Compare and Apply For No Annual Fee Credit Cards
What is an annual fee?
- An annual fee is a maintenance fee that is charged by the credit card provider i.e. banks.
- The actual fee will depend on the bank and may differ depending on the tier of the credit card such as Gold, Platinum, Signature, etc.
- Some cards may offer zero annual fees for life, while the more premium credit cards will require an annual fee of usually over RM1,000.
What is a credit card with no annual fee?
- It is a type of credit card that is exempt from being charged your usual annual fee, but be sure to read the fine print to see how long the offer is valid for and if there are any terms to this.
- A no annual fee credit card will results in savings as you are not required to pay this fee.
- On top of that, you will still enjoy its many features and benefits which may include cashback, rewards, or air miles.
How does no annual fee credit card work?
Many credit cards now offer no annual fee for life! Make sure you read the fine print carefully though, as there might be some strings attached: some might just be free for one year, and some may require you to spend a minimum amount per year before you are able to qualify for the zero annual fee.How does a no annual fee credit card help me save money?
- Some of the best credit cards out there have annual fees, but this doesn’t mean that the ones are no good. Likewise, credit card with zero annual fees may still offer generous rewards or cashback and with low rates.
- Imagine a card with 3% cashback rebate, but with RM1,000 annual fee, you will need to spend more in order to cover the cost, but with a credit card that requires zero annual fee, you enjoy the benefits right away!
- Of course, most of you would prefer a card that does them all, but depending on your credit rating, this card does exist in the market. This is why you should always compare the market and get the best out of it.
What are the best credit cards with no annual fee?
- To find the best credit card for you, we recommend using our free comparison tool to find the card that best suits your needs.
- Some of the good ones include the Alliance Bank Visa Virtual Credit Card, Maybank Islamic Ikhwan American Express Platinum Card-i, Public Bank Quantum Visa Credit Card, and the RHB World Mastercard Credit Card.
- Be sure to review factors like interest rate, value-added benefits and do ensure you meet the minimum requirements to be approved for the credit card.
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.
The minimum payment is a sum that you will have to pay each month in order to avoid getting a bad credit score. It is calculated according to your outstanding balance, and will appear in your monthly statement. Other factors that will affect your minimum payment are unpaid balances or any balances that exceed your credit limit.
If you pay the minimum amount on your monthly bill, there will still be interest charged to any unpaid amount. This will be carried on to your next statement. However, if you fail to pay the minimum fee, a late payment fee will be charged to you, on top of the interest on the outstanding balance.
