5 Best Low Interest Rate Credit Cards in Malaysia for 2024

Credit card providers or banks make a profit from your credit card in several different ways. These include charging you an annual fee as well as interests. 

For most Malaysian providers, a credit card interest rate is charged on any outstanding balance. Therefore, if you do not settle your monthly bill in full, any unpaid amount will be charged according to an interest rate fixed by the provider. 

This is further complicated by the fact that the interest charged will be added to your unpaid balance. If you don't pay the total balance and charged in full by the next billing cycle, the interest accrues and can go out of hand. 

One of the ways to ensure you save money with a credit card is by using a low interest rate credit card. A low interest rate reduces the chances of your outstanding balances accruing and becoming a financial burden. 

Credit card interest rates in Malaysia most commonly range from 15-20% per annum. Here are the best low interest credit cards in Malaysia for you to choose from.

Best Low Interest Credit Cards in Malaysia

🍀Maybank myimpact Visa Signature

The Maybank myimpact Visa Signature is Malaysia's very own eco-friendly card, the first that comes with a built-in carbon calculator.

Users will be glad to know that card if free from compounding interests, which means that the interests will be calculated based on the principal outstanding amount and does not include accumulated interests from previous months.

The card charges 15% p.a. interests, but you can be sure that it will be lower than conventional compounding system. Additionally, it is also free from annual fees and made from eco-friendly, biodegradable material.

Requirements: 

• Minimum monthly income RM3,000
• Annual fees 15% per annum

🏫BSN 1 TeachersCard Mastercard Credit Card-i

If you are in the teaching industry, you should definitely take advantage of this as this card is specially designed for teachers. It features a special interest rate is 8.88% per annum with the condition that you meet minimum monthly repayments.

This card also offers the lowest management fee in the market, and there are no annual fees for both the principal and supplementary cards.

You will also receive extra perks with this card such a free link to the BSN Zing PLUSMiles card. 

Requirements:

• Teachers and employees under the Ministry of Education, Malaysia.
• Lecturers in approved public/private institutions of higher education, teachers at MARA Junior Science College (MRSM).
• Minimum monthly income RM2,000

💵Affinbank Visa/Mastercard® Gold

With an interest rate of 12% per annum, Affinbank is a credit card provider that offers one of the lowest rates on the market. This card is also one of Affinbank's easiest cards to qualify for, with a minimum monthly income of RM3,000.

The best feature of this card has to be its unlimited cashback offer, at a rate of 0.8% of every spend. Although the cashback percentage may not be very high, the fact that it doesn't have a cap makes it truly special. 

Requirements:

• Minimum monthly income RM3,000
• Annual fees RM150

🕌Bank Islam Visa Gold Credit Card-i

Bank Islam is general offers credit cards with low interest rates as compared to the other providers. Their Visa Gold Credit Card-i features a 13.5% per annum interest rate on condition that you settle the minimum of your credit card bill for the past 12 consecutive months.

The card is great for retail spend as you can collect 1X TruReward Points each time. Card ownership is not limited to Muslims only. However, card usage is limited to Halal transactions. Therefore, you won't be able to use this card for things like alcohol purchases or gambling. 

Requirements:

• Minimum monthly income RM3,000
• Annual fees RM 130

😀Bank Rakyat Credit Card-i Gold

Bank Rakyat is yet another provider of Islamic Credit Cards. Their Credit Card-i Gold offers a relatively low interest rate of 13.5% p.a. Additionally, users can also enjoy ZERO annual fees for life with this card.

As an Islamic card, the Credit Card-i Gold has no compounding element, meaning that your interest will not compound. There is also no additional fees on currency exchange for overseas transactions. 

There's also FREE group family takaful coverage, covering guaranteed outstanding finances accrued via this credit card, subject to terms and conditions.

Requirements:

• Minimum monthly income RM3,000
• Limited to halal transactions only

Understanding Credit Cards with Lowest Interest Rates

Although low-interest cards benefit you in many ways, it is wise to settle your credit card bills in full each month. Even with lower credit card interest rates, your credit card balances can still spiral beyond your affordability and become a burden. 

In such cases, you can always speak to your credit card provider and see if there are instalment plans available. These plans will allow your outstanding balances to be better and more easily managed, within your affordability range.

Alternatively, you can also apply for one of our Balance Transfer Credit Cards, some of which have interest levels of 0%. This will allow you to stretch outstanding balances over several months without additional charges.