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Apply For Credit Cards in Malaysia

By: EconomyWatch Content Date: 2 February 2010

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The Malaysian government has placed strict laws for credit card approval process to avoid economic crisis. To apply for a credit card in Malaysia, an individual should have a regular source of income, possess identity proof, residence proof and good to excellent credit ratings. Everyone over the age of 18 and can fulfill the above criteria are eligible for a credit card.

Apply For Credit Cards in Malaysia: What to Consider

The Malaysian government has placed strict laws for credit card approval process to avoid economic crisis. To apply for a credit card in Malaysia, an individual should have a regular source of income, possess identity proof, residence proof and good to excellent credit ratings. Everyone over the age of 18 and can fulfill the above criteria are eligible for a credit card.

Before applying for a credit card in Malaysia, one should consider the following essential facts:

Understand your credit needs: Every person has specific financial requirements. Considering this fact, credit card companies have a range of products to fulfill distinct credit needs. For example, a person who owns a car or bike can opt for a fuel surcharge waiver credit card, while a person who travels often can choose an airline affinity card.

Eligibility criteria: Credit cards have specific eligibility requirements in terms of income, age and credit ratings. One should check the minimum criteria for a card before applying for it.

Fees and interest rates: Always compare similar credit card products for interest rates, balance transfer charges, cash advance and other related fees.

Reward program: With so many reward programs in the market, it is difficult to make a choice. Evaluate each program based on personal spending patterns to choose the most suitable one.

Miscellaneous benefits: This includes add-on benefits, such as medical insurance, liability protection and travel insurance. Credit card issuers offer different add-on benefits.

Apply For Credit Cards in Malaysia Online

There are three methods to apply for a credit card in Malaysia online:

Bank website: Almost all Malaysian banks have individual websites. The websites offer detailed knowledge about credit card products and allow online application.
Service Provider portals: One can visit national portals of MasterCard, Visa Inc and American Express to apply for a credit card. These portals contain information about associated banks, credit card products and eligibility criteria. One can choose to apply for a specific product available from a particular associate Malaysian bank.
Dedicated websites: There are several dedicated websites that allow users to compare and apply for credit cards.

Alternatively, one can visit the nearest bank branch to apply for a credit card in Malaysia.

Here are the top 10 Malaysia Credit Cards According to EconomyWatch Users: