Employment

Using Credit for Overseas Purchases

Choosing a credit card for overseas purchases can be a challenge. In order to make a selection, you should first identify the type of card you require. Cards are designed to save you money on interest as well as earn you rewards. For example, if you travel extensively, choose a card geared toward your travel lifestyle.

What Benefits does the Card Provide?

You can further narrow down the selections by asking yourself the right questions. For example, you should consider what benefits the card provides. An ideal card offers attributes, such as easy bill payment, a 24-hour concierge service, and an interest-free period. The 24-hour concierge is a personalised service that answers your travel enquiries, books concert tickets, and makes restaurant reservations for you. You only need to call a toll-free number to access the assistance.

An Interest-free Period

An interest-free period is normally 20 days after the date of billing on retail purchases. Credit card holders can also spend money at participating merchants using an interest-free instalment plan. It is also nice to have the option of automatic bill payment, too. Service bills and utilities can be paid instantly with the technology.

No Caps on Rewards

In addition, you should find out a credit card’s primary features. One popular amenity today is getting rewarded for the items, services, or entertainment you buy with your credit card. This type of feature can help you get yourself the best credit card for overseas spending in Malaysia. So, look for a card that does not place a cap on rebates, which includes rebates for overseas spending.

Rebate Calculations

Make sure you understand that rebate calculations are excluded for non-retail spending. Therefore, transactions such as cash advances, finance charges, or transaction reversals are not included when calculating a rebate. The rebate is determined by figuring the total retail amount spent over a month’s time and does not include spending from a previous month.

In addition, any accrued rebates are subject to an adjustment if the debits or credits posted to a card are related to billing disputes or a return of merchandise. Card rebates are not exchanged or transferred for other merchandise or services as well.

Eligibility Requirements

When you apply for a credit card, review the eligibility requirements. In most cases, you need to be at least 21 years of age and make a yearly income of at least RM24, 000. Also, it is important to look at the fee structure of the card. To reduce the expense, try to find a card that does not charge annual fees, either on the principal card or a supplementary credit card.

Review the Terms and Conditions

In order to make a decision regarding a card, make sure you read the terms and conditions of the credit card contract. Do not leap at the chance to apply for a card based on its colour or imagery. Take time to review the card’s financial features and amenities and ensure they relate to your credit requirements and preferences.

 

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