Malaysian credit cards charge 18% annual interest โ one of the highest consumer debt costs around. Used responsibly, credit cards provide cashback, rewards, and purchase protection. Used poorly, they create a debt spiral that takes years to escape. Here is how to master credit cards in Malaysia.
Malaysian Credit Card Interest Rate
Bank Negara Malaysia caps credit card interest at 18% per annum. This is calculated daily on the outstanding balance. On a RM5,000 balance carried for 12 months: interest cost = RM5,000 x 18% = RM900/year. On a RM20,000 balance: RM3,600/year in pure interest.
Best Cashback Credit Cards Malaysia 2026
| Card | Cashback Rate | Annual Fee | Best For |
|---|---|---|---|
| Maybank Visa Platinum | 5% (weekends) | RM0 with min spend | Weekend dining/shopping |
| CIMB Cash Rebate Platinum | 5% (petrol) | RM0 | Petrol and utilities |
| Public Bank Quill Card | 2% unlimited | RM0 (waived) | Everyday spending |
| Hong Leong Sutera Platinum | 3% dining | RM0 (waived) | Frequent diners |
| Amex True Cashback | 1.5% unlimited | RM0 | Simple high-acceptance card |
Using Credit Cards as a Tool
A credit card used correctly is a 0%-interest 30-day loan plus cashback: 1. Use for daily spending to earn rewards. 2. Pay full balance by due date โ zero interest. 3. Net result: 2%โ5% cashback on spending you would have done anyway. The trick: treat each credit card charge as money already spent from your bank account.
CCRIS and Credit Cards
All credit card applications and payment behaviour are reported to CCRIS. Consistently paying on time builds a strong credit profile. Multiple rejections for credit cards leave inquiry marks on CCRIS โ apply selectively for cards you are likely to be approved for.
Our editorial team specialises in Malaysian personal finance โ covering loans, taxation, insurance, EPF, and Islamic finance. Every article is fact-checked against Bank Negara Malaysia (BNM), LHDN, and major Malaysian bank publications. We reference our calculators (which use industry-standard formulas) to ensure consistency between our written content and tools. Learn more about our methodology โ