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Frequently Asked Questions (FAQ)

It’s a payment card issued by a financial institution for the purpose of payment of goods and services. It is basically a small loan, because just like a home loan or personal loan, you are essentially borrowing cash from your card-issuer that must be paid back. In technical terms, what happens is that the card issuer opens a revolving account that grants the cardholder a line of credit that is used for payments on credit.

Instead of having to pay off your debts in full each month, a credit card account allows you to have a continuing amount of debt, subject to interest rate charges.

To put it in simple terms, if you pay off the outstanding balance on your statement by the end of the month, you will not be charged any interest. But if there is any outstanding debt, it will be carried over to the following month and an interest rate will be charged. The interest rate is variable and is generally more favourable towards people who pay off their outstanding credit card balance regularly.

In Malaysia, If you have an annual income of RM36,000 or less, you can have any number of cards from a maximum of 2 different card issuers.

If you have an annual income that is higher than RM36,000, this limitation does not apply to you.

There is a large variety of credit card types in Malaysia, each tailored to different lifestyles, spending habits, and purposes. The following categories represent the major types of credit cards that are available to the Malaysian public:

  • Cashback Credit Cards These cards provide a cash rebate on your purchases, which allows you to reduce your financial burden and shop with peace of mind. Different cards have different terms for when, where, and how much cashback you can get, so it pays to do your research.
  • Rewards Credit Cards This kind of card allows you to accumulate points as you make payments. These accumulated points can be exchanged for a wide variety of things - usually gifts and gadgets from your card issuer’s rewards programme. Some cards even let you trade your points for air miles, use your points like cash to pay for items, or even holiday trips!
  • Travel Credit Cards These cards allow you to accumulate points or airmiles for travel purposes, making them suitable for frequent travellers. Most travel cards also give you great complimentary travel insurance coverage, making them a great way to get the most out of your travels.
  • Petrol Credit Cards Malaysia has one of the highest car ownership rates in the world. Just about everyone has a car, and everyone who has a car needs petrol. Petrol cards help you by allowing you different petrol-related benefits such as cashback or discounts for petrol from specific companies such as Shell or Petronas, or points that allow you to earn rewards while you fill up your tank.
  • Islamic Credit Cards These cards are Syariah-compliant cards, free from Riba, thus they are suitable for proponents of the Muslim faith who have doubts about credit cards. Islamic cards have just as many benefits as conventional credit cards, with the added benefit of allowing pious Muslims to enjoying said benefits without having to compromise their faith.
  • No Annual Fee Credit Cards A self-explanatory category of credit cards – this kind of card is suitable for the cost-conscious, as the annual fee is either waived when you meet a minimum number of swipes per year, or the annual fee is free for life.
  • Premium Credit Cards As the name states, these cards are premium cards that are suitable for the elite. Although expensive, they offer a wide variety of rewards, exclusive privileges, and first class services that only the wealthy can enjoy.
  • Balance Transfer Credit Cards These cards have great balance transfer rates, so you can transfer an existing balance to a brand new card from a different card issuer and take advantage of the lower rate to save on interest costs. You will need to pay a one-time fee to complete the balance transfer, but you stand to save money in the long run, making this type of card a great debt management tool for those who want to tigten their finances.
  • Promo Credit Cards These cards come with amazing offers and free gifts that will surely have you smiling from ear to ear. Check out Loanstreet’s Promo Card Page to find out which cards have great promos waiting for you now!

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 for us to check your eligibility, after which we will submit your application to the banks. From then on you will deal with the banks until your application is approved and your credit card is received.

The documents that you need to provide differ depending on whether you are an employee or self-employed.

Employees require:

  • A photocopy of both sides of your MyKad
  • Your payslips and bank statements from the last 3 months, OR your EPF statements for the last 3 months.

Self-employed people require:

  • A photocopy of both sides of your MyKad
  • The latest Borang B /BE with LHDN Acknowledgement

A primary card possesses a credit limit, but a supplementary card does not possess its own limit. Instead, the supplementary card shares the same credit limit as the primary card. The primary cardholder can set specific limits for specific supplementary cards. Supplementary cards also generally have lower annual fees, and often even come free together with a primary card.

Besides the above, supplementary cards share the same features as the primary card.

Visa and MasterCard have different credit card lines/tiers


  • Visa has two tiers of cards, namely Visa Regular credit cards and Visa Signature credit cards. Visa Regular cards come with extended purchase warranties, reward programmes, and various Visa-exclusive discounts and offers at participating establishments.
  • Visa Signature cards have all the perks of a Visa Regular card with the added luxury of exclusive dining and retail privileges, travel protection, frequent flyer programmes, and access to the best golf clubs and restaurants in the world.


  • MasterCard has three tiers of cards: the base level MasterCard, the World MasterCard, and the World Elite MasterCard.
  • The base level MasterCard has equivalent benefits to the Visa Regular Credit Card.
  • The World MasterCard and World Elite MasterCard are similar to the Visa Signature line of cards.