A prepaid card is an easy way to make purchases but unlike credit cards, you are not borrowing money from a bank, but using your own funds to make purchases. Thus, you need to load your prepaid card with funds before using it for any purchases and payments.
List of Key Prepaid Cards in Malaysia
Listed below are some of the top prepaid cards offered by key banks in Malaysia and charges associated with them.
|Name of Prepaid Card||Annual Fee||Joining Fee/Starter Pack Charges||ATM Withdrawal Fee|
|AEON Prepaid Mastercard||Waived||RM25||
|AEON Member Plus Visa Card||RM12
Waived with a minimum spend of RM4,000 at any AEON stores.
|AEON Member PLUS Card (XPRESS+)||Waived||Waived||
|Maybank VISA Manchester United Prepaid Card*||RM6||RM20||Disabled|
|Shell easiGO American Express Prepaid Card issued by Maybank||RM6
(RM0.50 will be charged to the card on a monthly basis)
|RHB Prepaid Card||RM24||-||
|SOGO-RHB Prepaid Card||RM24||-||
|CIMB Lazada Prepaid Mastercard||RM9.43||-||
*Effective 20 January 2019, ATM cash withdrawal will be disabled for the Maybank VISA Manchester United Prepaid Card. However, the card can still be used for online and in-store transactions, both in Malaysia and overseas.
How Does a Prepaid Card Work?
Prepaid cards usually work the same way as debit cards. Just that you need to load money into the card to use it. Precisely, it functions like a top up card that requires occasional refilling. Also, there are prepaid cards that come with one-time usage facility.
To load your prepaid card with money, you can use the methods mentioned below:
- You can make deposit to the card through your bank account that has provided you with the card, or
- You can visit a retail store that offers top up facility against your cash, or
- You can also make use of an app (if applicable) to top up.
Once, you have loaded the card with funds, you are free to use it at places that offers you the provision of using a prepaid card.
Features and Benefits of a Prepaid Card
- You do not require to follow a stringent eligibility criteria to get a prepaid card. As the card uses funds that are been pre-deposited by you, it does not require to check your credit score, eligibility, etc. This makes it easy to acquire a prepaid card.
- A prepaid card controls your expenditure. As the card comes preloaded, once the funds in the card get over, you cannot use it any further for your purchases. However, some prepaid cards come with an overdraft facility.
- In Malaysia, you can load your prepaid card for a maximum of up to RM10,000 at a time.
- You can also use your prepaid card to withdraw money from any of the approved ATMs. You can make the transaction without any charges at the issuing bank’s ATM kiosk. Other banks may charge up to RM10 as a transaction fee.
- As your card is preloaded, you do not have to worry about late penalties or monthly instalments.
- You can make online transactions (e-commerce) through a prepaid card.
- To keep the track of your expenditure through a prepaid card, you will get a monthly statement like a credit card statement. You can also access this statement via your online account with the bank.
- A prepaid card generally comes with global recognition.
Things to Remember About a Prepaid Card
- Prepaid cards may often come with fees and charges involved. These imposed charges may include, transaction fees, monthly maintenance charges, and other service charges.
- A prepaid card is not a credit card. Even though you can overdraw funds through your prepaid card, there is a limit set to it crossing which may lead to hefty charges billed against your card.
How to Get a Prepaid Card
You can either visit your nearest bank to check if they distribute prepaid cards or you can also call your bank’s customer service department and put up a request for a prepaid card.