Compare Rewards Credit Cards in Malaysia 2024

Rewards credit cards are cards that gives part of your spending back to you in the form of reward points.

When you use your rewards credit card to make purchases, you will get reward points in proportion to the amount you have spent. For example, if the bank offers a credit card that gives 5 reward points for every RM1 spent, then you will get 50 rewards points if you spend RM10. The higher the amount you spend, the higher the rewards points you accumulate.

You can get different kinds of gifts and vouchers depending on what your card issuer offers. Check the rewards catalogue from your bank either through their website or by visiting the bank.

Besides that, you can convert your reward points into air miles which allows you to save on the cost of travelling.

You can check your accumulated rewards points by logging in to your account through online/mobile banking. You could also give your bank a call or visit the bank to find out more information.

Yes, there are limitations and requirements for you to obtain the rewards points, such as:

• may require you to spend at certain places (eg. local or overseas merchants)
• may require you to spend on certain goods and services
• can only receive rewards points if you spend on specific days
• may have a minimum amount set before you can redeem
• some rewards points have no expiration date whereas some rewards points will expire after 3 years, so it’s good practice to check what are the restrictions (if any)
• may have a maximum amount of rewards points you can collect

It all depends on the card issuer so do clarify with the bank and read the terms and conditions before applying.

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.

Most banks will deduct points in order to facilitate the process of redeeming your rewards points.

• You can earn more rewards points by increasing your spend on the goods and services that is in line with your card’s policies. For example, your card offers higher rewards points if you spend it on groceries and petrol, therefore you should spend more on those categories accordingly.
• Some cards offer special rewards bonuses when you purchase a specific good or service.
• Make sure to choose your credit wisely by choosing a card that fits your needs to maximise your rewards points.

When you return a product you have purchased, the rewards points associated with that product will be lost as well. Credit card issuers have policies where in the event of a refund, they will have to deduct your previously earned rewards.

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.