Best Credit Cards in Malaysia 2023
RinggitPlus brings you the latest deals, discounts and offers from your favourite credit cards so you can maximise savings.
Keep a tab on this section as it will be updated weekly.
Credit Card Promo Code and Discount in Malaysia 2023
Also read How to buy shares in Malaysia
| FOOD & DINING PROMOTION | |||
| Bank | Merchant | Promotion | Expiry Date |
| Affin Bank | Angsana Teluk Bahang Penang | 20% off Ala-Carte Menu, Angsana High-Tea, and Weekend Buffet (Exclude alcoholic drinks) | 15 Jun 2023 |
| AEON | Sarang Korean Street Food | 10% off (Minimum spend of RM20 on a single receipt) | 31 Dec 2022 |
| Alliance Bank | Wise Crafters | RM15 discount (No minimum spend) Promo code: Alliance15 | 31 Dec 2022 |
| AmBank | Backyard Pub | 30% off all food items (Menu Price) | 31 Jan 2023 |
| CIMB | RBG Bar & Grill | 15% off the total bill (Valid for dine-in and takeaway) | 31 Dec 2022 |
| Citibank | Bistro 160, Grand Millennium Kuala Lumpur | 33% off on a la carte menu | 31 Dec 2022 |
| HSBC | Bakebe MY | 10% off the total bill | 31 May 2023 |
| Hong Leong Bank | Buttery TTDI | 30% off the total bill (Minimum spend of RM50) | 14 Jun 2023 |
| Public Bank | Tony Roma’s | 20% discount on selected menu *Valid with Public Bank Mastercard credit cards | 28 Feb 2023 |
| UOB | Courtyard by Marriott, Penang | 15% off the total food bill | 31 Dec 2022 |
| ONLINE SHOPPING PROMOTION | |||
| Bank | Merchant | Promotion | Expiry Date |
| AEON | Sentuh | 10% off normal-priced services *Valid with AEON Visa Credit Cards only | 31 Mar 2023 |
| Affin Bank | Giffy & Co | RM15 OFF with a minimum spend of RM128 Promo code: GIFFYAFFIN15 RM25 OFF with a minimum spend of RM158 Promo code: GIFFYAFFIN25 | 30 Apr 2023 |
| Alliance Bank | Junandus Cake Shop | 12% off (Minimum spend RM80) Promo code: ALLIANCE2022 | 31 Dec 2022 |
| AmBank | Alwis & Xavier | 10% off (Minimum spend RM75) *AmBank Visa cards only Promo code: VISA10 | 31 Dec 2022 |
| CIMB | KLOOK | All users 5% off on all local activities 2% off on special activities Promo code: CIMBKLOOK5 New users RM15 off (Minimum spend RM100 on all local activities) Promo code: NEWCIMB15 | 31 Dec 2022 |
| HSBC | Bonia | 20% off *Selected normal-priced Items at participating stores and online Promo code: BNXHSBC20P | 31 Mar 2023 |
| Hong Leong Bank | The Good Stuff | Complimentary 1 Roku Gin (Minimum spend RM1,000 on alcohol bottles) Promo code: THEGOODHLB2022 | 31 Mar 2023 |
| Public Bank | Online Pasar | RM20 off & complimentary delivery (Minimum spend RM120) Promo code: PUBLICFD20 | 31 Dec 2022 |
| RHB | Beast Kingdom | 10% off normal-priced items Promo code: BK+first 6 digits of your RHB card number | 31 Dec 2022 |
| HOTEL & TRAVEL PROMOTION | |||
| Bank | Merchant | Promotion | Expiry Date |
| AEON | Agoda | Up to 9% off on hotel bookings with Mastercard only Book via agoda.com/mymastercard | 31 Dec 2022 |
| Affin Bank | Banyan Tree Kuala Lumpur | AFFIN INVIKTA & AVANCE cards 15% off Best Available Rate (include 2 breakfasts for 2 pax) Other AFFIN cards 10% off Best Available Rate (include 2 breakfasts for 2 pax) | 31 Dec 2022 |
| Alliance Bank | Dorsett Putrajaya | 20% off Best Available Rate for all room categories Promo code: DORSETTA2022 | 31 Dec 2022 |
| AmBank | Avani Sepang Goldcoast Resort | 20% off Best Flexible Room Rates Book via avanihotels.com/en/sepang | 31 Dec 2022 |
| CIMB | Expedia | 7% off hotel bookings worldwide Promo code: CIMBMY7 | 31 Dec 2022 |
| Citibank | The Chateau Spa & Wellness Resort | 15% off Best Flexible Rates | 31 Dec 2022 |
| HSBC | KLOOK | 12% off hotel bookings in Malaysia Promo code: HSBCHOTEL12 | 31 Dec 2022 |
| Hong Leong Bank | Hotels.com | 8% off first-room bookings Stay period: valid until 31 March 2023 | 31 Dec 2022 |
| Public Bank | AMES Hotel Melaka | 20% off (on the Best Available Rate for all rooms) 15% off (on food bill at The Munch & The Moon Bar) | 30 Nov 2023 |
| RHB | Swiss-Garden Beach Resort Kuantan | RM260 nett (2D/1N stay in a Deluxe Room for a single or double occupancy with two breakfasts) | 31 Dec 2022 |
| UOB | Agoda | 8% off worldwide hotel bookings (Capped at RM200 per booking with UOB Visa cards) Stay period: valid until 30 June 2023 | 31 Dec 2022 |
What is Credit Card?
A credit card is designed to meet various income levels, from the entry-level (sometimes referred to as Gold), mid-range (Platinum), and high-income (e.g. Infinite, Premier, Signature).
How does a credit card work?
Think of it like a fast loan that you can pay back when your salary kicks in. To understand more about how it works, let’s take a look at the basic features such as follows:
Annual fee
A credit card has a fee that is charged annually to the card members for the benefits that come with it.
Some of them don’t have an annual fee, whereas there are also cards with an annual fee waiver condition.
Typically, to get your credit card annual fee waived simply by making one transaction per month for 12 consecutive months, or meeting the card’s minimum spending required in a year.
Interest rate on purchases
This may not be theoretically correct, but banks charge interest on the outstanding amount as a penalty for borrowing their money and not repaying them on time.
Credit card interest rate, also known as Finance Charge, is usually charged on the outstanding balance amount when it is past due.
For example, if you have used up RM300 on your card and failed to settle it within the 20-day interest-free period, a Finance Charge of between 15% – 18% p.a. will be levied on that amount.
In Malaysia, there are 3 tiers of annual interest rates chargeable on the outstanding balance based on the cardholders’ repayment habits:
| Interest Rate | Descriptions |
| 15% p.a. (1.25% p.m.) | Tier 1: for cardholders with prompt payments for 12 consecutive months |
| 17% p.a. (1.42% p.m.) | Tier 2: for cardholders with prompt payments for 10 months or more in the last 12-month cycle |
| 18% p.a. (1.50% p.m.) | Tier 3: for cardholders with payments of less than 10 months in a 12-month cycle |
If you consistently pay your card bills in full and on time, then you don’t have to worry about interest rates at all.
Interest-free period
This is a grace period whereby you can enjoy zero interest on your outstanding balance.
This period starts from the date of issuance of your credit card statement until the statement’s due date.
Credit limit
This is the maximum amount that a lender can extend to you for a particular line of credit.
If you earn a monthly income of RM3,000 or less, the bank will usually set a credit limit of 2 times your salary.
For those earning more than RM36,000 per year, there is no limit to the credit that will be assigned to you.
You can also own multiple cards from multiple banks with varying credit limits.
Cash advance
A cash advance is a facility that allows you to withdraw money from your credit card through ATM much like a debit card.
Not to be confused with a cash loan facility whereby you can borrow a certain amount from your card and repay it in instalments, which is similar to an EPP.
A cash advance is subject to a cash withdrawal fee and interest rate of 18% p.a., which is calculated daily until you pay up the withdrawn amount in full.
Billing or statement cycle
Each credit card transaction you make will be posted on your credit card statement.
This statement, which itemises all your transaction histories for the past month, will arrive in your mailbox or inbox in the current month.
It is important to take note of the statement due date so that you will not be charged with unnecessary fees and charges on the outstanding balance.
Minimum monthly payment
In your statement cycle, you are allowed to make a partial repayment of your credit card bill to avoid being charged a late finance fee on the outstanding balance.
However, the remaining amount of your outstanding balance will still incur a finance charge.
The minimum monthly payment is usually 5% of the total outstanding balance, which must be settled before the statement’s due date.
How many types of credit cards are there in Malaysia?
There are 4 biggest card networks or card schemes in Malaysia: Visa, Mastercard, American Express and UnionPay.
They partnered with Malaysian banks to issue credit cards to consumers.
The banks then further categorised these cards to meet various consumers’ needs and spending habits by having features such as cashback, reward points and air miles.
Cashback: You get back a portion of the money you have spent in your account
Rewards: You earn loyalty points for every Ringgit spent, redeemable for products and services
Air Miles: You earn loyalty points for every Ringgit spent, redeemable at your frequent flyer programs
Normally, a credit card will have one of the features above.
Depending on the income band, it can have a combination of features such as cashback and rewards, or air miles and cashback.
What is the main requirement for a credit card application?
The major requirement is your minimum income. According to the BNM guidelines, the minimum income for a first-time applicant is RM24,000 annually. Banks will require proof of income to qualify you as a credit card holder.
Other than that, you must also have a valid identity card, employer letter of confirmation and other documents to support your application.
Not all banks have the same income requirement for the same card type.
For example, a Gold card by Bank A is offered to those with a monthly salary of RM3,000 and above, whereas Bank B opens to anyone earning a minimum of RM2,000 per month.
How many credit cards can I apply for?
There is no limit to the number of credit cards you can apply for from any bank, however, your chances of getting approved will depend on your income and other factors mentioned above.
BNM has stated that for those earning RM36,000 and less, you can own credit cards from a maximum of two different card issuers, with a credit limit capped at two times your monthly salary (but whether you get this amount depends on the banks you choose).
For anyone with a yearly income of RM36,000 and above, you can own as many credit cards as you want from multiple issuers.
What happens if I fail to repay my credit card on time?
If you miss your payment, a late payment fee will be charged to the outstanding balance.
Your outstanding balance will attract a finance charge of between 15% – 18% per annum which is compounded daily until you paid off the overdue amount.
Will my late payment affect my CCRIS Report?
For context, CCRIS is a central system that stores information about your credit history which is referenced by all banks when assessing your credit risk.
Unfortunately, a late payment habit can have a negative effect on your CCRIS (Central Credit Reference Information System) record.
Not to mention that you will also have a lower credit score that consequently reduces your chances of getting approved on your personal, car or home loan applications in the future.
How do I check my CCRIS report and can I get it online?
According to the Credit Bureau by BNM, you can make a request to obtain your personal CCRIS report online via the eCCRIS portal.
However, for business owners and deceased individuals, only authorised persons can make a request to the Credit Bureau for access to the credit report.
If you have yet to register as an eCCRIS user, you may go to the Credit Bureau’s website (creditbureau.bnm.gov.my/obtaining-your-credit-report), fill in the application form and submit it online via eLINK.
Alternatively, you may also get your credit report via any Credit Reporting Agency such as Experian, or visit the CCRIS kiosk at any AKPK branch near you.
Which credit card is the best for me?
At RinggitPlus, we have several categories that can cater to the unique needs of every Malaysian, such as:
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