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Which Is the Best Petrol Credit Card for Malaysians?

Updated 19 Oct 2018 – By Nisya Aziz


A local daily recently reported that the petrol subsidies for consumer fuel prices will be removed next year in favour of targeted monthly assistance for qualified recipients.

In a statement, Finance Minister Lim Guan Eng shared, "The government will provide fuel subsidies at a suitable rate every month to qualified groups using motorcycles 125cc and below, as well as cars 1300cc and below. A suitable quota will be set as well. A detailed mechanism is being studied and will be announced when decided."

So, what about those who aren’t qualified? We’re pretty sure they want to save some moolah too. If you don’t belong to the said group, one way to reduce your petrol cost is by using a credit card that fits your needs.

Before we begin, we want to describe two terms that will be used in this article:

  • Cashback rate: The total amount to be refunded from your expenses. For example, with a cashback of 5%, you will get RM5 if you spent RM100 on petrol per month.
  • Monthly cap: Limit for the money returned. Let’s say your card offers a 5% refund rate. When you use RM1500 on petrol, the amount you should be getting back is RM75. But since the monthly limit is RM50, you’ll not be getting more than that.

Now, let's start with our best petrol credit card options…

 

1. Citi Cash Back Card

Cashback 5%
Monthly cap RM 15
Term Tiada

Among the many cards listed here, Citi Cash Back Card offers the easiest terms ever. You will be able to get cash back no matter which petrol station and the type of petrol. Although the monthly limit for this card is the lowest compared to the other cards, it may be most suitable for most Malaysians. This is because you have to spend at least RM300 on petrol to get the minimum RM15 cashback. And most of us (if not all), are already spending more than that amount.

Other than that, you can also get cashback for other things like groceries, medicines, and telephone bills.

For more information, click here.

 

2. AEON BiG Visa Gold Card

Cashback 5%
Monthly cap RM 25
Term
Valid during weekends only
 

Apart from petrol, AEON BiG Visa Gold Card also offers:

  • 5% cashback when you payWave at AEON supermarket, with a monthly limit of RM25
  • 2% cashback when you pay online, with a monthly limit of RM25
  • 5% cashback when shopping at AEON BiG Thank You Day (every 28th of the month), with a monthly limit of RM 100

If you really plan your expenses, you can get more cashback than any other card on this list. This card is suitable to those who always drives to AEON to buy essential items - even better, just move next to AEON.

For more information, click here.

 

3. CIMB Petronas MasterCard

Cashback 3%
Monthly cap RM 50
Term
Statement balance RM 3000 and above
Cashback 7%
Monthly cap RM 50
Term Statement balance RM 3000 and below

This card offers the highest cashback rate in the list which is at 7% provided that statement balance is more than RM3000. In other words, you have to use at least RM3000 with a credit card in a month. Yes, this is a very ‘atas’ card.

And, just like the name, you will only be able to get cashback if you spend at Petronas station.

For more information, click here.

 

4. AmBank CARz Gold Visa Card

Cashback 3%
Monthly cap RM 50
Term
Pay at least a minimum amount of the credit card bill
Cashback 2%
Monthly cap RM 20
Term Pay the full amount of the credit card bill

Okay, the conditions imposed by AmBank CARz Gold Visa Card are quite complex. You can get more cashback and higher limits if you do not pay for the credit bill. But, keep in mind that any balance left on the credit card will still be charged interest (for this card, the interest rate is 15%, which is quite standard).

For more information, click here.

 

5. AmBank CARz Platinum MasterCard

Cashback 5%
Monthly cap RM 80
Term Pay at least a minimum amount of the credit card bill
Cashback 2%
Monthly cap RM 20
Term

Pay the full amount of the credit card bill
 

This credit card is similar to the previous credit card, it’s just that Gold turns to Platinum. The monthly limits for AmBank CARz Platinum MasterCard are higher. Here’s the trick: the minimum wage for applying is higher too - RM5,000/ month.

For more information, click here.

 

6. Maybank Islamic MasterCard Ikhwan Gold Card

Cash back 5%
Monthly cap RM 50
Term Valid on Friday and Saturday only

Apart from cashback for petrol, Maybank Islamic MasterCard Ikhwan Gold Card also offers a lucky draw to go for ‘umrah’ - a minor pilgrimage to Mecca.

Not only that, the bank will donate 0.1% of your expenses to Islamic Aid Malaysia, MERCY Malaysia, and Islamic Relief Malaysia. So even if you do not spend extra money, you can still give back to the community.

For more information, click here.

 

Which petrol credit card is better for you?

As you can see, there’s no such thing as one-card-fits-all. What may be ‘best’ for you may not be the best for others. It all depends on what you’re using it for. Here’s an example for this case: If you own a Perodua, maybe a RM15 limit would be enough. However, if you’re using a fighter jet to commute, then maybe you want a credit card with a higher limit and better cashback offer.

Whatever it is, just make sure you use your credit card wisely. When possible, pay off all balances before the set date (you can check this with the respective account or call the bank directly). Don’t be a credit card defaulter as you’ll end up paying more than you should. Let's assume you have a balance of RM1000 and the credit card interest rate is 15%, this means that you have to pay more than RM150 for that month! Why give yourself that unnecessary stress?

Anyway, we hope you can make a comparison, choose the right credit card, and spend wisely! Visit Loanstreet for a comprehensive petrol credit card list.
 

 

 

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