All the Lady Credit Cards in Malaysia
To cater to the specific financial needs and spending habits of women, some credit cards are designed with features and benefits tailored to women's lifestyles and financial requirements. In this article, we take a deep dive into a few lady credit cards available in Malaysia and compare their rewards to other similar mass-market credit cards.
UOB Lady and Lady’s Solitaire Credit Cards
The two most well-known women's credit cards in Malaysia are the UOB Lady and UOB Lady’s Solitaire credit cards. The main selling point for both cards is the 10x UNIRinggit per Ringgit spent on fashion. Using DuitHub's credit card explorer, this is equivalent to 0.83 miles per Ringgit for AirAsia Big Points and 0.67 miles per Ringgit for Enrich Points, making them better than other UOB cards for local spending (UOB Prvi Miles Elite at 0.56, and UOB Visa Infinite at 0.59). Both the UOB Lady and UOB Lady’s Solitaire credit cards also earn 5x UNIRinggit in food & groceries. The higher-tier UOB Lady’s Solitaire credit card earns 5x UNIRinggit for overseas and online spending as well.
For young working adults who have just entered the workforce, the UOB Lady card requires an annual income of RM24,000 to qualify. If shopping at fashion stores such as H&M, Uniqlo, Padini, or Brands Outlet is something you do every weekend, this is a card to consider, as no other card rewards airmiles as high as the UOB Lady card. Currently, the annual fees for this card are waived for the first three years.
For those with an annual income of RM100,000 or more who love to travel, the UOB Lady’s Solitaire credit card is a solid choice. In addition to the overseas spending rewards, this card grants you six accesses to Plaza Premium Lounge, and as a UOB cardholder, you get exclusive private lounge area access as well. You can also visit the SEIBU lounge at The Exchange TRX for a complimentary meal along with personal shopper services. Lastly, since this card emphasizes travel, it includes travel insurance with coverage up to RM500,000.
Bank Rakyat Muslimah Credit Card
The Bank Rakyat Muslimah Credit Card is the only Shariah-compliant credit card for women in Malaysia. As a Shariah-compliant card, it has no compounding element in interest due, but uses a different profit rate structure to replace the interest. Unlike most cards that don’t provide any rewards for government-related transactions, the Bank Rakyat Muslimah Credit Card accepts Zakat payment, and every 10 Ringgit spent earns you 1 Rakyat Reward. The card earns 0.04 miles per Ringgit spent. Note that since this is a Shariah-compliant card, it doesn’t work at non-Halal merchants.
Other Credit Cards for Women’s Spending
Although many other credit cards don’t specify if they are designed for women, there are still some credit cards worth mentioning. Although not specifically a lady’s card, the OCBC Mastercard Pink has a unique design that will surely attract many women cardholders, with its 1% unlimited cashback on any retail spend. UOB Evol credit cardholders get 8% cashback on sustainable merchants such as Kiehl’s, L'Occitane, Innisfree, M.A.C, and The Body Shop, which cater to women's spending needs. Lastly, for women who spend on used bags and leather items and shop frequently at Watsons and Guardian, the Maybank MyImpact Visa Signature credit card is a good choice, offering 1% cashback, capped at RM35 per month.
Summary
There are currently not many lady credit cards available in the Malaysian credit card market, which is understandable as issuers often aim to attract the entire mass market rather than focusing on one gender when introducing new credit card products. However, we believe there is room for more lady credit cards in the market, considering the specific spending behaviors of women in certain merchant categories, which can eventually boost payment volume if the cards have the right value propositions.