Debit cards have become an essential financial tool for Malaysians in today’s digital age. They offer a convenient and secure way to manage your money, whether shopping online, dining out, or travelling abroad.
Choosing the best debit card can be overwhelming, with multiple options available. In this article, we’ll explore the top 10 debit cards in Malaysia for 2024, comparing their features, benefits, and fees to help you make an informed decision.
Table of Contents
Top 10 Debit Cards in Malaysia 2024
| Debit Card | Annual Fee | Minimum Balance | Cashback/Rewards | International Usability |
| Maybank Visa Debit Card | RM 8 | RM 500 | 0.1% cashback on eligible customer | Yes |
| CIMB Visa Debit Card | RM 12 | RM 500 | 0.2% cashback on eligible purchases | Yes |
| Public Bank Visa Debit Card | RM 8 | RM 500 | None | Yes |
| Hong Leong Visa Debit Card | RM 8 | RM 500 | 0.2% cashback on eligible purchases | Yes |
| RHB Visa Debit Card | RM 12 | RM 500 | 0.3% cashback on eligible purchases | Yes |
| AmBank Visa Debit Card | RM 8 | RM 500 | None | Yes |
| HSBC Visa Debit Card | RM 8 | RM 1,000 | 0.2% cashback on eligible purchases | Yes |
| Standard Chartered Visa Debit Card | RM 12 | RM 500 | None | Yes |
| UOB Visa Debit Card | RM 8 | RM 500 | 0.3% cashback on eligible purchases | Yes |
| OCBC Visa Debit Card | RM 8 | RM 500 | 0.2% cashback on eligible purchases | Yes |
Note: The information in this table is accurate as of May 2024 and may be subject to change. Please check with the respective banks for the most up-to-date information on their debit card offerings.
1. Maybank Visa Debit Card – Best for Cashback Rewards
Maybank offers a convenient and rewarding debit card for its customers. The Maybank Visa Debit Card is an excellent choice for those who want to enjoy the benefits of cashback and a wide acceptance network for their everyday spending.
With the Maybank Visa Debit Card, you can earn 0.1% cashback on eligible purchases, helping you save money on your daily transactions. The card is accepted wherever the Visa logo is displayed, giving you the flexibility to use it for various purchases.
To get started, simply open a Maybank account if you don’t already have one. The card comes with a default daily purchase limit of RM 3,000, which can be increased to RM 10,000 upon request.
Here are some of the key features of the Maybank Visa Debit Card:
- 0.1% cashback on eligible purchases
- Widely accepted at merchants with the Visa logo
- RM 1 fee for withdrawals at non-Maybank ATMs in Malaysia
- RM 8 fee for withdrawals at ATMs outside Malaysia
- 1% foreign exchange markup for international transactions
Good fit for:
- Those who want to earn cashback on their everyday spending
- Customers who value a widely accepted debit card
- Those who frequently withdraw cash from ATMs in Malaysia
2. CIMB Visa Debit Card – Best for Online Shopping
CIMB offers the CIMB Visa Debit Card, which is an excellent choice for those who frequently shop online. This debit card provides a secure and convenient way to make purchases on the internet while earning attractive cashback rewards.
One of the standout features of the CIMB Visa Debit Card is its 0.2% cashback on eligible online purchases, allowing you to save money as you shop from the comfort of your home. The card also offers a competitive foreign exchange rate with only a 1% markup, making it suitable for international online transactions.
To start using the CIMB Visa Debit Card, simply open a CIMB account if you don’t already have one. The card comes with a default daily purchase limit of RM 2,000, which can be increased up to RM 5,000 upon request.
Here are some of the key features of the CIMB Visa Debit Card:
- 0.2% cashback on eligible online purchases
- Secure online shopping with Verified by Visa
- RM 1 fee for withdrawals at non-CIMB ATMs in Malaysia
- RM 10 fee for withdrawals at ATMs outside Malaysia
- 1% foreign exchange markup for international transactions
Good fit for:
- Frequent online shoppers who want to earn cashback rewards
- Those who value secure online transactions with Verified by Visa
- Customers who occasionally withdraw cash from ATMs in Malaysia and abroad
3. Public Bank Visa Debit Card – Best for No-Frills Banking
Public Bank offers the Public Bank Visa Debit Card, which is an excellent choice for those who prefer a straightforward and no-frills banking experience. This debit card provides a simple and reliable way to manage your funds without the hassle of complex rewards systems or features.
The Public Bank Visa Debit Card does not offer cashback or rewards, but it makes up for it with a low annual fee of just RM 8. The card is widely accepted at merchants that display the Visa logo, allowing you to make purchases conveniently.
To get started with the Public Bank Visa Debit Card, simply open a Public Bank account if you don’t already have one. The card comes with a default daily purchase limit of RM 2,000, which can be increased to RM 5,000 upon request.
Here are some of the key features of the Public Bank Visa Debit Card:
- No cashback or rewards program
- Low annual fee of RM 8
- Widely accepted at merchants with the Visa logo
- RM 1 fee for withdrawals at non-Public Bank ATMs in Malaysia
- RM 10 fee for withdrawals at ATMs outside Malaysia
- 1% foreign exchange markup for international transactions
Good fit for:
- Those who prefer a simple and straightforward debit card
- Customers who don’t mind the absence of cashback or rewards
- Those who occasionally withdraw cash from ATMs in Malaysia and abroad
4. Hong Leong Visa Debit Card – Best for High Cashback Rate
Hong Leong Bank offers the Hong Leong Visa Debit Card, which is an excellent choice for those who want to maximize their cashback earnings. This debit card provides a high cashback rate on eligible purchases, making it an attractive option for savvy spenders.
With the Hong Leong Visa Debit Card, you can earn an impressive 0.6% cashback on eligible purchases, one of the highest rates among Malaysian debit cards. The card is widely accepted at merchants that display the Visa logo, giving you plenty of opportunities to earn cashback on your spending.
To start using the Hong Leong Visa Debit Card, simply open a Hong Leong Bank account if you don’t already have one. The card comes with a default daily purchase limit of RM 3,000, which can be increased up to RM 10,000 upon request.
Here are some of the key features of the Hong Leong Visa Debit Card:
- 0.6% cashback on eligible purchases
- Widely accepted at merchants with the Visa logo
- RM 1 fee for withdrawals at non-Hong Leong Bank ATMs in Malaysia
- RM 10 fee for withdrawals at ATMs outside Malaysia
- 1% foreign exchange markup for international transactions
- Complimentary purchase protection insurance
Good fit for:
- Those who want to maximize their cashback earnings on everyday spending
- Customers who value a widely accepted debit card
- Those who frequently withdraw cash from ATMs in Malaysia and abroad
5. RHB Visa Debit Card – Best for Dining and Entertainment
RHB Bank offers the RHB Visa Debit Card, which is an excellent choice for those who enjoy dining out and seeking entertainment. This debit card provides attractive rewards and discounts at selected restaurants and entertainment venues, making it a great companion for your leisure activities.
With the RHB Visa Debit Card, you can earn up to 5% cashback on dining and entertainment transactions, helping you save money while indulging in your favorite pastimes. The card is widely accepted at merchants that display the Visa logo, ensuring that you can use it at most dining and entertainment establishments.
To get started with the RHB Visa Debit Card, simply open an RHB Bank account if you don’t already have one. The card comes with a default daily purchase limit of RM 3,000, which can be increased up to RM 5,000 upon request.
Here are some of the key features of the RHB Visa Debit Card:
- Up to 5% cashback on dining and entertainment transactions
- Widely accepted at merchants with the Visa logo
- RM 1 fee for withdrawals at non-RHB Bank ATMs in Malaysia
- RM 10 fee for withdrawals at ATMs outside Malaysia
- 1% foreign exchange markup for international transactions
- Exclusive discounts at selected dining and entertainment partners
Good fit for:
- Those who frequently dine out and enjoy entertainment activities
- Customers who want to earn cashback on their leisure spending
- Those who appreciate exclusive discounts at selected partners
6. AmBank Visa Debit Card – Best for Frequent Travelers
AmBank offers the AmBank Visa Debit Card, which is an excellent choice for frequent travelers. This debit card provides a range of travel benefits and rewards, making it a valuable companion for your journeys.
With the AmBank Visa Debit Card, you can enjoy complimentary travel insurance coverage, protecting you against accidents and inconveniences during your trips. The card also offers competitive foreign exchange rates with a 1% markup, helping you save money on international transactions.
To get started with the AmBank Visa Debit Card, simply open an AmBank account if you don’t already have one. The card comes with a default daily purchase limit of RM 3,000, which can be increased up to RM 10,000 upon request.
Here are some of the key features of the AmBank Visa Debit Card:
- Complimentary travel insurance coverage
- Competitive foreign exchange rates with a 1% markup
- Widely accepted at merchants with the Visa logo
- RM 1 fee for withdrawals at non-AmBank ATMs in Malaysia
- RM 10 fee for withdrawals at ATMs outside Malaysia
- Exclusive discounts at selected travel partners
Good fit for:
- Frequent travelers who want to enjoy travel benefits and rewards
- Those who value complimentary travel insurance coverage
- Customers who want to save money on foreign exchange transactions
7. HSBC Visa Debit Card – Best for High-End Perks
HSBC offers the HSBC Visa Debit Card, which is an excellent choice for those who enjoy high-end perks and privileges. This debit card provides a range of exclusive benefits that cater to the discerning customer.
With the HSBC Visa Debit Card, you can access premium lounges at selected airports worldwide, offering a comfortable and relaxing space to unwind before your flights. The card also provides complimentary travel insurance coverage and a dedicated concierge service to assist you with your travel arrangements and other needs.
To get started with the HSBC Visa Debit Card, you’ll need to open an HSBC Premier or Advance account, which requires a higher minimum balance compared to regular accounts. The card comes with a default daily purchase limit of RM 5,000, which can be increased up to RM 20,000 upon request.
Here are some of the key features of the HSBC Visa Debit Card:
- Access to premium airport lounges worldwide
- Complimentary travel insurance coverage
- Dedicated concierge service
- Widely accepted at merchants with the Visa logo
- RM 1 fee for withdrawals at non-HSBC ATMs in Malaysia
- RM 10 fee for withdrawals at ATMs outside Malaysia
- 1% foreign exchange markup for international transactions
Good fit for:
- Those who value high-end perks and privileges
- Frequent travelers who appreciate lounge access and travel insurance
- Customers who can maintain a higher minimum balance in their accounts
8. Standard Chartered Visa Debit Card – Best for Exclusive Discounts
Standard Chartered offers the Standard Chartered Visa Debit Card, which is an excellent choice for those who enjoy exclusive discounts and promotions. This debit card provides access to a range of attractive offers from various merchants and partners.
With the Standard Chartered Visa Debit Card, you can enjoy exclusive discounts of up to 20% at selected dining, shopping, and lifestyle outlets. The card also offers special promotions and deals throughout the year, helping you save money on your purchases.
To get started with the Standard Chartered Visa Debit Card, simply open a Standard Chartered account if you don’t already have one. The card comes with a default daily purchase limit of RM 3,000, which can be increased up to RM 10,000 upon request.
Here are some of the key features of the Standard Chartered Visa Debit Card:
- Exclusive discounts of up to 20% at selected merchants
- Special promotions and deals throughout the year
- Widely accepted at merchants with the Visa logo
- RM 1 fee for withdrawals at non-Standard Chartered ATMs in Malaysia
- RM 10 fee for withdrawals at ATMs outside Malaysia
- 1% foreign exchange markup for international transactions
Good fit for:
- Those who enjoy exclusive discounts and promotions
- Customers who frequently shop at partner merchants
- Those who value special deals and offers throughout the year
9. UOB Visa Debit Card – Best for Lifestyle Rewards
UOB offers the UOB Visa Debit Card, which is an excellent choice for those who want to be rewarded for their lifestyle spending. This debit card provides an attractive rewards program that allows you to earn points on your everyday purchases.
With the UOB Visa Debit Card, you can earn 1 UNIRinggit point for every RM 1 spent on eligible transactions. These points can be redeemed for a wide range of rewards, including cashback, vouchers, and merchandise from popular lifestyle brands.
To get started with the UOB Visa Debit Card, simply open a UOB account if you don’t already have one. The card comes with a default daily purchase limit of RM 3,000, which can be increased up to RM 10,000 upon request.
Here are some of the key features of the UOB Visa Debit Card:
- Earn 1 UNIRinggit point for every RM 1 spent on eligible transactions
- Redeem points for cashback, vouchers, and merchandise
- Widely accepted at merchants with the Visa logo
- RM 1 fee for withdrawals at non-UOB ATMs in Malaysia
- RM 10 fee for withdrawals at ATMs outside Malaysia
- 1% foreign exchange markup for international transactions
Good fit for:
- Those who want to be rewarded for their lifestyle spending
- Customers who appreciate a wide range of redemption options
- Those who frequently make everyday purchases with their debit card
10. OCBC Visa Debit Card – Best for Contactless Payments
OCBC offers the OCBC Visa Debit Card, which is an excellent choice for those who prefer the convenience and speed of contactless payments. This debit card is equipped with Visa payWave technology, allowing you to make secure and quick transactions without the need to swipe or insert your card.
With the OCBC Visa Debit Card, you can simply tap your card on the contactless payment terminal to make purchases of up to RM 250 without entering your PIN. This feature is particularly useful for small, everyday transactions, saving you time and effort at the checkout counter.
To get started with the OCBC Visa Debit Card, simply open an OCBC account if you don’t already have one. The card comes with a default daily purchase limit of RM 3,000, which can be increased up to RM 5,000 upon request.
Here are some of the key features of the OCBC Visa Debit Card:
- Visa payWave technology for contactless payments
- Make transactions of up to RM 250 without entering your PIN
- Widely accepted at merchants with the Visa logo
- RM 1 fee for withdrawals at non-OCBC ATMs in Malaysia
- RM 10 fee for withdrawals at ATMs outside Malaysia
- 1% foreign exchange markup for international transactions
Good fit for:
- Those who value the convenience and speed of contactless payments
- Customers who frequently make small, everyday purchases
- Those who want a secure and easy way to pay for their transactions
Choosing the Right Debit Card for You
Key Factors to Consider
When selecting the best debit card for your needs, there are several key factors to consider:
- Cashback and rewards: If you want to earn cashback or rewards on your spending, look for debit cards that offer attractive rates and redemption options that align with your lifestyle.
- Annual fees: Some debit cards charge annual fees, while others don’t. Consider whether the benefits offered by the card justify the annual fee, if any.
- ATM withdrawal fees: If you frequently withdraw cash from ATMs, look for debit cards that offer low or no fees for withdrawals, especially at ATMs outside of your bank’s network.
- Foreign exchange rates: If you travel abroad or make international transactions, consider debit cards with competitive foreign exchange rates to save money on currency conversions.
- Merchant acceptance: Ensure that the debit card you choose is widely accepted by merchants, both locally and internationally, to maximize its usability.
- Additional perks: Some debit cards offer extra benefits like travel insurance, airport lounge access, or exclusive discounts. Consider these perks if they are valuable to you.
Decision-Making Framework: Matching Cards with Spending Habits
To find the debit card that best suits your needs, follow this simple decision-making framework:
- Identify your spending habits: Analyze your monthly expenses and identify the categories where you spend the most, such as dining, entertainment, or travel.
- Prioritize your preferences: Determine which factors are most important to you, such as cashback rates, annual fees, or extra perks.
- Compare debit cards: Use the key factors and your spending habits to compare the features and benefits of different debit cards. Focus on cards that offer the best value for your specific needs.
- Read the fine print: Before applying for a debit card, carefully review the terms and conditions to ensure that you understand any fees, restrictions, or limitations associated with the card.
- Apply for the card: Once you’ve found the debit card that best matches your spending habits and preferences, apply for the card through the bank’s website or by visiting a branch.
Debit Cards for Specific Needs
Best Debit Cards for Students
The best debit card in Malaysia for students is the CIMB Debit MasterCard. It accepts customers as young as 12, so students can easily access it.
Top Debit Cards for Business Use
- RHB Premier Multi-Currency Card supports 16 major foreign currencies.
- The Standard Chartered Business Debit Card has 1 million ATMs and 30 million MasterCard establishments.
Best Debit Cards for Overseas Usage
The best debit card in Malaysia for overseas usage is the Wise Card, which works in over 170 currencies and supports over 40 international currencies.
Top Debit Cards for Online Shopping
The PB Visa Lifestyle is the best debit card in Malaysia for online shopping, thanks to its incredible offers for lifestyle customers. Its remarkable features include exclusive discounts and deals with a wide range of online retailers, making it a highly cost-effective option for savvy shoppers.
Check out our Top Credit Cards For Specific Needs here.
Virtual Debit Cards: A Convenient and Secure Option
What are Virtual Debit Cards and How Do They Work?
Virtual debit cards are digital versions of physical debit cards that provide users with a convenient and secure way to make online payments. These cards are not physically issued but are instead generated electronically, with a unique card number, expiration date, and CVV code.
When making an online purchase, users can provide their virtual debit card details just as they would with a physical card. The funds are then deducted directly from the user’s linked bank account. Virtual debit cards can be created instantly and are often single-use or have customizable spending limits, adding an extra layer of security to online transactions.
Pros of Using Virtual Debit Cards
- Enhanced security: Virtual debit cards limit exposure to potential fraud since they are not linked to your primary debit card number.
- Single-use or customizable spending limits: Users can create virtual cards for specific purchases or set spending limits, reducing the risk of overspending or unauthorized transactions.
- Instant creation: Virtual debit cards can be generated immediately, allowing users to make online purchases without waiting for a physical card to arrive.
Cons of Using Virtual Debit Cards
- Limited use: Virtual debit cards are primarily designed for online transactions and may not be suitable for in-store purchases or ATM withdrawals.
- Acceptance: Some online merchants may not accept virtual debit cards, limiting their usability in certain situations.
- Requires online banking: To create and manage virtual debit cards, users must have access to online banking services provided by their financial institution.
Top 3 Virtual Debit Cards in Malaysia
1. BigPay Virtual Debit Card
- Offered by BigPay, a digital financial services provider
- Allows users to create single-use or recurring virtual debit cards
- Supports online and in-app purchases
2. GoPayz Virtual Debit Card
- Provided by GoPayz, a mobile banking solution
- Enables users to generate virtual debit cards for secure online transactions
- Offers customizable spending limits and real-time transaction notifications
3. Wise Virtual Debit Card
- Ideal for Malaysians who frequently make international transactions
- Supports multiple currencies, making it cost-effective for online shopping, subscriptions, and cross-border payments
- Offers enhanced security features and easy management through the Wise mobile app
As more Malaysians embrace digital banking solutions, virtual debit cards are becoming increasingly popular, offering a convenient and secure alternative to traditional physical debit cards for online transactions.
Conclusion
Finding the perfect debit card in Malaysia is crucial for managing your finances effectively. Consider your spending habits, lifestyle, and the key features offered by different cards to make an informed decision.
Research and compare factors such as cashback rates, annual fees, ATM withdrawal charges, foreign exchange rates, and additional perks. Don’t hesitate to contact banks for more information.
Once you’ve identified the best card for your needs, apply online or visit a branch. By choosing the right debit card, you can enjoy benefits and privileges that enhance your banking experience and support your financial goals.
