Competition has helped change the landscape of debit card usage in Malaysia, where almost every savings account holder owns an ATM card that also functions as a debit card.
A debit card is linked to a savings or current account and whatever purchases made on the card will be deducted directly from the linked account. This is a preferred option to many as they are not at risk of incurring debts as they would with a credit card.
It’s undeniable that people today have more (and better) options than they did in the past when it comes to debit card selection, but not all cards are created equal.
Therefore, if you would like to get the best out of the card, it is imperative that certain features and benefits are assessed before making a decision. Here, iMoney dissects and explores three popular cards to find the best one on the market.
Are you rewarded for your spending?
Most people choose to use credit cards rather than a debit because of the attractive reward points and cashback benefits offered on certain (if not all) spending on the card.
However, not slacking behind, these up-and-coming debit cards also offer points and for some, even cashback to attract more users. Though, banks earn less from debit cards spending compared to credit card (especially holders who believe in just paying the minimum payment every month, or skipping the payment at all), it pays to have more customers who deposit their money in a savings or current account.
In a comparison of Bank Simpanan Nasional’s Visa Debit Card-i, CIMB’s Debit MasterCard and Maybank’s Maybankard Visa Debit in the area of rewards and cashback – here’s how each card fare.
Are there any hidden fees and charges?
Unlike credit cards, debit cards do not have a high annual fee, and some do not even have annual fees.
Even if the fees are low, a free option is always better! Among these three cards, which has the highest annual fee?
The annual fees are usually deducted from the cardholders’ bank accounts.
Are there more benefits and features?
What are the other considerations?
Debit or credit cards are not solely about the rewards and savings, even though these are fairly important criteria to look at, but also about convenience. After all, plastic money is all about offering convenience when it comes to spending.
Therefore it is important to also consider the following before signing up for a one:
Other the above facts and figures, convenience is also something personal. A bank that you have chosen may not have as many ATMs or bank branches, but if they are conveniently available to where you work or stay, then, it can be a wise decision.
Just like comparing credit cards, careful evaluation and assessment must be done before signing up. As a customer, you deserve to get the best rewards according to your needs if you are going to entrust your money to the bank.
Based on the evaluation above, the clear winner when it comes to rewarding its customer is BSN Visa Debit Card-i. If you can contend with having less branches and ATMs, it will be a good card to tote around on your shopping trips. However, do bear in mind that using MEPS constantly to withdraw money on another bank’s ATM cost RM1 each withdrawal!
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