In this video we talk about the best credit cards you can get in Malaysia in 2023.
In choosing this list, we consider the minimum income, cash back amounts, and restrictions on spending amounts, day of the week, and spending categories to rank our favourite credit cards in Malaysia.
Before we start, you should know that to use credit cards beneficially you must:
1. Always pay your credit card debt before its due
2. Spend within your means
If you can do both of those, you may benefit from these best credits in Malaysia (2023)
1. Maybank 2 Gold Cards
Minimum income RM2,500/month with 5% cash back capped at RM50/month.
The catch: you have spend on weekends with merchants that accept AMEX to get that cash back.
This credit card works for all spend except those to government bodies and utilities which is a shame.
We currently use it on petrol, groceries, dinners, phone bills, and shopping.
Apps like Shopee, Lazada, and grab all accept AMEX as payment methods too so we usually hold off on buying stuff till the weekend.
You do get some points if you use on the weekdays or if you use the other visa card, but the reward points you get from that are mediocre.
2. Affin Duo Visa Cash Back
Minimum income of just RM2,000/month with 3% cash back on any online spending, e-wallet reloads or auto-billing.
While it doesn’t give the same 5% as the Maybank AMEX and may not cover all purchases, there’s no restriction on when you can spend. Its also a visa card which means nearly all merchants should accept it
There isn’t a minimum spend to be applicable for the cash back which many other cards do,
Spending RM1.7k will be enough to get you that max cap of RM50 per month but even if you don’t you’ll still get that 3%
However, they’ve just announced that they will revise the cap down to RM30 starting in March but they’re keeping the same 3% with no min spend.
3. UOB One Visa Platinum
This looks like the best everyday card option at the moment with up to 10% cash back on petrol, dining, grocery, and Grab.
Their cash back structure is a bit more complex, with different rates depending on whether you hit the minimum spend.
This card doesn’t have a general cap that applies to all spend though, as they break it down and cap your cash back by category.
The min spend for this card is RM1,200 which is acceptable if it’s used as a main card.
The downside of this card is that you’ll need an income of at least RM4,000 per month to be eligible.
If you don’t earn that amount though, you can opt for the UOB One Visa Classic instead. You’d only need an income of RM2,000 per month for this and the perks are pretty much the same.
The only difference is that your max cap is a bit lower at RM10 per category instead of RM15 on the platinum card.
Special Mentions:
4. Maybank Islamic Ikhwan AMEX
This is for those of you who do a lot of online shopping as you can get an 8% cashback capped at RM50 per month.
A minimum income of about RM3,333/month is required.
Similar to the Maybank 2 Gold Cards though, this will be an AMEX card meaning the merchants you shop with have to accept it as a payment method.
The good news is from our experience, most online shopping platforms tend to accept AMEX anyway.
5. Maybank Grab Mastercard
If you use Grab’s services and e-wallet a lot this is a great credit card to get.
This is the only card on the list that doesn’t give cash back in the form of actual cash. Instead, you get Grab Rewards like you do whenever you spend on Grab.
Regardless of day of the week, you get 5 Grab Reward points for every RM1 spend on Grab, including e-wallet reloads.
We did some calculations on how much these points are worth when redeeming it for Grab vouchers.
Assuming you have GrabUnlimited which you should if you use Grab a lot in the first place, you can redeem an RM5 voucher for every 500 points you have.
To get 500 points, you’d need to spend RM100 on Grab which effectively means you get a 5% cash back rate.
On top of that you’d get more points when you actually use it to pay for stuff which will bring that cash back number up.
Let us know what are your favourite credit cards in Malaysia for 2023 in the comments!
Get more info on these credit cards:
Maybank 2 Cards – https://invol.co/clhbe3i
Affin Duo Visa – https://invol.co/clhbe4b
UOB One Visa Platinum – https://invol.co/clhbe4u
Maybank Islamic Ikhwan AMEX – https://invol.co/clgu9d9
Maybank Grab Mastercard – https://invol.co/clhbe5j
⌚ Timecodes:
00:00 – 5 Best Credit Cards in Malaysia (2023)
0:46 – Maybank 2 Cards
2:05 – Affin Duo Visa
3:19 – UOB One Visa Platinum
4:39 – Maybank Islamic Ikhwan AMEX
5:29 – Maybank Grab Mastercard
6:42 – What’s the best credit card in Malaysia?
Follow us on Instagram: https://www.instagram.com/themillennialfinance_
Disclaimers: https://themillennialfinance.com/disclaimers
Music: Bensound.com
#TheMillennialFinance