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).

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:

• Build your credit score
• Earn Rewards
• Worldwide acceptance
• Urgent transactions
• Budgeting and planning for future cash needs

To apply for a credit card, the primary cardholder should not at below 21 years old, while the secondary cardholder must be at least 18 years old.

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.

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. How Much is the Lowest Monthly Repayment of my Credit Card? 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.

When a credit card user fails to pay off their balance fully and on time, the interest rate is 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:

• Finance charges applicable to retail transactions
• The interest rate on cash advances

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.

Yes, a cardholder can use a cash advance to make cash withdrawals with an 18% annual interest rate and withdrawal fee.

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.

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 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.

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:

Additional documentation may be required to complete your application, such as 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.