Are you one of the generation Zs who are planning to get the first credit card, but not sure which one is suitable for you? In this article, we listed down 6 best credit cards that can give you great benefits and rewards.
Just as millennials start finding their first grey hair on their heads, there’s a new generation taking centre stage: generation Z. And if you’re reading this article, it probably means you’re part of it!
As you enter the workforce, you may be relatively new and unfamiliar to the different financial products available in the market. You probably have almost all the main e-wallets readily available on your phone, debiting through your savings account or depending on your parents’ credit card to top-up your wallet.
So as you navigate through adulthood, you may want to consider getting your first credit card. Before we list down the most ideal ones for you, here are some really important things to know first:
4 things you need to know before getting your first credit card
1. There are different types of credit cards.
And by that, we don’t mean different cards from different banks. By that, we mean that the reward systems of these cards are different.
Some of the popular types include:
- cashback (where you literally get a certain percentage of cash back for spending)
- rewards (where you collect points as you spend and exchange them for stuff later)
- airmiles (still very much like a rewards card, but has more benefits for frequent flyers such as exclusive lounge access and air mile points)
To choose the right card for yourself, you want to look for one that best suits your lifestyle preferences.
Read also: Quiz: What’s Your Credit Card Type?
2. You may not get approved, and that’s for one very ironic reason.
Before deciding to approve your credit card application, banks would first check your credit score. What’s that, you ask? Very simply, it is a number between 300-850 which represents your creditworthiness and how likely you are to repay debt. These are the three most important digits of your life.
If your score is low, it indicates that you’re probably a bad paymaster and raise red flags for banks. If your score is high, it tells banks that you’re a responsible and safe candidate to lend money to.
If you don’t currently have a history of borrowing money, you’ll come up with no credit score at all. This makes it impossible for banks to read you and approve your application. It’s a chicken-and-egg situation, and a very ironic one too!
While this doesn’t always resort to getting your application rejected, you can always increase your chances of getting approved by applying for a credit card in the bank with your savings account. You would already have a record with them, and they will be able to see how healthy your savings are.
Read also: Ultimate Guide To Credit Scores
3. You need a minimum annual salary of RM24,000
No money, no honey. But in this case, no credit card!
Banks will never offer you financial help if you don’t have what it takes to repay your owing, which is why you’ll need to have at least an annual salary of RM24,000 in order to get your first card.
This needs to be substantiated with payslips from 3 consecutive months - and don’t even think about trying to forge documents, as doing so can get you in some serious trouble.
4. You should always pay your bills in full to avoid getting charged interest.
Credit cards get a bad rep because of its notoriously high interest rate (from 15% p.a.). This is one of the reasons why so many people end up in serious debt, as these rates are compounded over time.
To avoid this, just remember to pay your bills on time. But that’s not all - instead of paying just the minimum fee (which will save you a late fee), you should also pay your bill in full, as you will be charged an additional interest for the debt that you carry over.
6 best credit cards for Gen Zs in Malaysia in 2020
Being a fresh graduate or entry-level executive, it’s important that you choose cards that are suitable for you. Look for cards that have low salary requirements and waived annual fees, as this will let you enjoy the flexibility of owning a credit card at minimal costs.
Here are six that we love:
1. Maybank 2 Gold Credit Card
Great if you’re: An existing Maybank user who wants to keep everything on one app and one bank.
Plus points about this card:
- Almost minimal entry salary requirement of RM2,500
- RM0 annual fee that’s waived for life
- Get two cards at once (cashback and rewards)
- 5X TreatsPoints for all spend on American Express Reserve card, locally and overseas
- 1X TreatsPoints for Visa/Mastercard® spend
- 5% Cashback for American Express Card spend
- Up to 50% savings at all SPG Hotels & Resorts in Malaysia
Apply for the Maybank 2 Gold Credit Card Here
2. CIMB e Credit Card
Perfect if you’re: A digitally-savvy spender who does a lot of transactions online.
Plus points about this card:
- Low entry salary requirement of RM2,000
- RM100 annual fee, but waived for the first year and with subsequent total annual spend of RM12,000
- 12x bonus points with featured partners
- 10x bonus points with non-featured partners
- 5x bonus points for online and auto-billing transactions
- 1x bonus points with in-store contact-less and other transactions
Apply for the CIMB e Credit Card Here
3. Maybank Grab Credit Card
Perfect if you’re: A heavy Grab user who loves using GrabPay and collecting points.
Plus points about this card:
- Mid-to-low salary requirement of RM3,000
- No annual fee
- Welcome gift of 1,000 GrabRewards Points (GRP) will be awarded upon activation.
- Welcome gift of 5 X RM5 GrabRide voucher and 5 X RM5 GrabFood voucher will be awarded upon a minimum accumulative spend of RM300 in the Grab application within 45 days from the date the card is approved.
- 5 GrabRewards Points will be rewarded for every 1 Ringgit Malaysia spent on Grab & GrabPay (including GRAB e-wallet reloads).
- 2 GrabRewards Points will be rewarded for every 1 Ringgit Malaysia spent overseas/cross border/e-commerce transaction.
- 1 GrabRewards Points will be rewarded for every 3 Ringgit Malaysia spent locally on eligible transactions.
- Grab Platinum Tier status for 6 months upon card activation
- Lifetime Annual Fee Waiver
Apply for the Maybank Grab Credit Card Here
4. OCBC Great Eastern Credit Card
Perfect if you’re: Looking to protect yourself with added insurance coverage.
Plus points about this card:
- Low entry salary requirement of RM2,000
- RM0 annual fee that’s waived for life
- Complimentary RM100,000 insurance coverage on death or total and permanent disability for principal cardmember (First Year)
- Enjoy 12 months' Auto-IPP for Great Eastern / Overseas Assurance Corporation for insurance premium of RM2,200 and above via Auto Debit
Apply for the OCBC Great Eastern Credit Card Here
5. Citi Simplicity+ Credit Card
Perfect if you’re: All about the things that are aesthetically pleasing!
Plus points about this card:
- Low entry salary requirement of RM2,000
- RM0 annual fee that’s waived for life
- Get 10% interest back on purchases and cash advances every month when you pay at least the minimum monthly due amount on-time
- Rebate earned will automatically be credited in your upcoming statement
- No capping on rebates so your savings can really add up
Apply for the Citi Simplicity+ Credit Card Here
6. Public Bank-Petron Credit Card
Perfect if you’re: An everyday driver who would appreciate petrol rewards and accident protection.
Plus points about this card:
- Low entry salary requirement of RM2,000
- RM0 annual fee that’s waived for life
- 5% Cashback for RM800 min. monthly Petron spend
- 3% Cashback for >RM500 to RM800 on Petron spend
- 2% Cashback for >RM200 to RM500 on Petron spend
- 1% Cashback for >RM100 to RM200 on Petron spend
- 0.5% for less than RM100 on Petron spend
- Unlimited Cash Megabonus of 0.1% on other local and overseas retail purchases
- Up to RM20,000 in Personal Accident Insurance
Apply for the Public Bank-Petron Credit Card Here
Curious to see more? Compare all credit cards here.
A simple guide on how to apply for your first credit card
Once you compare and choose the right credit card for yourself, it’s now time to actually apply for it.
1. Where to apply
You can apply for one in many ways, such as going directly to the bank, going to their website, or using comparison sites like CompareHero.my.
2. How to apply
Applying is simple. You will only need to fill up a form and provide some official documents for banks to vet through your application. This would typically include:
- Photocopy of identity card (front and back)
- Latest EPF statement OR;
- Latest full set BE & tax payment receipt OR;
- Latest EA (last two years to include bonus) OR;
- Latest salary slip
3. Sit back and wait for a response
It usually takes one to two months for the bank to process your credit card application. A complete credit card application will include the required documents including a copy of your identity card, income statements and also Employee Provident Fund (EPF) statements. If you don’t hear back, you can always call your bank (or CompareHero.my if you’re applying through us!).
We hope this helps you in your journey into adulthood. For more advice, these may help you:
- A Guide to Choosing and Applying for Credit Cards
- Choosing Your First Credit Card In Malaysia: What You Need To Know
- How Much Does It Cost To Get A Credit Card? Credit Card Fees Explained!
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