Beef Cake How Does a Credit Card Work
RinggitPlus brings you the latest deals, discounts and offers from your favourite credit cards and so y'all can maximise on savings.
Keep a tab on this section as it volition exist updated weekly.
Credit Carte du jour Promo Code and Disbelieve in Malaysia 2022
[updated: one June 2022]
| Food & DINING PROMOTION | |||
| Bank | Merchant | Promotion | Expiry Engagement |
| Affin Banking company | The View Cafe, Best Western i-City Shah Alam | 15% off a la carte menu (excludes other promo items, cafe & alcoholic beverages) | 30 Jun 2022 |
| Alliance Bank | Horizon Grill | Get i complimentary main grade with purchase of 2 master courses (valid for Alliance Bank Visa credit cards simply) | thirty Jun 2022 |
| AmBank | Domino'south Pizza | Purchase 1 regular pizza, become complimentary sides & soft drinkable (Mastercard only) | sixteen Aug 2022 |
| BSN | Pampas Reserve | Order 2 master courses & enjoy next course for gratuitous (valid for BSN Visa Platinum credit carte du jour just) | thirty Jun 2022 |
| CIMB | Mandarin Oriental Kuala Lumpur | twenty% off food bill at: - AQUA Restaurant & Bar - Standard mandarin Grill - Mosaic - Lai Po Heen | thirty Jun 2022 |
| HSBC | Haagen Dazs | Offering I: Buy 1 Item from Creation Card in a single receipt on Every Midweek and Get fifty% OFF on 2d item at Haagen Dazs. Offering Two: Purchase Triple Scoops Water ice Cream in a unmarried receipt on Every Wednesday and Get a Complimentary Triple Scoops Ice Cream at Haagen Dazs. | 31 Oct 2022 |
| Hong Leong Bank | CheeseU | 20% off selected whole cakes | 30 Sep 2022 |
| Public Bank | Kind Kones | Buy iii pints, get ane costless (for in-store buy & Visa card holders merely) | 31 Dec 2022 |
| RHB | ILI POT | RM10 off (min. spend RM50) Promo lawmaking: RHBPOT10 | fourteen October 2022 |
| Standard Chartered | The Eating house, Iv Points by Sheraton Puchong | 20% off full nutrient bill | 30 Jun 2022 |
| UOB | Manuka Emporium | 10% off single bottle purchase Promo code: UOB10 15% off (min. spend RM350) xx% off (min. spend RM550) | thirty Jun 2022 |
| ONLINE SHOPPING PROMOTION | |||
| Bank | Merchant | Promotion | Decease Date |
| AEON | Zalora | RM15 off + 2% cashback (min. spend RM130) Promo code: ACYEAR22 | 31 December 2022 |
| Affin Bank | Happy Agglomeration | New user RM10 off (min. spend RM100) Promo code: HBAFFIN10 Existing user *applicable to Happy Bunch Flowers, Plants & Gift Boxes (may not apply to all collections) | 30 Jun 2022 |
| Alliance Bank | Eat Block Today | ten% off on all cakes Promo code: Alliance10 | 30 Jun 2022 |
| AmBank | Aldo Malaysia | 15% off on all normal-priced items Promo lawmaking: ALDOXAMB15 | 31 Aug 2022 |
| CIMB | Sephora | New customer 10% off (no min. spend) Promo codes: CIMB10NAPR CIMB10NMAY CIMB10NJUN Existing customer | 30 Jun 2022 |
| Citibank | KKday | All users 7% off for all KKday activities, staycations & attraction tickets Promo code: MYCITI7 New users RM20 off (min. spend RM150) | 31 Dec 2022 |
| RHB | Beast Kingdom | ten% off normal-priced items Promo code: BK+kickoff half dozen digits of your RHB card number | 31 Dec 2022 |
| UOB | Manuka Emporium | 10% off for any single bottle purchase Promo code: UOB10 15% off (min. spend RM350) twenty% off (min. spend RM550) | 30 Jun 2022 |
| HOTEL & TRAVEL PROMOTION | |||
| Depository financial institution | Merchant | Promotion | Expiry Appointment |
| AEON | Agoda | Up to 9% off on hotel bookings with Mastercard only Book via agoda.com/mymastercard | 31 Dec 2022 |
| Affin Bank | Best Western i-City, Shah Alam | Superior Room - RM130 nett Deluxe Room - RM180 nett i-Suite - RM230 nett Booking code: AFBW21 | 30 Jun 2022 |
| AmBank | Avani Sepang Goldcoast Resort | twenty% off Best Flexible Room Rates Volume via avanihotels.com/en/sepang | 31 Dec 2022 |
| CIMB | Expedia | 7% off hotel bookings worldwide Promo lawmaking: CIMBMY7 | 31 Dec 2022 |
| HSBC | KLOOK | 12% off hotel bookings in Malaysia Promo lawmaking: HSBCHOTEL12 | 31 Dec 2022 |
| Public Banking company | Rosa Malacca Hotel | RM180 nett (Lord's day - Thurs) RM260 nett (Fri & Sat) | xxx Nov 2022 |
What is a credit carte?
Information technology is a payment instrument that you can use to buy something instead of using cash.
In theory, when yous pay for something using a card, that amount is owed from the bank and need to be paid back.
A credit card is designed to run into various income levels, from the entry-level (sometimes referred to equally Gold), mid-range (Platinum), and loftier-income (e.g. Infinite, Premier, Signature).
How does a credit carte du jour work?
Think of it similar a fast loan that yous can pay back when your salary kicks in.
To empathize more on how information technology works, let's take a look at the basic features such as follows:
Annual fee
A credit card has a fee that is charged annually to the card members for the benefits that come up with it.
Some of them don't have an almanac fee, whereas there are also cards with an annual fee waiver status.
Typically, to get your credit carte annual fee waived is simply by making ane transaction per month for 12 sequent months, or meet the carte's minimum spending required in a twelvemonth.
Involvement rate on purchases
This may not exist theoretically correct, just banks charge interest on the outstanding amount every bit a penalty for borrowing their money and not repaying them on fourth dimension.
Credit carte du jour involvement charge per unit, besides known every bit Finance Charge, is usually charged on the outstanding balance amount when it is past due.
For example, if you have used up RM300 on your bill of fare and failed to settle it inside the twenty-twenty-four hour period interest-free period, a Finance Charge of betwixt 15% - xviii% p.a. will exist levied on that corporeality.
In Malaysia, there are three tiers of almanac interest rates chargeable on the outstanding residue based on the cardholders' repayment habit:
| Interest rate | Descriptions |
| fifteen% p.a. (one.25% p.1000.) | Tier ane: for cardholders with prompt payments for 12 sequent months |
| 17% p.a. (one.42% p.chiliad.) | Tier 2: for cardholders with prompt payments for 10 months or more in the last 12-month bike |
| 18% p.a. (1.50% p.m.) | Tier three: for cardholders with payments of less than ten months in a 12-month cycle |
If you consistently pay your bill of fare bills in full and on time, then you don't have to worry about involvement rates at all.
Involvement-gratuitous period
This is a grace menstruum whereby y'all tin enjoy zero interest on your outstanding balance.
This menstruation starts from the date of issuance of your credit carte argument until the statement due engagement.
Credit limit
This is the maximum amount that a lender can extend to yous for a detail line of credit.
If you earn a monthly income of RM3,000 or less, the depository financial institution will usually set a credit limit to two times your salary.
For those earning more than than RM36,000 per year, there is no limit to the credit that will be assigned to you.
Yous tin can also own multiple cards from multiple banks with varying credit limits.
Greenbacks accelerate
Greenbacks advance is a facility that allows you to withdraw coin from your credit card through ATM much similar a debit card.
Not to be confused with a cash loan facility whereby y'all tin can infringe a certain amount from your menu and repay it in instalments, which is similar to an EPP.
A cash advance is discipline to a cash withdrawal fee and interest charge per unit of 18% p.a., which is calculated daily until you pay upwards the withdrawn amount in full.
Billing or argument cycle
Each credit bill of fare transaction you make volition be posted in your credit bill of fare statement.
This statement, which itemises all your transaction histories for the past month, volition arrive at your mailbox or inbox in the current month.
It is important to accept note of the statement due date and then that y'all volition non be charged with unnecessary fees and charges on the outstanding residual.
Minimum monthly payment
In your argument cycle, you lot are allowed to make a partial repayment of your credit bill of fare pecker to avert being charged with a late finance fee on the outstanding balance.
Even so, the remaining amount of your outstanding rest volition still incur finance charge.
The minimum monthly payment is commonly at 5% of the total outstanding rest, which must be settled before the statement due appointment.
How many types of credit cards are there in Malaysia?
There are 4 biggest card networks or menu schemes in Malaysia: Visa, Mastercard, American Express and UnionPay.
They partnered with Malaysian banks to issue credit cards to consumers.
The banks then further categorised these cards to meet various consumers' needs and spending habits to having features such equally cashback, reward points and air miles.
Cashback: You get back a portion of money you take spent into your account
Rewards: You earn loyalty points for every Ringgit spent, redeemable for products and services
Air Miles: You earn loyalty points for every Ringgit spent, redeemable at your frequent flyer programs
Normally, a credit card volition have ane of the features above.
Depending on the income ring, it can have a combination of features such every bit cashback and rewards, or air miles and cashback.
What is the main requirement for credit card awarding?
The major requirement is your minimum income.
According to the BNM guidelines, the minimum income for a kickoff-fourth dimension bidder is RM24,000 annually.
Banks will require proof of income to authorize y'all as a credit menu holder.
Other than that, you must also have a valid identity carte du jour, employer letter of confirmation and other documents to support your awarding.
Non all banks accept the same income requirement for the same card blazon.
For example, a Golden card by Banking concern A is offered to those with a monthly salary of RM3,000 and to a higher place, whereas Banking company B opens to anyone earning a minimum of RM2,000 per month.
How many credit cards can I apply?
There is no limit to the number of credit cards you tin can apply from whatever bank, however, your chances of getting approved will depend on your income and other factors mentioned above.
BNM has stated that for those earning RM36,000 and less, you can ain credit cards from maximum two different menu issuers, with a credit limit capped at 2 times your monthly salary (only whether you get this amount depends on the banks you choose).
For anyone with a yearly income of RM36,000 and to a higher place, you can own as many credit cards yous want from multiple issuers.
What happens if I fail to repay my credit card on time?
If you lot miss your payment, a late payment fee will exist charged on the outstanding balance.
Your outstanding residual will attract a finance accuse of betwixt 15% - 18% per annum which is compounded daily until you paid off the overdue corporeality.
What is a CCRIS Report?
CCRIS is a primal system that stores information of your credit histories which is referenced past all banks when assessing your credit take a chance.
A late payment habit can accept a negative effect on your CCRIS (Cardinal Credit Reference Information Organisation) record.
Plus, yous will also have a lower credit score that consequently reduces your chances of getting approved on your personal, car or home loan applications in the future.
Continue reading to find out how y'all tin can go your hands on your own credit report online.
How to annals and become your CCRIS report online?
Co-ordinate to the Credit Agency by BNM, any individual can make a request to obtain your personal CCRIS written report online via eCCRIS portal.
Withal, for business owners and deceased individuals, only authorised persons can brand a request to the Credit Bureau for access to the credit report.
If you have nevertheless to register as an eCCRIS user, you may go to the Credit Bureau's website (creditbureau.bnm.gov.my/obtaining-your-credit-written report), fill in the application form and submit it online via eLINK.
Alternatively, you may also go your credit written report via any Credit Reporting Agencies such equally Experian, or visit the CCRIS kiosk at any AKPK branches near you.
Which credit carte is the best for me?
At RinggitPlus, we take several categories that can cater to the unique needs of every Malaysian, such equally:
- Sign Up Offers – For the lovers of free gifts. Utilise for a selected card, become approved past the banking company, activate information technology and and then merits your souvenir!
- No Annual Fee – Showtime twelvemonth complimentary? Costless for a lifetime? Free annual fee? You got it.
- Cashback – Get cash dorsum into your business relationship on every spend.
- Rewards – Collect reward points to redeem gratis gifts, vouchers and air miles.
- Petrol – Earn reward points, cashback or air miles with every fuel spend. Get discounts on motorcar washes, polishes, parts and accessories.
- Travel – Save on fuel spend, air ticket or travel insurance coverage.
- Islamic – For ethical spenders.
- Air Miles – For frequent flyers and travelers.
- Free Aerodrome Lounge Admission – For business frequent flyers.
- Online Shopping – For shopaholics who have a con-fashion (confession).
- Movie Promotions – For moving picture buff.
- Premium - For the VIPs and loftier cyberspace-worth individuals.
Listing of banks to employ for a credit menu online
There are 19 banks in Malaysia offering credit cards for various consumers with unique appetites that you tin can apply online for:
- Citibank
- HSBC
- Public Bank
- RHB
- Standard Chartered
- UOB
- AEON Credit Service
- Affin Bank
- Affin Islamic Bank
- Alliance Bank
- AmBank
- BSN
- Bank Islam
- Depository financial institution Rakyat
- CIMB
- Hong Leong Bank
- ICBC
- Maybank
- OCBC
Top 5 Credit Cards in Malaysia 2022
-
Citi Simplicity Mastercard®
-
Standard Chartered JustOne Platinum MasterCard
-
Public Bank Quantum Visa
-
CIMB due east Credit Carte
-
UOB YOLO Visa
Source: https://ringgitplus.com/en/credit-card/
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