Best Credit Cards in Malaysia 2023 | Compare and Apply Online | free gift (2023)

Compare the best credit card deals: apply online

  • At CompareHero, we know how much you value your time and money. That's why we help you save time by letting you choose the card with the best features on one page.
  • There is no need to visit the websites of different banks as all the important information you need can be found here. Here in Malaysia, you will find popular credit cards from major banks. With us you will also find credit cards from the largest and most trusted card networks, such as Visa and MasterCard.
  • We understand that credit cards are more than just a means of payment. If you use them responsibly, they are also a way to save money.
  • That's why our top picks have the highest win rate and exclusive offers you won't find anywhere else.
  • All the cards you see here are there for a reason. These are the ones chosen by many CompareHero users for their unique rewards and features.
  • With so many cards vying for your attention, get help from others to refine your search for the perfect card.
  • Whether you're looking for a card that gives you the best cashback rates, the most Rewards points, or a card that helps you earn airline miles fast, start your search here.
  • We'll show you which credit cards will give you the most cashback at your favorite grocery store, or which airline mileage cards will give you the highest earning rate on local spending.
  • Narrow your options by selecting the top three and comparing their features side by side.

Check out the options above to find one that has the features you need. Simply click the 'Apply' button on your chosen tab to begin the quick and easy application process.

The requirements you should be prepared for include:

  • a copy of your MyKad
  • a copy of your utility bill
  • proof of income, such as your monthly pay slip and recent tax return

In addition, you must meet certain income requirements, which vary depending on the card you apply for.

Credit cards in Malaysia

What are the advantages of comparing the best credit cards in Malaysia?

By finding the best credit card for your spending needs, you can get the most benefits and rewards for every RM you spend. This includes earning Air Miles for every expense you make at home and abroad, earning money in categories such as meals, online purchases and gas to name a few, and earning rewards and discounts for every RM you spend. If you apply through our site, you will also receive exciting sign-up bonuses and credit card sign-up offers!

How does the comparison engine work?

We do all the hard work for you by consolidating all the credit cards on the market in one place. At CompareHero, we do all the comparison work for you with our fast, free and easy comparison tool. Just enter the required information and within seconds you will find all the cards that meet your needs. Scroll through the various details available and choose the tab that suits your lifestyle. The credit cards in our comparison engine come from the most trusted financial institutions in Malaysia. We've listed a wide range of banking industry leaders who can offer the best credit card options.

What are the steps to find the best credit card for my needs?

Find the best credit cards in Malaysia in less than a minute. All you have to do is go to our credit card comparison engine and fill in the required information about your lifestyle and will do the rest for you. We compare all the credit cards that meet your needs and within seconds our comparison engine will show you the best options. Browse the different features available and request the card that best suits your needs.

What is a credit card?

A credit card is an alternative means of payment for goods and services. Basically, it is a type of short-term loan provided by a bank or financial institution; This is where the term "credit card" comes from. In the case of a credit card, the bank simply lends you money first and then pays you back as a loan when it matures.

What are the different categories of credit cards you can apply for through CompareHero?

Types of credit cards
Best credit card dealsOur most popular credit cards for their unique rewards and features, whether it's the best cashback rates, the most Rewards points, or cards that allow you to earn airline miles instantly, start your search here.
Cashback credit cardsCashback credit cards turn every ringgit you spend into lucrative cashback. The refund amount depends on the specific credit card refund rate.
AirMiles credit cardsAirMiles credit cards are designed so that you can earn airline miles every time you spend them. These cards give you access to the airline's loyalty program.
Reward credit cardsRewards credit cards allow you to collect and accumulate Rewards points that can be exchanged for various benefits such as coupons and discounts.
Credit cards with no annual feesCredit cards with no annual fee are exempt from the regular annual fee, but read the fine print to see how long the offer is valid and if there are any terms and conditions attached. A credit card with no annual fees provides savings because you don't have to pay these fees.
Islamic credit cardsThe Islamic credit card is sharia compliant and prohibits gharar (overdraft) and riba (interest). An Islamic credit card offers such complete protection. In addition, Muslims will have the added convenience of being able to pay Zakat with an Islamic credit card.

What is an additional credit card?

A secondary credit card is an additional card issued in the name of the primary account holder. Essentially, it's an add-on card that works with the same primary account, making it easy to consolidate all your payments into one account and earn rewards faster. In an emergency, a supplementary card is usually issued to a family member; The additional cardholder does not have to meet any requirements other than 18 years of age.

When do I use a credit card?

Because a credit card works in the same way as a short-term loan, it is an ideal substitute for cash for purchases or everyday services such as food or clothing. It is also ideal for slightly more expensive purchases, such as a laptop or an expensive watch, because carrying large amounts of cash can be very dangerous.

However, there is a limit to the amount you can spend with a credit card. This limit is determined by the bank based on your credit history and monthly income and varies from person to person. Please note that you must pay off your credit card before the outstanding due dates or you will be charged interest.

A credit card is not a good solution for long-term financing due to the high interest rate. In fact, it can be one of the most expensive options, as some credit cards charge an interest rate of 18% per annum, the highest on the market. Instead, a personal loan would be a better option for long-term financing at interest rates as low as 5%.

Credit card interest rates vary by bank and credit card type. It may also vary depending on the payment; If you pay on time, you will be rewarded with a lower interest rate. Your credit score can also affect the interest rate offered. In general, the healthier your credit score, the lower the interest rate. In Malaysia, you can request a copy of your credit report from CCRIS or CTOS.

What is a credit limit?

The credit limit is the maximum spending limit that applies to your credit card at the time you apply for it. The credit limit depends on two factors: credit history and monthly income. In Malaysia, cardholders earning RM36,000 or less per annum have a credit limit that cannot exceed twice their monthly salary; for those earning RM36,000 or more, the credit limit is set at the discretion of the bank.

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 comes from when you make a payment or purchase.

Credit and debit card comparison
Credit cardattack
  • This allows you to spend the borrowed money and pay it back later.
  • have a credit limit
  • It is not linked to your bank account
  • Allows payment in installments
  • Directly linked to your bank account (checking or savings account)
  • You can only spend the money that is in your account.
  • The money you spend is deducted directly from your bank account.

Why do I need a credit card?

While a credit card can build up debt, it is a very useful tool that can provide many benefits thanks to its features. You must be disciplined and remember to pay responsibly on time.

  • Safer than cash
  • Enjoy protection for certain purchases, such as flight insurance
  • Enjoy benefits such as rewards and points programs, discounts and rebates, airline miles, and exclusive discounts and promotions on shopping transactions at select outlets, restaurants and services. Get more out of your retail spend!
  • Payment plans with 0% interest (for several months) for more expensive purchases such as a computer or smartphone
  • Helps build credit; important when applying for other financial services, such as a car loan

How do credit cards work?

When you make a purchase with a credit card, either through an online portal or a payment terminal in a physical store, the payment process goes through a multi-step process behind the scenes. However, it will be a simple and almost instantaneous experience for you.

There are typically five parties involved in a credit card transaction:

Parties involved in a typical credit card transaction
Card ownerYou or another authorized person (for example, your spouse or children to whom you have issued additional cards) who may use the credit card to make purchases.
card issuerInstitutions such as banks and consumer finance companies that issue credit cards.
credit card networkOrganizations that form the payment ecosystem and act as intermediaries between acquiring merchants and card issuers (such as Visa, MasterCard, and American Express)
commercial buyerInstitutions, often banks, that process credit card transactions for merchants using a point-of-sale terminal
TraderRetailers, restaurants and e-commerce sites around the world that accept credit cards as a payment method.

Credit card advantages and disadvantages

Like so many things in the world, a credit card is not without its ups and downs. It is very important to understand the pros and cons of a credit card. A well-managed credit card offers many benefits and rewards, but if poorly managed, it can become a tool that generates high debt.

Advantages of a credit card
  • speed and efficiency: A credit card is very easy to carry with you, you can pay with it quickly and easily and it often requires nothing more than a swipe or tap on a payment terminal.
  • Security: Credit card providers often offer their customers protection for purchases made with their card. A purchase protection plan typically provides protection against theft or accidental damage. Coverage varies by provider.
  • Buy now, pay later: In situations where you need to make a large purchase and can't afford to pay for it all at once, or during very limited sale periods, credit cards are a great solution.
  • payment plans in installments: With features like the Easy Payment Plan (EPP), you can split your expensive purchases into monthly payments at 0% interest (varies by provider). If you fail to meet the payment deadline, you must pay a penalty at the end of each month or add the full interest to your debt balance.
  • Get rewards as you spend money: When you make purchases with a credit card, you can earn rewards such as discounts, award points and airline miles.
  • emergency cash: If for some reason you can't withdraw money from an ATM or your debit card doesn't work, you can use your credit card for early withdrawal.
  • Good for your credit score: Using your credit card responsibly helps you build a good credit score, which is then used to determine your eligibility for other financial products and services.
Disadvantages of credit cards
  • Debt trap: It's a lot of fun to swipe and tap your credit card anywhere. It is easy to forget that you are spending borrowed money. It is especially easy to forget because you are not parting with physical money. Track how much you use your credit card so you don't build up an outstanding balance that you can't pay off.
  • Hidden costs and commissions: There may be other "hidden" charges and fees associated with your credit card, such as an annual fee, late payment fees, and even overdraft penalties.
  • expensive cash advance: A cash advance via credit card is usually intended for emergencies and should be treated as such. The interest rate on early withdrawals is high at 17-18% and transaction fees may apply.
  • This can have a negative effect on your credit score: It's only bad if you can't manage your credit card payments responsibly, such as missing payments or not paying the amount owed in full.
  • deceit and fraud: A credit card is vulnerable to fraud and fraud, even if it has security features to protect your account and card. It is very important that you do not disclose your credit card information to anyone.

Credit card fees and charges

There are different types of fees and charges associated with a credit card. Some of these depend on what you're using your credit card for, and others may just be general charges. Here are some of the most common fees and charges.

Charges and commissions related to the use of a credit card
Annual amountAn annual credit card fee is a fee charged annually for the privilege of owning a credit card. However, not all credit cards have an annual fee. Some cards may also have a waiver depending on how much you spend.
Costs for withdrawing money from an ATMThe interest on a cash advance can be as high as 18%; There are also one-time transaction fees for ATM withdrawals.
International cash transaction costsThere is a one-time transaction fee, as well as your bank's exchange rate, which is usually higher than usual.
Balance transfer costsIf you transfer your balance to another credit card, you will be charged between 0% and 5% of the total amount as a transfer fee.
late feeIf no monthly payment is made, a fee will be charged; This fee is either a flat rate or a percentage of your total refund, whichever is greater.

What are interest rates and how are they calculated?

Interest is the fee that banks charge for borrowing money. It is calculated as a percentage of the debt balance. The rate is determined by the bank after reviewing your credit history and other factors included in the application; it is usually between 8% and 18%. The better your credit rating, the lower the interest. A good credit score shows that you have a good financial position and that it is less risky for the bank to approve your application, so that it charges a lower interest rate.

Apply for a credit card

How do I apply for a credit card in Malaysia?

  1. Research!
    It is very important to understand why you want a credit card. There are many different credit cards with different benefits and features to suit different lifestyles. You can use a credit card comparison tool like ours to help you. Just fill in the required details and the tool will automatically display suggested credit cards that meet your needs. Make sure you read all the tiniest details about the card, such as fees and commissions, benefits, interest rates, and most importantly, whether you meet the minimum requirements.
  2. Check your creditworthiness
    Your credit score is what banks will mainly use to determine if you can get a card. There are several credit reporting agencies such as CTOS, CCRIS, and RAMCI that can provide a credit score report. If you have a good credit score, you should be able to get a credit card approved easily.
  3. Please note that rates may not be advertised online
    The rates you see online are not necessarily the rates you receive when you apply for a credit card. This is because the bank sets the final rates for everything based on each person's financial profile.
  4. Apply online or at a bank branch.
    After choosing the right credit card, you can apply for it online on our website or in person at a bank branch. Applying online is usually much faster and more convenient. If you apply online on our website, you will be required to fill out a form after clicking "Apply Now".
When you enter a bank branch, you must present several documents, such as:
  • Copy of ID
  • Pay slip of the past 3 months
  • Latest activity statements of savings accounts for 6 months
  • (varies by bank)

Types of Credit Cards in Malaysia

There are different types of credit cards in Malaysia, but in general they can be divided into several main types:

Types of Credit Cards in Malaysia
Credit cardDescription
refundCash back on credit cardsDo what the name suggests and you will get your money back. For every amount you spend, you get a percentage back monthly or quarterly. Usually there is also a maximum limit, which differs per bank.
awardsrewards credit cardsThis allows you to earn Reward points for every ringgit you spend. Some bank affiliated retailers may offer up to 2-5 times more points if you shop there, and some may give you more points if you also shop on weekends. The points can then be exchanged at the bank for gifts or shopping vouchers.
GasGas credit cards offer gas benefits with partner oil companies. When you buy fuel, you can get discounts, discounts, and even discounts.
Air milesFor frequent travelers: acredit card with milesEarn airline miles for the cardholder by purchasing tickets with a travel credit card. These miles can be converted into airline tickets. These travel cards can also offer discounts, special flight packages, and even travel insurance.
PremiumsPremium credit cards offer many premium services, such as personal concierge service and privileges at restaurants and lounges. However, these credit cards are often very expensive and have high income requirements.
Various or special cardsThese are credit cards linked to specific brands and stores, which allow you to get special promotions on GSC or TGV tickets and earn more points at stores with certain major tenants.

Keep in mind that most credit cards these days have a combination of different types, usually rewards and cashback.

Which credit cards are the best?

You may now be wondering, what's the best credit card for me? Here are some of our recommendations:

We recommend the following credit cards.
Advantagesour choice
for a refund
  • Standard authorized JustOne Platinum Mastercard
  • Visumhandtekening Maybank FC Barcelona
for prices
  • Classic Mastercard for UOB Lady
  • Standard authorized Visa Platinum card
  • Tarjeta AEON Big Visa Classic
for gasoline
  • Wiza PETRONAS Maybank
for airline miles
  • Karty Maybank 2 Premier
  • Public Bank World Mastercard-creditcard

Didn't find what you're looking for? Read our article to find credit cards in malaysia.


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