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Discover which credit card is the ideal fit for your spending habits, or browse through all of your current bank’s available credit card options.
LoanPanda compiled all the current promotions and special offers from the best credit card providers offering the most favourable savings on annual fee payments.
LoanPanda has numerous categories that can meet the individual demands of every Malaysian. The following are some types of credit cards:
Do you realize that choosing a specific provider can get special card offers, discounts, and even cash back on shopping, eating, and drinking out?
Using an entertainment credit card makes sense if you want to save money, and a few credit cards give you reward points for things you do and buy for entertainment.
Today, consumers often use credit cards as payment for their purchases since they are convenient and often come with benefits and incentives that can result in additional discounts for cardholders.
With a wide variety of these cards with various advantages, you might ask how to pick the ideal one for your financial needs.
We have collected the following FAQ to enable you to understand the most relevant questions regards credit cards, including user conditions, interest rates, and primary payment terms.
It is a form of payment that can be used to make purchases instead of cash.
The amount you spend using a credit card is, in theory, a debt to the bank that must be repaid.
Credit cards are made for people with different levels of income, from low-income (sometimes called “Gold”) to middle-income (called “Platinum credit card”) to high-income (e.g., Infinite, Premier, Signature).
Annually, cardholders are charged a fee for the privileges associated with their card. There are cards without an annual cost and cards with an annual fee waiver clause.
Even if it's not technically correct, banks charge an interest rate on the remaining balance as a fee when you borrow money and fail to repay the loan promptly.
When a credit card debt is past due, the card issuer may often assess a late fee, also known as interest or Finance Charge.
This is when no interest rate applies to your amount owed.
A cash advance is a service that enables you to withdraw cash from an ATM using your credit card, similar to how a debit card works.
You can apply for a credit card for several reasons; there is no right or wrong answer. People frequently use credit cards for the following motives:
In Malaysia, the four largest card networks or card schemes are Visa, Mastercard, American Express, and UnionPay. They teamed with Malaysian banks to provide people with credit cards. You can learn more from our guides and tips.
The banks further categorised these cards to satisfy the demands and spending habits of various users by including perks such as cash back on all spending, reward points, and air miles.
A supplemental card is an additional credit card issued under the principle account holder, whereas a principal card is the primary credit card owned by the main account person. A supplemental card may be issued to an individual's parents, spouse, children over the age of 18, or other trusted individuals at the discretion of the primary cardholder.
The guidelines provided by Bank Negara Malaysia state that a new primary card applicant must have an annual income of no less than RM24,000 to qualify for the minimum income requirement. When prospective users cannot provide proof of their yearly income, they must post a specific deposit equal to the credit limit authorized.
Additional documentation may be required to complete your card application, such as, credit history, a valid identification card, and a letter of recommendation from your current or previous employer.
Furthermore, it is vital to note that different financial institutions have different minimum income requirements for different credit card types. For example, Bank A only gives a platinum credit card to people who make at least RM3,000 per month, while Bank B gives them to anyone who earns at least RM2,000 per month.
Credit limits for primary cardholders with annual incomes of RM36,000 or less must not exceed two and a half times the cardholder's monthly revenue, per Bank Negara Malaysia regulations (per bank). This is for both new and current cardholders but not for retired people.
When a cardholder makes more than RM36,000 a year, the bank will decide how much of a credit limit to give.
Bank Negara Malaysia regulations state that a cardholder having an annual income of no less than RM36,000 may only have credit cards from no more than two providers (financial institutions or banks).
If your annual income is over RM36,000, no restrictions apply to the credit cards you can own.
The following fees apply to cardholders based on balance transfers:
(A) Not less than 5% of the overall sum owed
(B) The sum of all scheduled monthly payments under all balance transfer plans (BTP) or easy payment plans (EPP)
(C) The monthly loan payment that was agreed upon for a specific automatic balance transfer.
Some of the best credit cards don't charge an annual fee, while others may waive it under certain circumstances. Remember that an RM25 service tax will apply to all new and renewed primary and supplementary credit cards.
Most people would rather have a Visa credit card that doesn't charge them anything yearly than one that waives their annual fee.
A credit card that offers a fee waiver may be a good choice for certain people because meeting the waiver criteria is often easy.
When a credit card user fails to pay off their balance fully and on time, the credit card interest rates are added to the total amount owed. The following are the interest rate types (also known as financing charges) for credit cards that Bank Negara Malaysia permits:
If you don't pay on time, a late fee will be added to the amount you still owe.
Your existing debt will incur a financing charge ranging from 15% to 18% per year, accumulated daily until it is fully paid.
American Express, MasterCard, and VISA are among Malaysia's leading payment processors and credit card issuers.
Generally, the best credit cards from American Express and other providers are categorized based on the characteristics like interest rate and the following:
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