Another Credit Card Review by GenX @ http://www.GenXGenYGenZ.com
IMPORTANT ANNOUCEMENT – click here to learn the revision to Treats Points effective 15 April 2016 and what credit cards you should use for transactions relating to Government, Education, Insurance and Utilities.
UPDATE February 2017 – Effective 15 March 2017, the Maybank 2 Cards Gold and Platinum American Express once again offer 5% cash back for any type of transactions including Petrol on Saturday and Sunday!!! The once upon a time Best Credit Card in Malaysia is back to regain its position as among the Top 3 Best Credit Card in Malaysia 2017.
When the Maybank 2 Cards were first launched back in 2011, it was called Maybankard 2 Cards. It become an overnight success where the Maybankard 2 Cards American Express offered 5% cash back for any type of transaction (including petrol) every Saturday and Sunday in addition to 5X Treats Points for every Ringgit spent locally or overseas.
And for many years I recommended the Maybankard 2 Cards to my readers and many were able to earn RM600 pure cash back a year in addition to 5X Treats Points which was equivalent to 2.5% cash back when redeeming for cash vouchers. Many people thanked me for recommending the the once upon a time fabulous Maybankard 2 Cards as they get to earn 5% cash back for their essential expenses (e.g. Petrol, Groceries, TNB, Telekom, Mobile and etc) and in a small way assisted them to cope with the high cost of living.
Over the years, Maybank inflated their Treats Points redemption program. Back in 2011, we could redeem a RM50 voucher with just 10,000 Treats Points. As of 1st January 2015, we need 20,000 Treats Points to redeem for a RM50 cash voucher (400TP = RM1).
In April 2014, the government of Malaysia started to impose 6% GST and the cost of living increased overnight. And to make matters worse for my readers, Maybank did the unthinkable in August 2015. Maybank terminated the 5% cash back for all types of transactions with the Maybank 2 Cards American Express and limited it to just for Dining! Many people were pissed off big time as they will no longer earn 5% cash back for Petrol, TNB bills and Groceries.
But, all was not lost; because, my readers still have me to teach them how to continue earning 5% cash back for petrol and groceries with credit cards. And I will touch on this in the Conclusion where I will introduce to you my creation – the must have FREE FOR LIFE Maybank 3 Cards GTR.
I shall now give you a brief description of the pros of the Maybank 2 Platinum Cards and Maybank 2 Gold Cards.
BENEFITS OF MAYBANK 2 CARDS – AMEX PLUS VISA OR MASTERCARD
The Maybank 2 Platinum Cards and the Maybank 2 Gold Cards are still pretty good today and in this review I will show you why.
1. FREE FOR LIFE
The Maybank 2 Platinum/Gold Cards are truly FREE FOR LIFE without any conditions whatsoever. You will never need to pay a single sen in annual fees. And best of all, you will never need to call Customer Service and beg for the annual fee waiver – which means you will never feel like a dumb-ass as you will never be rejected, hahaha.
And since the Maybank 2 Platinum/Gold Cards are FREE FOR LIFE where you won’t be imposed a single sen even if you don’t use them, there are no cons associated with the Maybank 2 Cards!!!
2. 5% CASH BACK FOR DINING ON WEEKENDS WITH THE AMEX CARD
We get 5% cash back for dining on weekends (Saturday and Sunday) with the Maybank 2 Cards AMEX Gold/Platinum, which is still pretty good especially if you are living in the Klang Valley. AMEX is accepted at TGIF, Tai Thong Group of Restaurants, Pizza Hut, most 4 and 5 star hotels F&B outlets, Ippudo, Canton-i, Pasta Zanmai, Alexis, Chinos, Dome and many other restaurants.
The cash back is capped at RM50 per month which means it is good for up to RM1K spending on dining every month. Now, the 5% cash back for Dining is on top of the 5X Treats Points (mentioned below) you will earn whenever you use the Maybank 2 Platinum/Gold Cards.
If you consistently spend RM1K on dining with the Maybank 2 Cards AMEX on weekends every month, you are guaranteed cash back amounting to RM600 per year. Considering the fact that the Maybank 2 Cards are truly FREE FOR LIFE, the cash back that you earn from using the Maybank 2 Cards AMEX is like FREE money for nothing.
3. UNLIMITED EVERYDAY 5X TREATS POINTS FOR EVERY RINGGIT SPENT ANYWHERE ON PLANET EARTH WITH THE AMEX CARD
Many credit cards claim that they offer 5X reward points BUT most of them are limited time promos or comes with terms and conditions. Before you sign up for any credit card, you should read the terms and conditions on the 5X reward points. Some cards only reward 5X points for overseas spending but excluding online transactions, some have monthly quota and the worse case is where they allocate a monthly quota to be shared by all their card users based on first come first serve basis.
The Maybank 2 Platinum/Gold Cards American Express 5X Treats Points IS A STANDARD CARD FEATURE and there is monthly cap whatsoever. The only exception is that you will only earn 2X Treats Points for transactions relating to Insurance, Government and Education.
You are guaranteed to earn UNLIMITED 5X Treats Points (except for Insurance, Government and Education) for every Ringgit spent every time you use the Maybank 2 Cards AMEX anywhere on planet earth! No other card besides the Maybank 2 Cards Premier AMEX offer this fantastic standard card feature.
And based on Maybank Redemption Program as of 1st January 2016, the 5X Treats Points is like earning UNLIMITED 1.25% Cash Back.
If you are new to my blog, you may be wondering as to how I concluded that one can get 1.25% cash back equivalent with the Maybank 2 Cards Gold/Platinum and Maybank 2 Cards Premier. Here’s the explanation:
For every RM spent with the Maybank 2 Gold/Platinum Cards AMEX, you will earn yourself 5X Treats Points.
In order to redeem a RM100 AEON Cash Voucher, you need 40,000 Treats Points.
In order to earn 40,000 Treats Points, you need to spend RM8,000 with the Maybank 2 Platinum/Gold Cards AMEX.
Therefore, the % cash back = RM100/RM8000 x 100% = 1.25%
Now, before you go say that AMEX cards are not welcome at most places, best you read below before you come to that conclusion.
For the benefit of those new to credit cards, I would like to reiterate that the American Express credit cards are accepted by many merchants. More importantly, we can earn UNLIMITED 5X Treats Points (reward points) with the Maybank 2 Gold/Platinum Cards and Maybank 2 Cards Premier when paying for essential stuff like Petrol (Caltex, Petron, Petronas, Shell and some BHP), TNB, Telekom, Mobile Phone Bills (Celcom, Maxis and even DiGi), Internet Connection (Unifi and Stremyx), Groceries (AEON, Cold Storage, Mydin, Giant, Isetan, Mercato, Jaya Grocer, TESCO and even some NSK products), Departmental Stores (AEON, Parkson, Metro Jaya, Isetan, Robinson and SOGO), most Local Council Assessments (2X TP only), Optical (Focus Point plus many other chain outlets), Pharmacies and Healthcare (Guardian, Watson and GNC), Private Hospitals (KPJ, Pantai, SDMC, Sunway, IJN, Gleneagles and many more), Insurance ( 2X TP – Etiqa and AIA at Menara AIA), Car Service Centres (BMW, Mercedes, VW, Volvo and selected centres for Proton, Perodua, Honda, Tan Chong Motors and Toyota), Bookstores (MPH, Borders, Times, Kunokuniya and selected Popular outlets), Cinemas (Cathay, TGV and GSC), Electrical and Computers (Harvey Norman, HSL, Courts, Sen Heng/SenQ, EpiCenter, Machines, Tan Boon Ming and Best Denki), Ace Hardware and IKEA.
Now, like I said, above are essential stuff and I only mentioned a fraction of the merchants. And for those who have money to burn on non-essential stuff (i.e. not imperative for daily survival), Maybank AMEX cards can assist you in earning up to 5X Treats Points as you burn your money away. Examples, AMEX is accepted at all Luxury Brands (if the outlet don’t accept AMEX, they cannot claim to be a luxury brand), Body Shop, Forever 21, UNIQLO, Mango/MNG, Zara, Ogawa, OSIM, Padini, Reject Shop, Toys R Us, Red Box Karaoke, most night clubs in KL Golden Triangle, Aquaria KLCC, Sunway Lagoon, Adonis, Bella, Marie France, New York Skin Solutions, Citi Chain, PK Time, Hour Glass, Watatime, Habib, Poh Kong, Tomei, Fitness First, Alexis, Baskin Robbins, Canton-i, Dome, Dragon-i, Rakuzen, Ippudo, TGIF, Tai Thong Group, Nando’s, Kenny Rogers, Pizza Hut, Starbucks, Sushi Zamai, Pasta Zamai and many more. If you go to 1U, The Gardens and Mid Valley, almost all the retail outlets and restaurants accept AMEX.
And you can also use the American Express credit card and earn up to 5X Reward Points when you book online with AirAsia, Malaysia Airlines, American Airlines, United Airlines and many other airlines. And the Maybank 2 Gold/Platinum Cards and Maybank 2 Cards Premier conversion of Treats Points to Frequent Flyer Enrich Miles (Enrich, KrisFlyer and AsiaMiles) is amongst the best. Click here to read my Comprehensive Tutorial On The Best Credit Cards to Earn Frequent Flyer Miles.
Amex is also accepted at most 4 Stars and above hotels. Well, actually you can even use your Maybank AMEX to book for low budget hotels and 1 Star hotels; this is because Agoda.com accepts AMEX and you can even get up to 7% discount by using the Maybankard 2 AMEX Platinum (up to 31 December 2015 unless the promo extended). The Maybank 2 Gold Cards entitles you to 5% discount. Click here to read my article Hotel Online Booking with My Credit Cards. And in addition to the 5X TP, I will show you we can earn Agoda Points which can be redeem for further cash back!
I usually book my hotel rooms anywhere on earth with Agoda (imperative you go to http://www.agoda.com/maybank if you are using a Maybank card) and recently from my experience, by selecting Ringgit Malaysia, I actually pay less for the rooms compared to if I had chosen USD. I would check the price in USD and then go check the spot rate of USD/MYR at the same time. What I found is that the price quoted in RM is actually better. And use your Maybankard 2 Cards AMEX or Maybank 2 Cards Premier AMEX Reserve and earn yourself 5X Treats Points which is equivalent to approximately 1.25% cash back when redeeming for cash vouchers. Add this 1.25% cash back to the 7% discount for Maybank Platinum/Premier credit cards (please check latest discount rate at http://www.agoda.com/maybank), I end up getting a total discount of about 8.25%!!! And I have yet to even consider the Agoda Points which entitles me to further cash back.
4. TOLL FREE CUSTOMER SERVICE
Maybank is the only credit card issuer in Malaysia that still provides Toll Free Customer Service number to their AMEX Gold and Platinum cardholders.
Unlike other banks, we get to speak to a Malaysian almost immediately when you call Maybank Toll Free Customer Service. No need to key in 16 digit card number or NRIC number and then press this and that 🙂
5. THE BEST ENRICH MILES CONVERSION FOR NON PREMIER CARDS
The Airmiles conversion rate for Maybankard 2 Cards Platinum or Gold is 10,600 Treats Points = 1,000 Enrich Miles.
We earn 5X Treats Points for every Ringgit spent locally or overseas with the Maybank 2 Cards AMEX. Therefore, we earn 1 Enrich Mile with every RM2.12 spent (incl. 6% GST) with the Maybankard 2 Cards Gold/Patinum AMEX! Besides the Maybank 2 Cards Premier, no other FREE FOR LIFE credit card in Malaysia can offer you this freaking fantastic conversion rate for any type of spending locally to Enrich Miles.
- FREE FOR LIFE Alliance Bank Privilege Banking Visa Infinite – RM3 spent locally = 1EM.
- FREE FOR LIFE AmBank World MasterCard/Visa Infinite – RM5 spent locally = 1 EM.
- FREE FOR LIFE CIMB World MasterCard – RM4 spent locally = 1 EM.
- FREE FOR LIFE Hong Leong Bank Visa Infinite – RM2.80 spent locally = 1 EM.
Now, what if you are in to AirAsia Big Points? Well, the Maybank 2 Cards Gold and Platinum AMEX is really fantastic –
For AirAsia Big Points, with Maybank credit cards (except World MasterCard), the conversion rate is 1,000 Big Point = 7,420 Treats Miles (including 6% GST). So with your Maybank 2 Cards AMEX, 5X it is like you earn 1 Big Point for every RM1.484 spent locally or overseas! Click here to Maybank Treats Points Redemption Catalogue and scroll down to Page 20.
However, before you can redeem for AirAsia Big Points, best that you click here to read my article titled The Best Credit Cards To Earn You AirAsia Big Points And Fly For FREE, where you will be taught that you’ll be better off using the 5X TP to redeem for cash vouchers.
6. VISA OR MASTERCARD
When you apply for the Maybank 2 Cards, you can either choose the VISA or MasterCard to go with the AMEX. I strongly recommend that you opt for the VISA and I will tell you why later on.
I am sure that you have noticed that I only mentioned about the Maybank 2 Cards AMEX in items 1 to 5 above. This is because the Maybank 2 Platinum/Gold Card VISA and MasterCard only earns you miserable 1X Treats Points. So, you can keep the Maybank 2 Platinum/Gold Cards Visa or MasterCard in your drawer as there are many other FREE FOR LIFE Visa or MasterCard which will give you better returns.
7. TRAVEL INSURANCE
Only the Maybank 2 Platinum Cards offer Travel Insurance which includes Travel Accident Insurance up to RM1,000,000 for Loss Of Life, Travel Inconvenience Insurance (Flight Delay, Luggage Delay, Luggage Loss and Missed Connection). Click here to read more on the Insurance T&C.
The FREE FOR LIFE Maybank 2 Platinum Cards and the Maybank 2 Gold Cards, especially the American Express card, is still a very good card to have. And since the card is truly FREE, there is no reason as to why you would not want the Maybank 2 Platinum/Gold Cards and earn 5X points from your local transactions.
With the 5X Treats Points for every Ringgit spent, it’s like we are getting 1.25% cash back every time we use the AMEX card (except for Insurance, Government and Education where we only get 2X TP).
Earlier I mentioned that you should only apply for the Maybank 2 Platinum/Gold Cards AMEX plus VISA. Do not apply for the MasterCard. This is to ensure that you will then be eligible for my fabulous creation called Maybank 3 Cards GTR.
So, before you go apply for the Maybank 2 Platinum/Gold Cards, you should click here right now and read my article titled Maybank 3 Cards GTR – AMEX + VISA + MasterCard.
With my specially created FREE FOR LIFE Maybank 3 Cards, you will have the AMEX, Visa and MasterCard. And you can earn up to RM1,200 in guaranteed cash back yearly – RM600 cash back from Dining AND RM600 cash back from Petrol and Groceries!!!
An article by GenX
Click here to my Credit Card Promotion Page to see Maybank Credit Card Promotions 2016.