Congrats, grad! Adulting can be a wild ride, but building a strong financial foundation is key.
One crucial step? A good credit scores.
But where do you even start as a fresh grad? Apply credit card!
This guide unlocks the best credit cards in Malaysia specifically designed for YOU.
Get ready to build a rock-solid credit history and score some awesome perks along the way!
You should know before applying!
Why Fresh Graduates Should Consider a Credit Card?
Do you dream of landing your first job, building a financial safety net, or securing that perfect apartment?
A credit card, used responsibly, can be your key to unlocking these goals.
It helps you build credit history, which is like a financial report card lenders use to decide on loan approvals, interest rates, and credit limits.
Simply put, a good credit score makes getting loan approval much easier.
Credit Cards vs. Debit Cards
While credit and debit cards offer similar convenience, they work very differently.
So, what’s the difference between credit cards and debit cards?
- Debit cards: Allow you to spend only the funds in your bank account.
- Credit cards: Extend a line of credit, allowing you to borrow money up to a set limit.
Responsible credit card usage can establish your creditworthiness, while mismanagement can lead to debt accumulation.
Types of Credit Cards
Tell me… how many credit cards are there? Two or three or more?
In Malaysia, the answer is: plenty! Each type caters to different financial needs and goals.
Here’s a breakdown of some common options to help you pick the perfect card for your fresh grad life:
| Types | How it works? |
| Cashback | • Rewards you with a percentage of spending back in cash. • Great way to save on everyday purchases like groceries, dining and petrol. |
| Points | • Give you points for every swipe. • Rack up points and redeem them for exciting options like merchandise, travel vouchers, or even e-wallet reload pins. |
| Travel | Offer perks like: • Travel insurance • Airport lounge access • Air miles for flights or upgrades |
| Premium Rewards | • High annual fees unlock exclusive benefits. • For example, concierge services, luxury hotel stays, and top-tier rewards programs. |
| Balance Transfer | • Offer a lower interest rate for a set period. • Helping you consolidate and pay off debt faster. |
| Low Interest Rate | • Save money by minimizing interest charges. |
| Business | Designed for entrepreneurs and offer features like: • Expenses tracking • Higher credit limit • Rewards geared towards business spending |
Steps to Secure Your First Credit Card
Getting your first credit card is an exciting step towards financial independence!
But before you jump in, some strategic planning can ensure a smooth journey.
Here’s a three-step roadmap to navigate the credit card world as a fresh grad:
1. Think of your credit score as your financial report card
While you might not have a long history yet, checking your score (using tools like CTOS or CCRIS) gives you valuable insights into your creditworthiness.
2. Apply however you feel most comfortable!
Banks offer online applications, in-branch consultations for face-to-face guidance, or even roadshows with enticing sign-up bonuses.
3. Gather Your Documents
The documents you need will depend on your employment status (employee, government worker, self-employed).
Be prepared to provide the necessary paperwork to ensure a seamless application process.
Any Documents Needed?
Applying for a credit card requires some documents.
Don’t worry, I can help you understand what you’ll need to prepare!
Here’s the checklist for you:
| No. | Documents | ✔/✘ |
| 1 | National Identification Documents • A photocopy of National Identity Card (NRIC) | |
| 2 | Proof of Income • Salary slips • EPF statements • Income tax returns • Business registration forms (Required for Self-employed) • Financial statements (Required for Self-employed) | |
| 3 | Proof of Residence • Utility bill • Rental agreement • Any other documents to prove your residential address | |
| 4 | Employment Verification • Employment letter that include employment details (e.g. position and income) | |
| 5 | Bank Statements |
Top Tips:
- Always check the specific requirements of the bank you’re targeting.
- Ensure all documents are accurate, up-to-date, and clearly photocopied before submitting your application.
Having everything prepped can significantly speed up the approval process, getting you closer to your first credit card in no time!
The Best Credit Cards for YOU
Malaysia’s credit card scene is rich, offering options specifically designed for fresh grads like you!
But with so many choices, how do you pick the perfect one?
Fear not, for we’ve compiled some top credit card choices to kickstart your financial journey:
| Credit Card | Minimum Annual Income (p.a) | Annual Fee | Benefits |
| AFFIN DUO Visa Cash Back | RM24,000 | RM75 • Waived for the first 3 years. • Subsequent years will be waived automatically with minimum 12 swipes of retail transactions p.a. | Up to 3% Cashback on: • eCommerce/Online Transactions • eWallet Reloads/ Transactions • Auto-Billing *Capped at RM50 per month |
| Ambank Cash Rebate Visa Platinum Card | RM24,000 | Free | 1. Up to 8% Cashback on: • Groceries • Pharmacy • Online Spending *Capped at up to RM15 per month 2. Enjoy Unlimited 10% Interest Rebate with minimum total retail spends of RM500 per month. |
| CIMB Cash Rebate Platinum | RM24,000 | Free | Up to 5% Cashback on: • Cinema • Petrol • Groceries • Mobile and Utility Bill Payments *Capped at RM30 per month |
| HSBC Amanah MPower Platinum Credit Card-i | RM36,000 | Free (when you swipe in a year and meet a minimum annual spend of RM2,000) | Up to 8% Cashback on: • Petrol • Groceries • eWallet |
| Hong Leong Wise | RM24,000 | RM98 | Enjoy up to 8% Cashback on weekends and 1% on weekdays: • Petrol • Groceries / Essentials • Online • Dining |
| Maybank 2 Gold | RM30,000 | Free | • 5x TreatsPoints for spending on weekdays with Maybank 2 American Express Card • 1x TreatsPoint for spending on Maybank 2 Mastercard/Visa Card. • 5% Cashback on weekends with Maybank 2 American Express Card. *A cap of RM50 per customer (Principal cardmember) per month |
| Public Islamic Bank Gold MasterCard Credit Card-i | RM24,000 | RM150 (First year annual fee waived) | Up to 2% Cashback on groceries. *Capped at RM30 per monthly statement cycle. |
| RHB Cash Back Credit Card | RM24,000 | RM70 (Free for first year) | Up to 10% Cashback on: • Petrol • Dining • Utility Bills • Groceries • Online Dining/Groceries |
| Standard Chartered Platinum Mastercard Basic | RM24,000 | Free | Get 1x 360° Rewards Point for every RM1 spent. |
How Long Is the Credit Card Application Process?
So, you’ve picked your perfect Malaysian credit card – congrats!
Now you’re itching to start swiping, but how long does it take to get your card in hand?
I applied online and within two days the bank called to chat. By the end of the week, they were giving me the thumbs up – my new card was on its way! Talk about fast and efficient.
But… it depends. The wait is usually a few weeks. Here’s a sneak peek at the process:
- Apply Anywhere (1 Day): Submit your application online or visit a branch – it’s your call!
- Doc Check (Up to 1 Week): The bank reviews your ID, income proof, and other details to make sure everything’s legit.
- Credit Check (A Few Days): They take a peek at your credit history to see if you’re a responsible borrower.
- Approval Decision (Variable): The bank makes the final call – hopefully a big “YES!”
- Card on its Way (1-2 Weeks): Once approved, your card gets printed and mailed to you.
Remember: This timeframe varies per bank but stay organized with your documents for a smoother process!
Credit Card Hacks for New Grads
Do you have any preferred credit card in your mind? Or you already applied?
While waiting for ‘Abang’ to send the card to you, let’s get some insight from the recent fresh graduates who successfully applied for their first credit card.
1. Understand your spending budget
Remember, this is credit card not debit card, you’re pre-spending…
We all know that feeling: ‘Aiya, I won’t spend that much!’ But slowly, the spending adds up and becomes overwhelming by the end of the month. To avoid this, what I do is (1) set a budget that works for you, not that crazy limit they offer (2) track every single purchase (3) stick to your budget!
MJ, 24, Video Editor
Plus, don’t get stuck with cashback and point rewards, if not you will be like her…
I got hooked on the cashback rewards and suddenly everything feels like on sale. I just swipe, swipe, swipe… then bam! Until I realized I was spending too much money. Seriously, those cashbacks can be a real trap. Don’t let them trick you into spending more than you have.
Yee, 23, Graphic Designer
Don’t get lured into that sweet trap and get sticky with rewards. It’ll be a pain to get rid of them.
So, remember to plan your budget before you use your card!
2. Pay your bills on time
I once forgot to pay my credit card bill, resulting in finance charges and late payment fees. The amount was shocking, as it was calculated daily. I was terrified and rushed to pay it off.
Alicia, 22, Business Admin
Seriously, late payments can hurt your credit score big time. But not only this…
3. Don’t apply too many cards
Too many credit card applications can harm your credit score, so let’s focus on one first!
Don’t rush to get every new credit card! Instead, choose one card and focus on using it responsibly. Pay your bills on time each month, and you’ll build a solid relationship with the bank. They’ll see you’re a trustworthy customer, and eventually, they might offer you even better cards with great perks!
Applying for credit cards isn’t like applying for jobs—you don’t need to send out multiple applications at once.
One last thing, don’t share your credit card details with anyone and be aware of SCAM!
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Continue Reading:
1. What is CCRIS, CTOS and Credit Score? 9 Key Things You Need To Know
2. Mastering Money: The 7:3 Salary Management Method for Malaysians
3. Real Estate 101: Navigating Home Financing through Loan-to-Value and DSR Explained
