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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:
Whether this is your first credit card application or you’re just ready for a change, LoanPanda makes it worthwhile with generous weekly sign-up bonuses.
Is the first year on the house? Will it always be free? Are fees waived every year? Yes, they are all available on LoanPanda. Most Malaysians would rather choose a no-annual fee for their credit card, especially first-time cardholders who can focus on building up their credit score.
This card is best for earning cash rewards on purchases every month. Credit cards that yield cash back on transactions are sometimes the most popular option for credit card users. In addition to being lucrative, these cards can also increase your savings. Consider getting a cashback credit card if you spend a lot on groceries, gas, and online purchases.
As the name of this type of credit card implies, you can earn valuable loyalty points from the first time you use it. Keep track of your qualifying purchases and rack up the rewards points with every purchase.
Perfect for people who drive a lot and wish to derive more value from every dollar they spend on gas. The price of gasoline in Malaysia is pretty high these days. However, if you use any credit card for gas, you can earn rewards points, rebates, or miles merely by making gas purchases.
This kind of credit card is designed specifically for regular travellers from all walks of life and will help you cut some costs on your travel bills. Any perks can be yours with a travel credit card: miles, cash back, coupons, free use of airport lounges, free insurance, and more.
This subset of credit cards isn’t as complex as it sounds; they function like regular credit cards. The main distinction is that they must adhere to Shariah-compliant expenditure guidelines. Plus, Islamic credit cards are open to all faiths.
Credit cards that earn airline miles are exactly what regular fliers and vacationers need. Gather as many airline miles as possible; you never know when you might be able to use them as a free flight voucher.
Do you know that if you have certain credit cards, you can have free access to the airport lounge (such as the Plaza Premium Lounge) whenever you travel? We’re serious—you can. You may be eligible for this free access to lounges if you meet the minimum expenditure requirements or fulfil other restrictions.
Why not make the most of your online purchases using a credit card made specifically for online purchases? Depending on the agreement, you may receive cash back or points toward future purchases. You can save money with cashback and get gift cards with reward points.
Do you realize that choosing a specific provider can get special card offers, discounts, and even cash back at your favourite movie theatres? Buying tickets at once might add up to a hefty sum for the movies. Using this type of credit card makes sense if you want to save money, and a few credit cards give you reward points for things you buy that are not related to movie promotions.
Designed for VIPs and high-network people. As their name implies, premium credit cards have higher annual income restrictions and offer far more appealing perks.
With golfing, travel, and other special perks, this credit card is made to take your luxurious life to a higher level.
Get rewarded for your spending while saving time and money.
With golfing, travel, and other special perks, this credit card is made to take your luxurious life to a higher level.
Get rewarded for your spending while saving time and money.
| Credit Card | Rate | Categories | Condition | Monthly Cap |
| UOB YOLO Card | 5% | Dining Contactless TopUp | Total Spending minimum amount RM600 per month | RM30** |
| Petrol | Spend Up to RM 100 monthly | RM10** | ||
| Groceries | Spend Up to RM 100 monthly | RM10** | ||
| UOB ONE Card | 10% | Dining | Spend Up to RM 100 monthly | RM30** |
| Grab | Spend Up to RM 100 monthly | RM10** | ||
| Online Spend: Lazada & Shopee & Grab & Foodpanda & T&G | From RM500 or above monthly | RM15** | ||
| Hong Leong Wise Card | 8%(Weekend) | Groceries & Essentials | From RM500 or above monthly | RM15** |
| Petrol | From RM500 or above monthly | RM15** | ||
| 1%(Weekday) | Dining | From RM500 or above monthly | RM15** | |
| Groceries | From RM500 or above monthly | Uncapped | ||
| Alliance Bank | 0.5% | Online Shopping, Groceries, Dining, Petrol, Utilities & Other Retail Spends | From RM1 up to RM 1,000 monthly | Uncapped |
| 0.5% | From RM1,001 up to RM 2,000 monthly | RM15** | ||
| 5% | From RM2,001 up to RM 3,000 monthly | RM15** | ||
| Visa Signature | 0.25% | Groceries, Pharmacy, Online Transactions | From RM500 up tp RM1,499 monthly | RM5** |
| 1% | ||||
| Ambank Cash Rebate | 8% | Groceries, Pharmacy, Online Transactions | From RM1,500 or above monthly | RM15** |
| 1% | Other Retail Spends (Exclude Petrol, Government and Charity) | From RM1 or above monthly | Uncapped | |
| Annual Fee Waiver Credit Card | For life or? | Second year waiver? | Card Features | |
| Alliance Bank | Free for first year | minimum spend RM12,000 per year | Up to 5% on Online Shopping, Groceries, Dining, Petrol, Utilities & Other Retail Spends | |
| Visa Signature | Free for life | Free for life | Up to 8% on Groceries, Pharmacy, Online Transactions | |
| AmBank Cash Rebate | Free for life | Free for life | Up to 8% on Groceries, Pharmacy, Online Transactions | |
| Visa Platinum | Free for life | Free for life | Up to 8% on Groceries, Pharmacy, Online Transactions | |
| Hong Leong Sutera Platinum Card | Free for first year | minimum spend RM15,000 per year | Enjoy 8x rewards points on Online Spend merchants, Groceries & Essentials (including selected convenience stores), Dining and Overseas. | |
| UOB YOLO Visa | Free for first year | at least perform at least 1 retail transaction every month | Get 5% cashback on Online, Dining and Contactless Spending (minimum 5 transactions in a calendar month for each category) |
FAQ
A credit card is a convenient tool for people to pay for purchases today, offering many perks and rewards that can add up to more savings for the cardholders.
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.
Here’s a short guide LOANPANDA has compiled to help you understand the credit card requirements, interest rates and basic 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).
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.
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