Save Money On Car Expenses With Your Credit Card!
Many of us these days face the headache of having to juggle our monthly expenses as well as paying for car-related costs like petrol, service maintenance and parking, but did you know with the right credit card, you get to save on your car-related expenses AND enjoy more rewards and rebates in the long run? We’ll share how and tell you which credit cards to look out for as well!
Cash in on petrol cashback deals
Are you always on the road or travelling for work purposes? The right cashback credit card can earn up to 10% cashback on your petrol expenses and in Malaysia, a total of 13% of all credit cards offer petrol cashback; so if you find yourself pumping petrol regularly, consider applying for credit cards like the Standard Chartered JUST One Platinum Card, Hong Leong WISE Gold card or HSBC Amanah MPower Platinum Visa Credit Card-i.
Enjoy petrol rebates for days
You definitely want to keep an eye out for credit cards that offer you instant cash rebates on your petrol bill. Bear in mind that you should keep an eye out for any caps on the rebates (this also applies to the cashback credit cards we mentioned earlier, mind you) or any other requirements on the credit card as well.
For example, Shell-Citi Gold Card offers up to 8% rebate on Shell fuel expenses, but requires you to spend at least RM2,500 a month on the card. There’s also the CIMB Petronas MasterCard which offers 7% cash rebate on Petronas but also requires you to have a minimum statement balance of RM3,000.
If you’re confident you can meet these criteria and fully pay off your credit card every month, the better option would be the Shell-Citi Gold Card.
Make your rewards points go the distance
Now if you’re not specifically looking for petrol cashback or rebates, a good rewards credit card can offer you great savings and fantastic rewards! Your best bet would be to identify which credit cards offer high rewards multipliers for petrol spending and maximise your returns.
For example, the Petronas Maybank Visa offers you 5x TreatsPoints on weekdays and 8x TreatsPoints when you fill up at any Petronas station. So that means if you pump petrol on the weekends, you’re going to rack up points quickly which you can use to redeem petrol vouchers or any other types of rewards that catch your eye.
Drive home a bargain with the best of both worlds
Now there are other credit cards which offer you both reward points and cashback! Or there are those which give rebates and more rewards points. The UOB One Card offers 2% cashback on weekdays and 5% cashback on weekends, but you also enjoy an additional 2% SMART$ rebate if you fill up at BHP Petrol stations.
The AmBank CARz Platinum Credit Card gives you 5% cash rebate on any petrol brand transactions and also every RM1 earns you 1 CARz point which you can use to redeem for auto-related goods and services (window tinting, car wash and etc.)
Bear in mind that while you enjoy these credit card perks, you also need to pay off your credit card every month. Never just pay the minimum monthly payment because you will rack up high interest charges instead. That would just defeat the purpose of wanting to save on your car but you end paying more for interest on a piece of plastic.
For more money saving tips and advice, you may visit CompareHero.my blog!