Having a credit card is a virtual necessity in this day and age; it allows you to make payments anywhere in the world and also provides a lot of convenience to users when shopping or buying anything. However, almost every bank in Malaysia offers its own credit card so if you are thinking of opening a bank account solely for the purpose of getting a new credit card, there are a few important considerations that you need to keep in mind. In the following few paragraphs, you will learn more about the different factors that you need to consider when selecting a new credit card.
Annual Percentage Rate
The annual percentage rate, also known as the APR, is the most important thing that you need to think about when applying for a new credit card. It is the cost of borrowing that you will have to pay if you don’t clear the balance at the end of each month. Different banks and credit lending institutions charge different rates so it’s useful to look around a bit and compare the APR to find the cheapest option.
Many of the leading credit card providers often hold regular discounts to convert potential customers. For instance, they may offer major discounts on different products and in shopping malls. In fact, many companies also run regular promotions to attract customers by offering timed specials. You can get yourself the best card via credit card promotion in Malaysia. All it takes is a little bit of research to find a credit card that’s suitable for you. During the timed promotion, you might be able to save yourself a great deal of money as well reduce fees on the application process for a new card.
Another important factor that you need to consider is the minimum repayment amount, which is usually a specific percentage of the outstanding balance. Making the minimum repayment each month will give you the peace of mind to not worry about the APR being applied to all of your outstanding balance. If the minimum repayment is higher, you might find yourself running out of funds before the month comes to a close. Therefore, it’s highly recommended that you shop around a bit and find the company that offers the lowest repayment options.
In exchange for the benefits that credit cards offer, many companies often apply an annual fee to the card. This is a small service fee that’s charged at the end of the year for using the credit card. Therefore, it’s important that you check which company offers the lowest annual fee and then make a decision. Many companies also offer cash back facilities to their customers in a bid to get them to spend more money. Cash back promotions and loyalty points and rewards can go a long way in turning a potential customer into an ardent user. Therefore, it’s very important that you first shop around, compare different factors, and then choose a viable credit card.