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Finding the Best Credit Cards in Malaysia
At CompareHero.my, we know how much you value your time and money. That's why we're helping you save time by letting you pick a card with the best features all in one page. No need to go to different bank websites because all the important information you need is right here. You'll find popular credit cards from the top banks here in Malaysia. You could also find credit cards from the biggest and most trusted card networks such as Visa and MasterCard.
We understand that credit cards are more than just a payment mode. If you use them responsibly, they're a way to help you save money too. That's why our top picks come with the highest earn rates and unique offers you won't find anywhere else.
All of the cards you see here are there for a reason. These are the ones chosen by many of CompareHero.my's users for their exceptional rewards and features.
With so many cards vying for your attention, you're getting help from others to narrow down your search for the perfect one. So whether you're looking for a card that gives you the best cash back rates, the most reward points, or one that lets you earn air miles fast, start your search here.
We'll show you which credit cards offer the most cash back at your favourite supermarket, or which air miles cards has the highest earn rate for local spend. Narrow down your choices by choosing your top three and comparing their features side by side.
View your choices above to find one with the features you need. Just click on the "apply" button on the card of your choice to begin the fast and easy application process.
The requirements that you need to be ready with include: a copy of your MyKad, copy of your utility bill, proof of income such as your monthly salary slip and latest income tax return. You'll also have to meet certain income requirements and this differs depending on the card you apply for.
A Balance transfer facility involves transferring your current outstanding credit card debt to a new credit card which offers either a very low or even 0% interest rate. So the idea is for you to consolidate all of your credit card debt into one credit card that offers you a much lower interest rate. Balance transfers are usually offered over a time frame between 6, 9, 12 or 36 months for repayments.
Maybank offer balance transfer facilities, but they require a minimum of RM1,000 transfer amount. You can also apply for balance transfer with credit cards from Bank Simpanan Nasional (BSN), Standard Chartered, Hong Leong and Public Bank. For more options balance transfers credit cards, check out the free credit card comparison tool.
Depending on your credit score, you may be able to hold multiple credit cards. However, the number of credit cards you have and your repayment behaviour will affect your credit score. In 2011, Bank Negara Malaysia introduced a guideline stating that anyone with an annual income of RM36,000 or less can hold credit cards from a maximum of two issuers. Focus on choosing one or two credit cards which suit you and your requirements best. Eventually, if you prove your good repayment behaviour, you will be offered a higher credit limit.
As long as you pay your credit card in full and on the date in your credit card statement, you do not have to pay interest on your credit card.
In order to be eligible for a credit card in Malaysia, you need to be at least 21 years old and financially stable. Each credit card issuer has its own minimum annual income requirement. In most cases, a minimum annual income of RM24,000 is required, but this could vary from bank to bank. You don't need to have an existing account with a bank to apply for a credit card from them.
Remember to always research the best credit cards before applying!
If you're earning an annual income of RM36,000 or less, the maximum limit extended to you will not exceed twice your monthly income for every credit card issuer. This guideline does not apply if you are earning more than RM36,000 per annum, so you should consult your credit card issuer in Malaysia to find out how much your credit limit will be. Your credit limit can also be raised if you show good repayment behaviour. You can talk to your credit card issuer about raising your credit limit.
You can call the bank to ask for a review in your application. However, approval for an increase in credit limit is usually determined on your credit score. By being prompt in paying your monthly bills, the bank might increase your credit limit.
Choose a credit card that complements your lifestyle. Cashback cards help you save on groceries, petrol, and dining. Air miles cards let you earn miles for every RM1 you spend, which you can redeem for free tickets. Rewards cards let you earn points for every RM1 you spend, which you can redeem for vouchers.
By using our comparison tools, you can quickly see which credit card has benefits that are most useful to you. Make sure to compare annual fees and effective interest rates so you know what extra charges apply.
Credit card issuers provide various methods of payment, from online banking, paying through telephone or mail, or visiting a branch of the bank to settle the balance. The most convenient method is to create a bank account and have credit card balances deducted automatically every month.
The processing time varies depending on the card issuer, but as soon as your application has been approved, it normally takes 7 to 10 working days until you receive your card. Make sure that you submit all the relevant documents so that your application can be processed as quickly as possible.
If you suspect an unauthorised transaction has been made on your account, check if you made any other purchases on the same day before contacting your bank. The item could have been mistakenly billed under a different name. Also, ask anyone who uses the card with your permission (such as your partner) if they made the purchase. Once you have confirmed that the transaction was unauthorised, contact your credit card issuer immediately. Credit card issuers provide 24/7 customer service to address these matters, so do not hesitate to take immediate action. Failure to do so could make you liable for the unauthorised transactions charged to your credit card.