When you are comparing credit cards in Malaysia, you may become confused, considering that cards can feature a number of perks. Therefore, it is best to review the various credit offerings on a platform that permits you to make comparisons. That way, you can get a better understanding of some of the advantages and amenities. For example, when you make comparisons, you can review some of the key benefits, annual fees, and age and income requirements. You can shortlist your choices with greater ease.
Types of Benefits Associated with Credit Cards
For instance, some cards offer the following advantages:
- No cap on rebates
- A 1% rebate on your first monthly spend of RM1,000
- An 0.5% rebate on any subsequent spend over RM1,000
- A fee waiver for the first year
Making Comparisons
You may compare this type of card to one that offers slightly better benefits. For example, instead of an 0.5% rebate, you might receive a 1% rebate on all retail spending. Plus, you may not be assessed an annual fee.
Age and Salary Requirements
In some instances, cardholders are offered complimentary insurance cover in case of death or total and permanent disability. In order to get the best credit cards in Malaysia, you need to carefully review what you need in terms of a credit card and review your preferences. Most credit cards require that the applicant be 21 years of age and make a salary of RM2,000 or more per month. While principal cardholders must be 21, any supplementary members can be at least 18 years old.
Whilst most credit cards require a minimum income of RM24,000 per year, some elite cards require that the cardholder make at least RM100,000 annually. When you fill out an application for a credit card, you will first need to tick off your preferred card. Next, you will need to type in your details such as your name, mobile number, email contact, age group, and monthly income. A box is also displayed that you need to check that confirms you agree with a card’s declaration and agreement.
Credit Card Application Processing
In order for a credit card application to be processed, you need to include required documentation as well. If you are a salaried employee, you need to include a photocopy of MyKad on both sides and the current EPF statement that has been certified by the EPF office.
If you are applying for a card and are self-employed, again you need to add a photocopy of both sides of MyKad and a Form B/E tax filing including a receipt and visible proof of a PCB deduction, if applicable. Self-employed individuals should also include their last three months of bank statements. When you have compiled all this information, you will find that the application process will be easier and more streamlined.
After you submit the needed information, you will receive a decision about your application. Comparing credit offers and submitting an application can help you determine the best card for your particular buying requirements.