Best Credit Card in Malaysia

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Best Credit Card Comparison

Before applying for a credit card, there are a few details customers should familiarize in order to select a card that suits the expenditure pattern. This is the main informationcustomers should get before deciding:

  • Annual fee
  • Cash Back
  • Rewards Points
  • Credit Card interest rate
  • Petrol rewards
  • Travel rewards
  • Balance transfer

Currently banks are providing customers with Cashback Credit Card or Rewards options.

Cashback Credit Card

A cashback credit card is quite simply a credit card that gives rebates in cash. Instead of collecting rewards for spending with the card via treat points and freebies, the bank will give a cash rebate.

Reward Points

Reward Points per RM basically means the points that will be credited into the card for every purchase. Excluding a few cards, the general conversion for most banks (and its cards) is RM1 = 1 Point.

Types of Rewards

  • Vouchers  : Ranging from shopping vouchers, food vouchers
  • General items : Household items such as kitchenware, travelling bags
  • Specific Items  : Items such as Petrol and Air Miles redemption (usually for specific cards with petrol and air miles features on them)
  • Credit Card Service Tax Waiver / Redemption and Annual Fee Waiver Redemption : Some banks offer to redeem the points in exchange for a government service tax redemption

 

Credit Card No Annual Fee

Most credit cards today waive of the annual fee however customers may need to double check before applying for the credit card.

 

Best Credit Card comparison for Cash Back

Hong Leong Wise Gold provides a 10% cashback from Hong Leong Wise which is the only credit card that rewards customers with 10% cash back.

  • Interest Rate : 15%
  • Balance Transfer : 6.99%
  • Cashback: 10%
  • Annual Fee: Free

Best Credit Card comparison for Rewards

Standard Chartered Worldmiles MasterCard delivers the fastest redemption for an air ticket at the lowest cost.

  • Special Offer: Save 15% at Asiatravel
  • Interest Rate: 15%
  • Balance Transfer: 2.99%
  • Cashback: No
  • Annual Fee : Free

Best Credit Card comparison for Low interest

Citibank Cashback Platinum provides a 5% cashback on petrol, groceries, phone bills and medical.

  • Interest Rate: 8.88%
  • Balance Transfer: 6.99%
  • Cashback: 5%
  • Annual Fee: RM195

Best Credit Card comparison for Petrol Rewards

Standard Chartered JustOne Platinum MasterCard provides rebate when customers charge fuel to the credit card. Customers will enjoy 10% Petrol CashBack at all petrol stations nationwide.

  • Interest Rate : 15%
  • Balance Transfer : 2.99%
  • Cashback : 10%
  • Annual Fee : RM250

Best Credit Card comparison for travel

Air Asia Citibank Gold Visa provides perks in the air and on the ground.

  • Interest Rate : 8.88%
  • Balance Transfer : 6.99%
  • Cashback : No
  • Annual Fee : RM180

Best Credit Card comparison for Islamic

AmIslamicBank Al-Taslif Visa Gold Card-I provides customers with  a new money manager and enjoy online banking, 0% easy payment plan on retail expenditure and automatic bill payments with AutoBillPay.

  • Balance Transfer : No
  • Cashback: No
  • Annual Fee : Free

Best Credit Card comparison for Balance Transfer

Maybankard Balance Transfer Program enables customers to save more with lower interest rates, choose the plan that meets the needs and enjoy a long repayment period of up to 36 months.

  • Interest rate includes upfront 3% fee
  • Interest Rate: 0%
  • Minimum Transfer: RM1000
  • Max. Duration: 36 months

 

Best Credit Card comparison for Premier Card

Citibank CitiPrestige provides 25% discount off business-class tickets and Insurance and up to RM1 million travel coverage. Customers also enjoy privileged access to 2,400 Golf courses all over the world.

  • General: RM1 spent = 1 Point, RM1 spent abroad = 2 Points
  • Interest Rate: 8.88%per year
  • Income : RM 1,000.00per year
 

RHB Personal Loan

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RHB Personal Financing-i for private
Profit rate based on loan amount
No guarantor and collateral needed
Interest from 15% to 24% p.a EIR
Aged from 21 years to 60 years old
Minimum monthly income of RM 2,000
From 1 year to 7 years tenure
RM 2,000 to RM 150,000 financing available.
Malaysian Citizens only

RHB Personal Financing-i for private is a shariah compliant personal loan from RHB bank  that is catered for private sector. The profit rate of this loan would depends very much on the amount being borrowed.

Amount Profit rate Max Borrowing Years
RM2,000 to RM10,000 13.47%   5 years
RM11,000 to RM50,000 11.74% 7 years
RM51,000 to RM 99,000 10.02%
RM 100,00 to RM 150,000 8.31%

Effective Interest Rates (EIR) may vary based on repayment period. As a rule of thumb,  You will get better rates with higher borrowing amount and longer tenure.

RHB Personal Financing-i requires no collateral and guarantor. You can borrow 3.5 times your salary if you annual income  is RM 18,000 to RM 30,000 or 5.5 times your salary if it exceeds RM 30,000 p.a.RHB Personal Financing-i comes with required Takaful insurance and express approval.  There is a RM 10 stamp duty charge and brokerage fee of RM 30 per application for the loan. This loan is Syariah compliant loan and is based on ‘Murabahah and Tawarruq’ concept. The lowest amount that you can borrow is RM 2,000 which is at RM 57.54 repayment per month.

Interest Rates

The interest rates one can enjoy starts from 15% p.a. to 24%p.a EIR.

Cost

There is a RM 30 brokerage fee while Stamp Duty is chargeable. Takaful insurance would be compulsory with the loan in the event of death for permanent disabilities.  GST of 6% is also applicable for any service charges.

Eligiblity

This loan is available to Malaysian Citizens that is 18 years while do not exceed retirement age at the end of loan tenure. This loan is also available to private sectors while the minimum salary required would be RM 24,000 yearly.

Benefits

This loan has no lock in period and early settlement fees if debtors want to settle the loan early. This is good if you expect a large sum of available money in near future, for example bonus,commission on sale.

Required Documents

Employed

  • Photocopy IC (both sides)
  • Most recent EPF statement
  • Most recent salary slip ( 3 months if your income is not fixed)

Self Employed

  • Photocopy IC (both sides)
  • Most recent 6 months bank statement
  • Latest income tax BE form
  • Business registration certificate or  Form 9, 24 ,49

 Repayment table

The repayment table for this loan is available below

rhb loan repayment table

*RHB Personal loan is not to be confused with RHB Easy Loan. These are 2 completely different products

 

Hong Leong Monday Exclusive Financing-i Promo

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Enjoy as low as 4% p.a interest with Monday exclusive personal loan promo. Interest applicants must apply from RM 100,000 up to RM 250,000 of financing.

How this works?

Customer would have to apply personal loan with Hong Leong Bank website on Monday between 1st and 14 February 2019. On average the interest charged would be at 8.00% p.a.  which translate to around 14.13% effective interest rates depending on the tenure of the loan.  One would have to apply from RM100,000 to RM 250,000 financing facility.

 

Rebate

Approved prospects would also enjoy a 50% rebate of their total interest if they paid their loan installments on time.

 

Above is the example of rebate that would be enjoyed by borrower for a sum of RM 100,000 and financing tenure of 5 years. This rebate period would start at the 8th months of the loan to 55th months of the loan. Qualified rebate borrowers will be notified by the bank on 6th month of their loan tenure based on the mailing address as submitted during the loan application process.

Hong Leong personal financing features a fast 48 hours approval. Application is open to Malaysia citizens between 21 an 60 years old according to loan tenure with no existing personal loan or hold more than 1 facilities with Hong Leong bank.  The minimum eligible monthly salary is RM 2,000. All installment would be rounded to the nearest RM5.

Charges

There is a 0.50% stamp study fees based on the loan amount.