APPLYING FOR VISA CARD, MASTERCARD, AMERICAN EXPRESS INFORMATION
EXPAT CREDIT CARDS OFFER: Apply Visa Card, MasterCard, AMEX (FAQ)
HOW DO I APLLY FOR CREDIT CARDS
The process of getting a Credit Card differs accordingly to the requirement of the Issuer. 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, payslips, 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
Note that 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.
WHAT TYPE OF CREDIT CARDS IS THERE
Before a person can understand what a Credit Card is, it is more important to firstly understand the terms used to classify a Credit Card:
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, travelling and dining at selected merchants.
Unique Credit Card - Different from Regular Credit Card, a Unique Credit Card provides non-conventional form of credit facility. For example, cash back or virtual credit card.
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 and MasterCard.
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.
Deception occurs extensively throughout Asia. There have been many instances in Asia of credit cards being copied, for later use, in establishments ranging from small shops to large department stores and hotels. Travellers should always be very wary when using them.