Rewards credit cards offer you reward points on your card purchases. These reward points can be redeemed for various products. You would earn reward points on every purchase made on your card. You can accumulate these points over time and redeem them for a product that you prefer.
Compare Rewards Credit Cards In Malaysia
|Card Name||Benefits||Annual Fee||Interest Rates|
|HSBC Visa Platinum||Up to 5x points on every eligible spend in more than 30 participating shopping malls across Malaysia||RM254.40||15-18% p.a.|
|Citi Rewards Card||5x points for every RM1 spent on groceries, and on overseas expenses 1x points for every RM1 spent on other local purchases||RM636||15% p.a.|
|Maybank 2 Gold Cards||5x points for all purchases on Maybank2 American Express Card across Malaysia and overseas 1x points on all purchases on Maybank2 Visa Card||Free||15-18% p.a.|
|Standard Chartered Visa Platinum||5x points for department store purchases, dining and overseas purchases 1x points for other local purchases||Free||15-18% p.a.|
|Alliance Bank Platinum Visa Card||3x points for every RM1 spent on overseas retail purchases 2x points for every RM1 spent on groceries, petrol and utilities 1x points for every RM1 spent on other local retail purchases||Free||15-18% p.a.|
|New AEON Classic MasterCard/Visa||2x points for every RM spent at AEON stores||RM30 Waived for the first year||15-18% p.a.|
|BSN Visa Platinum||1x points for local retail purchases 2x points for overseas retail purchases, and expenses related to golf, airlines, travel agencies and food & beverages||Free||13.5-17.5% p.a.|
|AmBank M-Signature Visa Card||3x points for every RM10 spent on local purchases 9x points for every RM10 spent on overseas purchases||RM583||15-18% p.a.|
|Public Bank Quantum Visa||1x point for local retail purchases 2x points for overseas retail purchases||Free||15-18% p.a.|
|GSC - Hong Leong Gold Visa||1x point for every RM1 spent on retail purchases||RM159 Waived for the first year if card is swiped within the first 45 days Waived for subsequent years if card is used for minimum 12 times in a year||15-18% p.a.|
|SOGO RHB Credit Card||1x point for every RM1 spent at SOGO Storewide 1x point for every RM2 spent at SOGO Supermarket and elsewhere||RM93.28||15-18% p.a.|
Types Of Rewards Programme
The reward points you accumulate on your card can be redeemed for a number of products and merchandises such as:
- Air Miles
- Shopping Vouchers
- Travel Packages
- Kitchen Essentials
- Electronic Gadgets
- Fuel and Retail Discounts
Why Choose A Rewards Credit Card?
These cards help you get something in return for spending money on purchases and expenses. This way, you can save money that you otherwise have to spend to purchase products such as household essentials or gadgets.
Depending on the type of credit card owned, the points earned can even be redeemed for airmiles or cash vouchers.
Features & Benefits Of Rewards Credit Cards
- You can cut down on your grocery bills by choosing a card that offers points for grocery shopping.
- You can use your card to pay utility bills and earn points from it.
- If you are a frequent traveller, you can cut down the cost of travel by getting a card that allows you to convert your points into air miles.
- You can redeem your points for travel specific goods such as travel bags or tickets if you love travelling.
- You can get bonus points when you sign up for a card.
How Do Rewards Credit Cards Work?
The points you earn on your card is directly connected with each Ringgit you spend. Some cards will offer points for every RM1 you spend, whereas others offer for every RM2 or RM3 spent. Such transactions include local and/or overseas transactions.
How Do You Choose The Best Rewards Credit Card?
Choosing the best rewards card completely depends on your lifestyle choices and your specific needs. So, if you travel frequently, it would make sense for you to choose a travel card. On the other hand, if most of your monthly expenditure is on groceries, a cashback card would be more suitable.
Be sure to check the annual fee, interest rate, as well as reward terms and conditions to find the card that gives you the most.
For most Malaysian rewards cards, the primary applicant has to be at least 21 years old and have a stable income. Although most banks have a minimum income requirement to apply for a credit card, there are a number of options for every income bracket - low and high. Depending on the number of rewards on offer, the eligibility criteria can differ.
How Do You Apply For A Rewards Credit Card?
Visiting the bank’s website is one of the easier ways to apply for a rewards card. Just fill out the online application and you’re good to go. You could also get in touch with the card issuer’s customer service team for assistance. If you’ve got enough time on your hands, walk into the bank’s nearest branch for a more hands-on application process.
How To Redeem Your Rewards?
As you swipe your card for various purchases and transactions, you will accumulate rewards points. Each bank has a specific rewards programme where a specific number of rewards points need to be accumulated to redeem a particular gift or benefit.
You can check the rewards catalogue on the bank website. Once you have accumulated enough points to choose a product as per your preference, you can redeem your points to get that product.
You can choose from travel accessories, electronic gadgets, kitchen essentials, branded accessories, shopping vouchers, air miles and travel packages. Take a look at the catalogue before choosing a card to see if that particular card’s rewards programme includes products and merchandise that you desire.
Q. Are co-branded rewards cards a good option?
A. Co-branded cards can be great for those who have a preferred brand in mind, whether it’s a hotel chain or a fuel station. Such cards let you earn brand-specific rewards on a fast-track basis so you get to save more on your favorite brands.
Q. Is there an expiration date for rewards points?
A. Most banks impose a fixed expiration date for rewards points such as 1 year or 3 years. Some banks do not impose any expiration date where you can accumulate points and redeem then when you prefer.
Q. How can I earn more points on my card?
A. You can earn more points by using one card for all your purchases and transactions. Some cards would increase your points or offers when you spend more in a specific category such as utilities or groceries. You can use such cards to meet your monthly needs and earn more points.
Q. Would I lose my points if I do not pay my card dues on time?
A. Yes. If you do not pay card bills on time, you may not earn any points or your accumulated points may be revoked. You can enjoy the rewards only when you do not default on your card bills.
Q. Is there a maximum number of points that I can earn on my card?
A. That depends on the card that you choose to sign up for. Some banks have a cap on the number of points on a daily or a monthly basis. Some may impose specific terms such as a minimum spending amount to earn points. You can take a look at the terms and conditions of a card before you decide to sign up.
Q. Can I earn points on all purchases made on my card?
A. It would differ from card to card. Most banks allow you to earn points only on specific categories such as groceries or petrol. Some banks allow you to earn points on all purchases, but at a lower rate.
Q. Is there any fee charged for redeeming reward points?
A. Redemption fees charged depend on the type of card one has signed up for. Most banks charge a redemption fee when converting reward points into air miles or cashback.