best credit card for fresh graduate malaysia
PETALING JAYA: A financial planner has advised fresh graduates to ensure they are well informed of the risks before acquiring a credit card. Exclusively to HSBC, you can earn 8x rewards points for all spending in both these malls – that’s a lot of points. Spend S$0. A setback that might cost only RM1,000 creates difficulties for 75% of Malaysians, and that’s a segment you do not want to be a part of. The Citibank Clear Card is a credit card that’s … If you did not know, most Visa and MasterCard credit card DO NOT reward you anything when you use it to pay for Petrol. That’s because you might not have used a lot of credit as a student. HSBC Amanah MPower Platinum Credit Card-i offers up to 8% cashback on your petrol, groceries and 0.2% on other local retail spending. The banks then further categorised these cards to meet various consumers’ needs and spending habits to having features such as cashback, reward points and air miles. Save enough to create a three-month financial buffer and grow that into a six-month financial buffer in your second year of employment. If you do, you should be using the HSBC Visa Platinum credit card to make your purchases! One of the Ambank credit cards that offers premium golf privileges is Ambank Visa Signature premium credit card. The knowledge you will gain from your peers and mentors coupled with on-the-job experience will help you are you develop your skills throughout your career. If you occasionally do swing over to other selected malls, you can earn 5x points too. They both offer reasonable benefits and rewards, so we included both for your consideration. Tags: credit score, ctos, debt, lifestyle, money matters. Did you know that when a financial setback occurs, only 18% of Malaysians have enough savings to survive three months while only 6% of Malaysians can survive six months! You can earn up to 5x on most of your dining expenses, including purchases made at department stores and overseas. More Card Details . Yeah it’s probably enough for us to spend carefully each month, but what if we felt like ballin’ a little more instead? Tips Beli Barangan Guna Pelan Bayaran Ansuran, Credit Card Past Promotions Terms and Conditions, Easy Payment Plan (EPP): How Credit Card Instalment Works In Malaysia, Difference Between Profit Rate and Interest Rate, Should You Pay Off Your Loans Early? Keep a lookout for cheap eats and bargains, and live within your means. Earn flights, points, cashback, and more just by doing your everyday spending. Standard Chartered Unlimited Cashback Credit Card. Give it time and don’t give up too quickly. Accumulate your WorldMiles and PremierMiles to get more discounts on your next air ticket purchase. Do you hate your job after the first two weeks? Should You Save Money Or Pay Off Debt First? Conclusion: The card we’ve put together below are well within the eligibility of most fresh graduates who have been in the workforce for several months. So instead, remember that nugget of advice from Warren Buffet. Tips Beli Barangan Guna Pelan Bayaran Ansuran, Credit Card Past Promotions Terms and Conditions, Easy Payment Plan (EPP): How Credit Card Instalment Works In Malaysia, Difference Between Profit Rate and Interest Rate, Should You Pay Off Your Loans Early? Finding the best credit cards for recent college graduates doesn’t have to be a thesis-level research endeavor. The Citibank Clear Card is a credit card that’s aimed at the “trendy” ones in all of us. Start saving and be a part of the 6% that is prepared with a six-month financial buffer. The Citibank Clear card is a rewards card that offers up to 3x rewards points when you spend RM1 at participating merchants. All rights reserved. Use an image of your own with Alliance Bank’s You:nique rebate or rewards credit card! In terms of cashback credit cards, I would think Standard Chartered Unlimited Cashback, AMEX True Cashback (both have no min spending), or UOB One (min $500) are one of the better in the markets now. There are 132 All Banks Credit Cards in Malaysia with Rewards Benefit Bank All Maybank (22) Public Bank (4) Hong Leong Bank (4) AEON (12) Affin Bank (8) Alliance Bank (7) Ambank (19) Bank Simpanan Nasional (7) Bank Islam (9) Bank Rakyat (4) CIMB (8) Citibank (4) HSBC (4) ICBC (6) OCBC Bank (1) RHB (6) Standard Chartered Bank (4) UOB (3) The hard … Is it paying that first rent without the help of your parents? How Do You Make A Travel Insurance Claim? That's because QuicksilverOne offers 1.5% cash back on all purchases but charges a $39 annual fee. Furthermore, you are eligible for this credit card when you have a monthly income of at least RM 2,000. Shopping: 6% rebate on online shopping Do not use it as a financial tool to pay for items that you cannot afford to repay in full! Maybank 2 Cards Premier Visa Infinite and AMEX Reserve will offer a benefit that no other credit card in Malaysia will be able to beat. How Do You Make A Travel Insurance Claim? The BSN G-Card Visa credit card is designed exclusively for Malaysian Government employees and offers unique benefits and privileges. My credit's low/no credit, but I've been getting those mails that offers credit card. Don’t get into debt! But how true is that? Graduation is exciting. Just wondering, what has worked for you and what would be the best choice at this point. If hearing the word “budget” gets you about as excited as the idea of poking your eye out, consider this: So here are some hot tips to start building a healthy financial life. Don’t forget to live a little and spend some of your money on a great experience between the time you graduate and the time you land your first job. Surprise surprise, it’s actually your PERSONAL FINANCE that you should pay most attention to. Top 9 Professional Moving Companies in Klang Valley,... Financial Advice for Fresh Graduates in Malaysia. As a student, you will have plenty of free time but little money. All rights reserved. It just means you didn’t overburden yourself with debt during a time when you were a college student with limited income and means to pay back that debt. This card rewards you for spending money by giving you a 1.5% cashback on eligible purchases. If you must buy a car however, a second-hand car is a more practical choice; you will pay a lower down payment for a used car and a lower loan amount – which means lower monthly repayments to your car loan. To keep an excellent credit score, you need to ensure you pay off your credit card bill in full every month. Here Are The Pros And Cons. As a rewards card, the Standard Chartered Visa Platinum is one that’s generous with points. Most fresh graduates think their biggest worry upon graduating is finding a job. Which one to get? The only exception would be debts that have less than 1% annual interest. If you live at home, continue doing so to avoid having to pay for rent. Maybank’s 2 Gold Cards are a common sight in most of our wallets. These days, fresh university graduates seem to be getting a higher starting pay … at least that’s what it says in the newspapers. The average fresh graduate salary in the whole of Malaysia currently ranges from RM2,000 to RM2,500 with more urban areas like Kuala Lumpur ranging from RM2,500 to RM3,500. To keep an excellent credit score, you need to ensure you pay off your credit card bill in full every month. But what does it take to be an adult? There are 4 biggest card networks in Malaysia: Visa, MasterCard, American Express and UnionPay. Of course, these cards still have enough benefits and features for you to utilize in your daily spending. We’ve Compared Top 4 Pocket WiFis And Found The Best Deal! Sure, there are a lot of cards out there, but we’ve narrowed the list down to some of our top choices. Top 9 Professional Moving Companies in Klang Valley, Penang ... How To Calculate Car Insurance Price In Malaysia. See more: Ultimate Guide On Using Credit Cards Responsibly. Subscribe now to get our weekly newsletter for free! Compare the best travel credit cards with the highest air miles in Malaysia. Rewards. According to an article by The Straits Times published last year, some are in fact earning $4,000 to $5,000 a month in their first job. Here are some key factors that a fresh graduate should look into when choosing their first credit card and three of the best entry level cards in Malaysia. Annual fee: RM90 for principal card CLICK HERE TO APPLY. Earn 2 air mile for every RM3 spent on air tickets and overseas spend. The Rewards card lets you earn 2x Timeless Bonus Points (non-expiring) with every Ringgit spend, and the Rebate card lets you earn up to 3% cashback on all retail purchases without any restrictions. Best Credit Cards for Fresh Graduates in Malaysia. If you are interested in any of these credit cards, do check out our current promotions to add another layer of value to your credit cards. It covers budgeting, banking, insurance, mortgages, investments, retirement planning, tax planning and estate planning. They have enough benefits and privileges that make them worthwhile and they have very little to no commitment from you (aside from repaying what you’ve spent). Citi Cash Back Card Featured (According to Salaries & Wages survey conducted by Department of Statistics, Malaysia) No. Next to this, you can save some money by earning points while using your credit card. It is insane given that Malaysians median monthly salaries are only RM 2160. Maybank’s 2 Gold Cards are a common sight in most of our wallets. How much do you think a fresh grad should earn in Malaysia? The points earned can then be used to pay for shopping, dining or more! It also has a lifetime waiver on annual fee. Pay yourself first by automatically putting aside a portion of your income towards your savings. Don’t try to live where your friends are living, where they are flying to, what cars they are driving, or what they are eating and dining. Surely, your future self is a worthwhile cause? Apply for a credit card and start building your credit score. Thought it might be a great idea to start building up my credit. These five credit cards are great at starting you out in the world of credit management! Here Are The Pros And Cons. On top of that, credit cards can provide a balance transfer facility which allows you to consolidate your debt into just one payment. Here are the 5 Best Credit Cards if You Just Started Working, 2 Cards for 1 application in 1 statement: Maybank 2 American Express Gold Card and Maybank 2 Mastercard/Visa Gold Card, 5x TreatsPoints for spend on Maybank 2 American Express card, 1x TreatsPoints for spend on Maybank 2 Mastercard/Visa Gold Card, 5% Weekend Cashback on Maybank 2 American Express Card (capped RM50/month), 1x Citi Rewards point for every RM1 spend, 3x Citi Rewards points for every RM1 spend at selected merchants, Instant Redemption of Citi Rewards points for shopping, dining, movie tickets, and more, 1-for-1 drinks at Coffee Bean & Tea Leaf outlets (Mon-Fri), 1-for-1 Friday movie tickets at GSC and TGV Cinemas, 5,000 bonus points every month when you spend RM1,500, 5x points when you spend on dining, purchases at department stores, and overseas, 8x rewards points on spend at Mid Valley Megamall and The Gardens Mall, 5x rewards points on spend at other selected malls, 2x Timeless Bonus Points with every Ringgit spent, Get up to 3% cash rebates on all retail purchases without restrictions on petrol, groceries, or specific merchants, Personalised card face with your own image. Rewards and Rebates: Dining/ Entertainment: 5% rebate from Friday to Sunday, 3% for the rest of the week @ all cinemas, drinking establishments and selected cafes . © 2021 CompareHero.my (Compargo Malaysia Sdn Bhd, 201301020939). Practice the art of active listening, because when you listen you have the opportunity to learn new things. There are 119 All Banks Credit Cards in Malaysia with Premium Benefit Ultimate Guide On Using Credit Cards Responsibly. As a recent graduate, you may have what’s known as a thin credit file, or no credit score at all. and it is also a huge expense to take on as soon as you graduate. This set of credit cards is an excellent pair for those who are starting out and want a credit card that can cover both rewards points and cashback (especially without much restrictions). This means you don’t try to compete with your friends or keep up with the Joneses. Effective 15 March 2017, the Maybank 2 Cards Premier … Consider saving as spending money on your future self. It is an ideal card for those who still want to spend time chilling out with their partners or friends, partying at Zouk KL, and ending their workweeks with movies. FRANK Credit Card by OCBC: HSBC Revolution Card: UOB YOLO: Citibank Rewards Card: DBS Altitude Visa Card. You want to make sure you get a suitable credit card that is fit for your current spending style and affordable to maintain at the same time. Why it's one of the best credit cards for graduates to get: Capital One QuicksilverOne is a great choice for recent grads with limited credit who plan to charge at least $217 per month to their new credit card. 1 Maybank 2 Gold/Platinum Cards Maybank 2 Gold/Platinum is no doubt the best credit card for cash back in … With this card, you can save as much as 50% off on hotel rooms and dining at any Hilton Hotels within Asia Pacific. Refer to CTOS to keep track of your credit score regularly and track improvements to your score. Citibank Malaysia provides Citi Rewards Platinum credit card through which you can earn rewards points for spending while shopping, travel etc. You must choose whether you want a Rebate or Rewards credit card variant, however. Do not use it as a financial tool to pay for items that you cannot afford to repay in full! In your first year of full-time employment, you may be tempted to spend all your hard-earned money, but start the habit of saving early. 1. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. Hopefully, you will grow addicted to how quickly your emergency savings fund is growing and will continue to save money! I know I did. In addition to that, you can enjoy exclusive offers and discounts across many shopping outlets nationwide. Check the merchants. On top of that, if your expenditure on the card is up to RM1,500 per month, you will receive an additional 5,000 points! Subscribe now to get our weekly newsletter for free! They have low income requirements and little to no-annual fees. Have you just gotten into the working life and are looking for a credit card? Aside from earning rewards points, Citibank’s Clear card also provides you with 1-for-1 offers at Coffee Bean & Tea Leaf outlets for drinks and 1-for-1 Friday movie tickets at GSC and TGV Cinemas. When you begin working, you will have plenty of money (ideally) but very little free time – at least until retirement. Best Credit Cards for Fresh Graduates in Malaysia Maybank 2 Gold Cards. We’ve laid it out for you here. Cash Back 1.5% Cash Back Cap Unlimited Min. If you figure that a cashback card might be a little bit too confusing for you with its restrictions, the Standard Chartered Visa Platinum is a no-frills rewards card that nets you higher rewards points which you can redeem for items, payment, or vouchers. This is one of the surest ways to deplete your bank account and it is not going to make you happy in the future. Both cards share a single statement, meaning you don’t have to fuss about with multiple statements. Personal finance is everything to do with managing your money, saving and investing. Cyberjaya. Interest Rate 8.88% p.a Balance Transfer 0.0% p.a if you are looking at low to no requirements. MyFP Services Sdn Bhd founder Robert Foo said many newly employed graduates would use their credit cards to buy the newest gadgets after being influenced by advertisements into thinking that owning them would make them happy. This is because any money that you intend to save is worthless for as long as you still have debts that charge a higher interest than your saving accounts. The Maybank 2 Gold Cards come in... Citibank Clear Card. Show perseverance and give it at least six months. The truth is, there’s no single lesson you can learn or single moment at which you’ve officially become an adult. This is also one of the most dreaded tasks, but it doesn’t have to be. Debt is toxic for fresh graduates as you’re just starting out in your career. Want to have a credit card that no one else has? Maybe a fancy dinner or graduation-present trip. A brand-new car depreciates as soon as you drive it out of the showroom. One of the first things everyone has to do as they begin adulting is plotting out a money plan. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. Top 9 Professional Moving Companies in Klang Valley, Penang ... How To Calculate Car Insurance Price In Malaysia. How many will raise false hope and expectations, based on a catchy news headline? The emergency fund prepares you for any financial setbacks or unforeseen circumstances that may require you to spend a little more than usual – such as a dental operation or bust tires for instance. Making decisions without seeking the counsel of your closest elders first? The Stacked Homes Editiorial began in 2017 to provide the latest news and analysis on property in Singapore. Refer to CTOS to keep track of your credit … Commuting to work every day and managing your own career? The Maybank 2 Gold Cards come in a pair consisting of an American Express Gold Card and a Maybank MasterCard or Visa card. You need to spend enough for the tradeoff to pay off. Do not accumulate outstanding debt so be sure to monitor and track your credit card spending to ensure that you are able to pay it off in full. You’ll be surprised at how much you can actually save if you use a card that … © 2021 CompareHero.my (Compargo Malaysia Sdn Bhd, 201301020939). Do you spend a lot of time in Mid Valley Megamall or The Gardens Mall shopping? … It’s through experience, added up, that leads you to more accountable maturity — and this can happen at any age. Get additional travel coverages when you apply for a travel card … If you’re about to graduate or have recently graduated, first of all – congratulations! Do not accumulate outstanding debt so be sure to monitor and track your credit card spending to ensure that you are able to pay it off in full. This credit card’s nifty feature is that you can upload an image of your choice, be it yourself, your family, or an awesome scenery, and have it printed on the card. Don’t panic—this isn’t necessarily a bad thing. I just recently graduated school and got my first job. Best Credit Cards for Fresh Graduates in Singapore. Deriv Services Sdn Bhd. The cap, the gown, the proud parents gathered ’round. BeSquare by Deriv Our 6-month graduate training programme is designed to give fresh graduates a holistic learning experience with real-world scenarios, backed by a well-structured curriculum. Learning never really stops, but with that Diploma/Degree/Masters/PhD in hand, you are now academically qualified with a certification that will help you kick-start your career. We’ve Compared Top 4 Pocket WiFis And Found The Best Deal! While many preach about setting up a budget, and we have as well in many of our articles, we know that most times we don’t actually do it. And effective 15 March 2017, the Best Credit Card for Airmiles in Malaysia, i.e. One of the best things about using a credit card are the discount and privileges you get when you spend at the card’s selected merchants. Well, based on Jobstreet Malaysia’s 2019 Salary Report, you can expect a salary of between RM1,949 – RM2,836 as a fresh graduate in Malaysia. Here’s a lowdown of the average salaries you may expect in different industries from being a fresh graduate to a senior manager in Malaysia. See more: Should You Save Money Or Pay Off Debt First? I'm considering Chase Slate or Chase Freedom right now, but I'm open to any feedback! So for every S$1000 you spend, you’ll receive a handy S$15 back. That money could be better spent or to save in other ways. You can contact our Customer Heroes too if you have any questions regarding the credit cards here (Facebook Messenger): Contact us on Messenger, Tags: cashback credit card, no annual fee credit card, petrol credit card, rewards credit card. They partnered with Malaysian banks to issue credit cards to consumers. CIMB’s Islamic Platinum card is one of the several basic credit cards with an interest rate of 15%. We’ve rounded up the best credit cards for fresh grads in 2019 right here so that you can enjoy more time spending your first paycheck! For example, DBS Altitude Visacredit card is a great option for frequent travelers looking for affordable luxury perks, while OCBC 365 Card card may be a better option for those looking for those with broad spending habits seeking daily rebates. The American Express card offers excellent benefits, as it gives 5x TreatsPoints when spent with it and it offers 5% cashback when used on the weekends on a variety of spending, capped at RM50 cashback per month. With the typical lifestyle of Malaysians … One of the best ways to do this is by continuing to live your student lifestyle for as long as you can.