A Premium Credit Card offers royal facilities to you in terms of travel, dining and shopping. The card also gives Premium rewards on each transaction you make with your card.
Compare Premium Credit Cards In Malaysia
|Card Name||Benefits||Annual Fee||Minimum Annual Income|
|Maybank Visa Infinite||Enjoy International Golf Privileges at 69 Golf Clubs||RM800 (from the second year)||RM120,000|
|AmBank World MasterCard||Get travel insurance coverage worth RM2 million||Free for lifetime||RM120,000|
|PB Visa Infinite||Get Complimentary Access to Malaysia Plaza Premium Lounge||Free for lifetime||RM100,000|
|OCBC Premier Voyage MasterCard||Begin with 8,000 Voyage Miles when you||RM800||-|
|CIMB Visa INFINITE||RM1 million travel insurance cover||Free||RM120,000|
|Citi Prestige MasterCard World Elite||Complimentary night stay at hotels worldwide||RM1,060||RM200,000|
Features & Benefits Of Choosing Premium Credit Cards
The following features and benefits are offered by your Premium Credit Card:
- Each ringgit you spend will be converted to reward points.
- Additional reward points are gathered when you charge your card overseas.
- Some cards provide you with the opportunity to use the reward points instantly.
- Most cards provide services at RM0 annual fee for the first year.
- You can enjoy Golf privileges at premier clubs across the world at discounted prices.
- You can get the option to convert your reward points into air miles.
- You can get privileged access to select Plaza Premium Lounges at major airports across different countries.
- The card provides quicker immigration at many international airports.
- You may get travel insurance along with the card to keep you and your family safe. The insurance is applicable when the entire airfare is charged to the card.
- Some cards also provide cash bonus on your retail purchases charged to the card.
- Some cards also provide cash rebate for every Ringgit you spend locally and overseas.
- You can get complimentary access to Flight Club at Kuala Lumpur International Airport.
- Exclusive travel desk is provided for your assistance.
- The card offers Flexi Payment facility.
How Do Premium Credit Cards Work?
As the name suggests, premium credit cards are worth a premium. Most premium cards come with a substantial annual fee but the benefits you get in return are well worth the investment. Some premium cards may even come with an annual fee waiver with a minimum monthly/annual spend.
As a premium credit cardholder, you’ll get to enjoy an exclusive range of benefits including complimentary hotel stays, worldwide travel insurance, airport lounge access, private concierge services, generous rewards programs, etc.
How Do You Choose The Best Premium Credit Card?
For starters, figure out how you really spend and what do you need a premium credit card for. You may be able to find most benefits that come with a premium card in another card that costs much lesser annually. So, know what benefits really matter to you and if they’re of any use.
Next, find a card with the lowest annual fee and the best rewards returns. Whether you’re a frequent flyer or a shopaholic, there are plenty of premium credit cards for you to choose.
To apply for any premium credit card in Malaysia, you need to be at least 21 years old. There’s even a minimum income requirement to contend with that depends on the card issuer, the type of card, and its features. You should also be able to prove that you have a steady source of income and that you’re a permanent resident of Malaysia. Some cards allow foreign applicants as well.
How Do You Apply For A Premium Credit Card?
If you like to initiate the credit card application process in person, just walk into the bank’s nearest branch. You could also get in touch with the bank’s customer service team for assistance. For a more hassle-free experience, visit the bank’s website and fill out the online application or request form.
Q. What does the Dial-For-Cash facility do? Can I use the Dial-For-Cash facility on Premium Credit Card?
A. Yes. Premium cards provide Dial-For-Cash facility. You can use them when you are in need of immediate cash. The facility gives you repayment options ranging from a tenure of 6 to 48 months. You do not have to submit any documents exclusively for this purpose.
Q. What does a Flexi Payment Plan mean?
A. A Flexi Payment Plan means that the purchases you have made using the Premium Credit Card can be repaid in the form of monthly instalments as per your convenience. You need not pay the entire bill amount in a lump sum at the end of the month.
Q. Can Premium Credit Cards be Shariah-compliant?
A. Just like there are conventional premium credit cards, there are premium credit cards that only allow halal transactions. Such Islamic premium cards work much the same way as conventional premium cards, except for the fact that there’s a profit rate instead of an interest rate and there’s no compounding interest.
Q. Can I get a cash advance using my premium credit card?
A. Yes. You can carry out a cash advance transaction on your premium credit card. However, the amount you can take depends on the limit specified by the specific bank.
Q. Is there a penalty in case of missed monthly payments?
A. If you fail to make the minimum monthly payment as specified by the card issuer on or before the due date, there will be an additional charge levied on top of what you owe to the bank. This charge can vary from one bank to another.