There are people who choose debit cards over credit cards for shopping. One of the major reasons could be that with debit cards, you cannot spend more than what you have in your bank account. That helps you manage your finances in a better way.
Similar to credit cards, debit cards also are traded by networks such as Visa, Mastercard and UnionPay. In addition, in Malaysia there is another network called MyDebit in Malaysia which distributes debit cards.
Here’s how a debit card works for you, in case of retail purchases and also in case of online purchases.
Top Debit Cards for Shopping in Malaysia
|Card Name||Key Benefit||Annual Fee||Daily Limits|
|Citigold Debit and ATM Card||Get rewards points on every Ringgit you spend on shopping||Waived||Maximum cash withdrawal limit—RM10,000; Maximum purchase limit—RM10,000|
|Hong Leong Bank Debit Card||Offers bonus interest each time you swipe the card for shopping, dining, traveling, etc.||RM8.48||Maximum cash withdrawal limit—RM10,000; Maximum purchase limit—RM10,000 (for Priority Banking)|
|Maybank ASPIRE MasterCard Platinum Debit Card||Earn TreatsPoints when you purchase from more than 30 million merchant outlets across the world||Waived||Maximum cash withdrawal limit—RM5,000; Maximum purchase limit—RM10,000|
Debit Cards and Merchant Payments
Debit card based transactions are instantly received by merchants. This is especially helpful if there are any disputes you have to raise regarding the payments.
A debit card carrying a Visa or MasterCard network can be of more use in such cases than the MyDebit network since they follow international standards while processing payments. Usually, such disputes may occur on your first transaction. Hence, make sure not to make a large transaction on the first swipe with your debit card.
Debit Cards and Online Shopping
Credit cards are more secure for online transactions. The latest technological innovations protect you from the risks involving online shopping.
Compared to credit cards, debit cards are not that foolproof as a payment vehicle. However, you can use it to make online purchases if you don’t want any interest charged.
Debit cards can be a valuable source of payment gateway when it comes to shopping. However, compared to credit cards, there isn’t much you will get in return against your purchases. Compare debit cards in Malaysia and choose the one that suits your lifestyle.