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Before you proceed..

Check out our recommended cards this month!

Unlimited Cashback



OCBC Titanium Card

Unlimited cashback every time you spend

  • 1% cashback on everything with no monthly cap
  • No monthly cap on cashback rebates
Learn More

Best Dining Card



HSBC Amanah MPower Platinum-i

8% cashback on weekend
dining

  • Discounts at over 90 restaurants
  • 8% groceries cashback at Tesco, Giant and AEON BIG
Learn More

What Is A Credit Card?

A credit card is a payment card issued by a financial entity (i.e. the card issuer), which allows a card holder to purchase goods and services on credit.

How Do Credit Cards Work?

Credit cards work similarly to personal loans. When you make a payment using a credit card, you are essentially “borrowing” money from the card issuer. By the end of each month, you are expected to repay the amount you’ve “borrowed”. Failure to do so would see you being charged an interest on your unpaid amount.

Different Categories Of Credit Cards Available In Malaysia

There are various types of credit cards, each with differing privileges and functions. In Malaysia, these are the major categories of credit cards you can consider:

  • Reward points: These cards give you reward points for purchases made using your credit card. Reward points are redeemable for gifts, vouchers and other goodies as indicated in the issuer’s reward catalogue.
  • Cashback: These cards give you rebates in cold, hard cash every time you use your credit card to make a payment at designated outlets.
  • Low interest: These cards offer lower interest rates compared to conventional credit cards.
  • Travel miles: These cards give you mile points for selected purchases. Mile points are redeemable for travel-related privileges, such as air tickets and seats upgrades with participating airlines.
  • Petrol: These cards offer petrol-related benefits, such as cash rebates or extra reward points on fuel and spending at petrol kiosks.
  • Premium: These cards offer privileges that focus on higher-end products and services, such as golfing, fine-dining and exclusive clubs.
  • Islamic credit cards: cards compliant to the Islamic law of Shariah

Credit Card Interest Rates In Malaysia

Card issuers adopt a tiered system when it comes to the interest rates for credit cards. Generally, you will be charged a higher interest rate should you display a history of inconsistent repayments, and a lower interest rate should you display a history of prompt repayments. In Malaysia, interest rates commonly come in a range of 13.5 – 17.5% p.a. Some card issuers may also have higher or lower interest rates depending on their operating policies.

Minimum Monthly Repayments Of Credit Cards In Malaysia

In Malaysia, card holders are generally required to make a minimum payment of 5% of the credit card bills (or a minimum of RM50) on a stipulated due date every month. Failure to do so may result in a penalty that is equivalent to 1% of the unpaid amount on your credit card bills (or a minimum of RM10).

Credit Limits Of Credit Cards In Malaysia

In Malaysia, any individual with income of RM36,000 or less in a year is restricted to a maximum credit limit of twice of his or her monthly income. For example: if your monthly income is RM2,000, your credit limit would be a maximum of 2 × RM2,000 = RM4,000. Credit limits for those earning above RM36,000 are determined by the card issuers.

How Many Credit Cards Can You Hold In Malaysia

In Malaysia, you can hold any number of credit cards from a maximum of two (2) 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 credit cards and card issuers if your annual income is above RM36,000. Do take note that a service tax of RM50 is imposed per principle card per year, while a service tax of RM25 is imposed per supplementary card per year.

Process And Documentations Needed To Apply For A Credit Card

You can apply for a credit card over the Internet for FREE using iMoney’s online calculator. The documents needed for application differ from card issuer to card issuer, but commonly include:

For employees:
A copy of your MyKad (both sides), latest three-month payslips + latest three-month bank statements OR latest three-month EPF statements.
For self-employed:
A copy of your MyKad (both sides) and latest Borang B/BE with LHDN acknowledgement.

Have a question about credit cards? Ask us in the comment box below.





What Is A Credit Card?

A credit card is a payment card issued by a financial entity (i.e. the card issuer), which allows a card holder to purchase goods and services on credit.

How Do Credit Cards Work?

Credit cards work similarly to personal loans. When you make a payment using a credit card, you are essentially “borrowing” money from the card issuer. By the end of each month, you are expected to repay the amount you’ve “borrowed”. Failure to do so would see you being charged an interest on your unpaid amount.

Different Categories Of Credit Cards Available In Malaysia

There are various types of credit cards, each with differing privileges and functions. In Malaysia, these are the major categories of credit cards you can consider:

Reward points: These cards give you reward points for purchases made using your credit card. Reward points are redeemable for gifts, vouchers and other goodies as indicated in the issuer’s reward catalogue.

Cashback: These cards give you rebates in cold, hard cash every time you use your credit card to make a payment at designated outlets.

Low interest: These cards offer lower interest rates compared to conventional credit cards.

Travel miles: These cards give you mile points for selected purchases. Mile points are redeemable for travel-related privileges, such as air tickets and seats upgrades with participating airlines.

Petrol: These cards offer petrol-related benefits, such as cash rebates or extra reward points on fuel and spending at petrol kiosks. Premium: These cards offer privileges that focus on higher-end products and services, such as golfing, fine-dining and exclusive clubs. Islamic credit cards: cards compliant to the Islamic law of Shariah

Credit Card Interest Rates In Malaysia

Card issuers adopt a tiered system when it comes to the interest rates for credit cards. Generally, you will be charged a higher interest rate should you display a history of inconsistent repayments, and a lower interest rate should you display a history of prompt repayments. In Malaysia, interest rates commonly come in a range of 13.5 – 17.5% p.a. Some card issuers may also have higher or lower interest rates depending on their operating policies.

Minimum Monthly Repayments Of Credit Cards In Malaysia

In Malaysia, card holders are generally required to make a minimum payment of 5% of the credit card bills (or a minimum of RM50) on a stipulated due date every month. Failure to do so may result in a penalty that is equivalent to 1% of the unpaid amount on your credit card bills (or a minimum of RM10).

Credit Limits Of Credit Cards In Malaysia

In Malaysia, any individual with income of RM36,000 or less in a year is restricted to a maximum credit limit of twice of his or her monthly income. For example: if your monthly income is RM2,000, your credit limit would be a maximum of 2 × RM2,000 = RM4,000. Credit limits for those earning above RM36,000 are determined by the card issuers.

Process And Documentations Needed To Apply For A Credit Card

You can apply for a credit card over the Internet for FREE using iMoney’s online calculator. The documents needed for application differ from card issuer to card issuer, but commonly include:

For employees:

A copy of your MyKad (both sides), latest three-month payslips + latest three-month bank statements OR latest three-month EPF statements.

For self-employed:

A copy of your MyKad (both sides) and latest Borang B/BE with LHDN acknowledgement.

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