What to Expect When You Are Applying for a Credit Card in Malaysia

Are you on a hunt for a credit card? With a lot of Malaysian credit cards available, it can be tedious to find the best one. But you will surely find one that suits you, your needs, and your lifestyle. If you are determined to get a credit card soon, here are some things to expect before applying for one:

  1. The credit card company will ask about your minimum monthly or annual income

The bank will likely approve your application given that you have the financial capacity to maintain a credit card. Remember that there are annual fees, balance transfer fees, late fees, all other things you have to pay. Ask yourself, “Do I earn enough?” If you think you are eligible to get one, you should inquire the bank about their minimum salary requirement. Banks have different terms. One bank may require more than the others. For example, the OCBC Bank requires that you earn RM24,000 per annum for most of their credit cards.

  1. A simple mistake in your application form can be a reason for the bank to reject your application

It goes without saying that you have to provide the correct information when filling up your application form. But take note that simple human errors, like not filling up a needed information, can be one of the reasons for the bank to reject your application. Be extra careful when signing documents, to avoid this mistake from happening.

  1. The required documents are different when you are self-employed

For salaried employees, the typical documents needed are a copy of your National Registration Identity Card and proof of income. If you are self-employed, your bank may ask for the copies of your bank statements or business registration form.

If you are ready to apply now, take note that most banks will allow you to apply online. They will allow you to sign your application online and after reviewing, they will ask you to send the relevant documents. You can take advantage of this if you are too busy to visit the bank ASAP.