In the post COVID era, we are a no-touch generation. The lesser contact with the other person, the safer you are, right? So, if you have only a bunch of cash notes to pay for everything, that ain’t doing any good in terms of your health and financially! Today’s topic will discuss article the Top 10 Best Credit Card Malaysia Review.
You might wonder why not financially?
Well, a lot of online stores and dining outlets seem to offer a greater discount if you make online payment through your credit card. Besides, credit cards have a partnership with various merchants which offers you multiple cashback and reward offers that help you curb your daily expense.
And did I mention the credit part? Well, credit card if your personal credit line that bridges your cash gap for your daily needs. So, if you are on a thin line on your monthly budget or looking for small capital without stepping into long term debt, a credit card is your medicine to cure your financial ailments.
What’s the best credit card in Malaysia?
Now, there is no shortage of credit card in Malaysia. The challenge is to pick the one that can serve you the best. But you possibly don’t have that much time to spend days on browning through all the credit cards. So, here we have the 10 best credit card Malaysia to help you decide which one is the best for you. So dig in and pick the one that best suits your needs.
Maybank Islamic Ikhwan American Express Platinum Card-i
You can apply for this credit card with as little as RM 5,000 monthly income.
How would you like to own a credit card that has a free annual fee and lots of cashback options on literally everything you buy? Well, Maybank Islamic Ikhwan American Express Platinum Card-i is just that.
Withdraw RM 5,000 cash daily to pay for your expenses at only a 15% interest rate per annum. The rate will stay the same as long as you make your instalments regularly. This card is perfect to get you that extra cushion of cash at minimum cost to save in your daily expenses. It cannot go better than this!
Check out in more detail what it has in store for you:
Best Features:
- Free supplementary card
- Free annual fee
- 0% balance transfer fee for a 12-month tenure with a 3% one-time upfront fee
- 0% Interest Instalment Payment Plan at all participating merchants
- Free Maybank Touch n’ Go Zing Card
Cashback Benefit:
- 2 Treat Points for every RM 1 spent on groceries
- 2 Treat Points for every RM 1 spent on shopping
- 1 Treat Point for every RM 1 spent on mobile, fixed-line, and internet charges via Express Autopay only
- 1 Treat Point for every RM 1 spent on petrol
Who is it for?
- Mid-level income earners
- Loves to get more for less
- Seeking an all-rounder credit card that offers unlimited cashback
Eligibility:
- Principal cardholder, 21 years old or above
- Supplementary cardholder, 18 years old or above
- Minimum monthly income of RM 5,000
Maybank 2 Gold & Platinum Cards
You can apply for this credit card with as little as RM 2,500 monthly income.
Just started out on your new job and need some extra bucks to ease your finances? Not to worry, we have the best credit card for you. Maybank 2 Cards is applicable for anyone with a minimum income level of only RM 2,500.
This card comes with 2 separate credit cards, one is American Express and another either Visa/Mastercard with a single joint account that will record all your spending. So, you get to have 2 credit cards with a single sign up to reap the benefits of both. Isn’t that amazing?
Besides, you can withdraw RM 5,000 daily to enjoy your jubilant days without having to squeeze your wallet for pennies. To top it off, this credit card has cashback on almost anything you spend on from travelling, groceries to dining, shopping and petrol.
Super low cost, cashback up to RM 50 per month and generous payout and the only thing you need to do is pay your instalments on time to maintain your interest charge at 15%.
Now, who would not want a piece of that right?
Check out in more detail what it has in store for you:
Best Features:
- 2 credit cards
- Free supplementary card
- Free annual fee
- 0% balance transfer fee for a 12-month tenure with a 3% one-time upfront fee
- 0% Interest Instalment Payment Plan at all participating merchants
Cashback Benefit:
- 5% cashback on all weekend transactions except for government bodies and utilities (For Maybank 2 American Express Card only)
- 1 Treat Points for every RM 1 spent on groceries (For both cards)
- 1 Treat Points for every RM 1 spent on shopping (For both cards)
- 5 Treat Points for every RM 1 spent on dining (For Maybank 2 American Express Card only)
- 1 Treat Point for every RM 1 spent on petrol (For both cards)
- On weekdays, enjoy 5x Treat Points from local and overseas transactions on dining, shopping, groceries and travel (For Maybank 2 American Express Card only)
Who is it for?
- Mid-level income earners
- Diverse cashback opportunity
- Want to enjoy 2 credit cards at the expense of 1
Eligibility:
- Principal cardholder, 21 years old or above
- Supplementary cardholder, 18 years old or above
- Minimum monthly income of RM 5,000
CIMB Petronas Platinum Card
You can apply for this credit card with as little as RM 2,000 monthly income.
Who says you cannot get a credit card with your starting salary? CIMB proceeds its reputation to be the best by presenting you this gem of a card that is perfect for freshers and bachelors. At only 15% interest per annum, you can fill out all your financial needs with 80% of the cash limit in advance allowed in this credit card.
Besides, CIMB Petronas Platinum credit card shakes up unlimited cashback facilities on all things necessary to let you save a little on your everyday spending. From awesome rebates to your statement balance to generous discounts from renowned merchants, life will be easy having this credit card at your side.
Check out in more detail what it has in store for you:
Best Features:
- Free supplementary card
- Free annual fee for principal cardholder
- Free CIMB Touch ‘n’ Go Zing card for all new cardholders
- 0% Instalment Payment Plan at all participating merchants
- Balance transfer fee of only 5.99% p.a. for 6-months tenure and 7.99% p.a. for 12-months tenure with a minimum of RM 1,000 transfer amount
Cashback Benefit:
- Up to 20% discount at participating merchants
- 0.2% cashback on retail spend per month
- 0.2% cashback on dining, utilities and shopping every month
Cash Rebates:
- 7% cash rebate on Setel transactions for a statement balance of RM 1,500 and above
- 5% cash rebate if you have a minimum statement balance of RM 1,500
- 3% of cash rebate for those with a statement balance below RM 1,500
Who is it for?
- Freshers and bachelors
- Someone who just started living on his own
- Expects minimum cost and lots of rewards to maintain a budget life
Eligibility:
- Principal cardholder, 21 years old or above
- Supplementary cardholder, 18 years old or above
- Minimum monthly income of RM 2,000
Hong Leong Platinum Card
You can apply for this credit card with RM 5,000 monthly income.
Hong Leong Platinum Card does not toy around when it comes to your everyday needs. It offers you a generous cash advance of RM 5,000 daily with an interest rate as low as 15% per annum. Now, if you pay regularly on time, this interest rate will surely beat the unlimited cashback you will enjoy throughout the year.
On top of that, if you like to travel often for vacation or meetings and conference, you have got travel and retail protection to make your journey more pleasurable. They even offer you preferential forex rate if you need to exchange over RM 30,000 when you travel overseas.
In short, this card is your ideal companion if you are a busy bee, have a growing career and need to flex your budget to attain for your many needs. With a reasonable annual fee of RM 424 per year, it offers you many flexibilities that makes it a must-have for you.
Check out in more detail what it has in store for you:
Best Features:
- First supplementary card is free
- 0% Instalment Payment Plan at all participating merchants
- Balance transfer fee of only 6.99% p.a. for 12-months tenure
- Better forex rate if you purchase foreign currency amounting RM 30,000-RM 150,000
- Insurance coverage for travel accident, travel inconvenience and retail purchase
Cashback Benefit:
- Up to 20% cashback and reward points on retail spending
- Up to 2% cashback on dining, entertainment, groceries, petrol and shopping every month
- 1 Reward Point for every RM 1 spent on dining, entertainment, groceries, petrol and shopping
Who is it for?
- Mid-level jobholders, professionals and business owners
- Frequent traveller
- Enjoy the little things in life like entertainment, dining and utilities
- Enjoy savings from unlimited cashback
Eligibility:
- Principal cardholder, 21 years old or above
- Supplementary cardholder, 18 years old or above
- Minimum monthly income of RM 5,000
Ambank Carz Platinum Mastercard
You can apply for this credit card with RM 4,000 monthly income.
AmBank Carz Platinum Mastercard is for you if you want to use your credit card as a safety net. This credit card allows you to withdraw 100% of credit limit in advance anytime you need with an interest rate as low as 15% per annum.
With such flexibility at hand, now you have a cash cushion to fall back to if you run out of cash for your daily expense and emergency cost. The best thing about this card is that you don’t have to carry an annual fee or other hidden costs at the end of the year which saves you those extra bucks at the year-end. Besides, the many cashback options save you more money to let you run the house with more flexibility.
Besides, you know that life is uncertain. So, you want to secure your family’s needs with something extra. This card offers insurance coverage in case of your death or any terminal disease so that your family is not left high and dry if something happens to you.
So, if you want a security blanket that helps you save, fund your needs and protect you, this credit card should be your ultimate choice.
Check out in more detail what it has in store for you:
Best Features:
- Free annual fee
- First 3 supplementary cards are free of charge
- 0% Instalment Payment Plan at all participating merchants
- Balance transfer fee of 4.99% p.a. for 6-months tenure with a minimum transfer amount of RM 1,000
- Balance transfer fee of only 8.99% p.a. for 12-months and 24-months tenure with a minimum transfer amount of RM 5,000
- RM 1000,000 insurance coverage via AmBank in the event of your death or permanent disability
- 0% interest easy payment plan for 24 months on road tax and AmGeneral insurance renewal
- 0% easy Instalment Payment Plan at all participating merchants
Cashback Benefit:
- Up to 5% cashback on any brand of petrol
- 1x CARz Point for every RM 1 spent on dining, entertainment, shopping and groceries
- Lower of 5% cashback or RM80 per month for partial monthly repayments
- Lower of 2% cashback or RM20 per month for full monthly repayments
Who is it for?
- Anyone looking for a credit card with low fees and yearly charges
- Wish to use the card as protection and coverage too
- Ideally a mid-level earner and a family person who needs a blanket of security
Eligibility:
- Principal cardholder, 21 years old or above
- Supplementary cardholder, 18 years old or above
- Minimum monthly income of RM 4,000
UOB One Card Platinum
You can apply for this credit card with RM 5,000 monthly income.
UOB One Card Platinum is the one-in-all card that enables you a RM 5,000 daily cash advance amount. So, if you are looking for a card that can cover for your monthly expenses leaving some extra for more, then this is the card for you.
At RM 168 annual fee, this credit card offers your great cashback benefits on utilities upto RM 300, groceries up to RM 1,500 and petrol up to RM 500. So, as you can see, if you go for this card you will end up saving more than the cost.
Besides, starting at an interest rate of 15% p.a., you can get a principal card as well as a supplementary card at an additional cost of RM 30, so that both and your companion can use the card with full flexibility to meet your financial demands without any hassle.
Check out in more detail what it has in store for you:
Best Features:
- 0% Instalment Payment Plan at all participating merchants
- Balance transfer fee of only 7.77% p.a. for 6-months tenure
Cashback Benefit:
- Enjoy 1% cashback on weekdays and 5% cashback on weekends at all petrol stations
- 0.2% cashback on weekdays and 2% cashback on weekends at Tesco, AEON Big, Giant, Cold Storage and Jaya Grocer
- 0.2% cashback on weekdays and 2% cashback on weekends at Maxis, Celcom and Digi
- 0.2% cashback on weekdays and 8% cashback on weekends at Golden Screen Cinema
- 0.2% cashback every day on your shopping expenditure
Who is it for?
- Mid-level earner who wants a credit card for daily needs
- Wants to save up on daily expenses via cashback offers
- Use the card as a financial means to close up the cash gap
Eligibility:
- Principal cardholder, 21 years old or above
- Supplementary cardholder, 18 years old or above
- Minimum monthly income of RM 5,000
CIMB Cash Rebate Platinum Card
You can apply for this credit card with RM 2,000 monthly income.
CIMB Vash Rebate Platinum card is a rebate king just like it name suggests. You get to have various kind of rebates on your everyday expenses if you use the card to purchase your daily items. Besides, you don’t have to pay an annual fee at the year-end which makes a pretty low maintenance card if you just started a job and don’t have much cash lying around to enjoy the luxury of premium spending.
Besides, this card allows you to take up 80% of the credit limit in advance with an interest rate starting from only 15 p.a. So, as long as you can save the money for your regular instalments, this credit card can just be the thing you need to keep you off debts and live a decent life without the hassle of money crunch.
Check out in more detail what it has in store for you:
Best Features:
- Free annual fee
- Supplementary card free for life
- 0% Instalment Payment Plan at all participating merchants
- Balance transfer fee of 5.99% p.a. for 6-months tenure and 7.99% p.a. For a 12-months tenure with a minimum transfer amount of RM 1,000
Cashback Benefit:
- Cash rebate up to 5% for petrol, cinema, grocery if you have a statement balance of RM 3,000 or more
- 2% cash rebate on retail shopping online in foreign currency
- 0.2% cash rebate at local retail shops online
- 25% discounts at participating merchants with an additional 20% cash rebate
Who is it for?
- A fresher or someone just starting out
- Someone looking for a credit card with no additional cost
- Enjoy lots of rebates and discounts on every day expense
Eligibility:
- Principal cardholder, 21 years old or above
- Supplementary cardholder, 18 years old or above
- Minimum monthly income of RM 2,000
HSBC Visa Signature Card
You can apply for this credit card with RM 6,000 monthly income.
Do you earn decent money to enjoy the little luxuries of life? Well, then you might have just the right card for you. HSBC Visa Signature Card carry its legacy of a top brand name that offers you the convenience of using it in both local and international locations.
Now, when you plan a trip, you don’t have to run back and forth to foreign exchange to get your currencies in order, because this Signature credit card has it all sorted out for you. And if that is not enough, it even has some excellent cashback benefits so that you can save up some money on spending on groceries, dining and shopping in both local malls and overseas outlets.
Besides, if you own this card, you will be honoured as an esteemed member of the HSBC family. So, you will get to chill out in premium lounges for free and use online banking for your utilities as an added advantage.
So, if you are a busy man and needs something which can keep all your financial needs in one tight loop, HSBC card lets you do that with RM 5,000 daily withdrawal limit with an interest rate at 15% p.a.
Check out in more detail what it has in store for you:
Best Features:
- Free annual fee
- Supplementary card free for life
- Pay your bill online via HSBC online banking
- Get complimentary premium lounge access in Singapore, Hong Kong and Malaysia
- 0% Balance transfer fee with 3% upfront fee for the next 5 month or 4.99% fee p.a. for 6-months tenure or 6.99% fee p.a. for a 12-months tenure
Cashback Benefit:
- Up to 8x reward points for overseas expenditure on shopping, dining and groceries
- Up to 5x reward points for shopping in malls as well as online on shopping, dining and groceries
Who is it for?
- Moderate to high-income earners looking for a premium card
- Likes to travel often for business trips and pleasure
- Enjoy shopping and dining in local and international outlets
Eligibility:
- Principal cardholder, 21 years old or above
- Supplementary cardholder, 18 years old or above
- Minimum monthly income of RM 6,000
Standard Chartered Cashback Gold Master Card
You can apply for this credit card with RM 2,000 monthly income.
Standard Chartered is a renowned brand among the sea of banks in Malaysia S, it is a big deal to hold the Standard Chartered Cashback Gold Master Card just at the start of your career right? So, this is what the card basically brings to the table. ZGood service, awesome rebates in almost anything you spend on and 24 hours presence online to serve your needs.
With this credit card, you have the ability to withdraw up to 90% of your credit limit to get that extra cushion of money for your living. You can even use the money to start something on the side without having to burden yourself with any long term loan.
At 15% interest rate per year, the instalment of this card is both affordable and convenient to let you climb up your lifestyle quo. What else do you need right?
Check out in more detail what it has in store for you:
Best Features:
- Free annual fee for the first year
- 24 hour online service to be at your beck and call for any needs
- Great discounts and privileges throughout the year
- 0% Instalment Payment Plan at all participating merchants
- Over 1,000 deals in dining outlets all over Malaysia
- 5.66% balance transfer fee per annum for a 36-months tenure
Cashback Benefit:
- 5% cashback for every RM 1 spent on dining, entertainment, groceries, utilities and shopping for expenditure above 1,500
- 3% cashback for every RM 1 spent on dining, entertainment, groceries and shopping, utilities for expenditure within RM 800-1,500
- 2% cashback for every RM 1 spent on dining, entertainment, groceries, utilities and shopping for expenditure within RM 500-800
Who is it for?
- A fresher or just starting out a new job
- On a budget leash and needs a credit card to cover the daily expenses
- Wants the security and flexibility of a renowned brand like Standard Chartered Bank
Eligibility:
- Principal cardholder, 21 years old or above
- Supplementary cardholder, 18 years old or above
- Minimum monthly income of RM 2,000
Alliance Bank Younique Card
You can apply for this credit card with RM 2,000 monthly income.
Alliance is yet another credit card that offers you a fantastic credit card for your early days. If you have just started out and had a salary of RM 2,000 or more, you can easily afford this card with its free annual fee for a year, which can extend for infinity if you really use the card. This means if you spend a minimum of RM 5,000 or have 12 swipes of the card in the subsequent years, then no annual fee for you. Isn’t that great?
On top of it, you get to withdraw 80% of the credit limit at 15% interest rate to cover your daily expenses with the comfort of this cash cushion right at your hand. It really makes your life easy as the extra cash can give wings to your passion project or vanish the financial crunch at home making it your ideal companion.
Check out in more detail what it has in store for you:
Best Features:
- Free annual fee
- Personalize your credit card with an image of your choice
- Flexi payment plan to convert your retail spending into fixed instalment payments
- 0% Instalment Payment Plan at all participating merchants
- 2.99% balance transfer fee per annum for a 6-months tenure and 9.88% fee per annum for a 12-48-months tenure with a minimum transfer amount of RM 1,000
Cashback Benefit:
Up to 3% cashback per month for dining, groceries, entertainment, petrol and shopping
Who is it for?
- A fresher or just starting out a new job
- On a budget leash and needs a credit card to cover the daily expenses
- Enjoy rebates and flexible plan to ease up the monthly expenses
Eligibility:
- Principal cardholder, 21 years old or above
- Supplementary cardholder, 18 years old or above
- Minimum monthly income of RM 2,000
Buying Guide
If you are taking up a credit card Malaysia for the first time, you must be wondering what should you look for in your ideal card. So, in a snap shop, we give you a few checking points that you must consider to find a best credit card Malaysia that fits you perfectly.
Annual fee
When you take a credit card in Malaysia, you often have to bear the annual fee as an added expense. So, if you are on a budget leash, then look for cards with a free annual fee. However, cards from reputed banks or greater flexibility may charge you an annual fee anyway. So, try to choose the one, where this fee is at the lower end to lower your costs.
Interest rate
Remember, if you are committing to a credit card, then you have to pay an interest rate on the credit amount you withdraw from it. So, choose a best credit card Malaysia that has a low-interest rate. Other than that, check out the penalty interest rate if you skip your installment a month or 2. If the penalties are too high, then you may end up piling on more debt burying you in a series of interest and you really don’t want that.
Cash advance
This criterion depends upon the purpose of your credit card. If you are taking the credit card to pay for your daily expense, then a monthly withdrawal credit limit should be good for you to stick to your budget. However, if you are using it as a capital for a passion project or investment, then you may consider credit card which gives you an 80-90% withdrawal on your credit limit.
Frequently Asked Questions (FAQs)
How many credit cards can I apply?
This depends on your yearly income and other key factors. According to Bank Negara Malaysia (BNM), if you earn Rm 36,000 or below per year, then you can apply to only 2 different credit card issuers and your credit limit should be capped at twice your monthly salary for each.
However, if you earn more than RM 36,000 than you can apply to multiple credit card issuers without any problem since you can afford to pay their instalment and bear the cost easily.
There is no limit to the number of credit cards you can apply from any banks, however, your chances of getting approved will depend on your income and other factors mentioned above.
What happens if I fail to repay my credit card on time?
Try not to miss your instalment payments as it will hike up your interest rate. You will have to pay a late payment fee based on your outstanding balance which will compound daily until you clear your dues.
Apart from that, a late payment can hurt your credit score and cause trouble if you want to take any other loan, such as a car loan or home or even another credit card in future.
What are the different types of credit cards available in Malaysia?
There are a number of different categories for credit cards in Malaysia, each specialized in its category. The key categories of credit cards are as follows:
- Rewards Credit Cards
- Cashback Credit Cards
- Travel Credit Cards
- Petrol Credit Cards
- Dining Credit Cards
- Shopping Credit Cards
- Islamic Credit Card
Conclusion
If you have come this far, you have put those 10 minutes read to good use because now you know what are the best credit cards in Malaysia. Now, all you have to do is pick the one that suits your needs and criteria. If you already have a name in mind, pick up your phone and make the call because the credit card will be the best companion for your future spending extravaganzas.
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