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    • Home
    • About Us
    • Guides

      Savings Calculator to calculate savings goals and basic savings projections

      Planning & Budgeting

      Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

      Saving & Investing

      Guides to tackle financial debts in Malaysia for Free

      Tackling Debt

      Free Guides on Choosing and purchasing a vehicle in Malaysia

      Buying a Vehicle

      Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

      Buying a Home

      Free Guides On purchasing insurance in Malaysia safely

      Insurance

      Free guides to ensure a comfortable Retirement by planning your retirement

      Retirement

      All Guides Icon

      All Guides

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      GuidesTackling DebtCredit Cards 101
      • Introduction 1

        • Lecture1.1
          Summary
      • Deep, deep dive 5

        • Lecture2.1
          The pros of getting a credit card
        • Lecture2.2
          The cons of getting a credit card
        • Lecture2.3
          When can you get a credit card?
        • Lecture2.4
          Your credit card repayments
        • Lecture2.5
          What should you look for when choosing a credit card?
      • Practical Tips 5

        • Lecture3.1
          Use comparison sites to find the most suitable credit card for you
        • Lecture3.2
          Before you apply for a credit card, go through this checklist of the do’s and don’ts
        • Lecture3.3
          Use your credit card responsibly
        • Lecture3.4
          What to do if you need help with credit card debt?
        • Lecture3.5
          Quiz: Credit Cards 101

        What should you look for when choosing a credit card?

        The 3 main considerations are: 

         

         

        1. Interest rates: The interest charged on your outstanding card balance or balance that has been carried over from the previous month

         

        What to look out for

         

            • Which bank has the lowest rate?
            • Look out also for how the rates increase over time if you don’t make a payment on time

        1. Annual fees: Fees that are charged every year

         

        What to look out for

         

            • Which credit cards have NO FEES?
            • Which cards have the LOWEST FEES?
            • Are there waivers or exceptions (e.g., if you spend above a specific amount)?

        1. Rewards and benefits: Most cards come with bonus schemes like cashback, air miles, bonus points, privileges, discounts, and more

         

        What to look out for

         

        Find a card that meets your needs. Some of the rewards/ benefits available include cashbacks (some are tied to specific shops), petrol benefits, travel benefits, reward points 


        Other considerations when choosing a credit card:

         

         

        Cash withdrawal: The service to withdraw cash at an ATM using a credit card. Look out for which bank has the lowest fees and interest rate for cash withdrawals. But don’t do this unless you really need to as it’s very costly!

         

         

        Easy/flexi payment plan and/or cash advance plans: Some cards offer special low interest repayment schemes for large purchases on the card (easy/flexi payment plans), and some offer a cash loan (cash advance plan) to the value of your existing card’s limit which is transferred to your savings/current account.

         

        For these plans, look out for:

         

            • What  the upfront fees are
            • Which bank has the lowest interest rate
            • What the minimum or monthly installment amount is
            • What  the installment period is  (Make sure you can pay-off the loan within this period)
        Prev Your credit card repayments
        Next Use comparison sites to find the most suitable credit card for you

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        Managing our spending can be tricky business. So tell us how you spend your money and we'll help you figure out how to make the most of it!

        1. How do you earn money?
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        What’s your spending style?

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        Whats Your Finance Personality?

        Find out if you’re a Money Boss, Finance Cadet or a Finance Newbie by taking this quiz!

        1. It's the end of the month, you are thinking...
        2. Say you want to go shopping for fun, do you...
        3. So you crashed your car and it's going to cost RM1,000 to fix, you
        4. Your credit card statement is in and your reaction is
        5. After months of saving (see "sikit -sikit, lama-lama jadi bukit" really is true), you've got cash sitting in the bank. You then
        6. You're buying a new car (yes, imagine away - Toyota, Proton, or BMW). You take
        7. You are thinking of investing. What do you do...
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