Best Credit Cards in Malaysia (2023)
A credit card is an indication of a payment method that makes it easier for people to make purchases and cash advances for both personal and professional use. A credit card often functions as a cash or check substitute and frequently offers an unsecured revolving line of credit.
The number of credit card users continues to increase as the peak of economic activity. (Refer to the chart below). If you wanted to know which credit cards are the best and most commonly used in Malaysia, bear with us till the end of the article.
Source: Statista.com The statistics show the results of a survey about the ownership rate of credit cards in Malaysia in 2011, 2014, and 2018. In 2018, about 21 percent of people aged 15 years and older claimed to hold a credit card, an increase from twelve percentage points since 2011.
1. CIMB Credit Card
| Monthly Income | Annual Fees | Rewards |
|---|---|---|
| RM2,000 | -Principal Card – RM100 -Supplementary Card Waived | -12X MORE Bonus Points on eDAY and earn RM600 Cashback per year! |
2. Standard Chartered Smart Credit Card
| Monthly Income | Annual Fees | Rewards |
|---|---|---|
| RM3,000 | – Principal Card: RM120 1st-year annual fee waived, subsequent years waived with minimum spend of RM12,000 per annum3 – Supplementary Card: Free Annual spend is calculated as the total retail spend in the past 12 months’ statement prior to the annual fee charge. | -Buy now, pay later with 0% interest*instalment plan. -Earn 6% cashback on digital lifestyle spend. -Annual fee waiver for the first year. |
3. Public Bank Quantum Visa
| Monthly Income | Annual Fees | Rewards |
|---|---|---|
| RM3,000 | RM0 primary card Free for life RM0 supplementary card | – A free-for-life card promises 2% cashback – Up to 2 VIP Points when you swipe it at your favorite restaurant, cafe, or clothing brand locally and internationally. |
4. Citi Simplicity Mastercard®
| Monthly Income | Annual Fees | Rewards |
|---|---|---|
| RM2,000 | – RM0 primary card Free for life – RM0 supplementary card | 10% rebates on finance charges when you pay the minimum monthly due amount on time every month |
5. HSBC Platinum Credit Card
| Monthly Income | Annual Fees | Rewards |
|---|---|---|
| RM3,000 | – RM240 primary card Waived when you do 1x swipe once a month for 12 consecutive months, and meet annual spending of RM2,000 – RM120 supplementary card | – 8 points on every RM1 on Contactless spending – 5 points on every RM1 Online (Lazada, Shopee, Zalora, Grab & Fave), Overseas & Groceries expenses |
6. UOB YOLO Visa
| Monthly Income | Annual Fees | Rewards |
|---|---|---|
| RM3,000 | – RM90 primary card Free for the first year for principal cardholder – Free for the first 2 years for a supplementary cardholder Waived when you make 1 retail transaction per month – RM30 supplementary card | – Online Spend (Non-E-Wallet) 5% RM30 from RM600 or above monthly – Online Spend (E-Wallet) 5% RM15 from RM600 or above monthly – Dining 5% RM30 from RM600 or above monthly Contactless Spend 5% RM30 from RM600 or above monthly |
7. Maybank American Express Cash Back Gold
| Monthly Income | Annual Fees | Rewards |
|---|---|---|
| RM2,500 | – RM70 primary card First-year free for Principal cardholder – First-year free for 2 Supplementary Cards RM45 supplementary card | – All overseas retail spending 1.5% uncapped any amount of monthly – All local retail spending 1% uncapped any amount monthly |
8. RHB Visa Signature
| Monthly Income | Annual Fees | Rewards |
|---|---|---|
| RM6,666.67 | FREE | – Earn up to 6% cashback every month on local online, entertainment & retail spending (excluding cash advance, charity, petrol & government transactions). – Up to 2% cashback on all overseas retail spending. – 5x complimentary access and 25% discount for all accompanying guests to selected Plaza Premium Lounges/Aerotel in Malaysia for you to indulge in exclusivity and privacy. – Enjoy a 20% discount for lounges around the world (except in Shanghai and Beijing). – Complement your journey with free travel insurance coverage of RM600,000 for peace of mind. |
9. Alliance Bank Visa Signature
| Monthly Income | Annual Fees | Rewards |
|---|---|---|
| RM4,000 | – RM148 primary card Free for the first year – Waived when you spend a minimum of RM12,000 per year from the second year onwards – RM0 supplementary card | – Online Shopping, Groceries, Dining, Petrol, Utilities & Other Retail Spends 0.05% (CASHBACK) uncapped from RM1up to RM1,000 monthly – Online Shopping, Groceries, Dining, Petrol, Utilities & Other Retail Spends 0.5% (CASHBACK) uncapped from RM1,001up to RM2,000 monthly – Online Shopping, Groceries, Dining, Petrol, Utilities & Other Retail Spends 5% (CASHBACK) uncapped from RM2,001 up to RM3,000 monthly. – 5x complimentary access and 25% discount for all accompanying guests to selected Plaza Premium Lounges/Aerotel in Malaysia for you to indulge in exclusivity and privacy. – Enjoy a 20% discount for lounges around the world (except in Shanghai and Beijing). – Complement your journey with free travel insurance coverage of RM600,000 for peace of mind. |
AmBank Islamic Visa Platinum Card-i
| Monthly Income | Annual Fees | Rewards |
|---|---|---|
| RM2,000 | – RM0 primary card Free for life – Free for life for first 3 Supplementary cards, 4th Supplementary card onwards RM188 p.a. | – 2 points on every RM1 on all overseas retail expenses (except for online transactions) – 1 point on every RM1 on all local retail expenses – Get covered with a travel Takaful of up to RM500,000 annually when you purchase flight ticket(s) with an AmBank Platinum credit card. |
Key Takeaway
Now that you know the top and best credit cards in Malaysia you can consider applying this year. It’s up to you to find a combination of cards that work best based on your spending patterns and eligibility.
Credit cards are actually the best tools for spending and earning back at the same time. But make sure you know when to stop and not overspend more than your budget, otherwise, you will undoubtedly go belly up.
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