Best Credit Cards in Malaysia Compared: 2024 Comprehensive Guide

Tired of missing out on rewards for your everyday spending? Looking to maximize your travel benefits? Choosing the right credit card in Malaysia can make a big difference. This guide explores top options that cater to various financial goals, from cashback enthusiasts to frequent flyers. Discover the best credit card to elevate your financial journey and unlock the rewards you deserve!

Before You Apply: Key Considerations for Choosing the Right Credit Card

Before diving into the world of credit card rewards and benefits, take a moment to consider your financial situation and spending habits. Here are some key questions to ask yourself:

• What are my spending habits? Track your expenses for a month to understand where your money goes. This will help you identify areas where you can earn the most rewards with a specific card.
• Do I have a budget and can I stick to it? Credit cards are powerful tools, but using them responsibly is crucial. Make sure you have a realistic budget and the discipline to stay within it to avoid accumulating debt.
• What are my financial goals? Are you looking to save money on everyday purchases (cashback cards)? Earn travel rewards for future vacations (travel cards)? Matching your goals with the right card’s reward program helps maximize its benefits.
• What fees can I afford? Consider annual fees, foreign transaction fees, and any potential late payment charges. Choose a card with fees that fit your budget and spending habits.
• What is my credit score? Your credit score significantly impacts the credit cards you qualify for and the interest rates you’ll be offered. Check your credit score and aim for cards with eligibility requirements that match your score. (Consider adding resources on where to check credit scores in Malaysia)
• Do I understand the terms and conditions? Read the fine print before applying! Understand interest rates, grace periods, and any other terms associated with the card.

By answering these questions, you’ll be in a much better position to choose a credit card that aligns with your financial goals and spending habits, ultimately helping you manage your finances more effectively.

 

2024 Best Credit Cards in Malaysia (Compared)

Looking for the perfect credit card?  This table offers a variety of options to suit different spending habits and needs. Consider factors like cashback rates, travel rewards, annual fees, and benefits like airport lounge access before making your choice.

Note: Minimum income requirements apply. See details for each card below. For personalized recommendations based on your spending habits (cashback, travel, etc.), refer to the “Choosing the Right Credit Card for You” section.

 

1. UOB ONE Card: Simple Cashback for Everyday Spending

The UOB ONE Card is a no-frills cashback card that offers a straightforward rewards program. Here’s what you need to know:

• Rewards: Earn a flat 2.5% cashback on all your spending, making it a good option for everyday purchases.
• Welcome Bonus: Get up to RM300 cashback when you meet the minimum spending requirements within the first three months of card membership.
• Annual Fee: Free
• Other Benefits: No foreign transaction fees, making it a good choice for overseas online shopping.
• Drawbacks: The cashback rate is lower compared to some category-specific cards.

Eligibility: Generally open to individuals with a minimum annual income of RM24,000. Check the UOB website (https://www.uob.com.my/personal/cards/credit-cards/uob-one-card.page) for details.

2. Alliance Bank Visa Signature: Flexible Rewards with AIA Points

The Alliance Bank Visa Signature offers a flexible rewards program allowing you to earn redeemable points for various options. Here are the highlights:

• Rewards: Earn up to 8 AIA points for every RM1 spent, which can be converted to cashback, air miles, vouchers, or other rewards.
• Welcome Bonus: Get up to 10,000 AIA points when you meet the minimum spending requirements within the first three months of card membership.
• Annual Fee: Free
• Other Benefits: No foreign transaction fees.
• Drawbacks: Earning the maximum reward rate might require enrolling in specific partner programs.

Eligibility: Generally open to individuals with a minimum annual income of RM48,000. Check the Alliance Bank website (https://www.alliancebank.com.my/Personal/Cards/Credit-Cards/visa-signature-credit-card) for details.

3. HSBC Premier World Mastercard: High Travel Rewards & Airport Lounge Access

The HSBC Premier Mastercard is a premium credit card designed for frequent travelers who value rewards and airport lounge access. Here’s a closer look at its key features:

• Rewards: Earn up to 4 Miles on most transactions, which can be redeemed for flights, hotels, and other travel experiences through the HSBC Rewards program.
• Welcome Bonus: Get up to 30,000 bonus miles when you meet the minimum spending requirements within the first three months of card membership.
• Airport Lounge Access: Enjoy complimentary access to selected airport lounges worldwide through the HSBC Lounge Network (conditions apply). This can be a valuable perk for relaxing or getting work done during layovers.
• Travel Insurance: The card includes complimentary travel insurance that covers you for incidents like trip cancellation, medical emergencies, and baggage loss.
• Other Benefits:
  • You’ll also benefit from a concierge service that can assist with travel arrangements, restaurant reservations, and other needs.
  • Enjoy discounts and privileges at various travel merchants.
  • Takaful coverage up to RM750,000 eliminates the need for additional travel insurance when purchasing flights with the card.
• Annual Fee: Free

Eligibility:

The HSBC Premier Mastercard is exclusively for HSBC Premier account holders who maintain a minimum combined balance of RM200,000 across all their HSBC accounts.

To Learn More:

Visit the official HSBC website (https://www.hsbc.com.my/credit-cards/products/premier-world-mastercard/) for the latest program details, terms and conditions, and a full list of participating airport lounges.

4. UOB PRVI Miles Card: Premium Travel Rewards & Benefits

The UOB PRVI Miles Card caters to frequent travelers seeking premium rewards and travel benefits. Here are the highlights:

• Rewards: Earn miles on your everyday spending and bonus miles for travel-related expenses. Miles can be redeemed for flights, hotel stays, and other travel rewards.
• Welcome Bonus: Get up to a certain amount of bonus miles when you meet the minimum spending requirements within the first three months of card membership (check the UOB website for the current offer).
• Airport Lounge Access: Enjoy complimentary access to a network of airport lounges worldwide, including Priority Pass lounges (conditions apply).
• Travel Insurance: Includes complimentary travel insurance for added protection while you’re on the go.
• Other Benefits: May offer additional perks like travel booking discounts or priority boarding privileges (check card details for specifics).
• Annual Fee: Free

Eligibility: Generally open to individuals with a minimum annual income of RM 60,000. Check the UOB website (https://www.uob.com.my/personal/cards/credit-cards/uob-prvi-miles.page) for details.

5. Public Bank Quantum Visa/MasterCard: Free Cashback for Everyday Spending

The Public Bank Quantum Visa/MasterCard is a no-frills card offering cashback without an annual fee. Here’s a quick overview:

• Rewards: Earn up to 2% cashback on all your spending.
• Welcome Bonus: No welcome bonus offered.
• Annual Fee: Free
• Drawbacks: The cashback rate is lower than some other cards. There are no additional benefits like travel insurance or airport lounge access.

Eligibility: Generally open to individuals with a minimum annual income of RM36,000. Check the Public Bank website (https://www.pbebank.com/en/cards/our-cards/pb-quantum-credit-cards/) for details.

6. Petronas Maybank Visa Gold: High Cashback on Petronas Spending

The Petronas Maybank Visa Gold is a good choice for frequent Petronas customers who want to maximize their savings on fuel and other purchases at Petronas stations. Here’s why:

• Rewards: Earn up to 8x TreatsPoints on weekends & 5x on weekdays at Petronas stations. You also earn TreatsPoints on other purchases.
• Welcome Bonus: Get up to 200 TreatsPoints when you meet the minimum spending requirements within the first three months of card membership.
• Annual Fee: Free
• Drawbacks: Lower TreatsPoints rate for non-Petronas spending. No travel benefits or insurance included.

Eligibility: Generally open to individuals with a minimum annual income of RM30,000. Check the Maybank website (https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/cards/credit/petronas_maybank_visa.page)

7. Hong Leong Sutera Platinum Card: Rewards on Dining & Shopping

The Hong Leong Sutera Platinum Card caters to those who spend a lot on dining and shopping. Here’s a breakdown of its offerings:

• Rewards: Earn up to 5x TreatsPoints on dining and shopping transactions. TreatsPoints can be redeemed for a variety of rewards like travel and merchandise.
• Welcome Bonus: Get up to 36,000 TreatsPoints when you meet the minimum spending requirements within the first three months of card membership.
• Annual Fee: Free
• Other Benefits: No foreign transaction fees.
• Drawbacks: Lower TreatsPoints rate for non-dining and shopping expenses. No travel perks like lounge access or insurance.

Eligibility: This position is generally open to individuals with a minimum annual income of RM36,000. Check the Hong Leong Bank website (https://www.hlb.com.my/en/personal-banking/credit-cards/rewards-points/sutera-platinum-card.html) for details.

8. Ambank Cash Rebate Visa Platinum Card: Cashback on Specific Categories

The Ambank Cash Rebate Visa Platinum Card offers targeted cashback rewards on specific spending categories. Here’s what you should know:

• Rewards: Earn up to 5% cashback on selected categories that change throughout the year.
• Welcome Bonus: Get up to RM100 cashback when you meet the minimum spending requirements within the first three months of card membership.
• Annual Fee: Free
• Drawbacks: Cashback is limited to specific categories, which may not always align with your spending habits. You’ll need to stay updated on the changing categories to optimize your rewards.

Eligibility: Generally open to individuals with a minimum annual income of RM24,000. Check the Ambank website (https://www.ambank.com.my/eng/cards/AmBank-Cash-Rebate-Visa-Platinum-Card) for details.

9. RHB Rewards Motion Code Credit Card: Contactless Payment Rewards

The RHB Rewards Motion Code Credit Card encourages the use of contactless payments for everyday purchases. Here are the key points:

• Rewards: Earn up to 5x RHB Rewards points on contactless payments. You also earn points on regular transactions, but at a lower rate.
• Welcome Bonus: Get up to 5,000 bonus points when you meet the minimum spending requirements within the first three months of card membership.
• Annual Fee: Free
• Drawbacks: Lower rewards rate for non-contactless transactions. Limited benefits compared to some other cards.

Eligibility: Generally open to individuals with a minimum annual income of RM24,000. Check the RHB Bank website (https://www.rhbgroup.com/personal/cards/credit-cards/rhb-rewards-motion-code-credit-card/index.html) for details.

10. CIMB Preferred Visa Infinite: Travel Rewards & Lounge Access with Fee Waiver

The CIMB Preferred Visa Infinite offers travel rewards and airport lounge access, with a potential fee waiver for eligible CIMB Preferred Clients. Here’s a closer look:

• Rewards: Earn up to 10x points on overseas spending and bonus points for weekend dining. Points can be redeemed for flights, hotels, and other travel rewards.
• Welcome Bonus: Get up to 20,000 bonus points when you meet the minimum spending requirements within the first three months of card membership.
• Airport Lounge Access: Enjoy complimentary access to selected Plaza Premium First and Lounges worldwide (conditions apply).
• Annual Fee: Free

Eligibility: Generally open to CIMB Preferred Members Only. Check the CIMB website (https://www.cimb.com.my/en/personal/day-to-day-banking/cards/credit-card/cimb-preferred-visa-infinite-credit-card.html)

 

Choosing the Right Credit Card for You

With so many credit card options available, it can be overwhelming to choose the right one. Here’s a breakdown of some popular card types and recommendations that best suits your spending habits

1. For Frequent Flyers

Focus: Earning air miles or airline rewards points quickly to redeem for free flights and travel upgrades.

Cards to Consider:

• Maybank Premier World Mastercard: Earn TreatsPoints convertible to Enrich Miles (Malaysia Airlines), KrisFlyer Miles (Singapore Airlines), and Asia Miles. Enjoy airport lounge access and travel insurance for a well-rounded travel package.
• CIMB Enrich World Mastercard: Specifically designed for Malaysia Airlines enthusiasts, earn bonus Enrich Miles on overseas and local spending.
• Singapore Airlines KrisFlyer American Express Platinum: Earn KrisFlyer miles at accelerated rates and unlock exclusive KrisFlyer benefits like priority boarding and KrisFlyer PPS Club qualification opportunities (subject to meeting criteria).

2. For High Spenders on Groceries

Focus: Maximizing cashback or rewards specifically on grocery purchases, a significant expense for many Malaysians.

Cards to Consider:

• RHB Shell Visa Credit Card: Earn up to 5% cashback on both petrol and groceries, making it a good choice for those who combine fill-ups with grocery shopping trips.
• HSBC Visa Signature Credit Card: Earn bonus points for grocery spending that can be converted to cashback. This card also offers other benefits like travel insurance.
• Standard Chartered JustOne Credit Card: Offers cashback on a variety of categories, including groceries, making it a versatile option for those who spend across different areas.

3. For Cashback Enthusiasts

Focus: Earning a high percentage of cashback on all spending, not limited to specific categories.

Cards to Consider:

• UOB ONE Card: Offers a flat 2.5% cashback on all spending, making it a straightforward option for cashback seekers.
• Maybank 2 Gold Mastercard (weekdays): Earns up to 5% cashback on selected categories on weekdays, potentially including groceries or dining depending on the ongoing promotion.
• Standard Chartered Simply Cash Credit Card: No minimum spend required to earn cashback, but the rate might be lower compared to competitors. Consider this for smaller, frequent purchases.

Check out our article: Best Cashback Credit Cards in Malaysia

4. For Travel Enthusiasts

Focus: Earning rewards or benefits that enhance travel experiences beyond just flights.

Cards to Consider:

• HSBC TravelOne Credit Card: Earn points for overseas spending that can be redeemed for travel rewards like flights and hotel stays.
• CIMB Travel Platinum Credit Card: Free for life with benefits like airport lounge access discounts, making travel more convenient.
• UOB PRVI Miles Card: Earn miles and enjoy travel benefits like airport lounge access and travel insurance for a premium travel experience.

Check out our article: The Best Travel Credit Cards in Malaysia

5. For Low Spenders

Focus: Finding a card with no annual fee or a low annual fee, suitable for those who don’t spend heavily but still want the convenience of a credit card.

Cards to Consider:

• CIMB Travel Platinum Credit Card: As mentioned above, this card offers benefits like bonus points for overseas spending and airlines, with no annual fee.
• Standard Chartered JustOne Credit Card: Low annual fee and offers cashback on various categories, making it suitable for occasional spenders.
• Student Credit Cards: Many banks offer student credit cards with low or no annual fees and benefits tailored to students, such as discounts at bookstores or online retailers.

Important Note: This is not an exhaustive list, and features, fees, and rewards programs can change. It’s crucial to compare options on bank websites or financial comparison platforms to find the card that best suits your needs and eligibility (minimum income requirements apply). Consider factors like annual fees, rewards rates, welcome bonuses, travel benefits (lounge access, insurance), and whether the card offers cashback on specific categories that align with your spending habits.

By understanding your financial goals and comparing available options, you can choose the credit card that maximizes your rewards and benefits while managing your finances responsibly.

 

Conclusion: Using Your Credit Card Wisely

Credit cards can be powerful tools for managing finances, earning rewards, and building credit scores. However, it’s crucial to use them responsibly to avoid falling into debt. Here are some key principles to remember:

• Pay your balance in full and on time: This avoids interest charges, which can significantly eat into your rewards and savings.
• Track your spending: Monitor your credit card statements regularly to stay aware of your spending and avoid overspending.
• Don’t max out your credit limit: Utilizing a high percentage of your credit limit can negatively impact your credit score. Aim to keep your credit utilization ratio (amount of credit used divided by total credit limit) below 30%.
• Beware of cash advances: Cash advances typically come with higher interest rates and fees compared to regular purchases. Use them only if absolutely necessary.
• Resist impulse purchases: Don’t rely on your credit card for unplanned expenses that could strain your budget.

By following these practices, you can leverage the benefits of your credit card without falling into the trap of debt. Remember, a credit card is a financial tool, and like any tool, responsible use is key to maximizing its advantages.

Disclaimer:

The information contained in this article is for informational purposes only and should not be construed as financial advice. It’s important to conduct your own research and consider your individual financial circumstances before applying for any credit card. Specific credit card details, including fees, rewards programs, and eligibility requirements, are subject to change. Always refer to the official bank website for the most up-to-date information on each credit card. We are not affiliated with any of the banks or credit card companies mentioned in this article.

 

Frequently Asked Questions