Are you looking for a basic credit card? Or is this the first time you’re getting a credit card? We’ll help you find the basic credit card that is best suited for your needs, so read on for more info!
Did you know that only 6% of all credit cards available in Malaysia qualify as basic credit cards? Below are features of a basic credit card:
- You don’t need to pay any annual fees
- The minimum monthly income requirement does not exceed RM 2,500
- The credit card should be available to anyone (no restrictions e.g.; must have an account with the bank)
We have categorised basic credit card users into four segments as there are various reasons why people look into getting a basic credit card. Among the reasons are to use it for emergencies, recent graduates looking to get a credit card, people with lower income, and people who are getting their first credit card.
They only use their emergency credit card in certain circumstances, and they don’t want to pay annual fees for a card they only plan to use for emergencies.
They are usually looking to get their first credit card, and as they have only entered the workforce they usually earn less income so they cannot afford to get a credit card with a high monthly income requirement.
People with lower incomes
These individuals cannot afford credit cards with a high annual fee or the minimum required income stipulated by financial institutions usually exceeds their income. This is why this customer group tends to look into getting basic credit cards.
Credit cards for first timers
These are people who are not used to swiping a credit card, so in the beginning, they probably won’t be using it often. Therefore, they won’t be willing to pay an annual fee or exceed the annual fee waiver criteria which would usually require them to make a certain amount of swipes per year.
Basic credit cards recommendations
Hong Leong I’m Card: The real basic credit card
The most basic credit card in the market is the Hong Leong I’m Card. With no annual fee, a minimum required monthly income of RM2,000 and 15% interest rate, this is the most basic credit card available in Malaysia. This card has no extra benefits, rewards or travel insurance.
Maybank 2 Gold Card: The lowest interest rate and many benefits
The basic credit card with the lowest interest rate is the Maybank 2 Gold Card. If your minimum income is at least RM2,500, then this is probably the best basic credit card available for you to consider in Malaysia.
The Maybank 2 Gold Card has an interest rate of only 8.88% and you earn 5 points for each Ringgit spent on retail and overseas transactions, 1 point for each Ringgit spent on petrol and online flight purchases. You can then exchange 4.77 points for 1 Enrich Mile / 1 KrisFlyer Mile / 1 Asia Mile. So this card is a good deal for a basic credit card as it offers a low-interest rate and quite a number of benefits.
BSN Classic Card: The basic credit card for those with low income
The BSN Classic Card is the best card for families or individuals with lower income, as the required monthly income is only RM 2,000. Aside from offering a low monthly income requirement, this credit card has a lot of extra benefits and an interest rate of only 13.5%.
BSN Classic Card-i: The best basic Islamic credit card
The BSN Classic Card-i is the best Islamic basic credit card compared to the other Islamic basic credit cards based on its low-interest rate of 13.5% and the extra benefits that come with it.
Aside from travel insurance of up to RM 300,000, you can exchange 5.5 points for 1 Enrich Mile. Furthermore, you get 1 point for each Ringgit spent on retail and petrol and 2 points for each Ringgit spent overseas.
List of basic credit cards available in Malaysia:
- Hong Leong Bank – I’m Card
- AffinBank – Basic Card
- BankRakyat – Classic Card
- Public Bank – Petron Gold Card
- AmBank – AmIslamic Al-Taslif Classic Card-i
- Citi – Choice Card
- CIMB Bank – Platinum Card
- OCBC Bank – Titanium Blue/Pink Card
- Maybank Ikhwan – Gold Card
- AmBank Gold Card
- CIMB Bank – Islamic Platinum Card
- BSN – Classic Card
- Maybank – 2 Gold Card
- BSN – Classic Card-i
Before you make a decision on which basic credit card to get, look into your spending style as this will help you to decide which credit card can get you more savings.
From all of the credit cards available in Malaysia, only a few cards can be considered as basic credit cards. It should be noted that not all banks in Malaysia provide basic credit cards, but there are certain banks which provide many options for basic credit cards.
For more options, compare all zero annual fee credit cards for free on CompareHero.my!
About the writer
Sabrina is one of the content writers at CompareHero.my. She is a resourceful and driven young Dutchie, whose aim is to leave her footprints all over the world.