What are other types of payment cards available in Malaysia?

Besides credit cards, there are other types of payment cards available in Malaysia such as debit, charge and stored-value cards (SVC).

A debit card is a payment card where the transaction amount is deducted immediately from your savings and/or current accounts, upon authorisation. There are several types of debit cards available in Malaysia. For example, Bankcard which is the ATM card issued by domestic banks and Maybank Kawanku e-POS. There are also international debit cards such as VISA Electron and MasterCard Electronic, which can be used at merchants wherever their logos are displayed.

A charge card is also used in the same manner as a credit card, except that you must settle in full any outstanding amount in your monthly bill by the due date. American Express and Diners are well-known examples of charge card brands available in Malaysia.

A stored-value card (SVC) is a prepaid card. The card contains a monetary value, which has been pre-loaded by the issuer. Some SVC schemes may allow the cardholder to reload the amount in the card. The value will be automatically deducted from the amount stored in the card whenever purchases are made.

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Reprinted with permission from BankingInfo (A Consumer Education Programme)

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Knowledge Base ID :   1230
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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