While I applaud them\u00a0for trying to tackle Malaysian household debt, it\u2019s now become harder to save money using credit cards. But you know me \u2014 I always try.<\/p>\n
For\u00a0lean times like these, here are\u00a0strategies on how to still optimise your credit cards.<\/p>\n
<\/span>1. Look for free-for-life cards<\/strong><\/span><\/h2>\nSorry to keep talking about the glory years of 2013 \u2013 2014. But back then, nobody\u00a0had to pay\u00a0annual fees.<\/p>\n
Bank didn\u2019t want to waive your annual fee? No problem \u2014 you just needed to ask\u00a0to cancel the card;\u00a0and most\u00a0times they\u2019d immediately waive the fees.<\/p>\n
But times have changed.<\/p>\n
I can\u2019t claim to speak for all banks, but I recently had to cancel my Maybank Visa Signature because I couldn\u2019t afford the annual fee anymore. I wasn\u2019t even able to negotiate a waiver for one year.<\/p>\n
I think it\u2019s a sign of the times \u2014 banks are now being stingy with their waivers.<\/p>\n
Which tells me that your and my\u00a0focus should now be on \u201cfree-for-life\u201d credit cards. That way, you don\u2019t have to worry about begging for annual fee waivers every year.<\/p>\n
Recommendation: Maybank 2 Cards<\/div>![\"going-out-242812_1280\"](\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2016\/03\/rsz_maybankard-2-gold-card.png\")
<\/a>While the Maybank 2 Cards<\/a> aren\u2019t the undisputed king of credit cards in Malaysia anymore, I still think they\u2019re a must-have. The American Express gives you 5% cashback on weekend dining\u00a0and\u00a05x points on most transactions. Which is basically a 1.25% rebate.<\/p>\nAnd the minimum income requirement is low for such great cards: just RM 2,500.<\/p>\n
Unbeatable, if compared to all other free-for-life cards.<\/div><\/div>\n
<\/span>2. Have cards for different categories<\/span><\/h2>\nWe used to have supercards. Like the Maybank 2 AMEX which used to give you 5% cashback + 5x points on\u00a0everything<\/em>. But then credit card Armageddon came; and took our super privileges away.<\/p>\nNowadays, if you really want to save money via credit cards, you can\u2019t rely on just one \u201cbest\u201d card anymore.<\/p>\n
Instead, look at where you\u2019re spending most of your money, and consider getting a cashback card for those\u00a0categories.<\/p>\n
For petrol and groceries (the bulk of my spending aside from dining), I used to adore the Maybank Visa Signature\u2019s 5% cashback. Like I mentioned above,\u00a0I can\u2019t afford the annual fee anymore.\u00a0So I recently applied for the Maybank Islamic MasterCard Ikhwan instead. Which is the best alternative I could find: 5% cashback on petrol and groceries \u2014 on Fridays and Saturdays.<\/p>\n
For petrol & groceries: Maybank Islamic MasterCard Ikhwan Platinum<\/div>![\"\"](\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2016\/07\/maybank-islamic-mastercard-ikhwan-gold-card.png\")
<\/a>Benefits as above, plus the bank will donate money to charity based on your spending on the Maybank Islamic MasterCard Ikhwan<\/a>. And it\u2019s free for life!<\/div><\/div>\nFor groceries, dining & online transactions: Public Bank Visa Signature<\/div>![\"\"](\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2016\/07\/Public-Bank-Visa-Signature-Credit-Card.png\")
<\/a>This card has an outstanding 6% cashback on groceries, dining and online transactions \u2014 every single day. Well done, Public Bank<\/a> \u2014 you\u2019re certainly improving.<\/p>\nThe only thing stopping me from getting this card is the RM 411.28 annual fee. Which is waived if you use the card at least 12 times a year. But hey,\u00a0sometimes I get lazy keeping track of so many terms and conditions. (More on that later\u2026)
\n<\/div><\/div>\n
If you\u2019re really kiasu<\/em>: Hong Leong WISE Gold Card<\/div>![\"\"](\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/product-WiseCard.jpg\")
<\/a>I like the idea behind the\u00a0Hong Leong WISE Gold Card<\/a>: 10% cashback on 3 of your chosen categories (e.g. Utilities, Pharmacies, Entertainment). I hate the\u00a0implementation: you need to swipe your card at least 10 times (amount > RM 50) a month to eligible.<\/p>\nI know the bank wants to encourage spending, but I don\u2019t think\u00a0anyone<\/em>\u00a0has time to track transactions like that. If you\u2019d like\u00a0to prove me wrong though\u2026
\n<\/div><\/div>\n<\/span>3. Look for simplicity<\/span><\/h2>\nBanks have a habit of making statements like \u201cUp to 8% cashback every day!\u201d But when you look at the fine print, you realise that it\u2019s only 8% cashback if you spend\u00a0a lot<\/strong>\u00a0of money (e.g. > RM 2,000 per month). And it\u2019s only applicable at a certain<\/em> mall, and only on\u00a0the first\u00a0weekend of the month.<\/p>\n8% may be a pretty good discount, but\u00a0like I said above, ain\u2019t nobody got time<\/em> for burdensome terms and conditions.\u00a0I suspect most people just get pulled in by marketing promises, but don\u2019t get anywhere near to maximum benefit.<\/p>\n(Who on earth spends more than RM 2,000 per month on their cards anyway?)<\/p>\n
Instead, here\u2019s what I suggest: go for the simplest, most uncomplicated card that you can find \u2014 which still serves your purpose. That way, you fully understand the privileges you\u2019re getting, and can maximise the benefits.\u00a0Of course,\u00a0all banks have their own terms and conditions. But you\u2019ll save yourself a lot of gray hairs if you choose one that\u2019s reasonable.<\/p>\n
Recommendation: AmBank Visa Infinite\/World MasterCard<\/div>![\"\"](\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2016\/03\/AmBank-Visa-Infinite.jpg\")
<\/a>Most banks recently reduced their airport lounge privileges; but AmBank improved theirs. The AmBank Visa Infinite<\/a> and AmBank World MasterCard now allow unlimited lounge access to Plaza Premium lounges in over 26 airports (until December 31, 2016). No conditions.<\/p>\nYou also get 5x points on all transactions outside Malaysia, excluding online transactions.\u00a0Apart from that, again \u2014 no conditions.<\/p>\n
But even if AmBank\u00a0imposes difficult\u00a0terms and conditions again, pulls back all privileges,\u00a0or downgrades them\u00a0\u2014 you can still keep these cards forever without worry. Why?\u00a0Because they\u2019re\u00a0free for life.<\/p>\n
See what I said about simplicity?
\n<\/div><\/div>\n
<\/h3>\n
* * * * * * * *<\/p>\n
While it\u2019s a lot harder than it used to be, hopefully the above has given you some ideas to save your hard-earned money in difficult times.<\/p>\n
Let\u2019s hope\u00a0the winds of change blow again\u00a0soon, and banks start\u00a0re-introducing better privileges. Till then, let\u2019s\u00a0hang on tight, and keep adapting our strategies to the market. And stay\u00a0on the lookout for better cards\u00a0and even better strategies.<\/p>\n
What are your favorite credit card strategies?<\/strong><\/p>\n
<\/a>While the Maybank 2 Cards<\/a> aren\u2019t the undisputed king of credit cards in Malaysia anymore, I still think they\u2019re a must-have. The American Express gives you 5% cashback on weekend dining\u00a0and\u00a05x points on most transactions. Which is basically a 1.25% rebate.<\/p>\nAnd the minimum income requirement is low for such great cards: just RM 2,500.<\/p>\n
Unbeatable, if compared to all other free-for-life cards.<\/div><\/div>\n
<\/span>2. Have cards for different categories<\/span><\/h2>\nWe used to have supercards. Like the Maybank 2 AMEX which used to give you 5% cashback + 5x points on\u00a0everything<\/em>. But then credit card Armageddon came; and took our super privileges away.<\/p>\nNowadays, if you really want to save money via credit cards, you can\u2019t rely on just one \u201cbest\u201d card anymore.<\/p>\n
Instead, look at where you\u2019re spending most of your money, and consider getting a cashback card for those\u00a0categories.<\/p>\n
For petrol and groceries (the bulk of my spending aside from dining), I used to adore the Maybank Visa Signature\u2019s 5% cashback. Like I mentioned above,\u00a0I can\u2019t afford the annual fee anymore.\u00a0So I recently applied for the Maybank Islamic MasterCard Ikhwan instead. Which is the best alternative I could find: 5% cashback on petrol and groceries \u2014 on Fridays and Saturdays.<\/p>\n
For petrol & groceries: Maybank Islamic MasterCard Ikhwan Platinum<\/div><\/a>Benefits as above, plus the bank will donate money to charity based on your spending on the Maybank Islamic MasterCard Ikhwan<\/a>. And it\u2019s free for life!<\/div><\/div>\nFor groceries, dining & online transactions: Public Bank Visa Signature<\/div><\/a>This card has an outstanding 6% cashback on groceries, dining and online transactions \u2014 every single day. Well done, Public Bank<\/a> \u2014 you\u2019re certainly improving.<\/p>\nThe only thing stopping me from getting this card is the RM 411.28 annual fee. Which is waived if you use the card at least 12 times a year. But hey,\u00a0sometimes I get lazy keeping track of so many terms and conditions. (More on that later\u2026)
\n<\/div><\/div>\n
If you\u2019re really kiasu<\/em>: Hong Leong WISE Gold Card<\/div><\/a>I like the idea behind the\u00a0Hong Leong WISE Gold Card<\/a>: 10% cashback on 3 of your chosen categories (e.g. Utilities, Pharmacies, Entertainment). I hate the\u00a0implementation: you need to swipe your card at least 10 times (amount > RM 50) a month to eligible.<\/p>\nI know the bank wants to encourage spending, but I don\u2019t think\u00a0anyone<\/em>\u00a0has time to track transactions like that. If you\u2019d like\u00a0to prove me wrong though\u2026
\n<\/div><\/div>\n<\/span>3. Look for simplicity<\/span><\/h2>\nBanks have a habit of making statements like \u201cUp to 8% cashback every day!\u201d But when you look at the fine print, you realise that it\u2019s only 8% cashback if you spend\u00a0a lot<\/strong>\u00a0of money (e.g. > RM 2,000 per month). And it\u2019s only applicable at a certain<\/em> mall, and only on\u00a0the first\u00a0weekend of the month.<\/p>\n8% may be a pretty good discount, but\u00a0like I said above, ain\u2019t nobody got time<\/em> for burdensome terms and conditions.\u00a0I suspect most people just get pulled in by marketing promises, but don\u2019t get anywhere near to maximum benefit.<\/p>\n(Who on earth spends more than RM 2,000 per month on their cards anyway?)<\/p>\n
Instead, here\u2019s what I suggest: go for the simplest, most uncomplicated card that you can find \u2014 which still serves your purpose. That way, you fully understand the privileges you\u2019re getting, and can maximise the benefits.\u00a0Of course,\u00a0all banks have their own terms and conditions. But you\u2019ll save yourself a lot of gray hairs if you choose one that\u2019s reasonable.<\/p>\n
Recommendation: AmBank Visa Infinite\/World MasterCard<\/div><\/a>Most banks recently reduced their airport lounge privileges; but AmBank improved theirs. The AmBank Visa Infinite<\/a> and AmBank World MasterCard now allow unlimited lounge access to Plaza Premium lounges in over 26 airports (until December 31, 2016). No conditions.<\/p>\nYou also get 5x points on all transactions outside Malaysia, excluding online transactions.\u00a0Apart from that, again \u2014 no conditions.<\/p>\n
But even if AmBank\u00a0imposes difficult\u00a0terms and conditions again, pulls back all privileges,\u00a0or downgrades them\u00a0\u2014 you can still keep these cards forever without worry. Why?\u00a0Because they\u2019re\u00a0free for life.<\/p>\n
See what I said about simplicity?
\n<\/div><\/div>\n
<\/h3>\n
* * * * * * * *<\/p>\n
While it\u2019s a lot harder than it used to be, hopefully the above has given you some ideas to save your hard-earned money in difficult times.<\/p>\n
Let\u2019s hope\u00a0the winds of change blow again\u00a0soon, and banks start\u00a0re-introducing better privileges. Till then, let\u2019s\u00a0hang on tight, and keep adapting our strategies to the market. And stay\u00a0on the lookout for better cards\u00a0and even better strategies.<\/p>\n
What are your favorite credit card strategies?<\/strong><\/p>\n
Nowadays, if you really want to save money via credit cards, you can\u2019t rely on just one \u201cbest\u201d card anymore.<\/p>\n
Instead, look at where you\u2019re spending most of your money, and consider getting a cashback card for those\u00a0categories.<\/p>\n
For petrol and groceries (the bulk of my spending aside from dining), I used to adore the Maybank Visa Signature\u2019s 5% cashback. Like I mentioned above,\u00a0I can\u2019t afford the annual fee anymore.\u00a0So I recently applied for the Maybank Islamic MasterCard Ikhwan instead. Which is the best alternative I could find: 5% cashback on petrol and groceries \u2014 on Fridays and Saturdays.<\/p>\n
<\/a>Benefits as above, plus the bank will donate money to charity based on your spending on the Maybank Islamic MasterCard Ikhwan<\/a>. And it\u2019s free for life!<\/div><\/div>\n<\/a>This card has an outstanding 6% cashback on groceries, dining and online transactions \u2014 every single day. Well done, Public Bank<\/a> \u2014 you\u2019re certainly improving.<\/p>\nThe only thing stopping me from getting this card is the RM 411.28 annual fee. Which is waived if you use the card at least 12 times a year. But hey,\u00a0sometimes I get lazy keeping track of so many terms and conditions. (More on that later\u2026)
\n<\/div><\/div>\n
<\/a>I like the idea behind the\u00a0Hong Leong WISE Gold Card<\/a>: 10% cashback on 3 of your chosen categories (e.g. Utilities, Pharmacies, Entertainment). I hate the\u00a0implementation: you need to swipe your card at least 10 times (amount > RM 50) a month to eligible.<\/p>\nI know the bank wants to encourage spending, but I don\u2019t think\u00a0anyone<\/em>\u00a0has time to track transactions like that. If you\u2019d like\u00a0to prove me wrong though\u2026 Banks have a habit of making statements like \u201cUp to 8% cashback every day!\u201d But when you look at the fine print, you realise that it\u2019s only 8% cashback if you spend\u00a0a lot<\/strong>\u00a0of money (e.g. > RM 2,000 per month). And it\u2019s only applicable at a certain<\/em> mall, and only on\u00a0the first\u00a0weekend of the month.<\/p>\n 8% may be a pretty good discount, but\u00a0like I said above, ain\u2019t nobody got time<\/em> for burdensome terms and conditions.\u00a0I suspect most people just get pulled in by marketing promises, but don\u2019t get anywhere near to maximum benefit.<\/p>\n (Who on earth spends more than RM 2,000 per month on their cards anyway?)<\/p>\n Instead, here\u2019s what I suggest: go for the simplest, most uncomplicated card that you can find \u2014 which still serves your purpose. That way, you fully understand the privileges you\u2019re getting, and can maximise the benefits.\u00a0Of course,\u00a0all banks have their own terms and conditions. But you\u2019ll save yourself a lot of gray hairs if you choose one that\u2019s reasonable.<\/p>\n You also get 5x points on all transactions outside Malaysia, excluding online transactions.\u00a0Apart from that, again \u2014 no conditions.<\/p>\n But even if AmBank\u00a0imposes difficult\u00a0terms and conditions again, pulls back all privileges,\u00a0or downgrades them\u00a0\u2014 you can still keep these cards forever without worry. Why?\u00a0Because they\u2019re\u00a0free for life.<\/p>\n See what I said about simplicity? * * * * * * * *<\/p>\n While it\u2019s a lot harder than it used to be, hopefully the above has given you some ideas to save your hard-earned money in difficult times.<\/p>\n Let\u2019s hope\u00a0the winds of change blow again\u00a0soon, and banks start\u00a0re-introducing better privileges. Till then, let\u2019s\u00a0hang on tight, and keep adapting our strategies to the market. And stay\u00a0on the lookout for better cards\u00a0and even better strategies.<\/p>\n What are your favorite credit card strategies?<\/strong><\/p>\n
\n<\/div><\/div>\n<\/span>3. Look for simplicity<\/span><\/h2>\n
<\/a>Most banks recently reduced their airport lounge privileges; but AmBank improved theirs. The AmBank Visa Infinite<\/a> and AmBank World MasterCard now allow unlimited lounge access to Plaza Premium lounges in over 26 airports (until December 31, 2016). No conditions.<\/p>\n
\n<\/div><\/div>\n<\/h3>\n