When it comes to choosing a credit card in Malaysia, it’s important to note if it offers cashback rewards. Cashback credit cards return a percentage of the money spent on purchases back to the cardholder, making them an attractive choice for those looking to maximize their spending. With so many options available, finding the best cashback credit cards in Malaysia can be overwhelming. However, certain cards stand out for their generous rewards and other perks. Read on as we explore some of the top cashback credit cards in Malaysia that are best for consumers looking to earn some savings.
Are Cashback Cards Worth It?
If you are getting your first credit card, know that a cashback card is rewarding as it can help you save money by giving you back a portion of your spending when you use it to make purchases. From buying groceries to filling up petrol, the more you use your cashback credit card to pay instead of cash, the more you will save in the long run. However, do make sure you pay off the balance on time every month to avoid incurring penalty charges that could negate your cashback earnings!
7 Best Cashback Credit Cards To Apply In Malaysia
If you’re looking for a credit card that offers the best cashback rates in Malaysia, look no further than these options.
1. Citi Cash Back Platinum Mastercard
With the Citi Cash Back Platinum Mastercard, you can earn cashback from your everyday spending. The amount of cashback you earn depends on the category of the purchase. For example, you can earn up to 10% cashback on dining, groceries, Grab rides, and petrol purchases (if you spend above RM1,500 monthly) and up to 0.2% cashback on all other retail spends.
Annual fee: RM195 (free for first three years)
Minimum annual income: RM60,000
2. UOB One Visa Platinum
Cardholders can earn up to 10% cashback on their daily expenses, including groceries, dining, and petrol purchases as long as they spend more than RM150 monthly. Otherwise, the cashback rate is 0.2%. On top of that, the UOB One Visa Platinum card also offers exclusive dining privileges with up to 15% discount when you dine at over 150 outlets nationwide.
Annual fee: RM168
Minimum annual income: RM48,000
3. Hong Leong Wise
If you love online shopping or you have recurring spending on services such as Foodpanda, Netflix, and Spotify, the Hong Leong Wise is one of the best cashback credit cards in Malaysia for you. You can enjoy 8% cashback on transactions performed on weekends (1% on weekdays) not only on the services mentioned above, but also on the essentials such as groceries and petrol if your monthly spending is above RM500.
Annual fee: RM98
Minimum annual income: RM24,000
4. Standard Chartered Simply Cash Credit Card
If your monthly spending regularly exceeds RM2,500, consider applying for the Standard Chartered Simply Cash Credit Card. You can enjoy up to a high 15% cashback on petrol, e-wallets, groceries, and dining at selected merchants if you spend more than RM2,500 monthly. As a bonus, you will get up to RM400 instant cashback upon successful application.
Annual fee: RM250 (first year free)
Minimum annual income: RM36,000
5. RHB Shell Visa Credit Card-i
The RHB Shell Visa Credit Card-i will be ideal for those who regularly fill up their vehicles at Shell petrol stations as they can get as much as 12% cashback on their spending. Not only that, cashback is also offered for online spending, e-wallet top-up, groceries, and utility bills from the likes of TNB, Maxis, Celcom, and Astro.
Annual fee: RM195 (first year free)
Minimum annual income: RM24,000
6. HSBC Amanah MPower Platinum Credit Card-i
Like all the other cashback credit cards, you get a decent cashback rate (which is 8% in this case) when you spend more than RM2,000 a month on the essentials. If you do not hit that amount, you still get to enjoy 1% cashback on things like petrol, groceries, and e-wallet transactions and 0.2% on all other local and overseas retail spending. One advantage of the HSBC Amanah MPower Platinum Credit Card-i over most other credit cards is that you can use it with Apply Pay. For a limited time, you can enjoy an e-voucher amounting to RM500 as a welcome offer.
Annual fee: RM240 (waived when you swipe your card once a month for 12 consecutive months and meet the annual spending of RM2,000)
Minimum annual income: RM36,000
7. Maybank Visa Signature
Most cashback credit cards have spending tiers on how much cashback you can earn. If you want one that does not impose such a tier system, the Maybank Visa Signature might be the one you’re looking for. Whatever amount you spend, you can enjoy 5% cashback on petrol and groceries every day.
Annual fee: RM550 (first year free)
Minimum annual income: RM70,000
Compare And Pick The Cashback Credit Card In Malaysia That Works Best For You
Choosing the best cashback credit cards in Malaysia requires careful consideration of individual spending habits and lifestyle needs. With plenty of options available in the market, it’s important to weigh up the benefits, fees, and rewards offered by each card before making a decision. Ultimately, the best cashback credit card for you is one that maximizes your savings and fits your spending patterns.
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