence are mandatory.
Annual income: Most banks require you to have a minimum income of around RM24, 000 to ensure that you will be able to afford the credit card bill payments.
How to apply for shopping credit cards
The process of applying for shopping credit cards is the same as applying for any credit card. You can apply online through aggregator websites such as Bbazaar where you can compare and choose the best option. You could also apply directly on the websites of banks whose credit card you want. Alternatively, you could personally visit the branch of the bank. The general process would be:
Fill in the application form of the bank requesting for a credit card.
Submit a copy of your MyKad (both sides) as your proof of identity.
Submit a copy of your passport and resident visa if you are not a Malaysian citizen.
Submit a copy of your employment proof and/or payslips of the last 3 months.
The bank will check your credit history and rating before approving the card, as it needs to ensure that you are a good borrower.
FAQs on shopping credit cards
What documents do I have to furnish to get a shopping credit card?
You have to provide your proof of identity, proof of address or residence, employment proof or payslips, and a filled-up application form.
Will my credit score affect the approval of a shopping credit card for me?
Yes. Like any credit card, shopping credit cards are a form of borrowing. So the bank will check your credit history and score to ensure that you will pay credit card bills regularly.
Can I own two shopping credit cards at the same time?
This depends on your income, and differs from bank to bank. Usually, if your income is more than RM36, 000 you will be able to own two shopping credit cards at the same time.
Do Islamic banks offer shopping credit cards?
Yes. Many Islamic banks such as Public Bank, CIMB Islamic Bank, RHB, Bank Islam and Maybank Islamic offer shopping credit cards.
Can I get an add-on shopping credit card for one of my family members?
Approval of add-on credit cards depends on the bank and credit card types, your repayment history, and your income.Can I get a shopping credit card if I am 18 years old?
Most shopping credit cards are offered to persons who have a job and can make regular payments of credit card bills – this could be at 21 years. However, if you are applying for an add-on card with the credit card of a family member, you may be allowed to get one at the age of 18.
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