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Finding the best credit card to suit your spending needs will help you get the most benefits and rewards for every RM you spend. This includes earning air miles for ever local and overseas spend, earning cash back on categories like Dining, Online Shopping, and Petrol to name a few, and earning rewards and discounts per RM spent. If you apply through our site, you'll also get exciting credit card sign-up bonuses and sign-up offers!
CompareHero.my we do all the comparison work for you with the help of our quick, free, and easy comparison tool. Just fill in the requirement information and you'll find all the cards that suit your requirements within a matter of seconds. Review the various details available and select the card that suits your lifestyle needs. The credit cards included in our comparison tool are based on the most trusted financial institutions in Malaysia. We have included a wide range of banking industry leaders, who can give you the best credit card options.
You can find the best credit cards in Malaysia in less than a minute. All you need to do is go to our credit card comparison tool, and fill in the required details about your lifestyle and CompareHero.my will do the rest for you. We will compare all the credit cards that cater to your lifestyle needs and within a matter of seconds, our comparison tool will display the best options for you. Review the various features available and apply for the card that best suits your need.
A credit card is an alternative payment method for goods and service. It is essentially a type of short-term loan that is issued by a bank or financial institution; this is where the term “credit card” is from. With a credit card – in simple terms – the bank lends you money first and then you repay them in credit when it is due.
A supplementary credit card is an additional card that is issued under a principle account holder’s name. Basically, it is a secondary card that works under the same main account, making it easy to consolidate all payments under a single account, and you can also earn rewards at a faster rate. A supplementary card is usually given to a family member for emergencies; the supplementary card holder does not need to fulfil any requirements aside from being at least 18 years old.
As a credit card works similar to having a short-term loan, it is ideal as a substitute for cash to spend on your daily goods or services, such as your groceries or clothing. It is also ideal for slightly more expensive purchases such as a laptop or an expensive timepiece, as carrying a large amount of cash can be very dangerous.
There is a limit as to how much you can spend on a credit card, however. This limit is decided by the bank based on your credit history and monthly income and differs from person to person. Do keep in mind that you must pay the credit card by the outstanding due dates or you will be charged interest.
A credit card is not a good solution for long-term financing because of its high-interest rates. In fact, it can be one of the more expensive options as some credit cards charge an interest rate of 18% p.a., the highest in the market. Instead, a personal loan would be a better option for long-term financing with interest from as low as 5%.
Credit card interest rates differ between banks and type of credit card. It may fluctuate based on your repayments too; if you pay in a timely manner, you’ll be rewarded with a lower interest rate. Your credit score can also impact the interest rate offered to you. Typically, the healthier your credit score, the lower the interest rate. In Malaysia, you can obtain a copy of your credit report from CCRIS or CTOS.
A credit limit is the maximum spending limit that is applied to your credit card when you apply for one. The credit limit is determined by two factors: your credit history and your monthly income. In Malaysia, cardholders earning RM36,000 or less per year have a credit limit that doesn’t exceed two times their monthly salary; those earning RM36,000 and above has their credit limit determined at the bank’s discretion.
The main difference between a credit card and debit card is where the money is from when making a payment or purchase.
While a credit card can pile on your debts, it is a very useful tool that can bring a lot of benefits through its features. You must be disciplined and keep in mind that you have to make repayments at the due date responsibly.
When you make a purchase with a credit card, be it through an online portal or swipe at the payment terminal in a brick-and-mortar shop, the payment process goes through a process with several parties in the back. It will be a simple and near-instantaneous experience for you, however.Typically, there are five parties involved in a credit card transaction:
Like many things in the world, the credit card is not without its ups and downs. It is very important that you understand the pros and cons of a credit card. When managed correctly, the credit card brings a lot of benefits and rewards, but if mismanaged, the credit card can be an instrument that leads to high debt.The Pros:
A credit card has several different types of fees and charges. Some of these depends on what you use the credit card for and some may be just be a general fee. Here are some of the most common fees and charges.
Interest is a charge applied by banks for lending you money. It is calculated as a percentage of your outstanding balance. The rate is determined by the bank upon review of your credit history and other factors in your application; it is usually between 8% to 18%. The better your credit score, the lower your interest rate. A healthy credit score demonstrates that you are in a healthy financial position and it is less risky for the bank to approve your application, therefore charging you a lower interest rate.
It is very important to understand what you want a credit card for. There are many different credit cards out there that have different benefits and features that may fit different lifestyles. You can use a credit card comparison tool like our very own to help you out. Just fill in the required details and the tool can automatically draw up the suggested credit cards for your needs. Make sure you read all the little details about the card such as the charges and fees, benefits, interest rates, and most importantly, if you meet the minimum requirements.
Your credit score is what banks will mostly use to determine if you can get a card. There are various credit scoring agencies that can provide you with a credit scoring report such as CTOS, CCRIS, and RAMCI. If you have a healthy credit score, then you should be easily approved for a credit card.
The rates you see online may not necessarily be the rates you’ll receive when you apply for a credit card. This is because the bank determines the final rates of everything based on each individual’s financial profile.
Once you’ve determine the right credit card to get, you can either apply online on our website or in-person at a bank branch. An online application is generally much faster and more convenient. If you are applying online on our website, you will need to fill in the form after you click on “Apply Now”
If you are walking into a bank branch, you will need to provide several documents such as (varies between different banks):
There are several different type of credit cards in Malaysia, but they are generally in these few main types:
Keep in mind that most credit cards today have a combination of several types, usually rewards and cashback.
By now, you must be asking "what is the best credit card for me?" Here are some of our recommendations for the best types of credit cards: