How to select the best credit card, which credit card is the best
in 2020 or in 2021 or in 2022? What is the best credit card in Malaysia? Which bank credit card is the best
and other myths out there when it comes to choosing the best
credit card for yourself? Hi, I'm CF Lieu This credit card that I have will enable
me to buy a Honda City or even a Perodua Aruz I was in cash and the bank will
pay me about three to 400. But there's a cash. And I also want to tell you how to make
five percent guarantee return from your credit card every single
month consistently. Now, the credit card
that I have is by citi And the other one I have some
Standard Chartered will actually give me a six figure credit line,
just these two credit cards without actually counting in what
I'm showing you over here.
I want this because I want to tell you why
it is important for you to at least have a six figures of credit card limit or
credit like this, but also to destroy the myth and tell you
the exact truth that you will probably never heard before when it
comes to credit cards lately. If you're watching this,
this would be your first time. You are a virgin when it comes to choosing
the best credit card for yourself. And I have to tell you that the best credit card for you at this point of time,
if you are a virgin, is to choose the bank where you have your
longest savings account. Now, not only that,
that bank account or savings account or current account should be the bank account
that where you have the largest amount of money in sight and that it should be
your main bank account where your business or your salary income actually gets back
into the account every single month.
The reason is very simple.
You establish credibility with the bank by having a long standing bank account
that can have a record of you having an income and maybe expenses, because
let's put it that way, it is based on familiarity rule
and we tend to trust people that we know, you know, rather than
a stranger in central bank. So I just imagine a bank like a stranger, you are not an existing
customer of the bank. And then you think of suddenly going
to apply for a credit card from a bank where they have they don't
have that transparency. You don't know about how much money you have, whether, you know, you even have
any money or whether you are in debt. Not sure they can actually go. And, you apply credit card with
any bank you authorized bank to check your CCRIS credit history.
But there is only one part of the equation
that they have no visibility on how much money or what assets that you have
the same energy when you go for, you know, you want to go online dating app like
Tinder and then you just left or right. And that's based on looks alone. But you wouldn't know
this guy or this girl. It's someone that is like crazy or not like like Harley quin or something
like that with a joker. But it's different if whoever you
are happened to see it in Tinder And then you show to your friend,
and it happens that that is a mutual friend of your friend,
which means that the friend, you know, your girlfriends, if you see a guy,
is not a nerd, is not a weirdo. And then your friend
actually knows this guy. It is your brother's best friend,
your brother or something like that.
So it's the same concept right now when it comes to choosing a best credit card
especially your first credit card it's not for you to choose which bank,
which is rather for the bank to choose you, you have to prove that you you have
that kind of capability to repay what you actually the credit like you used
on your credit card right on time. And and whether you are someone
of a credible customer or not, banks choose you remember,
it's not you will choose the bank if you are, especially if you have your first
credit card, then basically you have zero zero credit rating,
then you're just not the right person. It's probably the worst
kind of credit that you have on the bed. So beggars can't be choosers. Number two,
the best credit card for you is also the credit card that meets
your income requirement.
Now, again, beggars can't be choosers, especially if you are earning like 2500
less or 30k a year. Yeah, that would be like the minimum requirement, income requirement
to actually get approved. Now, the credit card that you first get because of your low income,
you might not be the best, but at least it allows you
to build up your credit history. And that is very important,
especially if you have none. The start is always the hardest. So just be happy when you have your first credit card because that allows
you to build up Credit history doesn't matter
which bank doesn't really.
What is the limit?
I was approved for very more than that. I can promise you things will
actually get better from there now. But I want to tell you how to choose
the best credit card for yourself. It's always, always go for the credit card, which offers a cash rebate or cash back
like you have, you know, the cash rebate or cash back you have
to really scrutinize that the kind of cash back they give have what I call it,
a no strings attached, like anything goes, like no ifs and no buts,
like these credit card, quantum by public, bank usually it usually is cash back, rebate
would normally have upper limit like that. capped at 30 or 50 ringgit per month. Now the kind of cash back about like two to five percent
of anything higher than that. Like eight percent. You mean you might see you might
need to use the better credit card. But normally if you check
the terms and condition. Right, normally they don't give you eight
percent of anything that you buy upfront. So a lot of terms and conditions. ifs and buts
for example, you need you to actually spend, like I said, that amount
that you can only have eight percent.
So at this point, two to five percent, no strings attached,
but in normal, the better the next best thing when it
comes to the percentage of cash rebate. Normally 0.2 to 0.5 percent if you get something like there is no
upper cap by 0.2 to 0.5 percent is everything that you spend is
really nothing to shout about. Now, the worst is that I say the need
to only hit a minimum spending amount, that only the kind of cashbook
percentage comes into place. Right. So that is something something I
really do not do not recommend. I just look at the terms &
conditions, for example. Even I make that mistake as well.
Now, the very minimum, the very minimum, even if your first credit card
does not offer you a cash back Right.
Because beggars can't be choosers. So you want the very minimum,
at least the reward points. Everybody ringgit you spend
will be exchangeable for one ringgit or more points, like,
for example, I'd like to have reward points where I could use at electrical
stores like SengHeng SenQ 500 points you get, like 1 ringgit
to get you to buy something. nowadays because my treatpoints points on my Maybank treat points are
in the hundreds of thousands. So I literally can actually walk
into SenHeng SenQ and buy any small appliances just just
like without actually paying anything. Of course, you actually used reward points
credit card offers you for some voucher Mc Donald or even groceries what you like,
your Aeon or Tesco Right. Cashback, basically, because they
pay you back the cash for every company that at the end of the month based on what you spend and they'll pay
you back at the end of the month.
So having your cash back today
is much more valuable than accumulating your reward points,
like an old one or two years from now. So it's all about the time value of money,
money in your hand today. And this money is worth more than
money that you'll get in the future. So this is the exact mistake that I made.
Right? Sometimes for credit card you think you
want to get, you know, just like these are gold and platinum and all
that, your higher income levels. That's not mean that you necessarily
get like a platinum kind of level of credit card because, for example, this citi
cash back while it is good Now, I got I got approval for the platinum
They say 10 percent cash back on
grab, groceries, dining, on petrol. And 0.2 percent cash back on
all other retail spend when you accumulate monthly spend of 1500
or more in a billing month or if I can just get a normal cash back,
I have a 10 percent out of groceries or dining on petrol if I only
spend up to 500 or 10 percent already. So the platinum version
needs me to spend 1500 month just to get that 10 percent is
not only zero point two percent. So get some catch over here. So lazy. Just be scrutinized before you
even before you do a comparison. Don't make a comparison between the companies and banks, but you also
want to do a comparison internally. If you already pinpoint credit
card that you want particular bank, it could have a different
kind of qualify criteria to cash back if you go, for example,
the gold card vs the platinum card.
And you know, it doesn't really matter. You don't have to feed your ego. Always go for it at a higher level. Platinum card just get the one
with a lower level. Again, a lower level does not mean that
you do not have a higher credit limit. You're still going to get a higher so-called credit credit limit if you
if your income actually supports that. So ask me in my Instagram,
you got any idea what credit card I use as a certified financial planner or adviser
or go and to go to my favorite credit card comparsion website links
in the description? Check it out and are to used to that.
I use my advice and advice, but more so I cannot apply
credit card on your behalf, click the link below to compare pick the best credit card for,
you select the best credit card for yourself for Malaysian
now moving on the kind of thing that the I've seen populating all over Internet when it comes
to choosing the best credit card for yourself is people say you
select the best credit card for yourself that that fits your lifestyle.
What are you talking about? You're talking about like you
are like a nomad, like fire. You always travel like
that business travel maybe. But if you're thinking like you are tech nomad and all that I doubt so
especially after age of covid not want to travel. Even you have travel credit card it
gets you nowhere, shopping. Right.
Really. Like if your lifestyle
is based mainly shopping and that's why you want to get the credit card
to give you lots of shopping benefits.
So just be careful.
Don't get into a lot of these consumer debt and, you know,
make friends with AKPK But again, if you insist I go,
I have something recommendation for you. Get the Citi lazada card
that likes to go to lazada And also maybank shopee card You can't if you like to actually spend a lot of time at shopee or even
the public bank petron card if you travel a lot. So what you really need to use your credit card for instead of fitting your
lifestyle, is that use your credit card as a method of payment for your usual monthly spend, even if
you don't travel, you don't go shopping.
Not your usual monthly spend, your utility bills, your phone
bills and insurance payment. Right.
So use your credit card to actually pay for that. And if it also offers you a cash
back, then that would be great. Like for me, my Amex Maybank credit card
over here, how I actually use it is that because this Amex
Maybank credit card offers five percent on everything, except government payment, utility bill
on your insurance payment. Only on weekends I only on the air. So basically you can actually use that for your petrol or
grocery shopping on weekends. But for me, I make it a point to pay
for my business advertising, spend, spend like one thousand just to make
sure the transaction goes on. And so if I spend one thousand and I get RM 50 back from maybank so
5% out of 1000 is RM 50 as high as as high as you can get
at a time when I want to spend big ticket amount like 4 figures including my advertising
spend, I make sure I transact that.
Under my Maybank AMex credit card charge on non weekend because if I charge
like three thousand on weekend cap on my cash is still five, five percent and five,
because if we do, we get per month. So I spend one thousand five percent.
One thousand. it's already RM 50 at the upper cap so instead of spending 3000
on weekend, I ensure I transact only 1000 on weekend just to meet the upper cap,
and the other 2000.
I actually swipe it on non weekend,
which is like a weekday, because you using Amex card whatever I actually spend,
whatever I actually spend on a not on a weekday, like every RM 1 spend gets to have
a 5 X multiplier reward points equal to again. And by the way, cash conversion in SengHeng SengQ do
really need to go shopping and singing. purchase for any electrical appliances. But the thing is, don't you don't. But the thing about this Amex Maybank
credit card is that you don't get BOTH, cash rebate on Saturday Sunday or
5x points multiplier it on on a weekday. You don't get both parties
either get either this or that. Go to the link below again to compare
and get the best credit for myself or even to see whether the credit card you already
have is lagging in terms of benefit. So you can get a better one for myself. If you have not really looked
at that for a couple of years and then likely your credit card probably wouldn't be
the best one in the market right now. So, I mean, it's go to the link below that and get all this low hanging fruit right
there is like, again, 4 figures of free money a year just
for your easy peasy for you to cover for your 25 ringgit a years of government
service fee or even annual fee Imagine you get it and get all
of cash back every month.
And that is easily six hundred thousand two hundred cash back easy,
easy money, low hanging fruit. And as the only independent financial adviser with the largest following in youtube
and being engaged like top financial institutions like maybank, rhb, pnb to conduct
investment workshop, you know that one got to tell you what,
you comes from a practical in the trenches and not rehashing copying
some Google content. Like what are the finance youtubers
are actually doing out there? And yes, this credit card, this citi credit card that
I use for my business, actually, and I could actually buy this
in cash a honda city 70k+ And that's right. And then I got 0.5% out of anything
that I spent in the bank that would pay me you basically have 20 days of
interest free period And if I don't pay that off in 20 days, then you'll be laughing, literally
laughing all the way to the bank.
They've got that 18 percent interest
on the outstanding payment on a honda city. Now, it's crazy competitive. I was just take a hire purchase loan and it's probably going to cost me like five percent
of interest a year for a car loan But the second myth I want to talk about is thinking the best credit
are the ones with no annual fee. Now, there is really not the one
thing that I do not be said. cents wise ringgit foolish to not be pennywise pound foolish. Even one hundred a year of annual fee
in my opinion, is not a big deal if you can't maximize 30, 40,
50 ringgit of your cash back from credit card every single month versus was
there something that does not give you cash back, only give you reward point,
but you don't come to zero annual fee And so I would rather pick up the one
that give me very good cash back. But comes with annual fee of course
Not the best one is if I end of it, plus a two, three, four, five percent
kind of cash back with no strings attached.
And this annual fee honestly, you can always waive it if you actually
use your credit card. For examples some annual fees are
automatically waived when you swipe more than twelve or twenty transactions in the
year or so, then spend like one thousand. Five thousand, which is again,
if you're going to pay on a normal phone bill and also insurance payment. So let on the like button
and the subsequent and a notification about, if you like, that it really
does have the channel out a lot now. But I want to talk to you about this
thinking the best credit card are the ones that give you sign up bonus,
not this kind of bonus it's good to have, but not sacrifice
the best credit card that you deserve to get just for the sake of a bonus,
because you're walking down with very or one and then you'll get to take
because he gets a bonus off of one. Which, by the way, where you want to travel, there's nothing,
no place you can travel in 2020, right.
With this vaccine being, for example, when I sign up for my credit card in the past, I got these
three freaking big luggage back. I cannot travel.
Right. So what my point is,
you keep the main thing. I mean, they don't only
look at the sign up bonus. No, that's the wrong concept. So go to the link below to compare
and get the best credit card Probably the best sign
up bonus if you want. So if you insist the links below, I mean, it's also a website where you
always keep updating on what the best sign up bonus that you can get from certain
bank credit card, including some e wallet.
What you want to say that like is always happy, so go to the
links below If you are watching this, they always update that if this
is important enough for you. Now, I'm saying that this should not
be a duplicate, just not important. But if you disagree with me
just check out the links below to get and compare the best credit card
it, that's hard for us to operate. And the thing is, with that link, you have every bank in one page and you
apply online without the
need to get your ass off your chair. Like the stuff that I really want to share with you is the credit card that offers
what I call a seasonal benefit. Now, this kind of seasonal benefit, like special benefit
dining is at a restaurant. These are the things
that expire sooner or later. And it's really not your time you're chasing on line and don't plan your life around with
your credit card benefits, your credit card benefit should cater to your lifestyle and how you spend
your money, not the other way around. So imagine you want to bet your girlfriend
if you are going to eat Japanese food and Japanese and then say, no, no, no,
we should go to this restaurant instead, because this KFC Texas Chicken offer
us a very good cashback this week.
And you know this sounds
very ridiculous OK, again, you disagree. And this is kind of a seasonal benefit. It's important for you to the links below and compare and get the best
credit card for yourself. That gives you the best seasonal benefit
all in one place while you are waiting for another point.
Yes, this is one perk you want to know after
choosing the best credit card for yourself. And actually, you know,
if you actually get approval, I know that most banks, you offer you a zero percent balance
transfer upon your credit card approval but you have like
30 days before it expire.
So if you have balance outstanding
from your other credit card right there, you know, you want to spread it up
to a payment of six months of 12 months, you can and it's zero
percent balance transfer. So you can use that again. It's only one time I would say something like one time since the
Internet was to not. Right.
They don't really advertise upfront, but normally if you get it,
you will get it when your credit card get approved. So another bonus point is, is that if you wonder which bank credit
card is the best, which Bank of England is widely
accepted for easy payment installment? I don't recommend that you when you do buy
a plasma TV, 4k you do an easy payment installments But hey, who am I to dictate what
you should or should not do? Right, if it is really important for you? Again, I don't recommend it,
but if you think it's important for you, usually I want you to actually go
for bigger, banks like maybank especially.
That normally is because they offer
an easy payment installment if you can get it approved,
bigger banks like maybank or CIMB to be OK. If this is important for you, just go to the link below to compare
and get the best credit card for yourself After you and I have been able to now get a bonus point that I want to share
with you is that if you want to get the first credit card,
the best credit card for yourself, you might want to address
that with your local bank. Right now, Citibank or OCBC are
not local banks they are overseas maybank cimb public bank
are the big 3 local banks when it comes to local bank because
normally I have a local bank. In my experience, they just need like a three month or one
month salary slip, depending on whether your company or you work in small,
medium enterprise. whether it one or three months salary slips only like six months versus international
bank, normally they will need to see your tax filing, especially if you
are doing business right.
So advantage again, sometimes also take
advantage of some banks that now these companies are better if you come in your
cafeteria or some common area whereby they could actually sign you up for your new
credit card, even to go to a bank like have like a machine,
you can print out an EPF statement. So your EPF statement the absolute proof and it's
very hard to fake of proving how much you are earning sometimes you don't need
salary slip, EPF statement is enough They might have like a machine
there even in trouble. You can see some credit card,
but they have like EPF statement to be able, of course,
with your authorization as well, because normally when they do that,
your approval rating actually higher rather than if you were to approach
a bank and apply online on that. So, again, if you don't have that kind
of benefit, go to the link in description below to shortlist some of the local banks that you might
want to start with when it comes to getting the first credit card,
which you think is the best one.
So the other story that I want to share with you is about why, as I promise,
I have like a multi-6 figures kind of credit limits combined
from all my credit cards. Very simple, right? As a financial adviser,
I've seen my peers. There's also a financial advisor
that actually in emergency situation ask my help to pay for a parent's
medical bill because his medical his credit card is actually
maxed out already. And, you know, the ATM machine, you probably don't have
that much of cash inside of. Inside his bank account. So in this emergency situation,
I doubt when someone is not a family member is admitted to hospital and you
don't have that much cash in your bank account, and not coincidentally,
your credit card limits are maxed out You've got nowhere to go,
but the GL cannot be issued. So you have a high limit credit card it means that you can
save a family member or even someone that, you know, instead of being saved
by others at the mercy of others. You know, my friend,
she has to actively seek help, is always be the one who is able to count
rather than to seek help from others.
And having a multi six figure
credit card limit is one of the ways to cater for contingency
situation like that. Right. Basically, if your credit card limit are maxed out
and hospital need you to pay a hefty sum as a deposit or no medical before,
even before you can be anywhere, you need to seek out some money for high
credit limit that could help you. And how hard is that right. So always, always and this is a lot
of people, even high income clients or individual that I see
as income level earning power increases do not to always upgrade your
credit card limit where you can.
And this is the exact reason why I
have a multi 6 figures credit card limits. Like I mentioned at the beginning of this video, I disagree to say that credit card
is bad because credit card is just like a knife. A knife is only dangerous
if it's in the wrong hands. Right.
It's dangerous for credit card when you use it and you can get into a serious kind of consumer
debt you know is stupid. Again, if you
of don't pay off the balance and you just let banks charge you 18 percent a year, like
it's just stupid, just like you are using a knife to hammer a nail
without using a hammer now.
So be smart. Use credit card is only a matter of payment
like your grocery fuel insurance payment. Right.
So use it like a credit card. Like how a chef will use the knife to prepare three star Michelin stars dish
versus a debit card. A debit card actually is more dangerous than what you think, because if
there's a fraud someone use your debit card, basically your
money are gone from your bank account.
Right, be. But for credit card, imagine you get a fraud someone that, you
know, without your authorization you can dispute the charges and have gone this situation
quite a few times. And you can dispute the charges, I'm not just someone make the charges in USA
and then what's wrong with the U.S.? And the thing is, you don't pay for that
and your card cancelled, send you new one can imagine if someone or somebody is able to actually
use the balance in your bank account.
Basically, it is almost irrecoverable. So using a credit card is safer
than using a debit card. So having a high limit credit card actually
help you if you lose your job or you are impacted by a huge medical bill, you know, sudden big financial
needs wouldn't actually kill you. And last thing is, if your credit card has
been rejected and I don't know why you want to resolve these comments
below and respond to any comment. And I would direct you at A to Z guide of how to turn your credit card rejection
to be approved in no time.
That's not guaranteed by certain ways. You might be missing a few
of this rejection to approval. Also, check out some of the other lessons
that we have in these channels, which I know a long list of lessons
the best savings account malaysia, the best dividend investing strategy and, you know,
for newbies and veteran alike..