![]() The necessary documents will depend on whether you’re an employee, government servant, or self-employed. You will also need to prepare certain supporting documents to the bank to qualify for the credit card you’re applying for. HSBC Bank for example, has a baseline requirement of RM36,000 (or RM3,000 per month). ![]() However, do note that some banks have different guidelines. Minimum income of RM24,000 (or RM2,000 a month) To apply for a credit card in Malaysia, you need to fulfill a few eligibility requirements as laid out in Bank Negara Malaysia’s Credit Card Guidelines What Documents Do I Need For My Credit Card Application?īest Credit Cards For Fresh Grads To Build Credit Score In Malaysia - 4 ![]() Step 3: Sit tight and wait for your credit card to arrive!ĭepending on how you apply, you will either receive your credit card through mail, or collect it at your nearest branch. They typically offer attractive free gifts if you sign up on the spot. Credit card agentsĬredit card agents can often be found in shopping mall roadshows. Head to your nearest branch if you need more face-to-face guidance on which card would be best for you. If you already have a specific card in mind, you can skip the queue and apply online. Online application from the bank’s website There are several ways you can go about applying for a credit card in Malaysia. Read more: 5 Tactics To Enhance Your Credit Score. Keep in mind that as a fresh grad with no prior credit history, you might not have a credit score yet. Plus, you get to accumulate reward points, redeem freebies, discounts, enjoy benefits like free air miles, and best of all – get sweet, sweet cashback!īest Credit Cards For Fresh Grads To Build Credit Score In Malaysia - 3 Step 1: Check your credit scoreĬonducting a preliminary check on your credit score can help determine if your application will be approved or denied. For instance, the annual fee will be waived for the first three years, or if the cardholder spends a certain amount in a year.īut don’t let those figures frighten you!While the finance charges are pretty steep, credit cards can be incredibly useful tools to help you prove your creditworthiness. ![]() Many credit cards will also offer a waiver criteria. They come with an annual fee, which ranges between free for life up to a few hundred ringgit per annum. Meanwhile, your outstanding balance will also incur finance charges of around 15% to 18% per annum, compounded daily.Ĭredit cards aren’t free either. If you fail to make this minimum monthly payment, you’ll incur a late payment charge. While you don’t have to repay the entire outstanding balance immediately, there is a minimum monthly payment of typically 5%. The bank then sends you a bill every month for the money you’ve borrowed. Even if your bank account only holds RM1,000, you can still spend RM1,500. This means that if your bank account only holds RM1,000, you can only spend RM1,000.Ī credit card on the other hand, allows you to pay with borrowed money from the bank up to a certain limit. Best Credit Cards For Fresh Grads To Build Credit Score In Malaysia - 1Ī debit card deducts money directly from existing funds in your bank account. ![]()
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