5 Credit Cards with Low Fees You Need to Know About
Credit cards that are affordable and come with no annual fees are out there
Yes, you read that right! While credit cards often get a bad rep for being expensive, debt-inducing pieces of plastic, many are actually quite wallet-friendly.
When used responsibly, good credit cards can help you save more with cashback rewards, big discounts and convertible loyalty points, in addition to worthwhile freebies like free insurance.
Better credit cards will help you hold on to these savings by waiving annual fees, charging low interest/profit rates on balances, and is just generally inexpensive to carry.
We’ve scoured the depths of our bear caves to discover five such great credit cards for you to consider – keep reading to find out what they are:
1. Citi Simplicity+ Card
How would you like to get cashback on credit card interest charges? Well, with this card, you can! Earn as much as 10% cashback for the billing period – with no cap.
You will have to pay at least the minimum by its due date to be eligible for the 10% cashback on interests.
The interest rates are quite typical though; from 15% p.a. to 18% p.a. However, annual fees are waived and there are no late or over limit fees charged!
There’s only one thing you may not love about this card, which is the balance transfer rate of 8.99% p.a. for 12 months.
However, the current promo might smooth things over for you: you’ll be entitled to a 20” trolley bag and/or RM200 cashback with a minimum retail spend of RM1,500 during stated qualifying period, swiped within 60 days from card’s approval date.
2. Maybank 2 Gold
These two cards offer some of the best discounts, cashback rewards and loyalty points when combined!
But best of all, both cards have a lifetime annual fee waiver that is without conditions. This means that you don’t have to spend a minimum amount in order to enjoy the waiver.
Thus, it’s suitable for folks who don’t intend to spend much or those who only want to hold on to the card for emergencies.
As mentioned, it is two cards – an American Express and Maybank Visa/MasterCard; but you only have to sign up once to receive both cards.
There are different sets of benefits for each card where the Maybank 2 American Express has more rewards. It offers up to 50% dining discounts for SPG Hotels and Resorts (e.g. The Westin KL and Sheraton Hotel), up to 5% weekend cashback, and up to 5X TreatsPoints earned for petrol purchases charged.
With the Maybank 2 Gold, you can also enjoy 0% balance transfer and 0% instalment plans to help ease your burdens and make your big purchases a little more affordable.
The interest rate imposed on balances is 15% p.a. for those who make prompt payments for 12 months straight. New card members and those with less than 10 prompt payments recorded for a period of 12 months will be charged 18% p.a. on outstanding balances.
So be sure to make swipes that you can affordably and promptly repay, to enjoy the lower finance charges.
Note that the minimum payment is 5% of the balance due or RM25, whichever is higher.
3. BSN Gold-i Visa
This card offers some of the lowest credit card rates available in Malaysia right now!
It’s especially appealing to those who work as government servants, as they are eligible for management fee rates (Islamic profit rate) as low as 11% p.a.
Those working in the private sector can also get in on lower rates, with fees ranging from 13.5% p.a. to 17.5% p.a.
Apart from low rates, the annual fee is also waived for life and a 0% balance transfer plan is available for 12 months.
Other goodies include travel insurance and free auto-reload service for Touch ‘n Go PLUSMiles Zing Card as well as attractive loyalty points redemptions.
If you are a school teacher, do checkout the BSN 1 TeachersCard to take advantage of rates as low as 8.88% p.a.!
4. CIMB Cash Rebate Platinum
There are more than a few things to love about this card. For one, annual fees are waived for both principal and supplementary cards for life (yay!).
Then, there are the big cashback rewards to fall in love with!
Check this out: Up to 5% for cinema, petrol, and grocery charges, 2% cashback for online or retail charges in foreign currencies, and unlimited cashback (0.2%) for retail or online spending.
You might also appreciate the convenient and free auto-reload service for your Touch ‘n Go Zing Card.
The interest rate charged is from 15% p.a. to 18% p.a., which isn’t the lowest available in the market. However, by paying off your balances promptly (for 12 months consecutively), you’ll be eligible for the lower rate of 15% p.a.
The lowest balance transfer rate available with this card is 0.50% for a six-month repayment and a 0% instalment plan is available as well.
5. Affin Bank Basic
Although, it’s called a basic card, this one is anything but!
Now as far as low-fee cards go, the Affin Bank Basic offers very attractive interest rates, as low as 12% p.a. only. However, to be eligible for lower finance charges; you’ll need to make consistent prompt payments.
Aside from low interests, this card also waives the annual fee for life, without conditions. Thus, you don’t have to reach a target spending amount on the card to be eligible.
There’s also complimentary travel and personal accident insurance available when you charge (full fare) travel tickets to your card.
If you need to perform a balance transfer, this card offers the option with rates as low as 2% (one-time upfront fee).
There is a standard late fee charge though (for late payments) of RM5 or 1% the outstanding, but only up to a maximum of RM50.
The right credit card is waiting, you'll just need to start looking!
For foreigners residing in Malaysia, we recommend reading this post regarding the documents required and tips to obtain a credit card.