Credit cards are the best friend of any consumer not just here in Malaysia but around the world. If you know how to use it and when to use it, it can help you at the end of the day. But if you do not know how to utilize it, you will be broke in a month. It is important that you first think whether you need one or not.
When credit cards became hit, there are many people who seem to collect all kinds of cards to fatten the wallet. There is a different card for petrol, coffee, and even online shopping. By now you know that credit cards are liabilities if you cannot control spending. This is the reason why in 2010, the Malaysian government imposed a two-card limit for those who have an annual income below RM36, 000.
With this restriction, it is imperative that you choose a good bank to cater all your needs. Sometimes the task of choosing is exhausting because there are many things you need to consider but to make things easier for you, here are some tips that you can consider whenever you apply for a Malaysia credit card online:
Choose a card offering easy payment facilities
The thing about credit card is that sometimes it will stress you especially if you do not have enough money to pay the bank and if you have the money, paying can be a lot of hassle from processing multiple money transfers to queuing and parking. Considering this, you should choose a bank that offers easy payment through its facilities. It will be convenient if the bank has phone app or online banking. If there is an ATM near you, you will just deposit it there. Things like these are little but it can make your experience especially during payment a breeze or a nightmare.
Look at the numbers
This is the time when you should actually count. Compare the cards first depending on their credit limits, rates, late charges and other fees. If your lifestyle demands that you have a higher credit limit, make sure that the particular bank offers you a significant credit limit. Think about the interest rate also because every year you have to deal with it. There will come a time that you will pay late so ask the late charges or penalties they will impose. Another thing you should consider is the grace periods and the minimum payment. Many people have debt issues because they did not think of the numbers first. They love the feeling of having one or two that they ignore the responsibilities it entails.
Discover the rewards and cash back
To entice spending, credit card companies will put in place many promotional offers. This is the good thing about credit cards. They will also offer rewards and cash back. Some cards also offer points that you can use in exchange for something good.
Read the fine print
People ignore the Terms and Conditions part whenever they receive the card. It should be a practice that whenever you indulge in something, you need to read the Terms and Conditions so you will know. Do not ignore it even if it means reading an entire page.