3rd September 2025 - 6 min read
If you’re a freelancer, a gig economy worker, or someone whose pay is mostly commission-based, you might think a credit card is out of reach. The good news is, it’s more achievable than you think.
First off, let’s look at why banks have income requirements in the first place. Banks in Malaysia are regulated by Bank Negara Malaysia (BNM), which sets guidelines [PDF] to ensure those banks lend responsibly and prevent people from getting into too much debt.
A key BNM guideline has always been the minimum income requirement. Credit card holders require a minimum annual income of RM24,000 (or RM2,000 per month) as a rule. The benchmark is to help banks check if you can comfortably repay what you borrow. They want to be sure you can handle your payments before giving you a credit card.
If you earn a fixed monthly salary, a payslip is usually all you need to apply for your credit card. But if your income changes from month to month, you can use a combination of the following to support your application:
The goal is to give the bank a clear and honest picture of your finances, showing them you have a steady stream of money to pay your bills.
When your income isn’t fixed, it pays to be strategic about which card you apply for. Instead of aiming for high-tier cards, focus on options designed for your financial situation. Two great choices are entry-level cards and secured credit cards.
Entry-Level Credit Cards
These cards are specifically created for first-time applicants or those with lower income levels. While they may not come with premium perks like airport lounge access, they offer essential benefits like cashback, reward points, and are an excellent tool for building your credit history.
Secured Credit Cards
A secured credit card is often the easiest way to get approved if you’re having trouble with traditional cards. To get one, you need to place a fixed deposit (FD) with the bank. Your credit limit is typically set to be the same amount as your security deposit. For a more thorough explanation, you can find out more on getting a secured credit card right here at RinggitPlus.
Since your credit is backed by your own money, there’s very little risk for the bank. That’s why the approval rate for these cards is so high. It works just like a regular credit card, allowing you to build a positive credit history as long as you make your payments on time.
If you’re wondering, “How can I have a good credit history if I’ve never had a credit card?”, you’re not alone. It’s a common situation for many young professionals and freelancers, and it’s a classic chicken-and-egg problem: you need a credit history to get a credit card, but you need a credit card to build a credit history.
When you apply for any credit product, banks in Malaysia check your CCRIS (Central Credit Reference Information System) report. To be clear, CCRIS isn’t a credit score, it’s a factual report of your payment behaviour with financial institutions over the past 12 months, showing what loans and credit products you have, and if you’ve paid on time.
If you’ve never had a loan or even a postpaid plan, your CCRIS report might be blank. For a bank, a blank report means they have no data to assess your reliability, which can make getting approved much harder.
This is the exact problem a secured credit card is designed to solve. Because your credit line is backed by a fixed deposit, the bank takes on very little risk, making your application much easier to approve.
Once you have the card, use it for small, planned purchases and pay the bill in full and on time every month. Each on-time payment is recorded in your CCRIS report, building the positive track record that banks want to see. In short, you’re creating solid proof that you can handle credit responsibly, making it much easier to get approved for other loans or credit cards in the future.
Alright, you know what type of card you need. So, how do you find the best one without getting overwhelmed?
Start with an online financial comparison platform. You can filter cards by your annual income, which instantly creates a shortlist of cards you actually qualify for. From there, it’s easy to compare the important details side-by-side: annual fees, cashback rates, reward points, and other perks.
Once you’ve narrowed it down to a couple of favourites, it’s also a good idea to talk to a bank representative directly, especially one from a bank that receives your salary payments first. Bank officers can provide advice tailored to your specific situation. Explain your income structure clearly and ask about suitable credit card options, such as their entry-level or secured card offerings. They can guide you through the application process and let you know exactly which documents you need to prepare.
Having a low or varied income doesn’t have to stop you from getting a credit card. As long as you understand the requirements, prepare the right documents, choose a suitable card, and build a good credit history, you’ll be well on your way.
Remember, a credit card is a financial tool. Using it wisely is the first step towards building a strong financial future.
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