Do you know what is the best way to make your transactions smooth and withdraw funds conveniently? Yes, having a debit card is the easiest option to secure your finances.
Compared to credit cards, the trend of using debit cards is increasing rapidly, with 68% of users making transactions through them monthly. Surprisingly, Malaysia ranks higher, with over 73% of the population using a debit card.
Thus, individuals, business personnel, and companies are leading more towards buying a debit card than using other means of transactions. This is because a debit card is more accessible and convenient at ATMs, allowing maximum spending with cashback.
However, you might get confused when choosing the best debit card in Malaysia. To clear the fuss, this article will discuss different debit card Malaysia options with their key features so you can choose the perfect one per your needs. Let’s get straight into it!
Table of Contents
Assessing Your Needs: Choosing the Right Debit Card
Finding a valuable and trustworthy debit card Malaysia among various options is like finding a needle in a haystack. Unfortunately, no tag on debit cards can show this is the right option. Yet, there are some factors that you must consider before buying the best debit card in Malaysia. What are these? Let’s have a detailed overview of each factor one by one:
1. Individual Spending Habits and Requirements
The best way to balance your finances is to plan your spending habits wisely. By considering your daily card usage requirements, you can easily find the best one that fits your financial spending limits. Generally, the best debit card Malaysia has daily spending limits of $1,000 to $3,000, so any withdrawal greater than this amount is automatically refused.
A debit card with a minimum $1,000 limit would work best for students and average users. However, if you have to deal with large transactions every month, you should try a more advantageous card that offers more perks. This ensures that your individual spending habits can significantly help you choose the best debit card in Malaysia.
2. Business Needs vs. Personal Needs
Another key factor in selecting the best debit card Malaysia is understanding your basic needs. Some cards are designed for specific categories of people depending on their financial needs. For instance, if you’re a business person, buying a business debit card is ultimately the best option to manage your dealings securely. Besides this, here are some other benefits of having a business card:
- Offer unique features specific to business users.
- Prevent unauthorized purchases by allowing special control on your card.
- You can manage your business expenses straight from your bank account.
Similarly, buying an individual card is great if you want to use your payment card for personal or regular use only. It is often a perfect choice to pay for groceries and household items.
3. Benefits and Incentives
Among all other factors, the one that attracts many consumers is the card’s benefits and incentives. Therefore, we have made a detailed overview of the top 10 debit card Malaysia categories along with their features and rewards so you can easily figure out the best one:
| Card | Best For | Cashback | Spending Limit | Annual Fee |
|---|---|---|---|---|
| 1- Maybank Visa Platinum Debit Card | Domestic use | 5% | RM 5,000 | Free |
| 2- Hong Leong Debit Card | Foreign transactions | 8% | RM 5,000 | Free |
| 3- CIMB Debit Mastercard | Teenagers | 7% | RM 10,000 | RM 15.00 |
| 4- UOB All-in-One Card | Managing purchases | RM5 | RM 1,000 | RM 8.00 |
| 5- HSBC Mastercard | Low currency exchange rate | 8% | RM 3,000 | Free |
| 6- Alliance Hybrid Platinum Debit Card | Local and Overseas transactions | 2% | RM 1,000 | RM 8.00 |
| 7- PB Visa Lifestyle Debit Card | Discount deals | 10% | RM 5,000 | RM 8.00 |
| 8- Wise Card | Worldwide transactions | 5% | RM 5,500 | Free |
| 9- BSN Visa Debit Card | Contactless shopping | RM 540 | RM 1,000 | RM 8.00 |
| 10- BigPay Card | Flexible cashback points | Unlimited | RM 1,000 | Free |
Top Debit Cards in Malaysia 2023
At this point, you have completely understood the basic advantages and crucial factors that make up a great debit card. However, you still didn’t get your answer on which debit card Malaysia to choose for your needs. Right?
Relax! Each card has its unique functionalities and key points. Therefore, it is challenging to quickly enlist the best one because every consumer has different financial requirements. To make it easy, we’ve reviewed the ten categories of best debit card in Malaysia with their key points and perks so you don’t get stuck in any aspect.
1- Maybank Visa Platinum Debit Card
Another best debit card Malaysia that offers free domestic ATM withdrawals is Maybank Visa Platinum Debit Card. As Malaysia’s largest bank, its debit cards are accepted everywhere with zero restrictions and no additional charges. The best thing is that transactions require no signature, as it offers contactless payout options.
Moreover, you can easily withdraw money by taking advantage of its low RM 1 ATM withdrawal fee. Remember you must pay a minimum of RM12 when withdrawing from an international ATM merchant. Either way, the Maybank debit card Malaysia is convenient for exclusive cashback rewards and bonuses.
Key Features
- Offers 5% cashback on all purchases made on weekends
- It has a spending cap of RM 50 per month
- It does not charge any annual fee
- It has a flexible daily withdrawal limit of RM5,000
2- Hong Leong Debit Card
Hong Leong is the best Debit Card Malaysia for those who want multiple account-linking options. It provides the facility of a cashless transaction with a safe linking convenience to your current or savings account. Unlike other cards, HLB does not charge any issuance fee. However, you have to pay additional charges for foreign transactions.
Hong Leong Debit Card Malaysia takes the lead on its competitors by offering flat cashback offers to new and existing users. After activating the card, you get an 8% discount on all eligible purchases that may increase if you make payments on time and use the card on regular terms. Due to this reason, it is considered the best debit card in Malaysia for small business owners and new startups.
Key Features
- Has a minimum spending cap of RM500 per month on eligible purchases
- Provides weekend cashback on petrol, groceries, and dining
- Charges no annual fee for the first year of use
- It comes with a satisfactory ATM withdrawal fee of RM1
3- CIMB Debit Mastercard
For underage users, CIMB has its exclusive standard best debit card in Malaysia. It is specifically designed for consumers aged 12+ with no strict limitations. You can also use its Preferred Debit Mastercard, which has few rules and regulations. Overall, both card variants of CIMB provide cashback and promotion offers.
The promo codes can be received by cardholders depending on daily and monthly card usage. The most attractive thing is it has waived off its foreign transaction fee, which was previously 1-2% of your total transactions. Thus, you can easily use it on international entertainment sites such as Spotify, Netflix, and YouTube.
Key Features
- Offers 7% cashback on online groceries and stores
- It has a flexible spending cap of RM120
- The ATM withdrawal fee is reasonable, with RM1 via a local bank and RM4 via an international bank.
- Cardholders can withdraw RM10,000 with no strict limitations.
4- UOB All-in-One Card
There is nothing better fit for safe, convenient, and easier overseas transactions than the UOB all-in-one best debit card Malaysia. It manages your financial needs wisely by tracking the daily spending limit and purchases. Moreover, it is an excellent card for those who want to earn high-interest rates on their account balances.
Based on the consistency and use case, the UOB best debit card Malaysia offers plenty of rewards to its users. These include exclusive 2% cashback offers on all eligible purchases, and if you use the card for a long time, your reward rate may increase further. The best thing is it does not charge any withdrawal fee at local ATM branches. Hence, you can conveniently withdraw any amount anytime.
Key Features
- RM5 cashback on the first online payment
- Charges a reasonable annual fee of RM 8.00
- The daily ATM withdrawal fee is RM 1,000
- Safe and easy card option for overseas transactions
5- HSBC Mastercard
With a 30% currency exchange discount on purchases, HSBC Debit Mastercard is one of the leading cards. It can be used at any local or international ATM merchant. Best of all, you can also link your current or savings account with your debit Mastercard. Being the best debit card in Malaysia, it provides an open live banking app for smooth and safe payment.
Compared to other bonus offers provided by competing cards, the cashback rewards of this card are set to no prerequisites. Thus, you can easily avail of its RM500 discount on everyday spending. The best thing that adds to the value and popularity of the HSBC MasterCard is its no annual fee offer. This simply means if you are using this card, you are free from any fee deductions charged by other cards.
Key Features
- Offers 8% cash back for everyday spending from your e-wallet
- It has a monthly spending cap of RM2,000
- Charges no annual fee
- Has a 10 MYR ATM withdrawal fee at a Visa Plus Network ATM
6- Alliance Hybrid Platinum Debit Card
If you’re looking for the best debit card Malaysia to perform local and overseas transactions, Alliance Hybrid Platinum is the perfect choice. It can be used on over one million ATMs and has a spending cap of RM200 per month. Moreover, it allows contactless transactions, ensuring cardholders get easy withdrawals.
The sole purpose of this debit card Malaysia is to provide maximum benefits to its customers either by giving cashback offers or through fewer transaction fees. To prove its uniqueness, Alliance Hybrid Platinum Debit Card has no strict ATM withdrawal limits. This indicates you can easily withdraw a maximum of RM 10,000 daily.
Key Features
- Offers 2% cashback rewards on eligible purchases and overseas spending
- Charges an annual fee of RM 8.00
- Provides the convenience of card replacement after issuance
- Deducts a payable ATM withdrawal fee of RM 1.00 per each transaction from another bank
7- PB Visa Lifestyle Debit Card
PB Visa Lifestyle is the best debit card in Malaysia for lifestyle promotions, food discounts, and birthday parties. It gives instant access to purchases on all worldwide ATM branches and works as a perfect ATM card. The most enticing thing is it does not charge any issuance fee or first-year annual fee. Thus, you can use the card everywhere with a 1.25% foreign currency exchange rate.
The most attractive thing distinguishing PB Visa’s debit card Malaysia is its Visa PayWave feature. Using this feature, you can simply wave your card at any point of sale and proceed to checkout. This saves you from the hassle of swiping the card whenever you have to make the transactions. You can also get an exclusive 10% cashback and discount offers with Visa PayWave.
Key Features
- Offers bundles of discounts on shopping areas and entertainment sites
- It does not charge a hefty ATM withdrawal fee
- No strict daily payout limits. You can withdraw a maximum of RM5,000
- Best debit card Malaysia for online shopping and lifestyle discounts
8- Wise Card
Wise is the best debit card Malaysia in your e-wallet or pocket for travelers and online consumers. It can be linked to multi-currency Wise accounts, allowing seamless transactions within seconds. It operates in over 170 countries with low-cost payments and accepts 50+ currencies. You can order your physical or virtual Wise card and transact at the lowest possible rates.
Whether you have to send money abroad or receive foreign currency, you can easily get that amount without hassle. Being the best debit card in Malaysia, it won’t charge an additional foreign charge for such transactions. Moreover, there is no balance transfer fee if you’re making transactions with the same currency.
Key Features
- Offers 5% cash back on eligible purchases
- Charges no annual fee
- It has a minimum transaction fee of 1.75% of the Withdrawal amount
- Provides a flexible ATM withdrawal limit of RM 5,700
9- BSN Visa Debit Card
BSN Visa Debit Card Malaysia allows users to enjoy a contactless shopping experience with over a million sale points. Besides providing quick ATM withdrawals, it offers a special teenager or junior account for underage users. This way, you can take loans, invest, and link your savings account.
BSN is a brand new addition to the list of easy-to-access categories of the best debit card Malaysia without too many upfront costs. Moreover, if you are a student looking for a cheap and secure card, it’s much better than other student cards. On top of all, it offers huge discounts with no monthly spending cap. Thus, you can easily spend your money as desired.
Key Features
- Offers RM 540 cashback every year
- Charges an annual fee of RM8.00
- Provides convenience on both local and foreign transactions
- Allows easy and quick registration process
10- BigPay Card
BigPay card breaks the stereotype of limited rewards and offers its cardholders plenty of promotions and cashback points. Its Visa and Mastercard are accepted globally and provide e-wallet services for safe transactions. Above all, users can manage and keep track of their daily expenses via the analytical tools provided to these debit card Malaysia buyers.
The perks of BigPay’s debit card do not stop at the cashback offers. It offers unlimited discounts on shopping areas, telephone exchanges, and restaurants. Moreover, its simple flat-rate rewards are no more than a treat for cardholders as they do not expire or change unless your account is active.
Key Features
- Offers unlimited cashback when shopping with BigPay Card
- It does not charge any annual fee
- The daily spending limit is a maximum of RM10,000
- Offers both local and overseas ATM withdrawal
Key Features of a Debit Card
As mentioned above, you’ll find multiple debit cards in the market, each with unique specs and benefits. When choosing the best debit card in Malaysia, you must watch every aspect to get the best fit for your financial needs. Here are some key features that you should consider when selecting a debit card:
1. Cashback
Cashback offers are more enticing and attract users to choose a card. Therefore, multiple banks offer debit cards with lucrative cashback programs to register more users. These offers vary from standard to premium debit cards and come in a diverse range. For instance, the Hong Leong Debit Card Malaysia offers 8% cashback with a minimum spending cap of RM500 per month on eligible purchases.
2. Reward Points
If you have owned a credit card before, you might be familiar with their extensive reward points. Debit cards also offer rewards to their users, but they are not as profitable as credit cards. The simple way to earn rewards on debit cards is to make purchases using the card. For every single purchase you make, the amount will be added to your account, and you can redeem them as reward offers.
**Tips: To know more about what are the rewards you can get by signing up Credit Card in Malaysia, read our article “Best Credit Card in Malaysia 2023” to learn more!
3. Discounts
Many prepaid and international debit cards offer various discounts to their cardholders. These discount and promotion offers vary depending on the spending category or purchases. Some cards, such as PB Visa Lifestyle Debit Card Malaysia, offer great food, travel, and entertainment deals.
4. Petrol
The best debit card Malaysia is specifically designed for luxurious cashback rewards and discounts. Most of them offer petrol stations deals as people use them regularly. The most popular bank that offers petrol discounts is UOB, with a flat 5% cashback on petrol stations without any minimum spending cap.
5. Travel
To provide convenience to travelers and business personnel, most debit cards in Malaysia offer exclusive travel discounts. This ensures that cardholders enjoy the best experience when traveling via airline or local transport. The common banks offering travel discounts include Hong Leong AirAsia Debit Card and Wise Debit Mastercard.
Debit Cards for Specific Needs
It becomes hard to find the most profitable among a mixup variety of multiple debit cards. In this case, the best advice is to look for your specific needs to find the best one that fits your financial requirement. Here are some attractive debit card options listed per your daily needs:
1. Best Debit Cards for Students in 2023
If you’re a student, having a debit card is more beneficial than having a credit card. This is because debit cards do not use credit and are linked to the money in your bank account. Moreover, there is no risk of debt, and no monthly payments are required, so you can use it conveniently without fearing losing money. Here are some popular debit cards for students in Malaysia and Worldwide:
| Debit Card | Pros | Cons |
|---|---|---|
| 1- CIMB Debit Mastercard |
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| 2- Wise Prepaid Debit Card |
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| 3- UOB Stash Debit Card |
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| 4- AEON Prepaid Mastercard |
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| 5- Visa Prepaid Debit Card |
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2. Top Debit Cards for Business Use
Compared to students and individuals, business owners are in dire need of a debit card for their day-to-day transactions. These best debit card in Malaysia can manage their daily expenses and facilitate cardholders by providing easy-to-access features. Enlisted below are the top three business cards with their unique features:
1- Alliance Hybrid Standard Debit Card
- Offers 1% cashback on daily purchases
- Best for businesses, employees, and companies
- It has an issuance fee of RM 8.00
2- Maybank Corporate MyDebit Card
- Best to make cashless payments at official agencies
- It does not charge any annual fee
- Has a flexible daily spending limit of $1,000
3- Standard Chartered Platinum Debit Card
- Offers exclusive privileges to business users
- High withdrawal and spending limits
- You can earn 10 reward points on each transaction
3. Best Debit Cards for Overseas Usage
For those who need to send payments abroad or receive payments on a day-to-day basis, there are specific overseas cards you can choose from. Each comes with a minimum monthly and yearly spending cap so you can monitor your transactions carefully. Here are some of the best debit cards for overseas usage:
- HSBC Visa Debit Card – Best known for its low exchange currency rate, so you can make the transactions smoothly.
- RHB Visa Debit Card – Perfect Visa card that accepts over 16 foreign currencies.
- Priority World Debit Card – Known for exclusive travel and convenient overseas contactless payments
- Allied Visa Classic Debit Card – Provides 24-hour access anytime, anywhere around the globe.
4. Top Debit Cards for Online Shopping
People are getting accustomed to the digital world, which normalizes online shopping. ECommerce market is booming and expected to grow, with 19.64 million users in 2027, highlighting the importance of secure online payment methods. And here comes the role of the best debit card in Malaysia.Undoubtedly, a debit card Malaysia provides a safe gateway for transactions to all shoppers. So, let’s discuss in detail the features, cashback, and other incentives for using these debit cards for online shopping.
1. Public Bank Signature Debit Card
PB Visa Lifestyle Debit Card is designed to ease cardholders in online shopping and entertainment sites. It is accepted worldwide and can be used for traveling. Payment through a Public Bank debit card is super easy. You just have to wave the card at the checkout, and your payment will be processed instantly.
Key Features
- 3% cashback on grocery, dining and online shopping centers
- Minimum spending cap of RM 100
2. Limited Edition Maybank Visa Debit Card
Maybank offers multiple best debit card Malaysia variants with exclusive shopping and online purchase benefits. Due to its worldwide acceptance, this Limited Edition Visa Debit Card provides a secure method of online transactions to consumers. Above all, you can enroll in its Maybankard Secure Online Shopping (MSOS) program to get diverse benefits.
Key Features
- Has a flexible spending limit of RM 5,000 to RM 10,000
- Accepted at worldwide ATM merchants
- It comes in a unique and sleek design
- It can be used on international entertainment sites
3. Hong Leong Debit Card
By providing multiple account linking options, Hong Leong best Debit Card Malaysia has made a unique name in the market. You can make contactless transactions without any issuance fees. For online shopping, it offers cashback rewards and promotion offers to entice cardholders. For foreign transactions, you have to pay an additional transaction fee.
Key Features
- Offers 8% cashback on online shopping
- It has a minimum spending cap of RM500 per month
- Offers an ATM withdrawal limit of RM 2,000
- Charges no annual fee
How to Apply for a Debit Card in Malaysia
At this point, you’d be sure of which debit card Malaysia to choose from a list of available categories. After choosing your selected card type, the next step is to apply for it. You might think the registration process is simple, but it takes more than you imagine. Besides filling out the application form, here are some things you should pay attention to.
1. Understanding the Application Process
Before applying for the best debit card Malaysia, it is important to understand how the registration process works. Follow the three simple steps to learn everything about the application process:
Step #1 Visit a Bank
The first step is to visit your nearest bank branch. You can also find the bank website online and complete the registration at home.
Step #2 Choose your Account Type
After you’ve selected your best debit card Malaysia, the card manager will ask you to choose from two available account options. You must choose between saving and a current account to link it with your debit card.
Step #3 Enter Personal Details
The next important step is to complete your application form by submitting the required documents and entering your personal details. The details include your title, first name, surname, gender, date of birth, address, branch code, date, and signature.
2. Necessary Documentation
When visiting the bank for a debit card application, take all the important documents with you. Make a list of the documents so you don’t forget the necessary credentials. Enlisted below are some crucial documents required for activating your debit card:
- Police or Armed Forces ID Card
- Birth Certificate
- Passport
- Minimum Deposit for Current/Saving Account
- RM250
- RM50 (with letter of employment)
- Valid Driving License
- Utility Bills (e.g., water/ electricity/ telephone bills
- Letter of Confirmation from Employer, Educational Institution, etc.
3. Tips for Successful Applications
For error-free and debit card activation, follow all the guidelines and bank instructions. Any illegal activity of submitting incorrect information can terminate your card. For your convenience, here are some useful tips to help you complete the registration process successfully:
- Double-check your documents and all vital credentials.
- Read the bank’s terms and conditions to agree with their rules.
- Check the card issuance fee of the bank.
- Research the official bank website to avoid confusion.
- Make a backup plan for emergency situations.
Conclusion and Summary
To summarize, all the categories of debit card in Malaysia are unique in their perks and deals. Each one has its specs and benefits for consumers. You have to choose the one that best fits your financial needs. The plus point is you can prefer a debit card that offers more cashback rewards, fewer annual fees, and low foreign transaction charges. In this way, you can get multiple benefits in one place.
