How do I apply for Credit Cards?
The process of getting a Credit Card differs accordingly to the
requirement of the
Issuer (mostly banks). Some might take weeks and
some even only a day. First of all, the Applicant must obtain the
application form from the Issuer. These forms can be found either
from the internet (if there is online application), branches or from
the representatives from roadshows.
Usually, the Terms and Conditions can be found together with the
application form. The Issuer may also opt to send the Terms and
Conditions later, together with the Credit Card (if the application
is approved). Either way, it is strongly recommended that the
Applicant read and thoroughly understand the Terms and Conditions.
Do not accept or apply for the Credit Card it the Terms and
Conditions is not satisfactory.
There will also be some supporting documents needed to be sent
together with the application. For example Passport & working
permit, pay slips, income Tax. The supporting documents required
differs accordingly to the class of the Credit Card being applied
for and also depends on the Issuer's needs.
After it is sent to the Credit Card Issuer, it will go through the
internal process to verify the Applicant's eligibility. They would
also check the Applicant's credit history to determine whether the
Applicant is a proven good paymaster or not. If the application is
deemed satisfactory by the Issuer, the application will be approved
and the Applicant will be notified accordingly.
There are various ways on how the Credit Card is passed to the
successful Applicant. Some institutions may require the Applicant to
come to the Issuer's premise or it is couriered to the Applicant by
registered mail. Subsequently, the Issuer will send the Personal
Identification Number (PIN) separately.
Where can I apply for a credit card?
Expatriates with Working Permit can Apply for Credit Card in
Malaysia. An Applicant can either go straight to the Credit Card
Issuer's branch or premise to get the details of the Credit Card and
an application form. Usually, the Credit Card Issuer's
representative will make public appearances to promote their Credit
Cards. They can be found at shopping malls and office buildings.
These representatives do also cooperate with human resource
departments of major cooperation or government agencies to promote
pre-approved application with exclusive promotions. Some aggressive
Issuers will also opt to telesales to reach potential customers.
Though there are various ways a person can apply for a Credit Card,
it is important for the individual to find out more about the Credit
Card first rather than applying blindly.
Types of Credit Cards
Regular Credit Card - Refers to a common Credit Card,
primarily intended to provide credit facility to its Cardholders. It
is similar to a personal loan except the credit facility is
pre-approved. It usually includes exclusive privileges for shopping,
traveling and dining at selected merchants.
Charge Card - Unlimited line of credit which must be paid in
full every month. Effay categorises these cards as unique cards.
Credit Card Association - The Credit Card Issuer normally
associates themselves with a worldly renowned Credit Card
institution proficient in payment processing services, policy
settings and market awareness. For example Visa, American Express
Credit Card Issuer (or the Issuer) - The financial
institution given the rights by the Central Bank (Bank Negara
Malaysia) to commercialise Credit Cards.
Credit Card Class - Refers to the different level of
privileges and credit limits that is set by the Issuer. This level
is dependent on the financial strength of the Cardholder /
Applicant. For example, Gold Class, Silver Class or Platinum Class.
Co-branded Credit Card - The Credit Card that carries more
than one brand on it, which are the Issuer and a partner from
different industry such as retails, airlines, department stores etc.
These terms are used to differentiate Credit Cards. For example when
differentiating between a Citibank Gold Visa, a Citibank Ready Cash
and Maybankard Makro Visa. The first is a Regular Credit Card issued
by Citibank, associated with Visa, and classified as Gold. Citibank
Ready Cash is an example of a Unique Credit Card offered by
Citibank. Maybankard Makro Visa is a co-branded Credit Card from
Maybank and Makro; and associated with Visa.
Credit cards (MasterCard, Visa, AMEX) issuers in Malaysia
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