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The 3 BEST Credit Cards 2020 Malaysia (Entry Level) - YouTube
Channel: Millennial Finance
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this could be a very controversial topic
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unlike many other personal finance
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advice you will hear out there
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we actually love using credit cards and
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we urge you to try it out yourself
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hold on a second why is the millennium
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finance
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making me watch a video on the best
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credit cards in malaysia
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i know i know there are so many horror
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stories out there
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about young people being stuck in a
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mountain of that
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and the main culprits for this is
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usually personal loans and credit cards
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in fact the world bank recently released
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a study
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that shows that many malaysian
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millennials are actually stuck
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in a lot of debt just to be clear i know
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that credit card debt can be the worst
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thing that will
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ever happen to you and starting off our
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young careers like this
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won't be a good thing however we need to
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learn how to manage our budget
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eventually don't we
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whether we use a credit card or not the
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ability to properly budget
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and spend within your means is something
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that you'll eventually have to learn
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if you're absolutely certain that you
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cannot control your spending with a
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credit card
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then i suggest you click off this video
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right now personally
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i use credit cards all the time the
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first thing that it does for me
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is it helps me build a credit score
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right when i start working with a good
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credit score
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it makes it easier for me to get future
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loans such as when i eventually want to
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buy a car
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or house also having a good credit score
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will make banks offer me cheaper
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interest rates compared to someone else
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with no credit score or even a bad one
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another good thing about credit cards is
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the sweet benefits that come of it some
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credit cards offer cash back while
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others offer points
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most of them also even give you a sweet
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sign up gift
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where sometimes you can even get some
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apple airpods
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if you've recently started your career
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and are looking out for your first
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credit card
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then this will be the perfect video for
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you in making this list
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i filtered out credit cards that had an
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income requirement of more than 4 000
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ringgit
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since i wanted something realistic for
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millennials who are watching this video
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i took out a lot of those credit cards
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who claim
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up to 10 cash back but they require you
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to spend 3 000 ringgit a month to unlock
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this
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i hope that none of you are spending the
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amount of money per month i prefer
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going for credit cards with benefits to
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have no strings attached and give you
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the rewards
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even if your spending is very low make
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sure that you stay to the end of this
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video
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so that you know which credit card suits
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your needs let's start off with the
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first credit card
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being the maybank two gold cards for
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those of you who are interested
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it requires a minimum income of 2 500
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yet per month or
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30 000 ringgit per year this actually
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comes with two credit cards
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the first one being an amex and the
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second one being a choice between a visa
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or mastercard the amex card gives you
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five percent cashback on
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all spending on weekends and this is the
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primary card that i use
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i know that a lot of places don't really
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accept american express
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but i feel that enough of them do to
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justify having this card
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a good trick that i use is to tie my
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amex card to the faith pay app the good
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thing about faith bay is that most
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merchants accept it
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even though they don't accept american
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express cards using this
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i'll be able to get my five percent cash
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back on my american express card
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whether the store accepted or not in
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terms of usage i tend to use it for
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patrol groceries dining or whenever i
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feel like going shopping on the weekends
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on weekdays i tend to stay away from
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using this card because it doesn't
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really give us much in returns the other
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card that you can choose from between
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visa or mastercard offers some pale tree
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rewards in comparison to its amex
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counterpart
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the benefit is so minuscule that i store
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it away in my cupboard and never ever
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use it
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in 2019 alone i racked up nearly 500
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ringgit in cashback from my amax card
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alone the next credit card that i
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recommend
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and even use myself is the camb cash
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rebate platinum the good thing about
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this credit card is that it has a very
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low
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entry point with a minimum income
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eligibility of only 2 000 ringgit per
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month based on my experience
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cimb is also very lenient in terms of
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who they accept
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making this the perfect card for fresh
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graduates with no credits history
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this credit card gives you two percent
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cash back on your
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patrol groceries mobile bills and
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utility bills such as your electricity
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one way that i use this is by offering
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to pay for my family's electricity bill
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and getting two percent cash back when
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none of them are getting it
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then i split the bill and ask them to
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pay me back if you spend more than three
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thousand
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ringgit a month which i hope you don't
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you'll get a five percent cashback
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instead of the two
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on all other retail span you'll be
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getting 0.2
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cashback which is not great but it's
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still something right
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you can definitely get better rewards
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from other credit cards but i feel like
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the combo
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of requiring a low income and the
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benefits of cashback for patrol
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groceries and utility bills make this
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credit card
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worth it the third one that we're
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recommending isn't technically a credit
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card
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but the benefits are so great for
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specific use cases that we didn't want
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to leave it out
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it's big pay technically it's a debit
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card that allows you to store
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some of your cash in something that is
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resembling a new wallet the main draw
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for me to this card which i'm sure is
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the same for a lot of other people who
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use it
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are its great exchange rates i use this
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card almost exclusively when i go travel
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and i think that i've saved so much
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money because of it you know the feeling
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of preparing for a holiday overseas and
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you don't really know how much money you
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need to bring
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in comes the benefit of big pay i
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usually bring less money than i think i
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need
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and then have the rest of my cash in
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malaysian ringgit in my big pay wallet
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if i end up spending more than i
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actually budgeted for
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i don't have to go withdraw money from
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an atm which i have to pay fees for
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and then go convert it at a currency
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exchange store which i again have to pay
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fees for with big pay i can use it as a
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debit card
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as most places actually accept cards as
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a form of payment
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this way i don't have to over convert my
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money
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only to have to bring it back and
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convert it again the great exchange
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rates that are being quoted on big pay
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make all this possible and the rates
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that i see are usually
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very comparable or even sometimes better
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than what's being quoted on google
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even though we have no idea when we can
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start traveling overseas again
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it's still a good card to have
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especially if you make a lot of online
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purchases in foreign currencies
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a smaller benefit that you get from
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using this card is that you get big
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points for every time you spend your
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money with big pay
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the reason that i consider this benefit
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small is that the
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points that you get for every purchase
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is not that great i think it's something
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like one big point for every 10 ringgit
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that you spend on big pay
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still this all adds up and eventually
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maybe you'll get a free holiday or a
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cheaper one if you want to open your
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bigpay account
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i'll leave my referral down in the
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description below so that we both get 10
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ringgit when you sign up
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the fourth and final credit card that
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i'll be recommending in this video
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is the public visa quantum public bank
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quantum visa
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okay public bank it's the public bank
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quantum visa
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the minimum income requirement for this
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credit card is 3 000 ringgit a month
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this might rule out some of you
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but i should definitely be available to
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most of you who have been working for at
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least a few years
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i don't use this credit card and only
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stumbled upon it while doing research
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for this video
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the benefits are kind of great so i'm
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actually considering signing up after
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this
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the card gives you five percent cashback
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on all contactless payments kept at rm30
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per month i don't know about you
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but nearly every time i use my credit
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card i seem to use the way feature
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i only really put it in and type in my
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pin when i really have to this makes it
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super easy for you to be eligible for
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the cashback
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and the five percent rate is quite
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generous one thing that i'm not sure of
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if is whether online payments are
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considered contactless i mean
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technically it is right well if you have
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this card and you know the answer to
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this
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leave your answer in the comments down
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below on top of this five percent
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cashback
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every ringgit that you spend with this
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credit card also entitles you to public
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banks vip points
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this means that this is one of the only
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credit cards in the market that offers
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both cashback
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and credit card points we don't know the
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value of this because i don't really
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have a public bank account so if any of
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you do
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feel free to let us know to conclude
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getting a credit card is a great way for
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fresh grads to build their credit score
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and get some benefits along the way
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my only advice is to spend within your
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means and pay off this debt
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every single month on time the evil of
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credit cards is that it lets you spend
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beyond your means
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so you really need to control yourself
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if you're considering getting one when
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you look at your statements
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you'll notice that there's a minimum
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payment and an outstanding amount
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remember don't pay just the minimum
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amount the minimum amount is what the
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bank is telling you that you have to pay
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at least
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otherwise i'm gonna go out and look for
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you however the difference between the
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minimum amount and the outstanding
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balance is how much you'll get charged
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interest on and you don't want to get
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charged interest on your credit card
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because it goes up to around 18
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per year which will really kill most of
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your finances the different credit cards
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really suit different needs so i suggest
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you look at your budget and see what you
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spend a lot of your money on and choose
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a credit card
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that's right for you if you're looking
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to get one now i recommend going on
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ringer plus or imani or any of these
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other websites
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and wait for very good sign up bonuses
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so you can get something good when you
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start i'm not gonna lie that when i
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first started
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i was really hoping that i would get a
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drone from signing up from a citibank
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credit card
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however i didn't finish my application
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on time so i didn't get drone and i was
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super disappointed give us a big thumbs
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up if you enjoyed this video and
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subscribe if you haven't already
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let us know down in the comments below
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what is your favorite credit card thanks
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for watching everyone
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my name is emir and see you in the next
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one peace out
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