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!
10 Best Debit Cards in Malaysia
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- Alliance Hybrid Platinum Debit Card
If you’re looking for the best debit card in Malaysia for 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 in Malaysia is to provide maximum benefits to its customers, either through cashback offers or fewer transaction fees. To prove its uniqueness, the Alliance Hybrid Platinum Debit Card has no strict ATM withdrawal limits. This indicates that 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
2- Maybank Visa Platinum Debit Card
Another debit card 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 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
3- CIMB Debit Mastercard
CIMB has its exclusive standard best debit card for underage users 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.
Cardholders can receive promo codes depending on their daily and monthly card usage. The most attractive thing is that it has waived its foreign transaction fee, which was previously 1-2% of 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- Hong Leong Debit Card
Hong Leong is the best debit card 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 leads 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
5- 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 it provides 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 applicants in Malaysia.
The perks of BigPay’s 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
6- HSBC Visa Debit Card
With a 30% currency exchange discount on purchases, HSBC Visa Debit Card 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. As one of Malaysia’s best debit cards, 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 Visa Debit Card 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
7- PB Visa Lifestyle Debit Card
PB Visa Lifestyle is best 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 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 for online shopping and lifestyle discounts
8- Wise Card
Wise is the best debit card 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. 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- UOB Debit Card
The UOB Debit Card offers a range of benefits for users seeking convenience and security in their transactions. Cardholders enjoy unlimited 0.5% cashback on all retail purchases, both local and overseas, making it an attractive option for frequent shoppers. The card supports contactless payments with Visa payWave, ensuring quick and secure transactions. Additionally, the UOB Debit Card provides access to a comprehensive suite of banking services via UOB’s extensive ATM network and online banking platform. It also includes travel insurance coverage for added peace of mind during international travel.
Key Features:
- Unlimited 0.5% cashback on all retail purchases
- Contactless payments with Visa payWave
- Comprehensive banking services via UOB ATM network and online banking
- Travel insurance coverage
- Secure online transactions with Verified by Visa
- No annual fee for the first year, RM 12 annual fee thereafter
10- BSN Visa Debit Card
BSN Visa Debit Card 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 account allows users to take loans, invest, and link their savings accounts.
BSN is a new addition to the easy-to-access categories of the best debit cards in 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
Debit Cards for Specific Needs
Student Debit Cards: Features and Benefits for Young Adults
If you’re a student looking for a debit card that caters to your needs, consider the following options:
1. Maybank Student Debit Card:
- Enjoy waived annual fees, helping you save money on card maintenance costs.
- Get exclusive discounts at popular student hangouts, such as cafes, bookstores, and entertainment venues.
- Access budgeting tools to help you manage your finances and track your spending.
2. CIMB Student Debit Card:
- Benefit from lower minimum balance requirements, making it easier to maintain an account as a student.
- Enjoy exclusive merchant deals and discounts, helping you save money on purchases.
- Access online banking services and mobile apps to manage your account on the go.
3. RHB Student Debit Card:
- Earn cashback on your purchases, helping you save money as you spend.
- Enjoy discounts and promotions at selected merchants, including popular food and beverage outlets.
- Get free travel insurance coverage when you use your card to book flights or holidays.
Recommendation
Based on the features and benefits provided, the Maybank Student Debit Card stands out as the best choice for students. The waived annual fees and access to budgeting tools make it an excellent option for students looking to manage their finances effectively while saving money on card maintenance costs.
Additionally, the exclusive discounts at popular student hangouts provide added value, making the Maybank Student Debit Card a well-rounded choice for students in Malaysia.
Islamic Debit Cards: Shariah-compliant Options Explained
For those seeking Shariah-compliant debit cards, consider these options:
1. Maybank Islamic Debit Card:
- Experience Shariah-compliant features, ensuring your transactions align with Islamic values.
- Enjoy exclusive discounts at participating Halal merchants, helping you save on purchases.
- Access Islamic financial planning services to help you manage your finances according to Shariah principles.
2. Bank Islam Visa Debit Card-i:
- Benefit from a wide acceptance network, as the card is accepted wherever Visa is accepted.
- Earn rewards points on your transactions, which can be redeemed for Islamic-friendly merchandise or donated to charity.
- Enjoy free Takaful coverage for personal accidents and other emergencies.
3. Al Rajhi Debit Card:
- Experience a fully Shariah-compliant debit card, ensuring all transactions adhere to Islamic principles.
- Benefit from zero annual fees and no minimum balance requirements, making it easy to maintain the card.
- Enjoy 24/7 customer support and access to a wide range of Islamic banking services.
Recommendation
For those who prioritize a fully Shariah-compliant debit card with a wide range of Islamic banking services, the Al Rajhi Debit Card is an excellent choice. This card ensures that all transactions strictly adhere to Islamic principles, providing peace of mind for Muslims seeking a truly Shariah-compliant financial solution.
With zero annual fees, no minimum balance requirements, and access to 24/7 customer support, the Al Rajhi Debit Card offers a convenient and accessible option for managing your finances in accordance with Islamic values.
Premium Debit Cards: Exclusive Perks and Higher Limits
For individuals looking for premium benefits and higher limits, consider these debit cards:
1. HSBC Premier Debit Card:
- Enjoy higher withdrawal and purchase limits, giving you more flexibility in managing your finances.
- Access exclusive rewards, such as cashback on dining, travel, and shopping, helping you save on your lifestyle expenses.
- Benefit from comprehensive insurance coverage, including travel insurance and purchase protection, for added peace of mind.
- Gain access to airport lounges worldwide, making your travel experience more comfortable and enjoyable.
2. Standard Chartered Priority Banking Debit Card:
- Benefit from higher transaction limits, allowing you to make larger purchases and withdrawals conveniently.
- Enjoy exclusive discounts and offers at selected dining, shopping, and lifestyle partners, helping you save on your favorite experiences.
- Receive priority customer service, ensuring your banking needs are attended to promptly and efficiently.
- Have access to a dedicated relationship manager who can provide personalized financial advice and assistance.
3. Maybank Premier Debit Card:
- Enjoy a wide range of exclusive privileges, including dining discounts, golfing privileges, and airport lounge access.
- Benefit from higher daily withdrawal and purchase limits, giving you more control over your finances.
- Earn TreatsPoints on your transactions, which can be redeemed for various rewards and experiences.
- Receive complimentary travel and medical insurance coverage for your peace of mind.
Recommendation
For individuals who prioritize an extensive range of premium benefits, including higher limits, comprehensive insurance coverage, and exclusive lifestyle privileges, the HSBC Premier Debit Card is the top choice.
With access to airport lounges worldwide, cashback on various lifestyle expenses, and generous insurance coverage, this card provides a truly premium experience for its users. The HSBC Premier Debit Card is an excellent option for those who value luxury, convenience, and a wide array of exclusive perks in their banking experience.
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 and Cons of Using Virtual Debit Cards
Pros:
- 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:
- 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.
Virtual Debit Card in Malaysia Recommendation
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.
Frequently Asked Questions (FAQ)
Disclaimer: This article is intended for general informational purposes only and does not provide legal, tax, or professional advice. It is not a substitute for consulting with a financial advisor or other professional.
We do not make any representations, warranties, or guarantees, either expressed or implied, about the content’s accuracy, completeness, or currentness in this publication.
