• Best Debit Cards in Malaysia

    A debit card is undoubtedly one of the easiest and most commonly used financial instruments and is used for making payments and getting access to cash. These cards are linked to your bank savings or current account. So the amount you can withdraw from a debit card depends directly on the amount of funds you have in your account.

    Top Banks offering Debit Cards in Malaysia

    Bank Name Cards offered by the bank Cash Back Annual Fee

    Alliance Bank

    Alliance Hybrid Standard Debit Card Yes Yes
    Alliance Hybrid AP Platinum Debit Card Yes Yes
    Alliance Hybrid PB Platinum Debit Card Yes Yes
    Alliance My eSaving Debit Card No Yes

    Maybank

    Maybank ASPIRE Visa Platinum Debit Card No No
    Maybank MasterCard Platinum Debit No No
    Maybank Visa Debit Picture Card No No
    Maybank ASPIRE MasterCard Platinum Debit Card No No
    Maybank Visa Debit No No
    Maybank Manchester United Visa Debit No No
    Maybank FC Barcelona Visa Debit No No
    Maybank Visa Platinum Debit payWave No No

    Bank Islam

    Bank Islam Visa Kelantan FA The Red Warriors Debit Card-i No  -
    Bank Islam Visa Kedah FA Debit Card-i No  -
    Bank Islam Visa Pahang FA Debit Card-i No  -
    Bank Islam Visa Melaka United SA Debit Card-i No  -
    Bank Islam Visa Team Harimau Debit Card-i No Yes
    Bank Islam Visa Debit Card-i Malaysia Hockey Confederation (MHC) No Yes
    Bank Islam Visa Selangor FA Red Giants Debit Card-i No  -

    Ambank

    AmBank Debit MasterCard No Yes
    TRUE by AmBank Debit MasterCard No Yes

    BSN

    BSN Visa Debit Card No Yes

    RHB

    Debit MasterCard Yes Yes
    Premier Visa Infinite Yes Yes
    Visa Debit Card Yes Yes
    Limited Edition Visa Justice League Yes Yes

    Bank Rakyat

    Kad Debit-i Bank Rakyat - Kopenas No Yes
    Debit Card-i No Yes

    Hong Leong Bank

    Debit Card Yes Yes
    Junior Debit Card Yes Yes
    Touch’n Go Debit Zing Card Yes Yes
    Hello Kitty Debit Card Yes Yes

    CitiBank

    Citigold Debit & ATM Card No No
    Citibank Debit & ATM Card No No

    Public Bank

    PB MasterCard Lifestyle Debit Card No Yes
    PB UnionPay Lifestyle Debit Card Yes Yes
    PB Visa Lifestyle Debit Card No Yes
    PB TARC MasterCard Debit Card No No
    PB UTAR MasterCard Debit Card No No
    PB Visa Electron Debit Card No Yes
    PB-Petron Visa Debit Card Yes No

    CIMB

    CIMB Debit MasterCard No Yes
    CIMB PETRONAS Debit MasterCard Yes Yes
    CIMB Tesco Debit MasterCard No Yes

    UOB

    UOB Debit MasterCard No Yes

    Bank Muamalat

    Debit Card-i No Yes

    How does a Debit Card work?

    The debit card is used to draw money from your savings or current account. You can use the card to withdraw cash according to your needs. In order to withdraw the money, you need to visit an ATM and use your card to get instant cash by entering the PIN associated with your card.

    You can also use the card directly for retail transactions as well as online transactions by entering details of your card like card number, name, expiry date, PIN etc. Your debit card is directly linked to your savings or current account. Thus the amount you can withdraw directly depends upon the funds you have in your account.

    Features and Benefits of a Debit Card

    Here are the features and benefits associated with a debit card:

    • You can use your card to withdraw cash from your account.
    • You can also use your card as an alternative to cash and carry out a range of transactions.
    • Some debit cards even offer you rebates and rewards points upon use.
    • You can keep a track of the expenses made on your card via monthly statements and instant SMS alerts.
    • The card is secured with chip and pin-and-pay method.
    • You can set a daily withdrawal limit and transaction or purchase limit on your card.
    Essentials of a debit card

    Types of Bank Cards in Malaysia

    Types of debit cards based on the banking principle

    Based on the banking principles, there are two types of debit cards available in Malaysia:

    • Conventional Debit Cards
    • Islamic Debit Cards

    Types of debit cards based on the benefits associated with a card

    There are two types of cards bases on the benefits associated with them:

    • Rewards debit cards: A rewards card provides you with rewards points for transactions carried out on it. You can accumulate the points in order to get discounts or redeem it for gifts from the bank’s reward catalogue.
    • Cashback debit cards: These cards offer you a percentage of cash rebate for transactions carried out on them. These rebates generally come with a monthly cap.

    Eligibility

    The following are the eligibility criteria associated with a debit card:

    • You can get a debit card if you have a savings or current account with the bank.
    • You need to be at least 18 years old in order to have a savings account or a current account open in your name. Some banks also offer junior cards that allow customers aged between 12 to 18 years to open a savings or current account.
    • Most of the banks allow Malaysian citizens, Permanent Residents, and foreigners working in Malaysia with a valid work permit to apply for an account.

    Documents required

    The bank will require you to submit the following documents:

    • A copy of MyKad.
    • A copy of passport.
    • Income stating documents.
    • Birth certificate for customers who are younger than 18 years.

    Banks providing Debit Cards in Malaysia

    The following is the list of banks offering debit cards in Malaysia:

    • Alliance Bank: Alliance Bank comes with a range of debit cards offering cash rebates and ease of payment. The cards provide you with a quick access to cash and are accepted around the world.
    • Maybank: Maybank gives you an option to choose from 8 debit cards according to your needs while giving you easy access to cash.
    • Bank Islam: There are 7 Bank Islam debit cards available for you to choose from. The cards provide you with a range of benefits everytime you use the card.
    • Bank Muamalat: The Bank Muamalat debit card works on the Islamic banking principles of Shariah. This card has a validity period of 5 years.
    • Citibank: Citibank offers you an option to choose between two debit cards. The cards will fetch you Citibank rewards points with every purchase while providing you with easy access to your funds.
    • Hong Leong Bank: The bank offers 4 cards. The cards are accepted worldwide for cash withdrawal and retail transactions.
    • Public Bank: Public bank debit cards come with a range of 7 debit cards which you can select based on your needs. The bank also has student-oriented cards.
    • RHB: There are 4 cards offered by RHB that you can choose from. These cards come with an ease of cash access and rebates on the transactions made on it.
    • UOB: The UOB debit card is accepted and recognised globally. This card lets you withdraw cash on-the-go, offers you rebates on retail transactions, and special discounts on a range of products.
    • AmBank: The two debit cards offered by AmBank come with a contactless payment feature and 3D protection facility. The card can be used for instant cash withdrawal and retail purchases.
    • BSN: The debit card offered by BSN comes with the capability of carrying out contactless transactions through the Visa payWave facility. The card can be used for cash withdrawals, bill payments, and retail purchases.
    • Bank Rakyat: You can also get exclusive MasterCard privileges and benefits with the usage of this card.
    • CIMB: The cards offered by CIMB offer you rebates on your retail purchases and lets you carry out cash withdrawals around the world. These cards also come with quick payment via tap-and-wave feature.

    How to apply for a ATM Card

    • Online application: You can put your request for a savings account or current account on official website of a bank. Once your account is activated, you will receive your debit card.
    • Offline application: You can also apply for a savings or current account by visiting a bank’s branch and submitting the required documents. Once the account is opened in your name, you will receive a banking kit containing your debit card.

    Debit Card online payments

    When you decide to make the payment for your online transactions, firstly you need to enter the card number, your name as on the card, and the expiry date of the card. You will also be asked to enter the security number on the back of your card. The online payments are also secured via 3D protection that is used for authentication of the purchase.

    How to get immediate cash with a Bank Card?

    In order to get immediate cash using your debit card, you can visit the nearest ATM. You can make cash withdrawals from ATMs from other banks as well. Keep in mind, such transactions have the chance of carrying a higher withdrawal fee. The amount you can withdraw depends on the daily withdrawal limit set on your card and the amount of funds in your linked account.

    What is the main difference between a Prepaid Card, a Credit Card, and a Debit Card?

    • A prepaid card, unlike a debit card is not linked to your bank savings or current account. The amount of cash you can withdraw or make payments using your prepaid card depends upon the money you had loaded on the card. But the withdrawal limit of a debit card depends upon the funds you have in your bank account and the withdrawal limit set on the card.
    • A credit card is different from a debit card in a number of ways. Firstly, the amount of money you can use from a credit card doesn’t depend upon the funds you have in your bank account unlike a debit card. Secondly, the cash withdrawal using a debit card charges you with a relatively lower transaction fee than that of a credit card. Credit card lets you spend a limited amount of money, called credit limit and will charge you an interest on monthly basis. Whereas, the limit of money you can use via a debit card depends upon the funds in your bank account.

    FAQs

    Q. Is there an annual fee associated with a debit card?

    A. The annual fee charged on a debit card may vary from bank to bank. Some banks charge an annual maintenance fee on a debit card. There are a number of banks that give you an annual fee waiver on your card.

    Q. What are the other charges I have to bear with a debit card?

    A. Some of the charges associated with a debit card are cash withdrawal fee, conversion fee, monthly statement fee, etc.

    Q. What does the withdrawal limit on my card mean?

    A. You will get a daily cash withdrawal limit on your card. This is generally present with a card to minimise the risk in case of a stolen card.

    Q. Can I make modifications to the daily withdrawal limit on my card?

    A. Yes, you can change the daily withdrawal limit to suit your needs.

    Q. What should I do if I lose or misplace my debit card?

    A. You should report the lost/stolen/misplaced card to the bank immediately in order to prevent its misuse. The card will then be blocked by the bank. After this, a new card will be issued to you by the bank.

    Q. If I find my card after getting it blocked, can I be able to use it again?

    A. No, a card that is blocked once cannot be used again.

    Q. What should I do if I find a suspicious transaction made on my card?

    A. In such cases, you should immediately contact the bank and get your card blocked in order to prevent any further misuse of the card.

    Q. What if I enter a wrong PIN while using my card?

    A. Most of the cards come with 3 reattempts. If you do not enter the PIN correctly in 3 consecutive attempts, your card will be blocked for safety reasons.

    Q. I used my card for shopping, but it got declined. When I checked the account, it had funds. Why did my card get declined?

    A. In such cases, the transaction gets declined by one of the following reasons:

    • You have exceeded your daily spending limit.
    • The card is blocked by the issuing bank after you entered a wrong PIN more than 3 consecutive times.
    • The card is charged with a relatively higher amount and the card is blocked for safety reasons.

    Q. Can I use my card even if there are no funds in my bank account?

    A. No. You cannot use you card if there are no funds in your account. But some banks offer an overdraft facility that lets you use your debit card up to a certain limit even when there is no money in the linked bank account.

    Q. What kind of security features does a card come with?

    A. Most of the cards come with an embedded EMV-compliant Smart Chip to prevent fraudulent transactions. The retail transactions made on the card would also need your signature. The card is also secured with 3D protection for online uses.

    Q. What should I do if I forget my debit card PIN?

    A. If you forget your debit card PIN, you should contact the bank and request for a new PIN. Some banks issue a new card in such cases.

    Q. Can I use my card for transactions overseas?

    A. Yes, you can use your card for cash withdrawal as well as retail transactions overseas.

    Q. Can I change the bank account that my debit card is linked to?

    A. Yes, you can change the linked account within the same bank by putting a request for the same at the nearest branch of the bank.

    Q. What happens at the expiry date of my card?

    A. A debit card comes with a validity period. After the validity period is over, you will be issued a new card if you continue to have the bank account linked to your card.

    Q. Can I use my debit card to withdraw cash from other bank ATMs?

    A. Yes, you can withdraw cash from other bank ATMs using your debit card. But you will be charged with a withdrawal fee higher than usual (if any) in such a case.

    News About Debit Cards in Malaysia

    • Cheque Usage in Malaysia to Witness a Sharp Fall in 2 Years

      Bank Negara Governor Tan Sri Muhammad Ibrahim recently said in a press conference that Malaysia is going to witness a decrease in cheque usage by the year 2020.

      The decline will be 80 million yearly, thus beating the central bank’s initial target of 100 million in the process.

      Muhammad Ibrahim said that cheques are a costlier payment method as compared to internet transactions. While the former costs about RM4 for each cheque in a clearing, the latter costs only about 10 sen. Bank Negara Malaysia is happy with the pace at which e-payments are progressing, and is likely to further encourage digitisation of the financial sector.

      However, companies are yet to adopt the change fast.

      BBazaar Malaysia

      30 March 2018

    • Retailers Violate BNM’s Instruction

      According to a recent finding by The Star, many retailers in Malaysia are still imposing a surcharge on credit and debit card transactions. This is in violation of Bank Negara Malaysia’s (BNM’s) recent statement that retailers should not impose surcharges for debit card and credit card transactions.

      The Star findings confirmed that about eight out of 13 merchants imposed surcharges on consumers for purchases done with their cards. A surcharge of about 2.5% was imposed for payments made using credit cards.

      Bank Negara Malaysia urged consumers to lodge a complaint with the respective banks or card issuers if they find that retailers are imposing surcharges.

      Meanwhile, many travel and tourism agencies have expressed their unhappiness with this new decision of abolishing surcharges, given that they are unable to recover the Merchant Discount Rate or MDR that is charged on the transactions.

      According to Datuk Tan Kok Lian, the President of Malaysian Association of Tour and Travel Agents travel agencies operate on lesser margins as compared to the retail outlets. Hence, a surcharge should be imposed on card payments in order to recover the MDR. The surcharge cannot be built into the price as it would be unfair for those customers who pay by cheque or cash.

      Tan Kok Lian urged the central bank to consider either removing or reducing the MDR imposed by banks as he feels it would eventually foster cashless and digital payments in Malaysia.

      BBazaar Malaysia

      23 March 2018

    • Retailers Cannot Impose Surcharges for Card Payments Anymore

      Bank Negara Malaysia confirmed in a recent statement, named ‘Consumer body: Abolish surcharges on credit cards,’ that they have instructed retailers not to levy surcharges on debit card and credit card transactions. The central bank has also urged consumers to bring it under the notice of the card issuers and the respective banks if they find that the retailers are imposing surcharges.

      According to the central bank, the reason why retailers levied an additional charge was to recover the cost they incur while accepting the payments in cards. This was a result of a transaction fee called the merchant discount rate or MDR that is charged on such transactions.

      So far, the United Kingdom and the European Union have adopted various approaches in dealing with this issue.

      BBazaar Malaysia

      22 March 2018

    • Higher Education Ministry Sends RM300 million For KADS1M

      The Higher Education Ministry has reportedly sent RM300 million to fund 1Malaysia Undergraduates Discount Cards (KADS1M). The funding will help close to 1.2 million students who will benefit from the programme.

      According to reports, the entire sum will be paid by Bank Rakyat. The amount will be transferred by matching and collecting the data of students who already have a savings account with the bank to the data of the students that are eligible to get the sum from the ministry. The money sent will be paid starting March 15.

      The students who will benefit from this are students belonging to both, private and public higher education institutions.

      This facility is designed to reduce financial burden of the students. Students who already have the card don’t have to apply for a new one.

      BBazaar Malaysia

      9 March 2018

    • Samsung Pay Adds Public Bank To Its Portfolio

      According to reports, Samsung Pay has added Public Bank to its growing list of banks the mobile phone company supports. Though there’s yet to be an official announcement, Samsung has already updated their website with Public Bank’s logo.

      This development suggests any individual holding a Public Bank debit card or credit card can link either Visa or MasterCard to their Samsung Pay account. However, Public Bank’s Visa Electron and Lifestyle debit cards are exempted from this facility.

      Currently supported and accepted as a transaction gateway by a wide range of retailers, Samsung Pay is compatible with Galaxy A (2017) series, Galaxy A8 and A8+, Note 5, and a few other latest Samsung models and smartwatches. Samsung Pay also supports transactions through both NFC and MST.

      BBazaar Malaysia

      5 February 2018

    • Visa payWave Gains Traction in Malaysia

      Visa payWave is gradually gaining traction in Malaysia with more consumers embracing the contactless card payment technology. Ng Kong Boon, Malaysian Visa National Manage, said that the potential growth of Visa payWave is palpable considering its rising popularity among consumers.

      In a month, more than three million transactions were carried out using Visa payWave, which represents roundabout 17% of Malaysia’s total Visa-initiated transactions, Ng Kong Boon added.

      Visa payWave’s user-friendly features like the abandonment of personal identification number (PIN) while making payments at the counter has made the technology-driven digital payment gateway a favourite among consumers.

      While talking about the newly launched Visa prepaid card, Ng Kong Boon said that he believes the card has potential to rise to a new level, especially when the country is witnessing a mammoth digital transformation.

      BBazaar Malaysia

      5 February 2018

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