Compare Credit Cards with Best Deals and Apply Online
Finding the best credit cards in Malaysia at CompareHero
- At CompareHero, we know how much you value your time and money. That’s why we’re helping you save time by letting you pick a credit card with the best features all on one page.
- No need to go to different bank websites because all the important information you need is right here. You’ll find popular credit cards from the top banks here in Malaysia. You could also find credit cards from the biggest and most trusted card networks such as Visa and Mastercard.
- We understand that credit cards are more than just a payment mode. If you use them responsibly, they’re a way to help you save money too.
- That’s why our top credit card picks come with the highest earning rates and unique offers you won’t find anywhere else.
How do the CompareHero best deals work?
- All of the credit cards you see here are there for a reason. These are the ones chosen by many of CompareHero’s users for their exceptional rewards and features.
- With so many cards competing for your attention, you’re getting help from others to narrow down your search for the perfect one to suit your lifestyle.
- So whether you’re looking for a credit card that gives you the best cashback rates, the most reward points or one that lets you earn air miles fast, start your search here at CompareHero!
- We’ll show you which credit cards offer the most cashback at your favourite supermarket or which air miles cards have the highest earning rate for local spending.
- Narrow down your choices by choosing your top three and comparing their features.
How to find the best credit card to suit your needs and lifestyle?
View your choices above to find one with the features you need. For example, if you're looking for a credit card that gives you reward points for every Ringgit spent, search for a card that offers the highest earning rate. Or if you're an avid traveller, choose a card that offers free airport lounge access and cashback on overseas spending, for instance. Once you have a card in mind, simply click on the “Apply Now” button on the card of your choice to begin the fast and easy application process online. The typical requirements or documents that you need to be ready with include:- A copy of your MyKad/IC
- Your latest salary slips/commission statement
- Your latest EPF statement
Compare the Best Credit Cards in Malaysia
What are the benefits of comparing credit cards?
Comparing credit cards will help you find a card to suit your spending needs and lifestyle. You will be able to narrow down all the best credit cards with the most benefits and rewards for every Ringgit you spend. This includes earning air miles for every local and overseas spend, earning cashback on categories like Dining, Online Shopping, and Petrol, to name a few, and earning rewards and discounts for every spending you make. If you apply through our comparison website, you'll also stand a chance to get exciting credit card sign-up offers!How does the comparison tool work?
We do the hard work for you by consolidating all the credit cards available in the market into a single site, here at CompareHero. Just fill in the requirement information and you'll find all the cards that suit your requirements within a matter of seconds. Review the various details available and select a credit card that suits your lifestyle needs. The cards included in our comparison tool are based on the most trusted financial institutions in Malaysia. We have included a wide range of banking industry leaders, who can give you the best credit card options.What is a Credit Card?
A credit card is an alternative payment method for goods and services. It is essentially a type of short-term loan that is issued by a bank or financial institution; this is where the term “credit card” comes from. With a credit card – in simple terms – the bank lends you money first and then you repay it in credit when it is due.What are the different categories of credit cards?
| Types of Credit Cards | |
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| Category | Description |
| Best Deals Credit Cards | Our most popular credit cards for their exceptional rewards and features, be it the best cashback rates, the most reward points or one that lets you earn air miles blazingly fast, start your search here! |
| Cashback Credit Cards | Cashback credit cards convert every Ringgit that you spend into attractive cash rebates. The amount of rebate you get depends on the cashback rate of the particular credit card. |
| Air Miles Credit Cards | This type of credit card is designed to allow you to earn air miles every time you spend on selected categories. These cards give you access to a loyalty program offered by prominent airlines. |
| Rewards Credit Cards | Rewards credit cards allow you to collect and accumulate rewards points that can be traded for a range of benefits, such as vouchers and discounts. |
| No Annual Fee Credit Cards | No annual fee credit cards are exempt from being charged your usual annual fee. However, be sure to read the fine print to see how long the offer is valid and if there are any terms to this. A no-annual-fee credit card will result in savings as you are not required to pay this fee. |
| Islamic Credit Cards | An Islamic credit card is Shariah compliant, with the prohibition of gharar (overcharging) and riba (interest). Islamic credit card often offers takaful coverage. Aside from that, Muslims will also have the added convenience of being able to pay their Zakat with an Islamic credit card. |
What is a supplementary credit card?
It is an additional card that is issued under a principal account holder’s name. Basically, it is a secondary card that works under the same main account, making it easy to consolidate all payments under a single account, and you can also earn rewards at a faster rate. A supplementary card is usually given to a family member for emergencies and the cardholder does not need to fulfil any requirements aside from being at least 18 years old to be eligible.When is the best time to use a credit card?
As a credit card works similarly to having a short-term loan, it is ideal as a substitute for cash to spend on your daily goods or services, such as groceries or clothing. It is also ideal for slightly more expensive purchases such as a laptop or an expensive timepiece, as carrying a large amount of cash can be very dangerous. There is a limit as to how much you can spend on a credit card, however. This limit is decided by the bank based on your credit history and monthly income and differs from person to person. Do keep in mind that you must pay the credit card by the outstanding due dates or you will be charged interest. A credit card is not a good solution for long-term financing because of its high interest rates. In fact, it can be one of the more expensive options as some credit cards charge an interest rate of 18% per annum, the highest in the market. Instead, a personal loan would be a better option for long-term financing with interest from as low as 4.99% per annum. Credit card interest rates differ between banks and types of credit cards. It may fluctuate based on your repayments too; if you pay promptly, you’ll be rewarded with a lower interest rate. Your credit score can also impact the interest rate offered to you. Typically, the healthier your credit score, the lower the interest rate. In Malaysia, you can obtain a copy of your credit report from CCRIS or CTOS.What is a credit limit?
A credit limit is the maximum spending limit that is applied to your credit card when you apply for one. The credit limit is determined by two factors: your credit history and your monthly income. In Malaysia, cardholders earning RM36,000 or less per year have a credit limit that doesn’t exceed two times their monthly salary; those earning RM36,000 and above have their credit limit determined at the bank’s discretion.What is the difference between a credit card and a debit card?
The main difference between a credit card and a debit card is where the money is from when making a payment or purchase.| Credit Card VS Debit Card | |
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| Credit Card | Debit Card |
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Why do I need a credit card?
While a credit card can pile on your debts, it is a very useful tool that can bring a lot of benefits through its features. You must be disciplined and keep in mind that you have to make repayments at the due date responsibly.- Safer than cash
- Enjoy protection on some purchases such as flight insurance
- Enjoy benefits such as reward programmes and points, cashback and rebates, air miles, and exclusive discounts and promotions with retail transactions at selected outlets, restaurants, and services. Get more out of your retail spending!
- 0% interest instalment plans (over several months) for more expensive purchases, such as a computer or a smartphone
- Helps to build credit scores which is important when applying for other financial services such as a car loan
How does a Credit Card work?
When you purchase with a credit card, be it through an online portal or swipe at the payment terminal in a brick-and-mortar shop, the payment process goes through a process with several parties in the back. It will be a simple and near-instantaneous experience for you, however. Typically, there are five parties involved in a credit card transaction:| Parties involved in a typical credit card transaction | |
|---|---|
| Factor | Description |
| Cardholder | You or any other authorised person (like your spouse or children to whom you’ve given supplementary cards) can use the credit card to make purchases. |
| Card Issuer | Institutions, such as banks and consumer finance companies, that issue credit cards. |
| Credit Card Network | Organisations that set up the payment ecosystem and act as the middlemen between merchant acquirers and card issuers (like Visa, Mastercard and American Express, for example). |
| Merchant Acquirer | Institutions, often banks, process credit card transactions for merchants using a POS terminal. |
| Merchant | Retailers, restaurants and e-commerce sites around the world allow credit cards as a form of payment. |
The Pros and Cons of a Credit Card
Like many things in the world, the credit card is not without its ups and downs. It is very important that you understand the pros and cons of a credit card. When managed correctly, the credit card brings a lot of benefits and rewards, but if mismanaged, the credit card can be an instrument that leads to high debt.| The Advantages of Credit Card |
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| The Disadvantages of Credit Card |
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Credit Card Charges and Fees
A credit card has several different types of fees and charges. Some of these depend on what you use the credit card for and some may be just a general fee. Here are some of the most common fees and charges.| Fees and charges associated with the use of a credit card | |
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| Fees | Description |
| Annual Fee | This is a type of fee that is charged yearly for the privilege of owning a credit card. Not all credit cards have an annual fee, however. Some cards may also waive the fee depending on how much you spend. |
| Cash Advance Fee | The interest rate charged for a cash advance withdrawal can go up to 18% per annum; there is a one-time transaction fee for the cash withdrawal too. |
| International ATM Withdrawal Fee | You will be charged a one-time transaction fee as well as the bank’s currency rates – typically higher than the usual. |
| Balance Transfer Fee | When transferring balances to another credit card, you will be charged 0% to 5% per annum on the total amount as transfer fees. |
| Late Payment Fee | A fee is charged when you miss out on a monthly repayment; this fee is either a flat rate or a percentage of the total repayment, whichever is higher. |
What are credit card interest rates and how is it calculated?
Interest is a charge applied by banks for lending you money. It is calculated as a percentage of your outstanding balance. The rate is determined by the bank upon review of your credit history and other factors in your application; it is usually between 15% to 18% per annum. The better your credit score, the lower your interest rate. A healthy credit score demonstrates that you are in a healthy financial position and it is less risky for the bank to approve your application, therefore charging you a lower interest rate.Applying for a Credit Card
How do I apply for a credit card in Malaysia?
Research!
It is very important to understand what you want a credit card for. There are many different credit cards out there that have different benefits and features that may fit different lifestyles. You can use a credit card comparison tool like our very own to help you out. Just fill in the required details and the tool can automatically draw up the suggested credit cards for your needs. Make sure you read all the little details about the card such as the charges, benefits, interest rates, and most importantly if you meet the minimum requirements.Check your Credit Score
Your credit score is what banks will mostly use to determine if you can get a card. There are various credit scoring agencies that can provide you with a credit scoring report such as CTOS and CCRIS. If you have a healthy credit score, then you should be easily approved for a credit card.Understand you may not get the rates advertised online
The rates you see online may not necessarily be the rates you’ll receive when you apply for a credit card. This is because the bank determines the final rates of everything based on each individual’s financial profile.Apply online or at a bank branch
Once you’ve determined the right credit card to get, you can either apply online on our website or in person at a bank branch. An online application is generally much faster and more convenient. If you are applying online on our website, you will need to fill in the form after you click on “Apply Now”.| If you are walking into a bank branch, you will need to provide several documents such as: |
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What are the best credit cards should I get?
By now, you must be asking "What is the best credit card for me?". Therefore, here are some of our recommendations:| We recommend the following credit cards | |
|---|---|
| Benefits | Our Pick |
| For Cashback | |
| For Rewards | |
| For Petrol | |
| For Air Miles | |
Depending on your credit score, you may be able to hold multiple credit cards. However, the number of credit cards you have and your repayment behaviour will affect your credit score. In 2011, Bank Negara Malaysia introduced a guideline stating that anyone with an annual income of RM36,000 or less can hold credit cards from a maximum of two issuers. Focus on choosing one or two credit cards which suit you and your requirements best. Eventually, if you prove your good repayment behaviour, you will be offered a higher credit limit.
As long as you pay your credit card in full and on the date in your credit card statement, you do not have to pay interest on your credit card.
In order to be eligible for a credit card in Malaysia, you need to be at least 21 years old and financially stable. Each credit card issuer has its own minimum annual income requirement. In most cases, a minimum annual income of RM24,000 is required, but this could vary from bank to bank. You don't need to have an existing account with a bank to apply for a credit card from them.
Remember to always research the best credit cards before applying!
If you're earning an annual income of RM36,000 or less, the maximum limit extended to you will not exceed twice your monthly income for every credit card issuer. This guideline does not apply if you are earning more than RM36,000 per annum, so you should consult your credit card issuer in Malaysia to find out how much your credit limit will be. Your credit limit can also be raised if you show good repayment behaviour. You can talk to your credit card issuer about raising your credit limit.
You can call the bank to ask for a review in your application. However, approval for an increase in credit limit is usually determined on your credit score. By being prompt in paying your monthly bills, the bank might increase your credit limit.
Choose a credit card that complements your lifestyle. For instance, cashback cards help you save on groceries, petrol, and dining. Air miles cards, on the other hand, let you earn miles for every Ringgit you spend, which you can redeem for free flight tickets. Meanwhile, rewards cards let you earn points for every Ringgit you spend, which you can redeem for vouchers, etc.
By using our comparison tools, you can quickly see which credit card has benefits that are most useful to you. Make sure to compare annual fees and effective interest rates so you know what extra charges apply.
Credit card issuers provide various methods of payment, from online banking, paying through telephone or mail, or visiting a branch of the bank to settle the balance. The most convenient method is to create a bank account and have credit card balances deducted automatically every month.
The processing time varies depending on the card issuer, but as soon as your application has been approved, it normally takes 7 to 10 working days until you receive your card. Make sure that you submit all the relevant documents so that your application can be processed as quickly as possible.
If you suspect an unauthorised transaction has been made on your account, check if you made any other purchases on the same day before contacting your bank. The item could have been mistakenly billed under a different name. Also, ask anyone who uses the card with your permission (such as your partner) if they made the purchase. Once you have confirmed that the transaction was unauthorised, contact your credit card issuer immediately. Credit card issuers provide 24/7 customer service to address these matters, so do not hesitate to take immediate action. Failure to do so could make you liable for the unauthorised transactions charged to your credit card.
