Compare Petrol Credit Cards in Malaysia 2024

A petrol credit card allows you to gain several benefits by using your card on specific or preferred petrol companies. You would be able to gain benefits such as cashback or reward points, all depending on the type of benefits you would prefer. Compare the types of petrol credit cards available and read the terms and conditions before applying.

When you use a petrol credit card to pay for your fuel, you may either get cashback or reward points depending on your respective card. For example, your credit card offers a 10% cashback when you spend RM2,500 monthly on petrol, you would thus receive a cashback of RM250 and have a total expense of RM2,250.

Yes, there are some limitations and requirements to obtain these benefits depending on the bank, such as:

Cashback

• may require you to spend a certain amount to obtain the cashback
• may require you to pay a minimum, partial or full amount of your credit card bill (eg. if your credit card bill is RM1,000, you will have to pay a minimum amount of RM300 for your bill before being eligible for a cashback)
• can only receive a certain amount of cashback every month (eg. maximum cashback of RM80 per month)
• can receive cashbacks for spending on petrol on certain days (eg. weekdays / weekends / only on Sundays)
• can only receive cashbacks on specific petrol companies (eg. local or overseas petrol brands)
• may require you to have a specific statement balance (eg. statement balance of RM3,000 and above) before being eligible

Reward Points

• may have higher reward points with different petrol companies (eg. 1 CARz point for every RM1 spent on local brands and 2 CARz point for every RM1 spent on overseas brands)
• may expire after a specific number of years (eg. rewards points expire after 2 years)

To have more information on the benefits, make sure to read the fine print on the terms and conditions provided by the banks.

You are able to check your benefits through your monthly statements by online/mobile banking, email or mail. Alternatively, you can call or visit the issuing bank to get the information.

You can either call the bank for a redemption or fill out a redemption form then fax or mail it to your respective bank. Alternatively, you can also apply online. Some backs even allow you to redeem your rewards through SMS.

It’s as simple as filling up an application form and submitting the relevant personal documents. On Loanstreet, just press apply and fill in your details. You will receive a phone call from us within 1 working day in order to check your eligibility, after which we will submit your application to the banks. You will then deal with the banks directly until your application is approved and your credit card is received.

• Ensure that you have sufficient income to repay your balance and the income declared in the application is solely yours.
• You could also have a guarantor who has a good credit history to cosign the application, for example, your parents, to be able to get a preferred interest rate.

Employed

• Latest Month Payslip and/or
• Latest EA Statement and/or
• EPF Statement and/or
• Employment Letter / Employer Confirmation

Self-Employed

• Latest 1 year Tax Returns / Tax Receipts
• Latest 6 months company CASA statement (for company directors)

However, do check with your respective bank on what documents you will need, as some banks will require extra documents.

Every card issuer has a different processing time to approve your application. However, it usually takes 7-10 days to receive your card, either by mail or collection at the bank. To make the processing time faster and more efficient, be sure to submit all the relevant documents with the correct details required by the card issuer.

You must contact your respective bank immediately and request to block your card. If you do not report it as soon as possible, you may be liable for the charges made to your card. The hotline services are available 24 hours for this issue. Besides that, you should also report to the police to protect yourself from any unauthorised usage.