Credit cards are created differently and what is good for me might not be favorable to you. The suitability of credit card to an individual depends on various factors such as interest rate, member benefits, and reward program. It is very important to consider the magnitude of every factor through comparison. Comparing credit cards is not easy and therefore you need a credit card comparison in Malaysia. This is possible through the OCBC bank Malaysia which provides credit card comparison up to three kinds of credit cards.
Factors to consider when choosing a credit card
There are various factors that you must put into considerations when applying for a credit card. This is to ensure that you get a card that will serve you best in your various used. Some of these factors include.
The type of credit card; credit cards come in various kinds and you need to get the most suitable card. They include the
- Secured cards which require a security deposit. If you have no credit or you have bad credit, then a secured credit card is suitable for you.
- The regular credit cards which do not need any security deposit. However, premium cards have credit limits which are higher compared to secured credit cards.
- The premium cards which come in three variations of Titanium, platinum, and gold. These provide high credit limits and other extra benefits such as emergency service and travel insurance.
The other factor that you should consider is the cards’ grace period which is the total number of days you must pay your full bill without finance charge triggering.
You should also consider how your credit provider calculates the finance charge. The finance charge is the amount of dollar that you pay to use the credit. This depends partly on the outstanding balance and APR-annual percentage rate. Different companies employ different methods to calculate the finance charge. One method can make a huge difference in the charge. It is wise to know whether the card has the minimum charge when doing credit card comparison in Malaysia.
Understand the fees associated with our card, because some credit cards have many associated fees such as annual, late payment, over-the-limit, balance transfer, foreign transaction, and many more fees. Pay attention to the fees associated with the card.
Also look at the features of the cash advance characteristics because some may come with higher interest rates. Check the ATM, APR fees and crediting of payments
Credit limit and interest rates, as well as rewards such as rebates, are also important factors to check out before you apply for your credit card.
Example credit cards by OCBC bank Malaysia
Some of the credit cards you could consider when doing credit card comparison in Malaysia include OCBC 365 MasterCard OCBC Titanium master card OCBC great Eastern Platinum, MasterCard, OCBC World MasterCard, OCBC Cashflo MasterCard and. When doing a comparison you will find factors like key benefits such as rebates, annual fees where most of the cards have no annual fees, age requirements which is 21 years and above, and income requirements for each card. Pay attention to all the factors and go for the card that favors your needs. Also, there are various methods of applications from which you can choose the most suitable method for you.