Lifestyle

Credit Cards Can Be Confusing AF—These 6 Platforms In M’sia Make Comparisons Easy

  • These are the websites that list out credit cards for Malaysians, and their unique offerings.
  • Many of these like iMoney, Loanstreet and RinggitPlus, among others, are ideal for beginners.

With the right knowledge and the right plastic in hand, owning a credit card can actually help you save money in the long run, as long as you understand what the rebate rates and loan charges can do to you first.

However, with the huge variety of card options available in the market today, it can be difficult for the average Malaysian to figure out which card to start with, or even which credit card is best suited to their lifestyle.

Luckily, quite a few Malaysians have picked up on this problem, and they have come up with a solution—platforms that list out and compare credit cards in an easy-to read website.

Some of them will even filter out results based on what you actually qualify for.

1. Loanstreet

If you’re like me and you have no idea what you’re doing, then Loanstreet is one way to go about getting a credit card. Not only does it offer a credit card comparison tool, it also offers a one-on-one tele-guidance to actually help you increase the chances for approval. According to Loanstreet, some of their customers even view them as a general helpline for financial advice.

They were also one of the finalists for the recent Fintech Awards 2018.

You can look by:

  • Cashback
  • Islamic
  • Petrol
  • Rewards
  • Travel
  • No Annual Fee
  • Premium
  • Balance Transfer
  • Promo
  • Shopping

What you can see:

  • Interest Rate
  • Balance Transfer
  • Cashback
  • Annual Fee

You can try out Loanstreet here.

2. RinggitPlus

RinggitPlus is run and operated by Jirnexu Sdn Bhd, and claims to be Malaysia’s leading comparison website. They want to make it easy for find choices that suit their needs, and perhaps was one of the earliest players for credit card comparisons in Malaysia.

What RinggitPlus lacks in the ability to get personalised credit card information they make up for in robust categorisation, which again, is also pretty ideal for those who are confused by credit card and just want good recommendations.

The information page for more detailed information about a card is still user friendly, yet informative. It breaks down the fine print quite well.

If you’d rather not talk to anyone but still want access to easy-to-digest information to make informed choices, then they are the people to find.

You can look by:

  • Sign Up Offers
  • No Annual Fee
  • Cashback
  • Rewards
  • Petrol Travel
  • Islamic

But if you need help choosing, categories are further divided into:

  • Your First Credit Card
  • Lifestyle Guru
  • VIP
  • Shopper
  • Holidaymaker
  • Business Traveller
  • Islamic Card-i
  • Road Warrior (Petrol)
  • Entrepreneur
  • e-Commerce (online shopper)
  • Emergency Only
  • Money Manager (frequent credit card user)

What you can compare:

  • Profit/Interest Rate
  • Balance Transfer
  • Cashback
  • Annual Fee

You can try out RinggitPlus here.

3. GoBear

Example of a comparison.

Compared to the others, GoBear seems to have the most robust filters, so if you already have a pretty good idea of what you want, then GoBear might be ideal for you.

One interesting feature about GoBear though, is that if you’re debating between a couple of credit cards, then you’re actually able to pit them against each other side by side on a single page.

You can look by:

  • Travel
  • Lifestyle
  • Petrol
  • Low Fees
  • Balance Transfer
  • Islamic
  • Promotions

What you can compare:

Since the system is designed for users to pick and choose which cards to compare, the basic description of the cards in the main pages simply point out three of the most ‘interesting’ facts about the card.

On the comparison page, you can see everything from the product score, basic information, to everything from rewards and cash back.

You can try out GoBear here.

4. iMoney

The SmartSearch’s narrowed-down options for me.

iMoney is another big player in the market, headquartered in KL and serving as one of Southeast Asia’s largest comparison portals.

One benefit of iMoney is that they will give you a breakdown of exactly how useful the card is for everything from entertainment to utilities, in a rating from 1 to 10.

There is also a SmartSearch option, that asks you to take a short quiz so that its system can give personalised recommendations based on your circumstances and needs.

iMoney compares credit cards, loans, broadband, and insurance products on its website and provides telephone-based advice to consumers.

You can look by:

  • Shopping
  • Travel
  • Travel
  • Petrol
  • Rewards
  • Dining
  • Cashback

What you can compare:

  • Interest Rate
  • Balance Transfer
  • Annual Fee

You can try out iMoney here.

5. CompareHero

Out of all the comparison sites listed, a cursory glance shows that CompareHero is probably the best for those who travel frequently, as it lists air miles and overseas spending rates in an easy-to-find and easy to compare way.

But one perk they have is that they give out gifts upon activation (for select cards), and brand themselves as the portal with the best deals.

Other than that, CompareHero’s website is quite robust, with the ability to filter and search through categories in what may not be the most informative list, but very digestible information. If you’re not too familiar with credit cards, or care about very specific things, then CompareHero actually helps to cut out a lot of the fluff.

You can look by:

  • Cashback
  • Air Miles
  • Rewards
  • No Annual Fee
  • Islamic
  • Best Deals

What you can compare:

  • Minimum Monthly Income
  • Overseas Spending
  • Local Spending

You can try  out CompareHero here.

6. BBazaar

BBazaar is a recent entry into the Malaysian ecosystem. Once its full features are launched, users will be able to send their applications directly through the platform without having to go through a third-person party.

Its system will hold your hand throughout the entire process, and even asks for your age, debt, and if you’re a foreigner or local.

  • Cashback
  • Air Miles
  • Shopping Rewards
  • Groceries
  • Petrol
  • Dining
  • Entertainment
  • Student

What you can compare:

  • First Year Fee
  • Rewards
  • Joining Perks

You can try out BBazaar here.

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What’s important to remember though, is that while many of these sites each have a fairly substantial list of cards, it is inevitable that each list will be different based on how long the site has been around, and who they have managed to acquire into their system.

For a discerning shopper, it might be beneficial for you to check more than one site to find cards that best suit your lifestyle.

 

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