In the last 5 years Malaysians have increased their credit card usage by 26% making it a popular payment method.1 However low credit scores can impact lives on so many levels making it harder to keep up with society. A range of credit cards are now available for instant approval with simple online applications. These cards can with many benefits so to find the best available rates and offers near you try a simple online search.
Malaysians Are Adopting Credit Cards
With over 9.1million credit cards in circulation Malaysia is seeing an influx of credit card usage according to the big banks.2 As the country begins to get access to more financial tools and cards with rewarding benefits consumers are jumping on the trend. Credit cards offer a safe alternative to shopping online and the points can add up fast allowing you access to great rewards. E-Wallets are popular in Asia but the use of credit cards and their reward systems is seeing consumers jump on this trend.
But First, Why Use A Credit Card?
Well credit cards can be a convenient way to help manage your finances and to access certain extra benefits. But on the total other hand they can be risky if they’re not managed properly. Comparing benefit is hugely important when it comes to picking the right card for you to make sure you’re receiving the best rates with eligible points.
Quick Benefits Of Using A Credit Card
- Safer Than Carrying Cash – By using a credit card you’re not carrying your cash around with you. You can use the card to make purchases and pay the bills whenever you need to.
- Build Your Credit Score – Your credit score is an important factor when it comes to making large purchases like a car or a home. By using your credit card you’ll be increasing your credit score with every purchase allowing easier access to home loans in the future.
- Earn Rewards – If you’re somebody who often travels or buys a lot of items at different stores it can be a real hassle to keep track of all your loyalty points. But credit cards can also earn you rewards points which can really add up in the long run.
- Multiple Currency Options – If you enjoy travelling the world or buying items in other countries you may find that it’s easier to pay with a credit card instead of having to bring cash. Check the cards your are considering and see what type of currency is accepted.
The Top 4 Instant Approval Credit Cards In Malaysia
Citi Cash Back Card3
First on the list we have the Citi Cash Back Card offered by Citibank on the Visa payment system. Visa is accepted at the majority of retailers around the globe so its a very popular choice. With an interest rate of 15.0% p.a this card is competitive compared to other cards on the market and with an annual fee of RM 120 its useable by most citizens. The biggest upside to this card is the cashback program offered which can award you up to 10% cashback on purchases. Citibank also has one of the strongest rewards programs on the market with discounts available at ver 24,000 partners worldwide.
Maybank Grab Credit Card4
Next up we have the Maybank Grab Credit Card which is on the Mastercard payment system. This card comes with no annual fee and a 15.0% p.a interest rate so its also accessible to most people in Malaysia. The Maybank Grab Rewards Points program allows you to get up to 5x points for all purchases made in the Grab app. If you spend a minimum of RM 300 on Grab services they will give you a RM 50 gift voucher to use on the Grab app. If you have a minimum annual income of RM 36,000 and over 21 years of age this could be your perfect card.
Alliance Bank Visa Infinite5
The Alliance Bank Visa Infinite is a great choice for those wanting a rewards program card. Alliance Bank won the award for best digital bank in 2020 so their customer service is top notch. You can get up to 8x Timeless bonus points for all your online purchases with no expiry date to use them by. This card is offered with a RM 0 annual fee and also 15.0% p.a. so its the same interest as other cards mentioned. You will however need a minimum income of RM 60,000 to be approved for this card on their online application.
BSN Classic Card-i6
The BSN Classic Card is being offerd with the lowest interest rate of all credit cards mentioned today which is as low as 11.0% p.a. There is also no annual fee on their principal or supplementary cards but the lower end of the discounts may be only available to government sector employment. If you’re 21 years of age or over and have an income of RM 24,000 or more per year than this card is a very beneficial and cheap card to use. The only downside to this card is that it doesn’t have as strong rewards programs as the others listed before.
Get An Instant Approval For Your Best Personal Credit Card
It can be confusing to understand which option of credit cards will be right for you with so many different options available. If you’re new to the credit card world or a veteran looking to get the best points available we have gathered all the information for you. To find the best deals available in your state try a simple online search.