Free Credit Cards in Malaysia
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Free credit cards in Malaysia are highly popular among consumers. Free credit cards are called so because they are available free of cost without introduction fee or annual charges. Mostly, standard, gold and platinum cards are available as free credit card Malaysia. However, titanium range or special privilege cards attract heavy annual charges.
Free credit cards in Malaysia are highly popular among consumers. Free credit cards are called so because they are available free of cost without introduction fee or annual charges. Mostly, standard, gold and platinum cards are available as free credit card Malaysia. However, titanium range or special privilege cards attract heavy annual charges.
Table of Contents
Why Banks Offer Free Credit Cards in Malaysia
Most of the banks offer free credit card Malaysia to all eligible customers. For banks, the credit card business is highly lucrative. They can make easy money by charging interest rate as high as 25% on the credit card outstanding. This is almost three times of the standard lending rate and almost five times the interest rate on capital investment. However, they run the risk of bad credit or unsettled amount which can add up to the losses in the financial statement. Banks generate profits from credit card holders who prefer to sustain favorable credit report as a borrower.
Types of Free Credit Card Plans in Malaysia
Mostly, a free credit card Malaysia comes with certain terms and conditions, such as:
- Annual fee waiver for the first 12 months.
- A minimum number of swipes in the first year to enjoy annual fee waiver for the subsequent year.
- A minimum amount of transactions through credit card in a given period of time to enjoy an extended no fee period.
- Annual fee on the standard credit card while no annual usage charges for add-on cards.
Some of the popular credit cards with no annual charges are:
- Discover More Card
- Capital One No Hassle Cash Rewards
- American Express Blue Cash card
- Capital One Venture One card
- Blue from American Express
- Simmons First Visa Platinum
Read the fine print and check the details of the credit card thoroughly before you sign up.
Features of Free Credit Cards Malaysia
The standard features of free credit card Malaysia differ among banks and service providers. However, some of the common characteristics include:
- Cash advance and balance transfer facility
- Rewards – travel, cash back, air miles and redeemable points Interest free period for up to 52 days.
- Online shopping facility.
- Emergency card replacement.
Browse Malaysia Credit Cards on EconomyWatch.com
