Find The Best Credit Card For You
Explore credit card options tailored to fit your unique needs and lifestyle. With transparent comparisons of rewards, fees, and benefits, you can confidently select the card that best supports your financial goals.
What is a Credit Card?
In Malaysia, a credit card is a financial tool issued by banks that allows cardholders to borrow funds to make purchases or pay for services. It offers the convenience of cashless transactions, with a credit limit set by the bank based on the applicant’s credit history, income, and spending habits. Many Malaysian banks provide rewards, cashback, or travel miles to attract more users, catering to the diverse needs of consumers. Additionally, with flexible repayment options and promotions, such as 0% interest installment plans, credit cards appeal to Malaysians looking to manage their finances, improve cash flow, or access exclusive discounts and benefits.
How does a Credit Card work?
A credit card in Malaysia works by allowing cardholders to borrow funds up to a predetermined credit limit for purchases or cash advances, which they can repay either in full or in installments. Banks offer a 20-day interest-free period for purchases if the outstanding balance is fully paid by the due date. Otherwise, a monthly interest rate (often between 15-18%) applies to the unpaid balance. To gain more users, credit card providers in Malaysia often offer benefits like cashback, reward points, airline miles, and exclusive discounts, alongside introductory promotions such as 0% interest for the first few months, waived annual fees, and even free gifts upon sign-up.
How to get a Credit Card?
In Malaysia, banks attract new credit card users by offering easy application processes, minimal documentation, and incentives like cashback, rewards points, and discounts. To get a credit card, applicants must meet the minimum income requirement (often RM 24,000 annually for basic cards) and provide identification, proof of income, and sometimes an employment letter. Banks promote their cards through online platforms, partnerships with retailers, and exclusive perks for new users, such as fee waivers or bonus rewards. Offering flexible repayment options and low introductory interest rates also encourages more users to apply.
How many types of Credit Card are there in Malaysia?
- 1Rewards
- 2Cashback
- 3Low-interest
- 4Islamic
- 5Travel
- 6Petrol
- 7Dining
- 8Groceries
- 9Shopping