Comparison of Credit Cards in Malaysia

In Malaysia, 22 banks and three non-banking financial institutions issue Credit Cards in a wide variety of categories catering to different segments like businesses and  businesspeople, travelers, shoppers etc and for those looking for specific types of rewards like cashback.

Types of Credit Cards In Malaysia

Here, we will look at a few popular categories of Credit Cards, the important factors that you should watch out for in each category and some of the top products in these categories.

Cashback Credit Cards

Cashback Cards offer cash rebates on spends. Plain and simple. There are cashback cards that offer a greater range of benefits on specific categories of spends and there are cashback cards that offer rebates on a wide variety of spends including all spends but the percentage of rebate on offer may not be as high as on category-specific cashback cards. It may all boil down to your spending pattern(s). The Citibank Cashback Platinum Card offers up to 5% cashback with no minimum spending requirements.

Petrol Credit Cards

The rising petrol prices has sent many a Malaysian home budget askew. One way to restore some sanity in this scenario is to use a Petrol Credit Card.

The Shell Citi Gold Credit Card offers a best-in-class cashback of up to 8% on your Shell petrol spends (depending on your aggregated spend) although it’s main drawback is that it does not offer rebates on any other spend. But that’s what your Citibank Cashback Platinum Card is for, right!

Business Credit Cards

These cards provide SMBs (Small and Medium Businesses) and professional practitioners with a number of business-related benefits like a handy line of credit, vendor discount deals, extensive reporting options etc.

The Citibank Citibusiness Credit Card for instance, offers Malaysian businesses comprehensive monthly-consolidated business statement reflecting the total spending by expense category, specific merchants and individual credit card member (owner and employee) activities.

Travel Credit Cards

A good Travel Credit Card should not only get you a great spend to Air mile conversion but also as much complimentary access to airport lounges as possible. Travel and Medical insurance could also come in very handy. And, if this card can throw in some great dining and other deals overseas, that would be the card to beat!

For instance, the Citibank Prestige Mastercard World Elite comes with the Priority Pass membership that offers unlimited access to airport lounges worldwide in addition to Travel and Medical insurance.

So, it pays to make a detailed check-list of all the features that you would like to see on a card and draw a comparison chart before you zero in on a particular card(s). Quantifying the benefits and weighing them up against the government Service Tax of RM50 per principal card will also help in making a good card selection decision.

Using different cards for different types of purchases may also work as long as your calculations are spot-on and you don’t take this piece of advice as a license to indulge!

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