Best Rewards Credit Cards In Malaysia 2022

These networks have various types of complementary benefits such as premium access to airport lounges, travel protection, cashback, and rewards points. However, not every bank provides all these credit card network choices so be sure to check which type you would like. A credit card is a card issued by a financial institution for the purpose of payment of goods and services, balance transfers and/or cash advances. You can hold any number of credit cards from a maximum of two card issuers if you are a qualified cardholder with an annual income of RM36,000 or less. There are no limitations on the number of cards and card issuers if your annual income is above RM36,000. Interest rates for credit cards in Malaysia commonly range between 13.5 – 17.5% p.a.

Shopping Credit Cards These cards are the best type of cards for shopaholics! You can get the best discounts, reward points and gain cashbacks depending on where, when and how you spend. Cashback Credit Cards These cards provide a cash rebate on your purchases, which allows you to reduce your financial burden and shop with peace of mind.

A card that offers up to 8x Rewards Points when you shop at Mid Valley Megamall and The Gardens Mall with an installment option of up 60 months. Exclusive cashback, offers, and privileges at over 4,000 outlets in Malaysia with your brand new JustOne Platinum MasterCard from Standard Chartered. Your outstanding balance will attract a finance charge of between 15% – 18% per annum which is compounded daily until you paid off the overdue amount. According to the BNM guidelines, the minimum income for a first-time applicant is RM24,000 annually. Not to be confused with a cash loan facility whereby you can borrow a certain amount from your card and repay it in instalments, which is similar to an EPP.

Enjoy 1x Timeless Bonus Points for every RM1 spent on overseas & domestic retail transactions. We partner with merchants to bring you fantastic offers that we think you’ll love. Motor Comprehensive Cover Multiple protection over losses and damages to your car. 5x Membership Rewards points for every RM spent on groceries, telco and more. However, do check with your respective bank on what documents you will need, as some banks will require extra documents. Get2X BonusLink Points whenever you shop, and on top of that female cardmembers get free health checkups, car assistance, and wallet …

These points can be used toredeem credit card rewards, which is why they’re commonly referred to as credit card rewards points. When you collect enough points, you can then use them to claim a credit card reward. For anyone with a yearly income of RM36,000 and above, you can own as many credit cards you want from multiple issuers. A credit card has a fee that is charged annually to the card members for the benefits that come with it. Find the credit card that best meets your needs, or simply compare all credit cards from your favorite bank. Jumpstart savings account-i Enjoy profit rate at any balance, cashback on online spends and more with us.

This may not be theoretically correct, but banks charge interest on the outstanding amount as a penalty for borrowing their money and not repaying them on time. JustOne Platinum Mastercard Get more than RM700 cashback a year on all your daily expenses. You could also have a guarantor who has a good credit history to cosign the application, for example, your parents, to be able to get a preferred interest rate. Ensure that you have sufficient income to repay your balance and the income declared in the application is solely yours.

Other than that, you must also have a valid identity card, employer letter of confirmation and other documents to support your application. Each credit card transaction you make will be posted in your credit card statement. This statement, which itemises all your transaction histories for the past month, will arrive at your mailbox or inbox in the current month. Convert your credit card purchases into a low interest rate instalment plan with FlexiPay Plus.

For example, if you have used up RM300 on your card and failed to settle it within the 20-day interest-free period, a Finance Charge of between 15% – 18% p.a. ContinueWe respect your privacy and are committed to handling your personal information safely and responsibly.

In Malaysia, if you have an annual income of RM36,000 or below, you can only have a maximum amount of 2 credit cards. When you make a payment using your credit card, you are essentially “borrowing” money from the card issuer and are asked to repay the amount at the end of each month. Travel Credit Cards These cards allow you to accumulate points or air miles for travel purposes, making them suitable for frequent travellers. Most travel cards also give you great complimentary travel insurance coverage, making them a great way to get the most out of your travels. If you earn more than RM36,000 per annum, you will not have any limitation on the number of cards you can apply for. However, if you have a bad credit history, it would depend on your bank’s requirements.

You might be charged a higher interest rate if you have a history of missing payments on bills and loans, or other credit cards. If you have a low credit score, this may also affect the interest rate you are charged. For example, many reward credit cards give you more points for overseas spend compared to local spend. Some rewards cards have points multipliers for different kinds of expenditure.