Best credit cards in Malaysia 2024

Finding the best credit card can be subjective, as everyone has unique spending needs. A great credit card for one person might not be suitable for another. This is because credit card products in the market are designed to cater to various needs, such as travel, cashback, credit facilities, and more. Additionally, customer value propositions can change over time, which means the ranking of the best credit cards may also change. In this article, we present our top 10 picks for the best credit cards in Malaysia for 2024, hoping to help you find the card that best fits your spending habits.

How We Select

We selected these credit cards based on multiple criteria that we believe contribute to making them excellent choices. Credit cards are often designed to meet customers' payment behaviors and needs.

1.    Affordability: Most credit cards come with annual fees that cardholders must pay at the beginning of the year. While some banks or issuers offer annual fee waivers if customers meet certain spending criteria, lifetime zero-annual-fee cards remain popular. Another aspect of affordability is the income requirement for cardholders. Some cards require an annual income of over 100,000 Ringgit, making them inaccessible to everyone.

2.    Spending Behaviors: At Duithub, we emphasize the importance of spending behaviors in determining the rewards, air miles, and cashback you receive. To help you choose the best credit card for your spending habits, we created a reward estimator to calculate your targeted rewards, whether they are cashback or flight/hotel point transfers. We curated the best credit cards based on common spending behaviors to score the cards in this article.

3.    Rewards: Customers prefer credit cards that offer the highest rewards for their spending. Many high-reward credit cards are either premier cards, which require premier banking status, or come with high annual fees and income requirements. By consolidating all the credit cards available in the Malaysian market, we recommend cards with low entry requirements that still offer high rewards for daily spending.

4.    Cashback: One attractive feature of credit cards is the cashback received from spending. These small amounts can add up significantly over a year when considering total annual spending.

5.    Travel Benefits: Many users rely on credit cards for travel and retail purchases while traveling. Therefore, cards that offer additional benefits such as travel insurance, lounge access, and airport rides are important in scoring the best cards.

Here are the 10 best credit cards in Malaysia that fits your daily needs.

10. Hong Leong Sutera Visa Platinum Credit Card

The Hong Leong Sutera Visa Platinum Credit Card is a high-reward entry-level credit card with a minimum annual income requirement of only MYR 36,000. This card earns 0.89 miles per Ringgit spent in categories such as selected online spending, retail, food and groceries, dining, and overseas transactions. Each Ringgit spent in these categories earns 8 points, and Hong Leong Bank rewards 1,000 Enrich miles for every 24,000 points. Additionally, with a minimum retail spend of MYR 15,000 annually, you can get an annual fee waiver for the MYR 120 annual fee. This makes it one of the best entry-level cards for earning decent airmiles conversions, especially if you are collecting Enrich miles or AirAsia Big Points.

9. Standard Chartered Journey Mastercard Credit Card

If you frequently travel overseas and want a card that allows you to easily track your spending conversions to miles, the Standard Chartered Journey Mastercard Credit Card is a good choice. Every Ringgit spent overseas, on travel, and on dining earns 1 Mile point, with every 2 Miles points equating to 1 Enrich Mile, AirAsia Big Point, or Asia Mile. This translates to 0.5 Miles per Ringgit spent, which is a decent reward rate for local dining spending. Additionally, this card provides a complimentary Grab ride to and from the airport, provided you spend MYR 2,500 within 90 days before travel.

8. AEON Platinum Visa/Mastercard Credit Card

The AEON Platinum Visa/Mastercard Credit Card is one of the top cashback cards in Malaysia. Using the card at AEON or AEON Big on Thank You Days, which are the 20th and 28th of each month, will get you 10% cashback, capped at RM 100. Additionally, you get 2% cashback on online spending, capped at RM 25, bringing the total monthly cashback cap to RM 125. To maximize the RM 125 cashback, you would need to spend RM 2,250 at AEON and online, resulting in a cashback rate of 5.6%, one of the highest in the market.

7. RHB Shell Visa Credit Card

If you frequently buy Shell petrol, RHB Shell Visa Credit Card is a great choice as you can get a minimum of RM 100 cashback from petrol spending at Shell, and another RM 50 from spending on food and groceries, online shopping, e-wallets, and utilities. To qualify for the maximum cashback, you need to spend at least RM 2,500 in one statement period. The cashback rates are 12% for petrol and 5% for other spending categories. For other types of spending, you get unlimited 0.2% cashback. The entry requirement for the card is low, with an annual income requirement of only MYR 24,000, and the annual fee can be waived after using the card 24 times per year.

6. UOB Lady’s Mastercard Classic Credit Card

The UOB Lady's Mastercard Classic Credit Card offers 10x UNIRinggit for spending at fashion retail shops, whether physical or online. With a conversion rate of 1,000 AirAsia Big Points for every 12,000 UNIRinggit, this card has a high reward rate of 0.83 miles per Ringgit spent. Additionally, you earn 5x UNIRinggit for grocery spending, either in-store or online. This entry-level card requires only MYR 24,000 annual income, and the annual fees are waived for the first three years. For those with higher annual incomes, the UOB Lady’s Solitaire Mastercard offers similar UNIRinggit earnings plus 5x UNIRinggit for overseas spending and 6x complimentary access to Plaza Premium Lounge at KLIA1 and KLIA2.

5. Alliance Bank Visa Platinum

The Alliance Bank Visa Platinum is a well-balanced card in terms of spending and rewards. You earn 8 Timeless Bonus Points for every RM 1 spent on e-wallet reloads and online retail transactions. With 6,000 points, you can transfer to 1,000 AirAsia Big Points, and with 15,000 points, you get 1,000 Enrich Miles, making the conversion rate 1.33 miles per Ringgit for AirAsia Big Points. The card requires an annual income of MYR 24,000. If your annual income increases to MYR 60,000, you can opt for the Alliance Bank Visa Infinite Credit Card, which offers similar earnings but also provides 5x Timeless Bonus Points for overseas, dining, and grocery spending.

4. RHB Visa Infinite Credit Card

The RHB Visa Infinite Credit Card emphasizes luxury experiences, offering 0.83 miles per Ringgit spent overseas and unlimited access to Plaza Premium Lounge (with an annual spend of MYR 100,000). It is highly attractive for business executives who want to maximize their personal card spending, as it also provides up to MYR 2 million in travel insurance coverage.

3. UOB Priv Miles Elite Credit Card

The next two cards are for affluent customers who frequently travel overseas. The UOB Priv Miles Elite is UOB’s best card for overseas travel rewards, offering 1.11 miles per Ringgit spent. However, this card comes with a MYR 600 annual fee and requires an annual income of MYR 100,000. To justify the high requirements, it offers the best airmiles conversion for both local and overseas spending combined, and provides complimentary rides to and from the airport using Airport Limo, with just three overseas swipes needed to qualify for the ride. You also get 8x complimentary access to Plaza Premium Lounge.

2. CIMB Travel World Elite credit card

Competing with the UOB Priv Miles Elite is the CIMB Travel World Elite Credit Card, which offers 1.25 miles per Ringgit spent on overseas and travel-related spending in flights and hotels. Although local spending only earns 0.25 miles per Ringgit, you have numerous points transfer partners to choose from (at least 10 airline miles programs and 3 hotel loyalty programs). This card, however, comes with a RM 1,200 annual fee. There are other CIMB cards with slightly

fewer benefits but easier qualification criteria.

1. Alliance Bank Visa Virtual credit card



Similar to the Alliance Bank Visa Platinum and Alliance Bank Visa Infinite Credit Cards, Alliance Bank Visa Virtual credit card also earns 8x Timeless Bonus Points. What makes it stand out is that it has no annual fee and offers extended safety features, where the credit card numbers only last for 30 minutes.

Baseline:

We have presented the 10 best credit cards in Malaysia. Feel free to use our credit card reward estimator to determine which cards are the best for you. Please note that the value propositions and offerings of credit cards change frequently, so be sure to revisit Duithub regularly for the latest updates and information.