Best Credit Card in Malaysia 2022

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Best Credit Cards in Malaysia 2022

RinggitPlus brings you the latest deals, discounts and offers from your favourite credit cards so you can maximise on savings.

Keep a tab on this section as it will be updated weekly.

Credit Card Promo Code and Discount in Malaysia 2022

[updated: 26 January 2022]

FOOD & DINING PROMOTION
Bank Merchant Promotion Expiry Date
Affin Bank Fu Rin Japanese Restaurant, Holiday Inn Glenmarie 20% off total bill 28 Feb 2022
AmBank Dunkin' Donuts

30% off on Premium Sandwich Combo (every Friday)

31 Mar 2022
CIMB The Travelling Duck Complimentary roasted duck (min. spend RM168 in a single receipt)
28 Feb 2022
Citibank Grand Imperial Restaurant
Complimentary Peking Style Duck voucher (min. spend RM988)
28 Feb 2022
HSBC Petit Cafe, Pullman KL Bangsar
20% off total food & beverages
30 Apr 2022
Hong Leong Bank Santan 20% off total bill
28 Feb 2022
Maybank Starbucks 20% off F&B (min. spend RM20) at Starbucks nationwide except Starbucks Reserve Bar 28 Feb 2022
Public Bank Hui Lau Shan 10% off total bill Outlets:
- Sunway Pyramid
- KLCC
- Pavilion KL
- Berjaya Times Square
- 1 Utama
31 Mar 2022
RHB ILI POT RM10 off (min. spend RM50)
Promo code: RHBPOT10
14 Oct 2022
Standard Chartered Hard Rock Cafe Penang
10% off total F&B bill
Complimentary dessert with min. spend RM150 on F&B
30 Jun 2022
UOB Curate @ Four Seasons Hotel, Kuala Lumpur 15% off total bill (exclude alcohol beverages)
28 Feb 2022
OCBC Teppanyaki 20% off total course set menu
28 Feb 2022

ONLINE SHOPPING PROMOTION
Bank
Merchant Promotion Expiry Date
AEON Giffy & Co. RM15 off (min. spend RM118)
Promo code: GiffyAEON
31 Mar 2022
Affin Bank Hermo Existing user
12% off (min. spend RM180)
Promo code: HMXAFFIN180

New user
10% off (min. spend RM100)
Promo code: HMXAFFIN100
30 Jun 2022
Alliance Bank LavieFlo 15% off on all purchases (in-store & e-store) + free 20ml liquid sanitizer
31 Mar 2022
AmBank airasia grocer RM5 off
Promo code: AMBANKAAG
31 May 2022
BSN HappyFresh RM12 off with Mastercard cards (min. spend RM160)
Promo code: RM12 OFF
14 Mar 2022
CIMB Klook
All users
5% off on all local activities
2% off on special activities
Promo code: CIMBKLOOK5

New users
RM15 off with min. spend RM100 on all local activities
Promo code: NEWCIMB15
31 Dec 2022
Citibank airasia ride RM5 off for new users (valid for rides in Klang Valley, Penang & Langkawi)
Promo code: CITI5
28 Feb 2022
HSBC Hiblendr
10% off sitewide
Promo code: HIBLENDRHSBC
30 Apr 2022
Hong Leong Bank NITA Cosmetics 31% off (min. spend RM100)
Promo code: NITAHLB31
28 Feb 2022
RHB Beast Kingdom 10% off normal-priced items
Promo code: BK+first 6 digits of your RHB card number
31 Dec 2022
UOB Manuka Emporium 10% off for any single bottle purchase
Promo code: UOB10

15% off (min. spend RM350)
Promo code: UOB15

20% off (min. spend RM550)
Promo code: UOB20
30 Jun 2022

HOTEL & TRAVEL PROMOTION
Bank Merchant Promotion Expiry Date
AEON Agoda Up to 9% off on hotel bookings with Mastercard only
Book via www.agoda.com/mymastercard
31 Dec 2022
Affin Bank Best Western i-City, Shah Alam
Superior Room - RM130 nett
Deluxe Room - RM180 nett
i-Suite - RM230 nett
Booking code: AFBW21
30 Jun 2022
AmBank Avani Sepang Goldcoast Resort 20% off Best Flexible Room Rates
Book via www.avanihotels.com/en/sepang
31 Dec 2022
BSN Booking.com Up to 30% off (for Mastercard only)
Book via www.booking.com/MastercardSuper.
31 Mar 2022
CIMB Expedia
7% off hotel bookings worldwide
Promo code: CIMBMY7
31 Dec 2022
Citibank Berjaya Langkawi Resort 10% off 'Retreat to Nature' Package
10% off 'Sanctuary on Water' Package
31 Mar 2022
HSBC The Light Hotel, Penang 15% off Best Available Rate for all room categories
Promo code: HSBC
31 May 2022
Public Bank Rosa Malacca Hotel RM180 nett (Sun - Thurs)
RM260 nett (Fri & Sat)
30 Nov 2022

What is a credit card?

It is a payment instrument that you can use to purchase something instead of using cash. In theory, when you pay for something using a card, that amount is owed from the bank and need to be paid back.

Credit Card

A credit card is designed to meet various income levels, from the entry-level (sometimes referred to as Gold), mid-range (Platinum), and high-income (e.g. Infinite, Premier, Signature).

How does a credit card work?

Think of it like a fast loan that you can pay back when your salary kicks in. To understand more on how it works, let’s take a look at the basic features such as follows:

Annual fee

A credit card has a fee that is charged annually to the card members for the benefits that come with it.

Some of them don’t have an annual fee, whereas there are also cards with an annual fee waiver condition.

Typically, to get your credit card annual fee waived is simply by making one transaction per month for 12 consecutive months, or meet the card's minimum spending required in a year.

Interest rate on purchases

This may not be theoretically correct, but banks charge interest on the outstanding amount as a penalty for borrowing their money and not repaying them on time.

Credit card interest rate, also known as Finance Charge, is usually charged on the outstanding balance amount when it is past due.

For example, if you have used up RM300 on your card and failed to settle it within the 20-day interest-free period, a Finance Charge of between 15% - 18% p.a. will be levied on that amount.

In Malaysia, there are 3 tiers of annual interest rates chargeable on the outstanding balance based on the cardholders’ repayment habit:

Interest rate Descriptions
15% p.a. (1.25% p.m.) Tier 1: for cardholders with prompt payments for 12 consecutive months
17% p.a. (1.42% p.m.) Tier 2: for cardholders with prompt payments for 10 months or more in the last 12-month cycle
18% p.a. (1.50% p.m.) Tier 3: for cardholders with payments of less than 10 months in a 12-month cycle

If you consistently pay your card bills in full and on time, then you don't have to worry about interest rates at all.

Interest-free period

This is a grace period whereby you can enjoy zero interest on your outstanding balance. This period starts from the date of issuance of your credit card statement until the statement due date.

Credit limit

This is the maximum amount that a lender can extend to you for a particular line of credit. If you earn a monthly income of RM3,000 or less, the bank will usually set a credit limit to 2 times your salary.

For those earning more than RM36,000 per year, there is no limit to the credit that will be assigned to you. You can also own multiple cards from multiple banks with varying credit limits.

Cash advance

Cash advance is a facility that allows you to withdraw money from your credit card through ATM much like a debit card.

Not to be confused with a cash loan facility whereby you can borrow a certain amount from your card and repay it in instalments, which is similar to an EPP.

A cash advance is subject to a cash withdrawal fee and interest rate of 18% p.a., which is calculated daily until you pay up the withdrawn amount in full.

Billing or statement cycle

Each credit card transaction you make will be posted in your credit card statement. This statement, which itemises all your transaction histories for the past month, will arrive at your mailbox or inbox in the current month.

It is important to take note of the statement due date so that you will not be charged with unnecessary fees and charges on the outstanding balance.

Minimum monthly payment

In your statement cycle, you are allowed to make a partial repayment of your credit card bill to avoid being charged with a late finance fee on the outstanding balance.

However, the remaining amount of your outstanding balance will still incur finance charge. The minimum monthly payment is usually at 5% of the total outstanding balance, which must be settled before the statement due date.

How many types of credit cards are there in Malaysia?

There are 4 biggest card networks or card schemes in Malaysia: Visa, Mastercard, American Express and UnionPay. They partnered with Malaysian banks to issue credit cards to consumers.

The banks then further categorised these cards to meet various consumers’ needs and spending habits to having features such as cashback, reward points and air miles.

Cashback: You get back a portion of money you have spent into your account

Rewards: You earn loyalty points for every Ringgit spent, redeemable for products and services

Air Miles: You earn loyalty points for every Ringgit spent, redeemable at your frequent flyer programs

Normally, a credit card will have one of the features above. Depending on the income band, it can have a combination of features such as cashback and rewards, or air miles and cashback.

What is the main requirement for credit card application?

The major requirement is your minimum income. According to the BNM guidelines, the minimum income for a first-time applicant is RM24,000 annually.

Banks will require proof of income to qualify you as a credit card holder. Other than that, you must also have a valid identity card, employer letter of confirmation and other documents to support your application.

Not all banks have the same income requirement for the same card type. For example, a Gold card by Bank A is offered to those with a monthly salary of RM3,000 and above, whereas Bank B opens to anyone earning a minimum of RM2,000 per month.

How many credit cards can I apply?

There is no limit to the number of credit cards you can apply from any bank, however, your chances of getting approved will depend on your income and other factors mentioned above.

BNM has stated that for those earning RM36,000 and less, you can own credit cards from maximum two different card issuers, with a credit limit capped at 2 times your monthly salary (but whether you get this amount depends on the banks you choose).

For anyone with a yearly income of RM36,000 and above, you can own as many credit cards you want from multiple issuers.

What happens if I fail to repay my credit card on time?

If you miss your payment, a late payment fee will be charged on the outstanding balance. 

Your outstanding balance will attract a finance charge of between 15% - 18% per annum which is compounded daily until you paid off the overdue amount.

CCRIS Report

CCRIS is a central system that stores information of your credit histories which is referenced by all banks when assessing your credit risk.

A late payment habit can have a negative effect on your CCRIS (Central Credit Reference Information System) record.

Plus, you will also have a lower credit score that consequently reduces your chances of getting approved on your personal, car or home loan applications in the future.

Continue reading to find out how you can get your hands on your own credit report online.

How to register and get your CCRIS report online?

According to the Credit Bureau by BNM, any individual can make a request to obtain your personal CCRIS report online via eCCRIS portal.

However, for business owners and deceased individuals, only authorised persons can make a request to the Credit Bureau for access to the credit report.

If you have yet to register as an eCCRIS user, you may go to the Credit Bureau's website (creditbureau.bnm.gov.my/obtaining-your-credit-report), fill in the application form and submit it online via eLINK.

Alternatively, you may also get your credit report via any Credit Reporting Agencies such as Experian, or visit the CCRIS kiosk at any AKPK branches near you.

Which credit card is the best for me?

 At RinggitPlus, we have several categories that can cater to the unique needs of every Malaysian, such as:

  • Sign Up Offers – For the lovers of free gifts. Apply for a selected card, get approved by the bank, activate it and then claim your gift!
  • No Annual Fee – First year free? Free for a lifetime? Free annual fee? You got it.
  • Cashback – Get cash back into your account on every spend.
  • Rewards – Collect reward points to redeem free gifts, vouchers and air miles.
  • Petrol – Earn reward points, cashback or air miles with every fuel spend. Get discounts on car washes, polishes, parts and accessories.
  • Travel – Save on fuel spend, air ticket or travel insurance coverage.
  • Islamic – For ethical spenders.
  • Air Miles – For frequent flyers and travellers.
  • Free Airport Lounge Access – For business frequent flyers.
  • Online Shopping – For shopaholics who have a con-fashion (confession).
  • Movie Promotions – For movie buff.
  • Premium - For the VIPs and high net-worth individuals.

List of banks to apply for a credit card online

There are 19 banks in Malaysia offering credit cards for various consumers with unique appetites that you can apply online for:

  1. Citibank
  2. HSBC
  3. Public Bank
  4. RHB
  5. Standard Chartered
  6. UOB
  7. AEON Credit Service
  8. Affin Bank
  9. Affin Islamic Bank
  10. Alliance Bank
  11. AmBank
  12. BSN
  13. Bank Islam
  14. Bank Rakyat
  15. CIMB
  16. Hong Leong Bank
  17. ICBC
  18. Maybank
  19. OCBC

Top credit cards in Malaysia 2022

Top 5 Credit Cards in Malaysia 2022

  1. Citi Simplicity Mastercard®

  2. Standard Chartered JustOne Platinum MasterCard

  3. Public Bank Quantum Visa

  4. CIMB e Credit Card

  5. UOB YOLO Visa