Credit cards in Malaysia have a thriving market. In fact, it is one of the countries which prefer to use them as a major personal financing option. However, the thing about credit cards is that there is no room for a one-size-fits-all approach. Customers have to choose one based on their lifestyle and the financial need they look to solve with it. So, irrespective of what the best credit card deals of 2019 may be, it is important to identify the types of cards such as travel, cash back, reward and supplementary cards, that would suit you. Before zeroing-in on the ideal one tailored to your requirements, it is important to identify your credit card type. To help you, I have curated a list of various consumer requirements and the best credit cards available among them. Cash BackCash back credit cards are usually sought by customers who want some sort of returns on their everyday purchases. Daily expenditures of these customers may include online shopping, groceries, department store, fuel spend, dining and so on. And since these customers plan to swipe on a daily basis, they expect less interest charged on their card. After taking these conditions into account, I feel that JustOne Platinum MasterCard by Standard Chartered would be a great choice for a cash back card. It offers up to 15% rebate for monthly spend on petrol, online purchases, and auto-bill payments. The JustOne MasterCard also lets you make minimum monthly repayments, with easy interest rates on balance transfer. This is your card if you need monthly gratification on your spend and want some flexibility over repayments. TRAVEL The AirAsia Credit Card by Hong Leong Bank (HLB) comprehensively dominates the best credit card deals for travel. Among the credit cards offered by Hong Leong Bank, this travel card garners lots of patronage as it offers huge savings on air travel with AirAsia. The features and benefits include a huge 6X points boost on daily spend and flight bookings with AirAsia. HLB AirAsia Credit Card holders can also get priority and complimentary access to check-in, boarding, and baggage collection. There are amazing welcome offers for Platinum and Gold cardholders up to 25,000 “BIG Points”, which can be redeemed on travel. You could choose this card if your priority is travel spend or travelling itself. Additionally, have your first-year annual fee waived and enjoy quarterly bonus points. Reward PointsReward points credit cards are sought after by people who spend heavily. Banks tie up with retail and online merchants to reward you for every Ringgit you spend using their credit card. This forms the significance of reward points. If you are a big spender, who loves to receive vouchers and coupons, and also travel globally, HSBC Visa Signature Card could just be what you are looking for. The USP of applying for the Visa Signature Card is that you get up to 8X Reward Points on overseas (foreign currency) transactions, and 5X on local and retail spending. With this reward points card, frequent flyers can enjoy Plaza Premium Lounge access at Malaysia, Singapore, and Hong Kong airports. PREMIUM Premium credit cards offer a whole new world of exciting banking privileges. They are often considered a status symbol of how much an individual has come far in her/his professional life. So, they traditionally include the highest levels of privileges and deals. Hong Leong Bank (HLB) caters to its premium customers with the Infinite P Credit Card. The privileges list goes on and on with access to Priority Pass Airport Lounges, preferential forex rates (foreign currency), insurance cover on travel, Visa concierge services, and much more! You can apply for this credit card with annual fee waived for life. Every expenditure made with HLB’s Infinite P Credit Card automatically earns you Enrich Miles for travel. NO FRILLS This type of credit card relieves you from the weight of high interest rates and hidden finance charges. No Frills Card is considered the most basic of credit cards. It would be a great fit for customers who aren’t looking for too many benefits like high credit limits or travel miles, but still need a financial cushion. There are several such cards in the market. Citi Simplicity+ for instance, offers a 10% rebate (Citi rewards) on purchases. Hong Leong Bank’s I’m MasterCard charges no mark-up on overseas transactions, in addition to waiving the annual fee for life. And some banks allow you to personalize the card in keeping with your short-term financial aspirations. Hence, choosing a No Frills Credit Card must be based on what your immediate requirement is; something that would add value to your transactions. Best credit card deals of 2019 in MalaysiaTo summarize what we’ve seen,
Identifying your need is what matters the most!
These are some of the major credit card types in Malaysia that customers are branched under. At the end of the day, the onus is on you to choose the best deal. But the deals need to be relevant and customized to your spending nature. Before going after lucrative credit card deals, it would be wiser to choose the type of credit card that would be your best fit using online tools like Credit Card Recommender. Join a credit card tribe, and then take the best deal for 2019 from the above listicle!
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