Best Credit Cards in Malaysia 2020

Find the credit card that best meets your needs, or simply compare all credit cards from your favorite bank.

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Best Credit Cards in Malaysia 2020

Contrary to popular belief, credit cards are not only for the rich. 

They are designed to cater to various income levels, from the entry-level (sometimes referred to as "Gold"), mid-range ("Platinum"), and premium (different cards have different names, from Infinite, Premier, Signature, and more).

What is a credit card?

At its core, a credit card is an instrument for a bank to pay for an item on your behalf, the amount of which you will owe the bank. 

In theory, when you pay for something with a credit card, that amount is not what you spent, but what you owe the bank.

Each transaction you make with your credit card is tabulated in your credit card bill at the end of the monthly billing cycle. 

You are then required to pay the bank within a stipulated time frame (usually 20 days). 

Failure to do so will incur an interest rate of the outstanding amount you owe the bank.

Credit Card

Why should you get a credit card?

The most common reasons for owning a credit card is convenience and safety

Big-ticket purchases no longer require you to carry huge amounts of cash, putting you at risk of petty thieves. 

Likewise, this applies to everyday life as well: with a credit card on you, there's no reason to be carrying a lot of cash at any given time.

Another reason to get a credit card is so you have another avenue to build your credit score that banks can refer to. 

A credit score is a report card of an individual's financial wellbeing, which the banks can refer to as a means of assessing the risks the banks take when lending the individual money. 

Building a good credit score, which among others can be done by always paying your bills on time, goes a long way in the future when you are applying for a home or car loan.

Not all credit cards are created equal; there is generally one or two that offer perks that will appeal to you. 

Most cards offer rewards points that can be used to redeem items for free, while others have cashback features. 

Take time to find the best credit cards for you, and you will benefit from them without changing your spending habits.

Imagine getting cashback from paying your utility bills or groceries, or being invited to the business class lounge even when you are flying in economy class. 

These perks are offered in many credit cards in Malaysia, which means extra benefits to cardholders just for paying for the things you already do in cash, with a credit card.

What are the credit card interest rates?

Interest rates vary among card providers, but they must adhere to Bank Negara Malaysia’s (BNM) tiered pricing structure for credit cards. 

There are three tiers of maximum annual interest rate in which the credit card providers can charge their users:

Tier 1 - Maximum of 15% per annum, for those who settled their minimum payment amount for 12 consecutive months.

Tier 2 - Maximum of 17% per annum, for those who settled their minimum payment amount for at last 10 months in a 12-month cycle.

Tier 3 - Maximum of 18% per annum, for those who settled their minimum payment amount for less than 10 months in a 12-month cycle.

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

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.

What are the requirements to apply for a credit card?

The major credit card requirement is the minimum annual income requirement to qualify you for a credit card. 

In Malaysia, the requirement for a first-time applicant is RM24,000 per annum, replacing the previous minimum income requirement of RM18,000 per annum, in accordance with the 2011 BNM guidelines.

That means your basic monthly income must be above RM2,000 a month before you can apply for a credit card. 

Banks cross-check the figure you state with your salary slips as well as EPF deductions made by your company. 

Gold, Platinum, Infinite, World, Signature, Reserve, and other premium-level cards have different minimum income requirements, so be sure that you qualify before you apply for a credit card of your choice.

 Credit Card Promotions & Offers 2020 

Find out the latest credit card promotion in Malaysia for more cash savings! Keep a tab on this section as it will be updated weekly.

[updated: 15 January 2020] 

CREDIT CARD CHINESE NEW YEAR PROMOTION

Bank Restaurant Promotion
Validity
HSBC Dragon-i, Canton-i


Oriental Star, Ruyi, Yu By Ruyi, Seafood World, Oriental Landmark,
Oriental Treasure, Oriental Pavilion, Noble House, The Ming Room,
The Han Room, Oriental Viva, Noble Mansion

Grand Imperial

Ho Min San
Offer I: Purchase Pun Choi voucher at RM498 (worth: RM568)
Offer II: Purchase Pun Choi voucher at RM668 (worth: RM738)

Free RM100 voucher (min. spend RM1,188)





Free RM5 voucher (min. spend RM50)
8 Feb 2020






9 Feb 2020

30 Jun 2020
AmBankShang Palace, Shangri-La Hotel Kuala Lumpur






Han Pi Yuen, Royal Chulan Seremban

Long Feng Chinese Restaurant, Ramada Plaza Melaka

Lai Ching Yuen, Grand Millennium Kuala Lumpur
15% off Chinese New Year Set Menu
Free Morgan Air Fryer (min. spend RM888)

1 FOR 1 set menu (Saturday & Sunday)*
1 FOR 1 buffet lunch (Sunday)*
*for AmBank World MasterCard & Visa Infinite

20% off

Up to 15% off

40% off dinner
29 Feb 2020


31 March 2020



30 Apr 2020

31 July 2020

31 Dec 2020
Public BankBlack Market Restaurant & Lounge, Truly Wine


CAFFEINEES, Yamaguchi Fish Market, Eight Gourmets Gala

Kingdom Palace

Dragon-i, Canton-i
Free crispy pork bacon & jelly fish yee sang (min. spend RM300)*
*booking is required

Free jelly fish yee sang (min. spend RM300)

Free salmon yee sang (min. spend RM888 or RM1,388)

Free RM50 voucher with purchase of any CNY Treasure Pot Feast
8 Feb 2020
Hong Leong Bank Dragon-i


Oversea

Sakae Sushi

The Regent Chinese Restaurant


Grand Imperial Restaurant

Naughty Nuri's
Free Charcoal Roasted Pork Dried Meat*
*with purchase of Signature/Prosperity Abalone Treasure Pot Feast

Free deep fried tiger prawns with corn flakes & sesame sauce (min. spend RM888)

Free 1x signature dish (min. spend RM88)

Free 1x signature dessert (min. spend RM288) or
RM68 off (min. spend RM688)

Free Jade Perch (min. spend RM688)

RM38 off (min. spend RM288)
31 Jan 2020


8 Feb 2020



9 Feb 2020


29 Feb 2020
RHB The Barn

Dragon-i, Canton-i, Dragon-i Peking Duck

Love 18 Chocolatier
Free yee sang (min. spend RM250 on a la carte wine/liquor)

RM68 off Prosperity Abalone Treasure Pot Feast

Free 1x box of Chinese New Year Edition Chocolate (min. spend RM200)
31 Jan 2020

8 Feb 2020

25 Feb 2020
Citibank Dragon-i, Canton-i, Dragon-i Peking Duck

Grand Imperial

Loon Sing Restaurant, Tang Dynasty Banquet

Imperial Chinese Restaurant



Flavor Food

Xing Zhu Chinese Restaurant

Tai Thong Imperial City Restaurant Cheras, Tai Thong Odeon Restaurant, 
Royal China Restaurant & Grand Ballroom, Oriental Pearl Restaurant, 
Spring Garden Restaurant
Free jelly fish yee sang with purchase of any CNY Treasure Pot Feast

Free roasted duck (min. spend RM988)

Free Sauteed Boston Lobster (min. spend RM888)

Free 1x House Wine bottle*
Free upgrade from 'Red Lion Fish' to 'Dragon Tiger Garoupa'*
*min. spend RM898 on CNY set menu 

Free 1x traditional hot pot chicken rice (min. spend RM288)

20% off buffet and a la carte

45% off selected dish (min. spend RM120)
8 Feb 2020

15 Feb 2020









28 Feb 2020

30 Apr 2020
CIMBLe Meridien Kuala Lumpur

St. Regis Kuala Lumpur

Four Points by Sheraton, Le Meridien Putrajaya

Restoran Shelaiton

Hope Chinese Restaurant, Ponderosa Golf & Country Resort

Yi Jia Taste Restaurant, Yi Jia Restaurant

Chuai Heng Restaurant Banquet Hall

Pik Wah Maba House Kuala Lumpur, Olive Hill Serdang

The Regent Chinese Restaurant

Pantai Seafood Restaurant, The Elite Seafood Restaurant,
Unique Seafood Group of Restaurants

Sheraton Petaling Jaya

The Westin Kuala Lumpur

Grand Imperial Restaurant
20% off Chinese New Year's Eve Buffet Dinner

15% off yee sang

20% off buffet lunch and dinner

Free yee sang (min. spend RM1,388)

10% off Chinese New Year Prosperity Set Menu

Free yee sang (min. spend RM498 or RM768)

Free Peking duck (min. spend RM168)

Free yee sang (min. spend RM738/RM488)

Free mini abalone yee sang (min. spend RM888)

Free salmon or abalone yee sang (min. spend RM838)

20% off CNY set menu

Free wine with CNY set menu purchase

Free peking duck (min. spend RM988)
24 Jan 2020

8 Feb 2020



9 Feb 2020













16 Feb 2020



29 Feb 2020
UOB Oriental Group

Unique Seafood Group of Restaurants

Oversea

Grand Imperial Group
Free RM88 voucher (min. spend RM1,088)

Free RM100 voucher (min. spend RM888)

Free up to RM88 voucher (min. spend RM688)

Free Iberico Spare Ribs Grilled in Western Style + RM28 voucher (min. spend RM1,688)
11 Feb 2020

15 Feb 2020

28 Feb 2020

29 Feb 2020

Maybank

Essence, Sheraton Imperial Kuala Lumpur

Latest Recipe, Le Meridien Kota Kinabalu

Tao Chinese Cuisine, InterContinental Kuala Lumpur

Serena Brasserie, Hotel Grand Continental Kuala Terengganu

Hot Gossip, ParkRoyal Kuala Lumpur


Red Chinese Cuisine, Pullman KLCC

The Brasserie, St. Regis Kuala Lumpur

Celestial Court, Le Meridien Kuala

Five Sen5es, The Westin Kuala Lumpur
20% off CNY Reunion Seafood and Grill Buffet Dinner

20% off Chinese New Year buffet

25% off Chinese New Year Special a la carte menu (group bookings, min. 30 people)

20% off Chinese New Year's Eve buffet dinner & dinner and lunch buffet

10% off
20% off (min. purchase RM3,888)

20% off CNY menu & yee sang

15% off yee sang (a la carte)

20% off yee sang, set menu, dim sum menu, a la carte menu

Special price for Chinese New Year Set Menu 
24 - 27 Jan 2020

24 - 26 Jan, 8 Feb 2020

24 Jan - 8 Feb 2020


27 Jan 2020


8 Feb 2020





16 Feb 2020
Standard CharteredToh Yuen Hilton PJ & Kuching, Chynna Hilton Kuala Lumpur 

Red Chinese Cuisine Pullman KLCC

Shang Palace, Shangri-La Hotel KL

Yun House, Four Seasons KL

Dragon-i, Dragon-i Peking Duck, Canton-i

Grand Imperial

Restoran Loon Sing, Restaurant Tang Dynasty

Restoran Oversea
20% off total bill

20% off Chinese New Year menu & yee sang

Free yee sang (min. spend RM600, after discount)

Free yee sang (min. spend RM800, after discount)

Free yee sang (min. spend RM 568 or RM738 Treasure Pot)

Free yee sang for next dine-in (min. spend RM688)

Free yee sang (min. spend RM688)

Free take away yee sang (with order of CNY set menu)
8 Feb 2020
OCBCTai Thong10% off CNY set menus
50% off yee sang (when order Golden Opulent Poon Choi)
29 Feb 2020
AEONDragon-i


Grand Imperial Restaurant
Special price for CNY Treasure Pot Feast
RM68 off for Prosperity Abalone Treasure Pot Feast

Free up to RM88 voucher (min. spend RM588)
8 Feb 2020


31 Mar 2020
CREDIT CARD CHINESE NEW YEAR SHOPPING PROMOTION

Bank Merchant Promotion Validity
Citibank The North Face

Herschel

Lo Hong Ka

TOMEI

Lazo Diamond

Gee Hiang

Swarovski

Faber Castell
Free shoe bag (min. spend RM350)

Free tote bag (min. spend RM350)

5% off Chinese New Year Hampers

15% off normal priced jewellery

45% off second item

RM88 for Ghee Hiang Chinese New Year Special Edition premium gift set

8% off (min. purchase RM601)

15% off
27 Jan 2020



31 Jan 2020





15 Feb 2020

31 March 2020
Public Bank Shopee (mobile app)





Yong Sheng Gift Shop, Hai-O, Purple Cane, Lo Hong Ka,
Soon Thye Hang

Da Men Mall
RM8 off for new users (min. spend RM38)
Promo code: NPBBCNY

RM12 off for existing users (min. spend RM150)
Promo code: PBBCNY

5% cashback (min. spend RM600)

Free Special Edition Pocotee & Friends ang pow (min. spend RM68)
Free prosperity dip (min. spend RM108)
13 - 27 Jan 2020





24 Jan 2020

9 Feb 2020
CIMB SenQ, Senheng (CIMB Members only) Up to 38% off all household*
0% Easy Pay Instalment Plan, Bonus Redemption*

*via https://www.senq.com.my/cimb-members-day, or
https://www.senheng.com.my/cimb-members-day
29 Feb 2020
UOB Shopee RM8 off Prosperity Deals (new users)

Promo code: NUOBCNY
28 Jan 2020
HSBC Pods & Petals Gift Lab 20% off Chinese New Year hampers, flowers & gifts 14 Feb 2020

Maybank

Hai-O


Focus Point
18% off CNY gift box*
*via https://mall.hai-o.com.my/

RM68 off a pair of Hoshi ophthalmic lenses*
*with any purchase of optical frame
19 Jan 2020


9 Feb 2020
OCBCShopee (mobile app)


Gintell
RM8 off for new users (min. spend RM38)
Promo code: NOCBCCNY

Free exclusive gift & 0% Interest Payment Plan
27 Jan 2020


31 Jan 2020
CREDIT CARD RETAIL PROMOTION

Bank Merchant Promotion Expiry Date
Hong Leong Bank Christy Ng 15% off (min. spend RM100) 27 Jan 2020
AEON Focus Point  Eyewear Campaign - monthly installment from RM48/month 15 Feb 2020
CIMB Geox 20% off normal-priced merchandise 29 Feb 2020
HSBC Lazo Diamond 10% off first purchase
20% off second purchase
29 Feb 2020
UOB Braun Buffel 10% off
Free gift with min. purchase RM1,500 (Lady's Card and Visa Infinite only)
29 Feb 2020
Alliance Bank
Himalaya 10% off (Visa payWave only) 30 Marc 2020
Affin Bank Via Condotti & Condotti 30% off normal priced items
Promo code: AFFINCONDOTTI3 (present upon payment)
31 Mar 2020
AmBank Jack Jones 15% off normal priced items 31 Mar 2020
Citibank Faber Castell 15% off  31 Mar 2020
RHB Gintell RM1,488 for GINTELL G Beetle Plus Foot Massager with Tens Pad + free G Resto 31 Mar 2020
Maybank Melissa 10% off normal priced items (at participating outlets) 1 Apr 2020
Standard Chartered TOMEI 25% off (Visa card payWave) 31 May 2020
BSN
Christy Ng 10% off (min. spend RM150) 30 June 2020
Public Bank TOMEI

25% off normal priced jewellery

31 Dec 2020
OCBC
Aurora Italia

10% off (min. spend RM1,000)

31 Dec 2020
Bank Islam
Travel Recommends Up to 25% off pocket WiFi -

How many credit cards can I own?

There is no limit to the number of credit cards you can own unless you earn less than RM36,000 per annum (i.e. RM3,000 per month).

If that is the case, you can only own credit cards from two different credit card issuers in Malaysia, and your combined credit limit will be capped at a maximum of 2x your monthly salary (but whether you get this amount depends on the banks you choose).

You can own credit cards from any number of credit card issuers in Malaysia if you earn more than RM36,000 per annum. 

Yup, in theory, you can have your pick of all of Malaysia’s credit cards – if you fit their income requirements, of course.

What is my credit limit?

BNM imposes a credit card limit of two times the monthly salary for those earning under RM36,000. 

Meanwhile, the credit limit for those earning more than RM36,000 is at the discretion of the credit card issuer. 

It's important to know what your credit limit is and to not exceed it as doing so may incur extra charges with many banks.

You may also request to increase your credit card limit, which will be handled on a case by case basis by the card-issuing bank. 

The bank may request additional documents to support your request, such as an offer letter from a new (better paying) job or a promotion with increment.

What is the credit card billing cycle?

The credit card billing cycle is the period between billings, which is typically 30 days. 

Depending on the bank, the billing cycle may either start at the beginning of the month, or from the date of approval of your credit card application.

What is the interest-free period?

At the start of the billing cycle, you will receive a credit card bill or statement showing purchases made from the previous month which are due for payment. 

Most credit cards have an interest-free payment period (or grace period) of 20 days, where you will not be charged interest on the amount due. 

If you fail to complete payment within this period, the bank will begin charging interest on the remaining balance.

Can I withdraw cash from an ATM using a credit card?

Yes. This is known as a cash advance, which is technically a short-term loan facility provided by the bank for credit cardholders.

This is also one of the most expensive facilities provided to a cardholder. 

Banks charge a service fee and a finance charge for every cash advance instance from the cardholder.

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

If you miss your first credit card minimum payment amount, you will be slapped with a late payment charge of either RM10 or 1% of the outstanding balance, whichever is higher as of statement date, up to a maximum of RM100.

After one or two months of no payment, you would start receiving letters or calls from your credit card issuer, and if you ignore those letters, the credit card issuer may send a collection officer to your residential address. There is a good chance your card would have been blocked as well, if you've reached this point.

Repeated late payments would cause you to be blacklisted in BNM's Central Credit Reference Information System (CCRIS).

The ultimate action that credit card issuers could take against non-payees is to sue them for the sum owed. 

Malaysian laws dictate that a person could be declared bankrupt if he or she defaulted on an outstanding debt amounting above RM30,000 for more than 6 months.

How to dispute a credit card charge?

If you found that the bank has charged your credit card some fee that you feel is not right, you should call the bank as soon as you can to find out. 

If it is some administrative or penalty charge for something you may not have committed, and if you think it may have been wrongly charged, you can dispute the charge.

You should, of course, call the bank first for faster and quicker communications. 

The agent on the line may be able to assist you, but if not, most banks in Malaysia have a charge dispute form uploaded on their websites.

What is a balance transfer for credit cards?

A balance transfer plan allows you to transfer the outstanding balance from one credit card to another – and repay them in instalments at a low-interest rate. Sometimes, it can even be at 0% interest – a double win situation for the cardholder.

Should I apply for a card solely for a Balance Transfer?

Balance transfers allow you to consolidate your debts from other credit cards into a single credit card or simply move a balance from one card to another to take advantage of a low-interest rate (sometimes as low as 0%, for a certain number of months ranging from 6 months up to 36 months) to to help you optimise your payment regime.

However, some banks do not take lightly to people solely applying for credit cards to transfer a balance and if they suspect that is what you are doing; they will be quick to deny your application. 

That said; it doesn't mean you shouldn't try. However, remember that for balance transfers; your credit limit needs to be enough to cover the balance you want to transfer and you wouldn't be able to guess how much of a credit limit the bank will give you when applying for a card.

Which credit cards are available at your salary?

The general rule is that credit cards with the best benefits are only reserved for the rich, there are plenty of useful entry-level cards that help you make the most of what you spend. 

Compare the credit cards that you qualify for, especially based on the benefits offered.

Apply for credit cards online for better benefits

Virtually all credit card applications will require the following documents as a minimum: a copy of your IC/passport, at least three months’ worth of salary slips, and your EPF statement.

If you are applying for a credit card in person (at the bank branch or a promotional booth), you could print your EPF statement on the spot, but just prepare these documents beforehand to be safe.

However, one of the quickest ways to apply for a credit card in Malaysia these days is online. 

While most banks offer credit card application online, RinggitPlus throws in sweet sign-up gifts that you’re eligible for if your online credit card application is successful.

best credit cards in Malaysia 2019

Best Credit Cards Malaysia 2020

  1. Citi PremierMiles Visa Signature

  2. Standard Chartered JustOne Platinum MasterCard

  3. HSBC Amanah MPower Platinum Credit Card-I

  4. RHB Cash Back Visa Credit Card

  5. AEON Platinum Visa