For
Singaporeans to spend using their credit card in Malaysia is
like having that one friend in life who is so close, yet so far. Although, by
air, the distance between the 2 countries is approximately 234 miles or 377
kilometers, the same expenses that you incur in Singapore, will heavily cost
you, literally, just for being on the other side.
Traveling
from Singapore to Malaysia might not feel like you’re traveling overseas, but
your wallet surely does! It might be business or personal, but if Singapore is
your first home and Malaysia your second, then don’t let additional fees and
charges on your credit card drown your balance. Get a credit card that is great
value for money in both countries.
Credit Cards and overseas transaction fees – What you need to know but often ignore
If
your credit card has been issued in Singapore, any transaction that you make
overseas, no matter even if it is your ‘neighbour’, it will attract exorbitant
overseas transaction fees. This fee is imposed in addition to what you have
paid for the purchase.
DBS Bank Overseas Transaction charges: 2.8% on the converted SGD amount using a Visa/MasterCard Credit Card. 3% on the converted SGD amount using an American Express Credit Card.
OCBC Overseas Transaction charges: 2.8% of sum spend using OCBC Credit Card out of which 1% is imposed by the card association and 1.8% charged by the bank as an administrative fee.
CIMB Overseas Transaction charges :2.4%out of which 1% is imposed by Visa/MasterCard on all transactions and 1.4% is imposed by CIMB as service charge.
UOB Overseas Transaction charges: 2.5% administrative fee for all transactions made using Visa/MasterCard/China Unionpay/JCB International credit cards.
Standard Chartered Overseas Transaction charges :3.5% transaction fee on all overseas transactions
Maybank Overseas Transaction charges: 1.5% administrative fee charged by the bank. Up to 1% charged by the respective card association.
Imagine
paying over S$3 per purchase when overseas, for no additional benefits. Hurts,
doesn’t it? If you own the right credit card, travelling between Singapore and
Malaysia can be as reasonable for your wallet as it is for you.
Credit cards that offer benefits in Singapore and Malaysia
1. Maybank Family & Friends Card
What
benefits you get in Singapore and Malaysia:
•
Up to 8% cash rebate on select purchases.
•
0.3% cash rebate on all other purchases.
What
benefits you get in Malaysia:
•
8% cash rebate across leading petrol stations in Malaysia –
Caltex, Petron, BHPetrol, Petronas and Shell.
•
8% cash rebate across leading hypermarkets in Malaysia – AEON BIG
(earlier called Carrefour), TESCO, Giant and Pacific Hypermarket.
•
8% cash rebate at LEGOLAND Malaysia Resort.
•
8% cash rebate at all theme parks in Malaysia.
•
Up to 50% discount on dining and stay at Starwood Hotels and
Resorts in Malaysia.
Additional
perks offered:
•
Attractive joining benefits and promotions.
2. Maybank DUO Platinum MasterCard
What
benefits you get in Singapore and Malaysia:
•
5% cash rebate on petrol purchases in Singapore and Malaysia.
•
Yearlong benefits on dining, entertainment, lifestyle, retail and
other purchases.
•
Earn TREATS Points on purchases.
What
benefits you get in Malaysia:
•
Up to 50% discount on dining and stay at Starwood Hotels and
Resorts in Malaysia.
Additional
perks offered:
•
Free supplementary cards.
•
Complimentary travel insurance worth up to S$500,000.
3. CIMB Visa Infinite
What
benefits you get in Singapore and Malaysia:
•
2% cash rebate on a minimum spend of S$2,000 in a statement month.
This valid on the following purchases – travel, foreign currency transactions
online, overseas transactions.
What
benefits you get in Malaysia:
•
Complimentary travel insurance.
•
Up to 40% discount on your total food bill including non-alcoholic
beverages at select hotels in Malaysia.
•
Cross-border CIMB Bank Regional Deals – Get discounts on dining,
lifestyle and retail purchases.
Additional
perks offered:
•
Priority Pass Membership at VIP airport lounges.
4. CIMB World MasterCard
What
benefits you get in Singapore and Malaysia:
•
1% cash rebate on local and overseas transactions.
What
benefits you get in Malaysia:
•
No green fees charged at prestigious golf courses in Malaysia.
•
Complimentary travel insurance.
•
Cross-border CIMB Bank Regional Deals – Get discounts on dining,
lifestyle and retail purchases.
5. CIMB Platinum MasterCard
What
benefits you get in Singapore and Malaysia:
•
Cash rebate of 10% on travel purchases.
•
Cash rebate of 10% on health, beauty and wellness related
purchases.
What
benefits you get in Malaysia:
•
No administrative fee charged on foreign currency transactions.
This is applicable on all foreign currency transactions.
•
Cross-border CIMB Bank Regional Deals – Get exclusive deals and
discounts in Malaysia at merchant establishments.
Additional
perks offered:
•
Complimentary airport transfers for bookings made 5 business days
in advance.
6. CIMB Visa Signature
What
benefits you get in Singapore and Malaysia:
•
Cash rebate of 10% on wine and dine.
•
Cash rebate of 10% on online purchases made in foreign currencies.
What
benefits you get in Malaysia:
•
No administrative fee charged on foreign currency transactions.
This is applicable on all foreign currency transactions.
•
Cross-border CIMB Bank Regional Deals – Get exclusive deals and
discounts in Malaysia at merchant establishments.
Additional
perks offered:
•
Complimentary travel insurance of up to US$500,000 for you and
your family.
Don’t
let the overseas transaction fees bite you when you step into your neighbor’s
territory. Apply for a credit card that makes you feel at home in both,
Singapore and Malaysia.
Comments
Post a Comment