Debit cards are considered a good alternative to cash. Also, with a debit card, you don’t have to worry about carrying cash wherever you are travelling to. Almost all merchants accept cards, and just in case you need cash, you can always withdraw money from ATMs by using your card.
Top Banks Offering Debit Cards in Malaysia
Top Banks Offering Islamic Debit Cards in Malaysia
|Bank Name||Islamic Debit Cards Offered||Cashback||Annual Fee|
|AFFIN ISLAMIC Bank||AFFIN ISLAMIC Visa Debit Card||No||Yes|
|Alliance Islamic||Alliance My eSaving Debit Card-i||No||Yes|
|Alliance Hybrid AP Platinum Debit Card-i||Yes||Yes|
|Alliance Hybrid PB Platinum Debit Card-i||Yes||Yes|
|Alliance Hybrid Standard Debit Card-i||Yes||Yes|
|Alliance Junior Debit Card-i||No||No|
|Bank Islam||Bank Islam Visa Debit Card-i Selangor FA “Red Giants”||No||Yes|
|Bank Islam Visa Debit Card-i Team Harimau Paywave||No||Yes|
|Bank Islam Visa Debit Card-i Kedah FA||No||Yes|
|Bank Islam United SA Debit Card-i “Gegau Melaka Gegau”||No||Yes|
|Bank Islam Visa PTPTN Debit Card-i||No||Yes|
|Bank Isam Visa Sapphire Debit Card-i||No||No|
|RHB Islamic Bank||Limited Edition RHB Visa Justice League Debit Card-i||Yes||Yes|
|RHB Premier Banking Platinum Debit Card-i||Yes||Yes|
|RHB Debit Card-i Mastercard||Yes||Yes|
|RHB Debit Card-i Visa||Yes||Yes|
|Bank Rakyat||Bank Rakyat Debit Card-i||No||Yes|
|OCBC Al-Amin Bank||OCBC Al-Amin Debit Card-i||No||Yes|
|OCBC Al-Amin Premier Debit Card-i||No||Yes|
|CIMB Islamic Bank||CIMB Debit Mastercard||No||Yes|
Types of Debit Cards
Debit cards can be classified into different categories based on several factors, such as the banking system (conventional and Islamic) and reward type.
Based on the Banking System
Conventional Debit Cards: These debit cards work based on conventional banking principles. You can withdraw money from a conventional savings/current account using a conventional debit card.
Islamic Debit Cards: Islamic debit cards follow Shariah-compliant principles. These cards will be linked to a Shariah-compliant savings/current account so you can withdraw money from the account.
Based on the Reward Type
Cashback Debit Cards: Such debit cards let you earn a specified percentage of the transaction amount back to your card’s account. The cashback is usually provided when you transact at the selected merchant outlets or on specific categories.
Rewards Debit Cards: Similar to cashback debit cards, rewards debit cards let you earn reward points. The reward points are credited to your account when you spend at the selected merchant outlets or on selected categories.
Features and Benefits
- Easy to carry.
- Less risky as compared to handling cash.
- Enjoy exclusive deals and offers on categories, such as dining, shopping, and travel when you pay with a debit card.
- You can make payments for your online transactions with your debit card.
- Get instant access to cash via ATMs set up across the country and overseas.
- Make hassle-free retail transactions with a debit card overseas
- Debit card transactions are secured with a Personal Identification Number (PIN).
- Get cashback, reward points, and/or discounts when you transact at selected merchant outlets.
- No debt, finance charges, and partial payments with debit cards.
- A lower annual fee as compared to a credit card.
Eligibility & Documents Required
- You must be a minimum of 18 years old to be eligible for a debit card.
- There are a few banks that provide debit cards for children.
- Savings/current account passbook.
How to Apply
|If you have an existing savings/current account||
|If you have to open a new savings/current account||
Difference between Debit Cards, Credit Cards, & Prepaid Cards
Let us consider a debit card first. It is linked to an existing/new savings/current account you maintain with a bank. You can use the card to access the account balance. The card comes in handy to withdraw cash without any interest rates and to make retail/online payments. However, you can use the card only you have a balance in your savings or current account.
In contrast, a credit card lets you pay for all your transactions and does not require to be linked with a savings/current account. The basic idea is that you borrow money for your spends from the bank and repay within the specified due date. With a credit card, you can split the repayment over a number of months. Credit cards also allow you to withdraw cash. However, a high interest rate will be charged on the amount. It is usually advised not to withdraw cash using your credit card.
A prepaid card is completely different from a debit and a credit card. Such cards are not linked to an account. You will be required to recharge the card for a specific amount, and use the card for making payments. You cannot make payments beyond the sum you have recharged for. In cases where you have paid more than the card balance, you will be charged a fee in addition to the overdraft sum that you have to repay.
|Feature||Debit Card||Prepaid Card||Credit Card|
|Linking to Bank Account||Yes||No||Yes|
|Carrier Network||Visa, Mastercard, UnionPay, and MyDebit.||Visa, Mastercard, and American Express.||Visa, Mastercard, and American Express.|
With a debit card, you can make your daily transactions and bill payments simpler. You can just swipe your card and enter the PIN to authorise your transactions in order to complete a payment. Such transactions deduct the specified amount from your account and directly credits it to the merchant’s account.
Q. How is a debit card different from an ATM card?
A. An ATM card lets you withdraw money from an ATM. When it comes to a debit card, you can withdraw money from an ATM as well as pay with the card at a retail store.
Q. Is it possible to link more than one account to a debit card?
A. Yes. Many Malaysian banks allow you to connect multiple savings/current accounts from a single bank to one debit card.
Q. Are debit cards issued for joint accounts?
A. Yes. Debit cards can be issued for a joint account. Separate cards will be issued to each individual account holder pertaining to the joint account. That means each of the joint account holders can utilise the card to make their own transactions as linked to the same account.
Q. What should I do if I lose my debit card?
A. If you lose your debit card or if someone steals your card, notify the incident to the bank as soon as possible. The bank staff will block your card immediately so the card is not used by unauthorised personnel. You can, then, visit the bank to get a new debit card for your day-to-day transactions.
You must also know that any unauthorised transactions occurring with your card after you notify the bank will not be considered as your liability.
Q. Does a debit card have a limited validity period?
A. Yes. All debit cards come with a limited validity period; usually, about 5 years. The expiry date (month and year) will be explicitly mentioned on the card.
Q. What should I do if my debit card gets expired?
A. You are required to get a new debit card if your existing card expires. You must be wary of the expiry date and approach the bank for a replacement before your card expires. Banks send a letter of reminder or an SMS to inform you that you must visit the card issuing branch to collect the new card.
Q. Can I make unlimited transactions with my debit card?
A. No, you cannot make unlimited transactions with a debit card. Usually, banks specify a certain limit on the amount you can spend with a debit card per day for retail transactions. Similarly, every bank specifies a “per withdrawal limit” and a “daily withdrawal limit”.
Unlike a credit card, you can use the debit card until there are funds in your savings/current account.
Q. Is it possible to increase the transaction/withdrawal limit on my card?
A. Many banks increase/decrease the purchase/withdrawal limit on your card upon your request. You may request for a change via your internet banking account or by visiting the bank branch. If you are visiting the branch office, you must take care to go to the same branch where your account was created.