Find the Ideal Credit Card in Malaysia. Apply Credit Card for Free

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 in Malaysia Work?

Credit cards in Malaysia 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.

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.

Different Categories Of Credit Cards 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:

• Rewards points credit cards: 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.
• Cash back credit cards: Cash back credit cards give you rebates in cold, hard cash every time you use your credit card to make a payment at designated outlets.
• Low interest credit cards: These cards offer lower interest rates compared to conventional credit cards.
• Travel miles credit cards: Travel miles credit 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 credit cards: These cards offer petrol-related benefits, such as cash rebates or extra reward points on fuel and spending at petrol kiosks.
• Premium credit cards: Premium credit cards offer credit card promotions and 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

You will find that the credit card comparison page lets you compare credit cards and help you find your best credit card by showcasing credit card promotions, best credit cards in Malaysia, and zero annual fee credit cards. You can even perform a credit card application online in the same seating!

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, credit card 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, credit 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, credit card holders 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

After you compare credit cards on the credit card comparison page, you can apply for a credit card over the Internet for FREE using iMoney’s online calculator. The documents needed for a credit card 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.

List of Banks Providing Credit Cards in Malaysia

AEON Credit Cards

You can get up to 10% cashback when you spend by using AEON credit cards. With a single receipt spend of at least RM100 in WATAMI restaurants, you will get to enjoy up to 10% cash rebate. AEON Balance Transfer programme comes with a maximum of 6 months, interest rate of 0% per annum, minimum transfer amount of RM1,000 and one-time upfront fee of 0%.

AFFINBANK Credit Cards

You can get up to 0.8% cashback on petrol when you spend by using AFFINBANK credit cards. Depending on the card, you can also get a RM20 petrol credit. AFFINBANK Balance Transfer programme has a maximum tenure of 2 years, interest rate of 0% per annum for all different programme tenures, RM1,000 as the minimum transfer amount (RM5,000 if you are getting 6-month tenure) and a minimum of 0% for the one-time upfront fee (9% if you are getting 24-year tenure).

Alliance Bank Credit Cards

You can enjoy up to 3% cashback on your retail spending when you use Alliance Bank credit cards. Some of the Alliance Bank credit cards allow you to get cashback and air miles from your retail spending. Alliance Bank Balance Transfer programme comes with a maximum of 24 months, interest rate of 6% per annum, minimum transfer amount of RM1,000 and one-time upfront fee of 0%.

AmBank Credit Cards

You can get up to 5x points on your retail spending when you spend by using AmBank credit cards. You also get to enjoy the latest travel, golf and dining promotions and privileges with some of the cards. AmBank Balance Transfer programme has a maximum tenure of 2 years but comes with an annual interest rate of 8.99% (4.99% if you are getting 6-month tenure), minimum transfer of RM5,000 for its 2-year tenure (RM1,000 for other tenures) and no one-time upfront fee.

BSN Credit Cards

Earn up to 2x points on your retail spending with BSN credit cards. BSN Balance Transfer programme offers up to 5 different tenures: 3 months, 6 months, 9 months, 1 year, 2 years and 3 years. With interest rate per annum of 3.6% to 4.5%, it has a minimum transfer amount of RM500 (for 3-month tenure) and one-time upfront fee of 0%.

Bank Islam Credit Cards

Bank Islam credit cards offer a convenient way to proceed with payment for your purchases from Halal merchants. With Bank Islam credit cards, you can get up to 0.3% cashback on all retail transactions from Halal merchants. Bank Islam Balance Transfer programme comes with a tenure of 1 year and interest rate of 6% per annum, besides minimum transfer amount of RM500 and no one-time upfront fee.

CIMB Credit Cards

CIMB credit cards have a variety of cards that gives you rewards and benefits on different expenses such as petrol, dining and shopping rebates. You can get as high as 5% on your online spending. CIMB Balance Transfer programme has a maximum tenure of 2 years, maximum interest rate of 12% per annum (for 2-year tenure) and minimum RM1,000 transfer amount, apart from a 0% one-time upfront fee.

Citibank Credit Cards

Citibank credit cards have great deals for a wide variety of spending in the market. You can get up to 20,000 free points and 5x reward points from your shopping. With Citibank Balance Transfer Programme, you can get up to 3 years with an interest rate of 9.90% per year. It has a minimum transfer amount of RM1,000 and 0% one-time upfront fee.

HSBC Credit Cards

HSBC credit cards have some of the best cashback promotions and great reward points from retail spending. You can get up to 8x reward points from your retail spending. HSBC Balance Transfer Programme has a maximum period of 1 year, interest rate per annum of 6.99%, minimum transfer amount of RM1,000 and no one-time upfront fee.

HSBC Amanah Credit Cards

HSBC Amanah credit cards have up to 1% cashback on overseas retail spending and cardholders are entitled to Smart Privileges and more discounts. For local spending, you can get up to 8% cashback on weekend dining, petrol and groceries. HSBC Amanah Balance Transfer Programme has a maximum period of 1 year, interest rate per year of 6.99%, minimum transfer amount of RM1,000 and 0% one-time upfront fee.

Hong Leong Credit Cards

Hong Leong credit cards have some of the best cards for overseas spending and travel privileges. You can get up to 10% cashback on petrol, groceries and utilities. Hong Leong Balance Transfer Programme has a minimum period of 6 months and maximum period of 1 year, interest rate of 6.99% per annum, minimum transfer amount of RM1,000 and no one-time upfront fee.

Mach Credit Cards

Mach credit cards have the flexibility to change the rewards package according to your lifestyle. There will be 12 spending categories; some with up to 10% cashback to choose from. Mach Balance Transfer programme has a minimum tenure of 3 months and maximum tenure of 12 months, interest rate at a maximum of 9% per annum (for 9-month tenure), minimum transfer amount of RM1,000 and no one-time upfront fee.

Maybank Credit Cards

Maybank credit cards are one of the market-leading cards with up to 5% casbback on your weekend spending and 5x reward points on your retail spending. Maybank Balance Transfer Programme of a maximum 3 years have an interest rate of 4.95% per annum (highest is 9% for 9 months), minimum transfer amount of RM1,000 (RM2,000 for 2 years and 3 years) and no one-time upfront fee (except for 12-month tenure).

Maybank Islamic Credit Cards

Maybank Islamic credit cards provide up to 8x points for your spending. You can also earn air miles from your spending; with up to 444.44 miles per RM1,000 spent. With Maybank Islamic Transfer Programme, you get to enjoy a maximum of 3 years tenure at 4.95% with a minimum transfer amount of RM2,000 and no one-time upfront fee.

Public Bank Credit Cards

Public Bank credit cards provide cashback of up to 0.9% on your spending. You can also get reward points of up to 2x for every RM1 that you spent. You can get the card through the Public Bank Balance Transfer Programme, whereby you get to enjoy a maximum of 24 months tenure for 0% per year but for a minimum transfer amount of RM3,000 and a one-time upfront fee of 5%.

RHB Credit Cards

RHB credit cards provide you with cashback of up to 20% at cinemas, ticketing agencies, amusement parks and more. You can also get reward points of up to 5x if you make any transaction through MyEG. RHB Balance Transfer Programme comes with a maximum period of 2 years, no annual interest rate during that period, a minimum transfer amount of RM1,000 and minimum one-time upfront fee of 4% (9% for 2-year tenure).

Standard Chartered Credit Cards

Standard Chartered credit cards are usually focused on a very specific spending category; for instance having the best petrol card or the best travel card in the market. You can get up to 10% cashback on petrol spending or 333.3 miles per RM1,000 spent. Standard Chartered Balance Transfer Programme has a maximum of 1 year tenure, 2.99% per annum, minimum transfer amount of RM1,000 and no one-time upfront fee.

UOB Credit Cards

UOB credit cards have a lot great deals and gender specific cards such as their Lady's series card. With its card, you stand to gain up to 5% on your petrol expenditure. UOB Balance Transfer Programme has a maximum tenure of 1.5 years, minimum interest rate of 7.77% per year, minimum transfer amount of RM1,000 and no one-time upfront fee.