Best Credit Card Malaysia 2016

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Are you currently looking for a new credit card or planning to get another credit card but you are having difficulties in deciding which one to choose? Local and international banks in Malaysia offer different types of credit cards and each and every credit card comes with unique privileges benefits. As the credit card industry is very competitive these days, these banks do their best to entice potential customers with benefits and privileges like loyalty points, air miles, cash back or cash rebate, free petrol, free unlimited access to different airport lounges, priority queuing during check-in at airports, exclusive discounts on hotels and many more. Without further ado, below are the list of the best credit cards in Malaysia for 2016.

Citibank Cash Back Premium

  • 5% cash rebate when you spend a minimum of RM400 in filling up your petrol and the cash rebate is capped at RM20 on a monthly basis
  • 2% cash rebate when you spend a minimum of RM3,000 in shopping for your groceries and the cash rebate is capped at RM60 on a monthly basis
  • 2% cash rebate on your mobile phone bills and the cash rebate is capped at RM30 on a monthly basis
  • 0.2% cash rebate on your other transactions on a daily basis and the cash rebate is capped at RM30 per month
  • It also offers discounts and rewards on health-related products such as hospital room rates and executive screening

UOB One Classic

  • Up to 5% cash back on daily basis on entertainment, groceries, shopping, utilities and petrol
  • 2% cash back is offered on weekdays for petrol and entertainment and 5% cash back is offered on weekends
  • 1% cash back is offered on weekdays for utilities and groceries and 2% cash back is offered on weekends
  • 0.2% cash back is offered on other transactions regardless if it is on weekdays or weekends
  • You can only spend a maximum amount of RM300 on petrol, RM200 per month on mobile bills and RM1,000 per month on groceries
  • Other transactions have unlimited purchase amount
  • You are also given 1 SMART$ rebate point for every RM1 you spend at UOB SMART$ merchants such as BHPetrol, Parkroyal KL, Golden Screen Cinemas, Timberland and My Diamond

HSBC Amanah MPower Platinum Credit Card-i

  • Up to 8% cash back when you spend a minimum of RM2,001 in shopping for your groceries and filling up your petrol
  • 2% cash back for transactions that are below RM2,001
  • 0.2% cash back on other transactions
  • The cash back for groceries and petrol are capped at RM50 on a monthly basis
  • There is no cap on the 0.2% cash back on other transactions

 

Standard Chartered WorldMiles MasterCard

 

  • The cardholder will earn 1 WorldMiles Point on every RM3 they spent locally and 3 WorldMiles Point on every RM2 they spent overseas
  • You can enjoy personalized assistance like customizing your travel itineraries, getting unlimited access for free to selected Plaza Premium Lounges, having insurance protection from emergency medical evacuation to loss of baggage coverage
  • You can also enjoy unlimited access to selected airport lounges, being chauffeured home from Kuala Lumpur International Airport (KLIA) for free of charge and converting your air miles for free flights

AmBank Visa Infinite

  • This card is suitable if you are a frequent flyer
  • You will be rewarded 5 AmBonus points for every RM1 you spent on shopping and dining overseas
  • You can also convert your 5,500 AmBonus points into 1,000 MAS Enrich Points, Singapore Airlines KrisFlyer Miles points and Cathay Pacific Asia Miles points
  • You get an additional 24% discount when using Immigration Fast-Track service at 280 selected international airports and complimentary access to Plaza Premium Lounges located in 17 selected international airports
  • To be eligible for that discount, simply swipe your card for 3 times overseas within the same month
  • You will also be given a complimentary Hilton Premium Club Membership card that allows you to enjoy 50% discount on dining and 20% discount on Hilton Hotels best available room rates when you spend a minimum of RM30,000 per year
  • You can purchase Travel Insurance Coverage that is up to RM2 Million and Purchase Protection Plan coverage that is up to RM50,000 for 30 days from the date of purchase
  • This card has no annual fee and it is free for life but you need a minimum income of RM12,500 per month

AmBank CARz Platinum Card

  • You can enjoy 5% cash back on petrol and it is capped at RM80 on a monthly basis if you make partial monthly repayments
  • You can enjoy 2% cash back on petrol and it is capped at RM20 on a monthly basis if you make full monthly repayments
  • You will also get 1 CARz point for every RM1 that you spent on shopping, dining, groceries and entertainment
  • This card has no annual fee and it is free for life but you need a minimum income of RM5,000 per month
 

RHB Home Loan

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RHB Housing Loan

For years now, RHB has been known to provide home loans in Malaysia. This is a bank which offers home loans at very competitive rates which includes flexibility of loan payments and also loan tenure. It doesn’t matter whether you are looking to buy a new home or an old one, RHB is one of the banks worth considering. RHB is currently in 9 countries in South-East Asia and it is also a merger between four banks which are, Kwong Yik Bank Berhad, Sime Bank Berhad, Bank Utama Berhad and DCB Bank. RHB is without doubt one of the most preferred banks among the people in Malaysia because of its varieties of banking and financial services like premier banking, investment banking, loans, asset management, credit cards and Islamic banking.

 

Do you qualify for a RHB Bank housing loan?

If you want to qualify for the RHB housing loan, you would have to meet the age requirement that has been set by RHB Bank whereby you need to be at least 21 years old and above and you also cannot be more than 70 years of age. You have to be employed or self-employed and you must meet the minimum required salary in order to be qualified for the home loan.

 

Just how much can you really borrow?

The first thing that you would need to know is that RHB Bank has given you a maximum instalment limit of up to 50% of your income to service the loan. The loan is provided could also reach up to a 90% of the property but that is not all as you also get an additional 5% Mortgage Reducing Term Assurance (MRTA) . Do keep in mind that if you have any other instalments from other existing loans, it will make it a little harder to qualify for the full loan.

 

How do I improve my chances on getting a loan for that dream house I have always wanted?

When it comes to applying for loans, being married is always a plus point. You will have the choice of being able to make your spouse a co-applicant and her income will be added to your eligibility when applying for the loan. If all else fails is that you could also add your parents as co-applicants and the same privileges apply. Of course, you could always choose a longer tenure loan up to 35 years which would reduce your monthly repayments and increase your chances of getting the loan.

 

2 Types of loans available

My1 Flexi Home Loan

The My1 Flexi Home Loan comes with the flexibility whereby you can withdraw or even deposit any amount of cash into your account when it is required. You would have to pay a small fee each time you use the redraw feature however this loan comes with no processing fee. The interest rate is flexible and it depends on factors such as your credit history and annual income. The loan tenure ranges between 5 – 35 years or before you reach 70 years of age. This is depending on whichever comes first. The best part of all is you can get a total loan amount of up to 90% of the property value and all Malaysians and Non-Malaysian aged between 21-70 years of age are eligible for this loan.

My1 First Home Loan

If you are about to purchase your first home, then think no more as this loan would be just perfect for you. The beauty about this loan package is that it comes with a full 100% margin of finance and is in line with Malaysian Government. Being young isn’t going to stop you from having your own home now with an offer like this. The interest rate is flexible and it depends on factors such as your credit history and annual income. The loan tenure ranges between 5 – 35 years or before you reach 65 years of age. The crazy thing about this loan is that you can get a total loan amount of up to 100% of the property value. Only Malaysians aged between 21 and 35 are eligible for this loan here and they also have to be a permanent employee with more than 6 months with the current employer. The properties which you will be eligible to purchase with this loan range between RM 100,000 – RM 500,000.

 

The Conclusion

Both home loans offer great advantages in their own ways. Do your homework and be sure about what both loans offer and which repayment scheme would suit you best.  If you are a first time home buyer then think no more as the My1 First Home Loan offers a better bargain for what your money is worth.

 

 

OCBC Al-Almin Cash Financing promo

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OCBC is giving you the chance to win cash plus a 5 star holiday trip if you apply for OCBC Al-Almin Cash Financing-I. The prizes includes a pair of Airasia flight vouchers to Kota Kinabalu, 3 days 2 night stay at Hyat Regency. Ground arrangements also comes with bundled trip to Kinabalu Park Hot Spring, Mari Mari Cultural Village and Sapi island trip.

There are total for 4 couple prizes to be won. This offer is only valid from 18 October to 16 November. So hurry up and apply for it today.