Best Credit Cards in Malaysia 2024

As Malaysians, you would be wondering what the best credit card in Malaysia is for 2024. The answer would depend heavily on your specific lifestyle and needs. 

For instance, if you have a corporate jet-setting lifestyle, the best credit card for you would be different from the best card for a fresh graduate. That’s why careful research and planning is important.

In Malaysia, we have many trusted credit card providers, most of whom are also well known banks. They offer features that suit different lifestyles. These features include reward points, which can be collected and redeemed for gifts, coupons and more. Other great features include cashback, travel promotions, no annual fees and others. 

Therefore, we’ve compiled some of the credit cards in Malaysia that suit different preferences. We will also address the elephant in the room, which is how you can choose the best credit card in 2024 for yourself. 

Which Credit Card is The Best in Malaysia?

Here are our credit card recommendations for 2024. We’ve summarized them so you can pick the best based on their features. 

These aren’t the only cards available for each feature, so do visit our credit card comparison page if you’d like to see more. 

💥For Cashback: Standard Chartered Simply Cash Credit Card

Here’s a Standard Chartered card for those who regularly swipe for groceries, petrol and e-wallet top-ups. The Standard Chartered Simply Cash rewards you with cashback up to 15% per month. 

This card will definitely help you save every time you spend, as it has one of the highest cashback rates available on the market right now.

Additionally, you’ll enjoy e-commerce protection up to USD200. This credit card purchase protection is a form of insurance that you can claim with the credit card provider. Generally, it covers online purchases that are lost, damaged or stolen.

Main features: 

• Up to 15% cashback monthly on petrol and selected eWallet, groceries and dining spend
• Annual Fee waiver for the first year, subsequent waivers with minimum annual spend of RM12,000
• e-Commerce Purchase Protection (coverage up to USD200)

Terms and conditions: 

• Minimum monthly income RM3,000
• Minimum primary cardholder age: 21 years

✈️For Travel: HSBC TravelOne Credit Card

HSBC cards offer many benefits, and the HSBC TravelOne is specifically designed for those who need to (or want to) travel often. This is because it offers a generous point collection system. 

Furthermore, HSBC reward points can be redeemed instantly. Use it to redeem shopping vouchers, gadgets, and so much more. More importantly, you can convert them into Malaysia Airlines Enrich Points, AirAsia Points and Krisflyer Miles. 

That’s not all. Travelers will be allowed complimentary access to Plaza Premium Lounge up to 6 times a year. Travel luxuriously as you wait for your flights in the comfort of this exclusive space. 

Main features: 

• Instant reward points redemption
• Up to 8x reward points on foreign currency spend
• Up to 5x reward points on local travel and local dining spend
• Six complimentary airport lounge access every year at Plaza Premium Lounge
• Complimentary travel insurance coverage up to $250,000

Terms and conditions:

• Minimum monthly income RM5,000
• Minimum primary cardholder age: 21 years

🎁For Rewards: Alliance Bank Visa Platinum

The main reason Alliance Bank credit cards win in the rewards category is because they offer Timeless Bonus points. Their points system offers points that will never expire, and can be used for a lifetime. 

The best card to collect Alliance’s Timeless Bonus points is the Alliance Visa Platinum card, which offers up to 8X Timeless Bonus points for a range of spends including online spending, overseas, dining and retail spend. 

Alliance Bank’s redemption catalog is impressive, with gifts ranging from e-vouchers to electrical appliances. You can also convert your Timeless Bonus points to Airmiles points at MAS and AirAsia. 

Main features:

• 8X Timeless Bonus Points for Online & eWallet spend
• 3X Timeless Bonus Points for Overseas & Dining spend
• 1X Timeless Bonus Points for Contactless, Entertainment, Auto-billing & Retail spend
• Annual Fee waiver for the first year (subsequent years will be waived with 12X swipe per year)

Terms and conditions:

• Minimum monthly income RM2,000
• Minimum primary cardholder age: 21 years
  
  

😮For No Annual Fees: Maybank 2 Gold Card

This is a fairly unique Maybank credit card, as it offers the benefits of two credit cards in one. For the Maybank 2 Gold, you’ll be able to use the Maybank 2 American Express Gold card and the Maybank 2 Mastercard & Visa. 

Collect TreatPoints when you spend with either one. For instance, weekday spending on the American Express card earns you up to 5X TreatPoints. You also earn 1X TreatPoints for Mastercard & Visa spend.

American Express spends of weekends will allow you cashback up to 5%. Best of all, this card has absolutely no annual fees, for life. 

Main features:

• 5X TreatsPoints for American Express (Weekday) spend
• 1X TreatsPoints for Mastercard & Visa spend
• Up to 5% Cashback on American Express (Weekend) spend
• ZERO Annual Fee
• 0% Balance transfer rate 

Terms and conditions:

• Minimum monthly income RM2,500
• Minimum primary cardholder age: 21 years 
  
  

💸Best Balance Transfer: AEON Gold Visa

This AEON credit card is one that covers all the bases. The AEON Gold Visa is great for balance transfer as it offers a 3% fixed balance transfer rate. However, you also enjoy all round benefits. 

If you often shop at AEON, this card offers up to 8% cashback there. Collect up to 3X points on overseas spend, and AEON store spends. This shows that the card is great for rewards and cashback too. 

Additionally, it’s good for frequent flyers as you’ll get access to Plaza Premium Lounge and be covered with up to RM200,000 travel insurance. 

Main features:

• 8% cashback on Thank You Day at AEON Stores and AEON Big on the 20th and 28th of every month, capped at RM100 per card
• 5% cashback on dining transactions, capped at RM25 per month
• 3X points for every RM1 overseas spend
• 2X points for every RM1 AEON Big and AEON Store spend
• 1x point for every RM2 on all other spend (except utility bills, petrol, finance charges, fees, cash advance, ABC / BC19 monthly installment, service charges, Balance Transfers, trading services, government services)
• Complimentary access to Plaza Premium Lounge (3X per year)Up to RM200,000 Travel Insurance coverage
• 3% balance transfer rate(fixed)
• First year annual fee waiver

Terms and conditions:

• Minimum monthly income RM3,000
• Minimum primary cardholder age: 21 years

🏌️Best High Income Card: CIMB Travel World Credit Card

When it comes to CIMB credit cards, the CIMB Travel World is the perfect card for you if you travel frequently, whether for work or pleasure. In addition to generous Bonus Points for overseas travel, it also allows you up to 12X access to Plaza Premium Lounge. 

Additionally, you can enjoy 4 complimentary nights free stay at any Marriott Vacation Club property. There’s also a 12 months complimentary HoteLux Elite Plus membership for you to enjoy promotions and gifts as you stay at various luxury accommodations worldwide. 

Main features: 

• 8X Bonus Point for every RM1.00 on Overseas & Airlines spend
• 2X Bonus Point for every RM1.00 on Local spend
• Complimentary access to Plaza Premium Lounge (12X per year)
• Complimentary 12 months HoteLux Elite Plus membership & 2,000 HotelLux points
• Complimentary 4 nights stay at participating Marriott Vacation Club properties
• 100% fee waiver with RM120,000 spending p.a. 50% with RM60,000 spending p.a.

Terms and conditions:

• Minimum monthly income RM8,333
• Minimum primary cardholder age: 21 years

🎓Best For Young Adults: RHB Shell Visa Credit Card

The RHB Shell Visa Credit Card offers great all-round features for those just starting out in the working world. Young adults and fresh grads will benefit from the RM2,000 minimum monthly income requirement. 

Additionally, this card also offers up to 12% cashback for petrol spend at Shell. Cashback is also available for online purchases, supermarket spends and utility bill payments. 

Enjoy a first year fee waiver when you choose this card, which is a great choice as a first credit card for first time credit card users.

Main features: 

• Earn up to 12% cashback on Shell petrol stations, capped at RM50 monthly
• Earn up to 5% cashback on online, supermarket, utility bills and top up e-wallet spend. 
• All categories are capped monthly at RM50 combined.
• Get 0.2% cashback on all other spend, no cap
• First year fee waiver, subsequent years waived with minimum 24x swipes

Terms and conditions:

• Minimum monthly income RM2,000
• Minimum primary cardholder age: 21 years

💳How to choose the best credit card?

Choosing a credit card requires some research and consideration on your part. Applying for the first credit card you see may not be the wisest choice.

However, with the amount of credit cards available from the various providers, making a choice can be tough. Here’s how you can make the process easier for yourself:

😍Determine Your Preferred Features

What do you want most in your credit card? How can it help or reward your specific lifestyle? These are the key questions to start with. 

Some cards are great for collecting points on everyday spends, and you can use these points later on to redeem prizes. If you’re looking for a card that has awesome cashback on petrol, you pick those. 

Listing your preferred features in order of priority should be your first step.

💻Compare Credit Cards

There will definitely be more than one credit card offering your preferred features. That’s why comparing them is a useful strategy. 

Here’s where CompareHero’s FREE credit card comparison tool comes in handy. Use this tool to find the best credit card in Malaysia according to the different types. Then, you can see how they differ in terms of features and terms. 

✍️Consider Card Application Requirements

Credit card providers tend to consider two things when approving your application. The first is your income and secondly, your credit history. 

In terms of income, you need to apply for cards where you meet the minimum monthly income requirement. This will ensure that your application is approved by the providers. 

Secondly, your credit history needs to be healthy too. Banks and other providers do not have a hard and fast minimum credit score which you need to have. However, the better your credit records, the better your chances are for approval.

To improve your credit score, you can begin by bringing your loans, bills and other debt repayments under control. Start making payments in a timely manner and don’t ignore any repayments that are due.

See more: 3 Ways You Can Settle Your Debts in Malaysia

🔎So, Which is The Best Credit Card Overall?

When it comes to the best credit card in Malaysia for 2024, there really is no clear winner. The number one credit card for you may not be the best for someone else. 

That’s why spending some time on research and comparison is your best bet this year. A card that offers you savings and rewards for your unique lifestyle habits will be YOUR winner. 

At CompareHero, we feature the best credit card providers in Malaysia, so do peruse the cards offered by each of them. Contact us today if you’d like any clarifications and any help choosing your credit card