When they were first offered, credit cards were basically cards that allowed you to swipe for a transaction that you had to pay later. However, credit card providers have been steadily adding various features to credit cards to make them more attractive to the masses, and one of these is the concept of a cashback.
Credit cards with cashback can help reduce your daily expenses—as they give you rebates at supermarkets, department stores, petrol stations, convenience stores, and others places where you shop for daily necessities. Some credit cards also offer rebates for dining and entertainment.
However, how do you decide on which cashback credit card to get? Here, we have compiled a list of the best cashback credit cards in Malaysia. Check out their cashback rates and other rewards here.
🎓UOB One Card: Best for Beginners
Choosing the right credit card that suits your current stage of life is important. Fresh graduates will be delighted to know that the UOB One card only requires its applicants to have a minimum monthly income of RM2,000 per month.
As someone who is entering the employment market, you most likely will need to buy your own car to commute to the office or run errands. This card can help you save money on petrol, as it offers up to 10% cashback of petrol.
Apart from petrol, the 10% cashback also covers dining, selected grocers and Grab transactions. All these will come in handy for daily savings. The 10% cashback is dependent on a minimum spend of RM500 or RM1500 a month for UOB One Classic or One Platinum respectively.
Don't fret if you don't meet this condition, as you'll still enjoy 0.2% cashback on all retail spend with no conditions tied to it.
- Minimum monthly income RM2,000
- Annual fee RM200
The UOB One card provides great cashback for fresh graduates.
💸Standard Chartered Simply Cash: Highest Cashback Rate
The Standard Chartered Simply Cash credit card wins hands down when it comes to the highest percentage of monthly cashback offered.
Right now, you get to enjoy up to 15% cashback on petrol, selected eWallets, dining and groceried spend. Apart from that, Standard Chartered is offering to waive the first year fees on this card and in the subsequent years when you charge a minimum of RM12,000 on the card per annum. That works out to just RM1,000 per month if you want your annual fees waived indefinitely.
Standard Chartered card holders can also Live the Good Life™ with promotions, discounts and deals with more than 130 vendors all year long. These includes deals as low as RM 1 at ZUS Coffee and Inside Scoop, as well as hotel stay offers.
- Minimum monthly income RM3,000
- Annual fee RM250 (waived with minimum annual spend of RM12,000)
😍Maybank 2 Gold: Lowest annual fees
Maybank 2 Gold card users do not have to pay any annual fees yearly, and this comes with no hidden conditions whatsoever.
The Maybank 2 Gold is a very unique card that allows you to reap benefits from 2 credit cards with just one account. The aforementioned cards are the Maybank 2 American Express Gold and Maybank 2 Mastercard & Visa.
The cashback offered here happens when you swipe the Maybank 2 American Express on weekends. This gives you 5% cashback on any transaction or purchase except government bodies and utilities spend.
On the other hand, this credit card account is also great for collecting TreatsPoints on both cards which can then be used to redeem rewards from Maybank.
- Minimum monthly income: RM2,500
- ZERO annual fees for life
🚑RHB Shell Visa: Useful for Emergency Cash
With cashback as high as 12% for petrol at Shell stations and 5% cashback on online, supermarket, utility bills and top up e-wallet spend, the RHB Shell Visa no doubt has a place on this list.
In addition to great cashback, there's the RHB CashXcess that allows you to convert up to 80% of your credit limit to a loan. You can even determine the repayment tenure to suit your affordability.
- Minimum monthly salary, RM2,000
- Annual fee: RM195
✈️AEON Gold Visa: Also Great for Travel
There's also 5% cashback on dining capped at RM25 per month and points collection.
The feature we want to highlight also includes how this card rewards travels, with up to 3X points for every RM1 spent overseas, 3X access to Plaza Premium Lounge yearly and RM200,000 coverage in travel insurance.
- Minimum monthly income RM3,000
- Annual fees RM95
Cashback credit cards, when used the right way, can help you save on your monthly expenses. Getting the most out of your cashback card means understanding how does cashback work on credit cards and when best to use them.
Additionally, comparing the top cashback credit cards side by side will help you visually see the pros and cons of each card and thereby pick the best one. Let CompareHero help you make comparisons easily and quickly!