Summary of Discussion: What Has Been Your Experience Getting a Credit Card in Malaysia?
Below is a summary of the feedback gathered from the comments on the above Discuss topic.
- Flight Risk Associated with Expats: Banks may be reluctant to issues credit cards to foreigners because of concerns you’ll leave the country without paying the debt.
- Helps to have a Salary in Malaysia: If you’re a retired expat in Malaysia, you may have even more difficulty, as you won’t have a salary to show
- Helps to have Credit History in Malaysia: As an expat, if you have not established credit history in Malaysia, it may be even more difficult to get a credit card.
- Five Insights about Credit Card Process: One Commenter explained his thoughts about the credit card approval process in five points. Read them here:
- Getting a Credit Card in Malaysia can be frustrating for an Expat. One Commenter explained his disapproval of the credit card process in Malaysia. Read more here.
Here is a compilation of comments about specific card issuers in Malaysia:
Citibank
- Commenter Brian: Citibank has not responded to my many requests [when you reach 65 and no salary you are in their no-man’s land].
- Commenter Zen: “I have a perfect credit rating in my country a platinum Citibank credit card from my country, but when i use it in Malaysia the currency fees etc were excessive so i needed a local credit card. I went in to Citibank here and they treated me as if i just landed from Mars.” Read more here.
- Commenter Andrew: Citibank is great. They come to your office to join you up. It is very easy and straight forward. Just need the normal ID documents and you are done.
Standard Chartered:
- Commenter Brian: “I needed bank accounts, credit cards and a property mortgage. Only Citibank and Standard Chartered were interested in a mortgage so I challenged them to agree a sum and a time period.”…”Standard Chartered agreed but were somewhat hesitant so I wrote to ask clarification from Bank Negara – the reply was positive and eased SC concerns.”
HSBC
- Commenter Brian: “HSBC agreed to a current account and credit card as I needed somewhere to send my monthly pension payment”
- Commenter Expat Here Long Term: Absolutely no problem whatsoever with HSBC! Opened bank account and requested a credit card, which was supplied within days, with an acceptable credit limit offered!
- Commenter Jill: We found the HSBC card quite easy to obtain as we are long term customers with linked accounts here and in the UK (although it did take some time). We attempted to get a CIMB credit card however and they told me that we could only have credit up to the amount we had saved in their bank and as we don’t bank with them it was refused. Whatever happened to credit checks?
- Commenter Andy: I had to apply 4 times to HSBC Malaysia, and this is as a long term HSBC customer. Each of the 3 unsuccessful attempts were declined but no one told me and when I eventually went to check I was told that they do not keep the reasons and that I would have to apply again. They also do not keep the documents that you used so you have to go and get them all again and again. It’s a nightmare.
- Commenter Harald: I failed at HSBC because my name is not on the utility bill (the apartment is rented by the company).
Hong Leong:
- Commenter Brian: Hong Leong Bank provided an AMEX gold card without having any other relationship with them.
Maybank:
- Commenter Kmart99: I’m an LTSVP holder and had no problem getting a VISA from Maybank, where my savings account for payroll deposits is kept. The limit was decent although the card expires every year. Mitigates the bank’s risk so I understand. I always get my new card before the expiry so no problem.
- Commenter Martine: We applied for a credit card twice at Maybank. Rejected both times, without any explanation.
CIMB:
- Commenter Harald: I applied at CIMB (running a salary account there ) and had to deposit the limit I want for the credit card for one year as fixed deposit with 3.15% interest. I received the credit card within two weeks.
- Commenter Jill: I understand that it may be simpler if you are working here but I am here under an MM2H with pension income; as such there seems to be little trust at all from CIMB who will only allow credit up to the sum you have in a fixed deposit in their bank. This is a crazy way of doing business (or not in our case). I have a first class credit history in the UK and obviously have a traceable 3 1/2yr history here and owe nothing to anyone, you would think they would jump at the business but no.
Diners
- Commenter Brian: Diners gave me a card because I had other Malaysian cards.
To read the original discussion, visit this page.
Promoted
The winner of this Discuss topic is Brian.
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