Credit Card Malaysia Requirement

As part of its continuous measures to stimulate the credit growth and at the same time to ensure that the charges imposed to the credit card cardholders are reasonable bank negara malaysia today announces that with immediate effect the banking institutions that issue credit cards are required to observe the following guidelines on charges relating to credit card.

Credit card malaysia requirement. The card offers up to 8x rewards points on weekends and 5x on weekdays per rm1 spent at petronas petrol stations nationwide. If you already have a credit card from your home country should you still apply for a malaysian credit card. According to the 2011 bnm guidelines the minimum income for a first time applicant is rm24 000 annually. What is the main requirement for credit card application.

Bnm guidelines on credit cards page 4. Credit cards in malaysia have seen an increased growth as a result of increased security and ease of use especially with the wave function that was made compulsory for all credit cards in malaysia. An average of 349 million credit card transactions was made annually over the past decade. Maybank petronas visa minimum annual income requirement.

Top 10 credit cards in malaysia on imoney. Maybank 2 cards featured. Shockingly there are some who do and it may well because you did not meet the minimum credit card requirements stipulated by the issuing banks and financial regulatory bodies in malaysia. The minimum requirement of rm24 000 is the entry level for credit card applications in malaysia as set in t he guidelines by bank negara malaysia.

Here are the most popular credit cards in malaysia on imoney. 1 1 credit cards are the most widely used payment card in malaysia. For instance if you are planning on staying in malaysia for a longer period of time i e. Two years or more it can in fact be a money smart idea to use a local credit card.

The process of applying for a credit card is relatively similar to how a citizen or permanent resident would apply for one with the exception of certain document requests made to foreigners. 1 2 recognising the importance of credit cards as a payment instrument this policy document has been further enhanced to promote responsible credit. Judging from the number of credit card application kiosks at malls across malaysia you would think no credit card application would be denied. The major requirement is your minimum income.

The answer is maybe it depends on a number of factors. 5 cashback on all weekend transactions and up to 5x treatpoints from local and overseas spending.