"Swipe it on the card!"
That’s a phrase you often hear uttered, and it could spell the beginning of a financial disaster. Credit card debt alone made up 5% of bankruptcy cases in Malaysia in 2012!
Chances are, you have at least two in your wallet as
you are reading this. The plastic isn't all bad, let's find
out more about Malaysians and their credit cards.
How many cards do Malaysians hold?
So, what do Malaysians
charge on their credit card?
AVERAGE
MONTHLY SPEND
PER CARD
MONTHLY SPEND
PER CARD
RM 922.8
RM 827.5
DOMESTIC SPEND
DOMESTIC SPEND
RM 922.8
INTERNATIONAL SPEND
INTERNATIONAL SPEND
How do Malaysians pay for dining, shopping & entertainment?
That’s how other Malaysians use their cards but what about you?
How do you pick
your next credit card?
Know your plastic before you get it!
There is a lot to learn about the little and unassuming card in your wallet,
and it might even seem daunting at times. But with just a little know-how
and some tips from us, you will be able to use it to your advantage.
Step 1:
Familiarise yourself
with credit cards
Types of credit cards
CASH BACK
Gives you $ back
when you spend
PETROL
Gives you petrol / fuel
discounts
REWARDS
Gives you points when
you spend that can be
redeemed for items
TRAVEL
Gives you travel
discounts / air miles
when you spend
Other types of credit cards
PREMIUM
Premium privileges e.g. dining, golf, lounge access.
SPECIALITY
Music, sports,
lifestyle & more
Premium and specialty cards can come with cash back
or rewards privileges, as well as petrol and travel perks too.
Step 2:
Match your card
to your lifestyle
Choosing a credit card used to be simple, with
basic categories like cash back or reward points.
However, today you get to choose from a myriad of cards from travel cards to petrol cards.
To find out which is the right card for you, ask yourself the right questions.
To find out which is the right card for you, ask yourself the right questions.
Step 3:
Identify what to look out for
in a credit card
Interest rates
If rates are what you're all
about then make sure you
get one with the lowest rate!
Credit limit,
charges and fees
Always check the credit limits,
annual fees and late charges
to see if they suit you. These
can come back to bite you if
you're not careful!
Rewards,
cash back and points
Pick the type that suits you
best, don't take points if you're
too lazy to redeem them!
But all this just scratches the surface of that plastic!
Learn more about:
Anatomy of a credit
card transaction
card transaction
Cash-saving
credit card hacks
credit card hacks
Tips to minimise
credit card fees
credit card fees
Avoiding and
dealing with debt
dealing with debt
