Top 5 Petrol Credit Cards in Malaysia

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In Malaysia, where car ownership is high and fuel costs are a significant part of monthly expenses, petrol credit cards in Malaysia have become an essential tool for savvy drivers looking to save money. These specialized credit cards offer cashback, rewards points, and discounts on fuel purchases, making them a popular choice for motorists. If you’re looking to reduce your fuel expenses, this detailed guide will help you understand how petrol credit cards work, their benefits, and how to choose the best one for your needs

What Are Petrol Credit Cards?

Petrol credit cards are credit cards designed specifically to offer rewards, cashback, or discounts when you use them to purchase fuel. These cards are typically offered by banks in collaboration with petrol station brands such as Petronas, Petron, Shell, Caltex, and BHP. The rewards can vary, but they often include:

• Cashback: A percentage of your fuel spending is returned to you as cashback.
• Rewards Points: Earn points for every liter of fuel purchased, which can be redeemed for goods, services, or even more fuel.
• Discounts: Enjoy instant discounts at the pump when you use your petrol credit card.
• Additional Perks: Some cards offer extra benefits like free car washes, discounts on car maintenance, or even rewards for non-fuel purchases.

How Do Petrol Credit Cards Work?

Petrol credit cards function like regular credit cards but come with added benefits tailored for fuel purchases. Here’s how they typically work:

1. Eligibility: To apply for a petrol credit card, you must meet the bank’s eligibility criteria, which usually include a minimum income requirement and a good credit score.
2. Usage: Use the card to pay for fuel at participating petrol stations. Some cards are tied to specific brands, while others offer rewards at multiple stations.
3. Rewards Accumulation: Depending on the card, you’ll earn cashback, rewards points, or discounts on your fuel purchases.
4. Redemption: Cashback is usually credited to your account automatically, while rewards points can be redeemed through the bank’s rewards program.

Benefits of Petrol Credit Cards

Using a petrol credit card can lead to significant savings, especially if you drive frequently. Here are some of the key benefits:

1. Save Money on Fuel: The primary advantage is the direct savings on fuel costs. Cashback and discounts can add up over time, reducing your overall expenditure.
2. Earn Rewards: Many petrol credit cards offer rewards points that can be redeemed for a variety of items, including groceries, travel, or even more fuel.
3. Convenience: Paying with a credit card is more convenient than carrying cash, and it also helps you track your fuel expenses through monthly statements.
4. Additional Perks: Some cards come with extra benefits like free car washes, discounts on car servicing, or even travel insurance.

Top Petrol Credit Cards in Malaysia Hand Picked by The Story Mojo

Here’s a look at some of the best petrol credit cards available in Malaysia, along with their key features:

1. Maybank PETRONAS Ikhwan Visa Gold-i Card

• Fuel Brand: Petronas
• Rewards:5x TreatsPoints on weekdays and 8x TreatsPoints on weekend whenever you spend at PETRONAS Service Stations8x TreatsPoints on weekends for purchase on groceries
• Annual Fee: Lifetime-fee-waiver
• Additional Benefits: Discounts on car servicing and accessories at Petronas stations.

2. CIMB PETRONAS Platinum-i Credit Card

• Fuel Brand: Petronas
• Rewards: Enjoy up to 7% cash rebate every day at PETRONAS and 0.2% unlimited cash rebates on other retail shopping
• Annual Fee: Waived
• Additional Benefits: Free Shell car wash with a minimum fuel purchase.

3. HSBC Amanah MPower Visa Platinum Credit Card-i

• Fuel Brand: Multiple brands (Shell, Petronas, Caltex, BHP)
• Rewards: 8% Cash Back on eWallets, Groceries and Petrol.
• Annual Fee: Waived for the first year.
• Additional Benefits: Complimentary travel insurance and discounts at selected merchants.

4. Public Bank Petron Visa Gold Card

• Fuel Brand: Petron
• Rewards: 5% cashback on Petron fuel purchases and 2% cashback on other retail spending.
• Annual Fee: Waived for the first year.
• Additional Benefits: Discounts on car servicing and accessories at Petron stations.

5. UOB ONE Card

• Fuel Brand: Multiple brands (Shell, Petronas, Caltex, BHP)
• Rewards: Up to 5% cashback on fuel purchases and other eligible spending categories.
• Annual Fee: Waived for the first year.
• Additional Benefits: Bonus cashback for meeting monthly spending targets.

How to Choose the Best Petrol Credit Card

With so many options available, choosing the right petrol credit card can be overwhelming. Here are some factors to consider:

1. Fuel Brand Preference: If you frequently visit a specific petrol station, choose a card that offers the best rewards for that brand.
2. Cashback vs. Rewards Points: Decide whether you prefer cashback (immediate savings) or rewards points (long-term benefits).
3. Annual Fees: Some cards waive the annual fee for the first year, while others may charge a fee. Consider whether the benefits outweigh the cost.
4. Additional Perks: Look for cards that offer extra benefits like discounts on car maintenance, free car washes, or travel insurance.
5. Eligibility Requirements: Ensure you meet the bank’s eligibility criteria before applying.

Tips for Maximising Your Petrol Credit Card Benefits

To get the most out of your petrol credit card, follow these tips:

1. Use the Card Regularly: The more you use your card, the more rewards you’ll earn. Make it your primary payment method for fuel purchases.
2. Pay Your Bills on Time: Avoid late payment fees and interest charges by paying your credit card bill in full and on time.
3. Combine Offers: Some petrol stations offer additional discounts or promotions when you use their co-branded credit card. Take advantage of these combined offers.
4. Monitor Your Spending: Keep track of your fuel expenses to ensure you’re staying within your budget and maximizing your rewards.
5. Redeem Rewards Promptly: Don’t let your rewards points expire. Redeem them regularly for maximum value.

Potential Drawbacks of Petrol Credit Cards

While petrol credit cards offer many benefits, there are a few potential drawbacks to be aware of:

1. Brand Restrictions: Some cards are tied to specific petrol brands, which may not always be convenient.
2. Spending Limits: Cashback and rewards are often capped, so you may not earn unlimited benefits.
3. Annual Fees: Some cards charge an annual fee after the first year, which could offset your savings if you don’t use the card frequently.
4. Interest Rates: If you don’t pay your balance in full each month, the interest charges could negate your rewards.

Conclusion

Petrol credit cards are an excellent way to save money on fuel and earn rewards for your everyday spending. By choosing the right card and using it wisely, you can significantly reduce your fuel expenses and enjoy additional perks like cashback, discounts, and rewards points. Whether you’re a frequent driver or just looking to save on occasional fuel purchases, there’s a petrol credit card in Malaysia that’s perfect for your needs. Take the time to compare your options, and start enjoying the benefits today!