01 May 2016

How to choose a Basic Credit Card that suits you Best ?

Choosing a credit card shouldn’t be a hard task. However, with hundreds of credit cards available in the market, it can become very complicated. There are several things that you should take into account while choosing a credit card, what kind of credit card user am I? Will I only use it occasionally? Do I prefer a low annual fee and low interest rate?

Considering that everyone would like to spend the lowest amount possible on a credit card, we’ll provide you some help with choosing a basic credit card. As only 6% of all credit cards available in Malaysia are considered basic credit cards, it can be very hard to find these on your own.

Below you’ll find a list of the 5 best basic credit cards available:-

  1. Maybank – 2 Gold Card

    Maybank’s 2 Gold Card has a minimum monthly required income of RM 2,500 and a relatively low interest rate of 8.88%. Furthermore, with this card you are able to benefit from rewards, for each Ringgit spent on retail and overseas you’ll receive 5 points. For each Ringgit spent on petrol and online flight purchases, you’ll earn 1 point. These points can be exchanged into Air Miles, 4.77 points can be exchanged for 1 Enrich Mile, 1 KrisFlyer Mile or 1 Asia Mile.

  2. BSN Classic Card

    With also a relatively low interest rate of 13.5%, BSN’s Classic Card is part of the basic credit card category. With this card you can also benefit from earning rewards, for each Ringgit spent on retail and petrol you’ll receive 1 point and for each Ringgit spent overseas you’ll receive 2 points. Furthermore, you can exchange these points for Air Miles, 5.5 points can be exchanged for 1 Enrich Mile.

  3. Hong Leong – I’m Card

    Hong Leong’s I’m Card is also a basic credit card with an interest rate of 15%. To become eligible for this credit card, you have to earn at least a monthly income of RM 2,000.

  4. Citi Bank – Choice Card

    Citi Bank’s Choice Card has an interest rate of 15%, and you are eligible to acquire this card if you receive a monthly income of at least RM 2,000. Furthermore, you’ll receive benefits while using this card, namely, for each Ringgit spent on petrol and retail you’ll receive 1 point. These earned points can be exchanged into Air Miles, 6.5 points can be can be converted into 1 Asia Mile, 7 points can be converted into 1 KrisFlyer Mile, and 8.5 points can be converted into 1 Enrich Mile.

  5. Maybank – Ikhwan Gold Card

    Maybank’s Ikhwan Gold Card is also one of the best basic credit cards available with an interest rate of 15%. You are eligible for this credit card if you earn a monthly income of at least RM 2,500. Furthermore, you are able to benefit from rewards with this card, you’ll receive 1 point for each Ringgit spent on retail, petrol and overseas. Also, you’ll get 5% cashback on spending in selected grocery outlets.

Credit cards have to meet the following criteria in order to be considered a basic credit card: it has to be available to anyone; it shouldn’t have any annual fee; the minimum monthly required income should not exceed RM2,500. You should always keep these criteria in mind when you compare credit cards in Malaysia.

CompareHero.my is aiming to broaden the financial knowledge in Malaysia and to give help in order to Malaysians make wiser and solid financial choices in life.


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