Browsing: Credit Card

How To Apply Credit Card Online in Malaysia?

Credit card is now a crucial and important financial tool, which is among the ‘must have’ in our purse. I believe most of us have more than 1 credit cards. If you are looking for a new or additional credit cards, you can apply credit card online. Nowadays, it is now so much easier and convenient to apply for credit card online in Malaysia. Gone were those days where you need to walk in to the local bank premise, get a queue ticket number and wait patiently for your number to be called. Instead of wasting your precious time and resources, now you can apply credit cards online – anytime of the day and at your own convenient.

A quick check on Public Bank Online, Maybank Online and CIMB Online shows that, to apply for credit card online, you just need to fill in their credit card online application forms and attached with required document such as:

  1. NRIC (front and back);
  2. latest salary slip;
  3. latest form BE;
  4. EPF@KWSP statement

Different bank might have different additional requirement for supporting documents. So, just follow the instructions and requirement accordingly.

Usually it will take a few working days for processing of the credit cards. You can choose to collect the credit card from selected branch office or to have the credit card to be delivered to your premise. Once you received the credit card, you just need to follow the instruction to activate it, then you can start to use the credit cards.

For the best credit card deals,  feel free to check it out at With you can easily browse through all the available credit cards in Malaysia, compare the charges and benefits and select the best credit card that suit to your financial needs. And with, you not only can compare these credit cards, but you can also apply these credit cards online.

As a reminder, I would like to advise all credit card owner to be smart and use credit card as a financial tools and not to misuse the credit card facilities by spending your future money.

photo credit: wuestenigel Wallet with Cards On a White Background via photopin (license)

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When Should You Get A Personal Loan And Not A Credit Card?

If you’re looking out for some extra cash, both personal loans and credit cards can be great financial tools to help you get the funding that you need. But the first thing is for you to be clear on what you’re taking a personal loan or getting a credit card for. Essentially since you are borrowing money that you don’t have yet and that can lead to some serious financial repercussions.

However there are times when a personal loan trumps a credit card and here’s what you need to know before you choose which one you want.

1) Personal Loans Have Lower Interest Rates Which You Can Use For Larger Purchases
If you need to borrow a large lump sum of cash which you can’t pay off quickly, you should get a personal loan. This is because personal loans offer lower interest rates that most credit cards For example, the interest can vary from 4% to 9% p.a. for personal loans versus 8.88% to 18% p.a. for credit cards. Think about it, if you can’t pay the money back immediately, you’re going to be looking at some very hefty interest charges on your credit card.
2) Personal Loans Can Be Used To Consolidate Debt
A personal loan can be a means for you to get a fresh start on your finances. By consolidating your debt with a personal loan that offers a much lower interest rate than paying multiple loans and credit cards at the same time, you get to simplify your debt and regain control of your financial situation. While you CAN do this with a credit card (0% balance transfer, cash advances and etc.) you might want to consider the following facts first.
3) You Can Only ‘Borrow’ As Much As Your Credit Card LimitMost credit cards have a credit limit which is set for you by the bank based on your credit history and your level of income. So depending on what your credit limit is that’s only as much as you’re going to be able to use to fund whatever it is you want to do with the money. And that’s not to say that personal loans will instantly loan you the money, as the banks will still evaluate your debt service ratio to ensure you can pay them bank before they disburse the loan.
4) Credit Cards Require Much, Much More Discipline
Imagine this: you’ve made your purchase and now you’ve spotted something else that’s caught your fancy. You’ll just add it on to the credit card’s bill and pay it all off later, right? Wrong! Just because you aren’t literally handing over cash for something, doesn’t mean you’re not spending it.  From a psychological perspective, a personal loan makes you feel the pinch more than when you’re out and about freely swiping a credit card. After all that’s cash that you’re taking out of your account, whereas with a credit card, you’re just adding debt by spending money that you don’t have. And make no mistake; if you let your credit card spending get out of hand, you face the risk of falling into major debt.

There you have it! Those are the reasons why a personal loan can be a better financing option than getting a credit card. Why not check out this free personal loan comparison tool by to find the best personal loan deals in Malaysia today?

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Gen Y: Three Simple Tips To Improve Your Financial Responsibility

In the Malaysian society, there are vast opportunities for job employments and innovative business start-ups for Gen-Y. You just need know how to follow the money. With that being said, it should be a breeze to stash away your funds right? No! There are hidden bills, costs, expenditures and the declining rate of the ringgit currency (RM) doesn’t help either. The hope of earning your first million before your thirties may slowly fade away. The transition towards adulthood may be exasperating, especially for young adults who have not mentally prepared themselves for the financial responsibilities that awaits them. But fear not! Here are 3 tips to be the financially-savvy Gen-Yer that you are meant to be.

1) Increase earning power
Getting a job with good growth prospect can push forward your earning power. Once you have a steady income, the more you can afford to spend. Learning is never-ending, so remember to constantly pick up new experiences and knowledge throughout your job tenure. It is important to fit your goals and values to the business direction. Not only will your job satisfaction increase, your performance at work will also show a significant improvement. This increases the chance of a job promotion too! On the other hand, if you are looking to be an entrepreneur, a start-up is a proven method to push up your ability to make money. However, bear in mind that starting up your own business is a 24/7 job that requires drive, passion and skills. It will not be easy but the benefits reaped are definitely worthwhile.

2)  Own a credit card

According to, William J. Schroer mentioned that one in nine Gen-Yers owns a credit card co-signed by a parent. The significance of credit cards is highlighted in this world full of technologies. Without it, many people suffer paying huge expenses by cash. You need to know your spending habits to be a financially responsible adult. For example, you prefer to redeem weekly rewards after swiping your card. Getting the best rewards credit card in Malaysiato gain points and enjoy rewards for each transaction you make. Besides earning reward points, reward credit cards give you great cashback too! Disclaimer: Do keep track of your daily spending to avoid swiping your card too frequently.
3) Take measured risks

What does it take to be financially independent? You need to define your own goals and achievements. 90% of the Gen-Yers are assumed to have savings account since a young age. Despite so, keeping money in the bank does not guarantee financial success. Step outside of your comfort zone and invest in valuables you deem worthy such as properties, gold, shares and education. Yes, you heard it right! Education is a long-term investment that gives you a well-rounded aspect in life. Quoting Nelson Mendela, he reiterates that ‘education is the most powerful weapon which you can use to change the world’. Do plenty of research before taking the risk and you are destined for financial success! With these pointers in mind, create your own set of objectives in life and put your plans into action. If you want to invest, never put your eggs into one basket, diversify your investments and get a good financial mentor. If you a searching a credit card that provides you with rewards and gifts, get a rewards credit card that gives you the best of both worlds – saving money while you spend! That is all it takes to be a financially stable Gen Y adult. What are you waiting for? 

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NO Waiver for RM50 Credit Card Service Tax

Yesterday I received my latest PB credit card statement. There was a charge of RM50 for credit card service tax. Thinking not so willing to pay for the RM50 service tax, I contacted the bank trying to request for waiver for my credit card service tax. Since I failed to contact them through their customer care line, I email to them instead. The reply was very prompt. Today, the customer service replied me to inform that there will be no waiver for the RM50 credit card service tax.

So, no choice. I still need to pay for the RM50 service tax. Luckily my Cash MegaBonus is enough to cover for the RM50. Thinking positively, this is a good starting effort to prevent us to carry too many credit cards. Imagine, if I have 5 cards, annually, I will need to set aside RM250 just for the credit card service tax.

I am wondering how about other banks. Do they charge you for the RM50 service tax or do they waive for you (when you request for waiver)?

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Terms and Conditions for Public Bank Credit Card Annual Fee Waiver

Time really flies. It has been more than 2 weeks since my last post and it is a new decade now. With this opportunity, I wish everyone a very happy and fruitful 2010. May all our wishes and dream come true in 2010.
Recently I emailed to Public Bank Card Services to request for my Master card annual fee waiver. Within 2 days, I received a reply from the Card Services centre mentioning that they had submitted my request for considerations. After about a month later, I received an official reply from PB Card Services on my request. I am glad that PB Card Services had waived the annual fee for both of my cards. The reason for the waiver is because my cards meet their minimum card retail usage.
If you wish to know more details on the waiver details, I listed down as below:
For principal card
(Retail usager per annum) : (Annual Fee)
RM1-RM1500 : 0% @ RM75
RM1501-RM3000 : 25% @ RM56.25
RM3001-RM4500 : 50% @ RM37.50
RM4501-RM6001 : 75% @ RM18.75
RM6001 & Above : 100% @ RM0
For supplementary card
(Retail usager per annum) : (Annual Fee)
RM1-RM750 : 0% @ RM45
RM751-RM1500: 25% @ RM33.75
RM1501-RM2250: 50% @ RM22.50
RM2251-RM3000: 75% @ RM11.25
RM3001 & Above: 100% @ RM0
If you wish to have 100% waiver for your credit card annual fee, spend at least RM6001 per annum if you are the principal card holder and RM3001 if you are a supplementary card holder. But, I think there is no harm to try to request for the waiver. If you are lucky, you might get 100% even if your retail purchase is less than RM6000 per annum. They know, it is a competitive market out there!
If you have credit card waiver terms and conditions from other banks, do share with me.

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RM50 Per Credit Card With Effective From Jan 2010?

Currently I have 2 credit cards but only 1 is active. The other card is for me to use in situation like ‘in case I need it’. Upon hearing the 2010 Budget Speech to impose a service charge of RM50 a year on each principal credit card and charge card; and RM25 a year on each supplementary card (effective from Jan 1, 2010), I feel like to cancel my second credit card. Even though, there are news that respective bank might absorb the RM50 and RM25 service charge, I think it wiser to cancel the credit card. After all, most probably I will not use it.
Hubby had cancelled his additional credit cards last week. My eldest brother had also cancelled most of his unused credit cards last two weeks.
How about you? Are you still keeping all of your credit cards or planning to cancel the unnecessary cards?

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Bad Debts – How To Avoid Them?

In recent bad and tight economy situation, I won’t be surprised if more and more wage earners are not able to support their current life style with limited monthly income. No matter how hard and difficult your situation is, never allow yourself to fall into bad debts.  
I listed below 4 ways to avoid from falling into bad debts:
1) Review Your Current Life Style
If your can’t change the figure of your income, then you will have to change your current life style. Unless you can bring in more money, the easier way is to change your life style to the standard which can be supported by your current income. I know it’s not easy, but always think far ahead. By  changing your lifestyle, you wont need to borrow any extra cash from anyone (Credit card, banks, loan shark, money lender, relatives & friends). It’s much smarter to live on what you have rather than to live on tomorrow’s money.
2) Plan Your Spending
Budgeting is the right word. I believe there are a lot of people out there who does not favour this word –  budgeting. But, in good financial practise, no one can run away from budgeting. Through budgeting, you will have a clear picture of your spending pattern and where your $$$ goes. Most importantly, it will avoid you to spend more than what you have. A lot of us have a visual budgeting (budgeting in our head). The best way would be put down your budget in black&white. You can either write it down in your spending book or list down in a simple spreadsheet. Do stick to your budget because it’s meaningless if you have a budget but never bother to take it seriously.
3) Replace Credit Cards With Debit Cards
Yes, change from ‘cr’ to ‘d’ cards. If you’re someone with weak financial will and hard to avoid temptations, you will be thankful for this smart move. The debit card function is almost similar with credit cards. The main difference is that there’s a limit for your spending and most importantly, debit cards will definitely not bring debts to you. 
4) Avoid Taking Bad Loans
What I meant by bad loans are those loan which does not bring benefits to you such as huge car loan and personal loan or bank over draft. It sounds easy to apply and to get approval for these bad loans. But, when come to payment, it will bring you sleepless nights. If you must take a loan, then make sure you the payment is within your budget and remember to make the payment on time.
If you have any other ways to avoid bad debts, do share with me. Let’s learn to stay away from bad debts. 

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I Terminated Another Two Credit Cards

I am feeling relief today. I terminated another 2 credit cards by Bank R. Actually, I called to the customer service centre last Saturday to terminate my cards. The friendly and helpful customer service advised me to write a termination letter and fax to their customer service centre. She also advise me to cut-through my cards, photostat it and attach together with my termination letters. She said it’s saver to photostat the cut-through cards and fax to them rather than send the cut-through cards by post to them. Which I think is quite true. 
This morning, I did what the customer service advised me to do. By 5:30 pm, another customer service from Bank R head office called me to enquire about my termination. I am surprised by the prompt action by Bank R. Because I am expecting the reply within few working days. She said will offer me the cards with free-for-life subscription. I firmly told her that “Thank you but I decided to terminate my credit cards”. Then she asked me the reasons for the termination. I told her I have too many cards. Also, I told her that actually their credit card sales representative forced me to sign up for the credit cards. I can hear she’s smiling at the other end. I think she understood what I meant. Finally she said she’ll process the cancellation of my cards.
So, from now on, I only have one active credit card and another one as back-up. And I completed one of my 2009 financial goals.

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I Destroyed Four Of My Credit Cards

Today I am feeling good as I terminated 4 of my credit cards. Three of them, I never used them before. One of them, I terminated it because I hate to see the administrative charges of RM6 when I use the card for less than RM50/month. Furthermore, I didn’t see the cash rebate incentive for this particular card. And it’s very inconvenient for me to make my credit card payment as this bank has limited payment counter, only 2 cash deposit machines in Kuching town. And these 2 machines were located at the same location.

Well, at first I thought I can just terminate my credit cards by sending my termination request through email. I was wrong. Upon sending my emails to the related banks, within 2 working days, 3 of the banks replied with a termination form. I had to fill in the termination form, provide them the reasons for my termination and also I had to punch a hole in the middle of the microchip on my credit card, and cut through the magnetic swipe strip on my credit cards. I completed all as requested and had sent the termination form and the cut-through-credit-cards to the banks. On the termination form, the banks stated clearly that, they reserved the right to charge RM25 per card if the credit card were not returned to the bank upon termination.

Only one of the credit cards company accept my request through email. The customer service of this bank called me 3 days after they acknowledged receipt of my termination request. Still the customer service asked me for the reason of the termination and advised me to continue using the credit card. Of course I rejected his offer in a nice way. He said he’ll process to deactivate my account and advised me to destroy the card on my own.

Perhaps you’re wondering why I applied for the credit cards even when I didn’t use them. For all of my credit cards, except my PB credit cards, I was forced to sign on the credit card application form. Ok ok, not forced. Actually the credit card consultants came to our office and talk, and talk and talk till I have no choice but to support them by applying for their cards. In some cases, the credit card consultants were friend of my friends or colleagues. So, they just asked me to do them a favour (They need to hit sales target). Other reasons would be because of the attractive free-gifts, petrol rebate and free for life membership.

Anyway, I promised myself not to simply sign up anymore, unless I really want the credit cards. I hate this trouble to terminate the credit cards.

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