Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com
In my FREE Credit Card Tutorial 2018 – CC101 (click here to read it if you have not), the first lesson I taught you was – Get FREE FOR LIFE CREDIT CARDS.
And I will now show you my credit card collection for 2018 where all of them are FREE For Life (with or without conditions) except for the Maybank KrisFlyer AMEX where I will need to start calling AMEX CS beginning October 2018 and beg for the annual fee to be waived yearly because it does not have auto annual fee waiver mechanism.
And 3 of my credit cards (i.e. Maybank KrisFlyer 5X, Maybank VI 5X, RHB Premier VI 10X & UOB Privilege Banking VI 6X) and a debit card (Alliance Privilege Banking MC – Unlimited) grant me a combined total minimum 26X FREE entries to airport lounges. Or in other words, I can bring up 3 guests (my children) with me to enter Plaza Premium Lounges nationwide for FREE 🙂
Alliance Bank Visa Infinite – FREE FOR LIFE without any conditions as I have Alliance Bank Privilege Banking Status. I have not used this card for years as my Maybank 2 Cards Premier AMEX Reserve and Visa Infinite generally earn me more Airmiles. Note – it is imperative you get your Relationship Manager to submit the application form and ensure that Alliance Bank system capture you as a Privilege Banking Customer else you will be imposed annual fee if you do not meet the spending criteria.
Alliance Bank Privilege Banking MasterCard Debit Card – This said card allows me FREE unlimited entries to KLIA and KLIA2 Plaza Premium Lounges but subjected to first come first serve basis as there is a monthly quota.
American Express Card Charge Card – FREE FOR LIFE without any conditions. I had to terminate my AMEX Gold Charge Card Member Since 88 two years back because AMEX refused to waive the annual fees as I hardly used it since I got the Maybank 2 Platinum Cards AMEX since 2011. So I accepted this card as a replacement because it is FREE. And to date, I have not even used it once!!!
Citibank Platinum Rewards VIsa (Australia) – FREE FOR LIFE because I have CitiGold Status in Australia. Use it mainly to pay my daughter’s high school fees because they don’t accept overseas credit cards!!!
CIMB World MasterCard and Visa Infinite – FREE FOR LIFE without any conditions. These two said cards were my very first Premier Credit Cards. I used to transact with the World MasterCard at Eraman Duty Free to be eligible for 15% discount; but sadly this is no longer the case. Luckily I have the Eraman Privilege Membership card that entitles me to 10% discount and I will use my Maybank AMEX Reserve to earn FREE airmiles.
Hong Leong Bank Platinum MasterCard – FREE FOR LIFE because I have Priority Banking Status with HLB. Have not used this card even once for more than 5 years.
Maybank KrisFlyer AMEX – It seems the annual fee will be waived if I spend something like RM10K to RM18K (can’t remember exactly) and I need to call AMEX and beg for it!!! The reason why I obtained this card in October 2017 is, one of my Followers told me that it earns me KrisFlyer miles from Government related transactions!!! This card grants me 5X FREE entries to Plaza Premium Lounges including KLIA 2 where Singapore Airlines doesn’t even fly in or out!!! Review On The Way.
Maybank 2 Platinum Cards (AMEX & Visa) – FREE FOR LIFE without any conditions. As you all know, the AMEX in this combo earns us 5% cash back for any type of transactions on Saturdays and Sundays.
The Maybank 2 Gold Cards has the same exact benefits as the Platinum card. And I tell you, after the Maybank 2 Cards Premier AMEX, the Entry Level Maybank 2 Gold Cards AMEX is the best credit card in Malaysia to earn Airmiles from your LOCAL transactions and beat the heck of all other Premier credit cards. Please refer my FREE Credit Card Tutorial for more info.
Maybank 2 Cards Premier (AMEX Reserve & Visa Infinite) – Annual Fee waived with RM80K spending. The AMEX Reserve is the best credit card in Malaysia to earn Airmiles from LOCAL Transactions. The Visa Infinite is as good as the AMEX Reserve but for overseas transactions only. The Visa Infinite allows me 5X FREE entries to Airport Lounges. These cards earn me NOTHING for Government related transactions. Please refer my FREE Credit Card Tutorial for more info.
RHB Premier Banking Visa Infinite – FREE FOR LIFE without any conditions exclusively for RHB Premier Banking Customers. This card is really fantastic for overseas transactions if you are into Enrich Miles. It earns you 25% more Enrich Miles compared to the Maybank 2 Cards Premier for overseas transactions. And best of all, it grants the cardholder minimum 10X FREE access to Plaza Premium Lounges without you needing to spend a sen with it (Unlimited entries if one spends RM100K with it). Review On The Way.
UOB Privilege Banking Visa Infinite – Exclusively for UOB PB Customers. Annual fee waived if you spend RM50K per year OR swipe once a month. 6X FREE entries to airport lounges with Dragon Pass App – I get to enter Sama-Sama Lounge with it. This card earns me UNIRinggit from Government Related Transactions but the conversion to Airmiles is really pathetic. That is why I got myself the Maybank KrisFlyer AMEX.
Basically, nowadays I only use the Maybank 2 Cards Premier (AMEX Reserve for LOCAL transactions and Visa Infinite for Local & Overseas transactions), Maybank KrisFlyer AMEX (for Government related transactions) and RHB Premier Visa Infinite (Overseas transactions) because these cards are the best credit cards issued by Malaysia’s Banks to earn Airmiles. However, I do use my Maybank 2 Cards Platinum AMEX on weekends to pump petrol or for dining as I can earn 5% cash back 🙂
My No Longer Relevant Past Credit Card Collections
And for penyibuks who are new to my blog, check out my past years Credit Card Collections.
You will note that I used to hold credit cards from Citibank, HSBC and Standard Chartered Bank but this is no longer the case. Why? Because it was damn troublesome to call them and beg for the annual fee waiver every single year.
HSBC – When I applied for my HSBC credit card, it initially came with auto-waiver but they kept changing their policy. At one point they insisted that I pay the annual fee first and they will reimburse me once I used the card, what rubbish. As for their CS, most probably you’ll be speaking to a foreigner and have a hard time communicating with them. And I had to register via SMS for their promotions and it is not even guaranteed as most are first come first serve basis with monthly/weekly quota. Worst still, their pesky marketing department kept harassing me by calling me non-stop offering their Personal Loan despite me complaining to their CS and instructing that I be taken off their list. Thank God I terminated my HSBC credit card because only then the harassment from them stopped.
Citibank – I hate calling Citibank Customer Service because I have to press my phone more than 20 times (card 16 digit number plus this and that) just to speak to a human and I can never remember my mobile banking PIN, hahaha. They would waive the annual fee if I begged but it was just a hassle so I cancelled my Citibank credit card so that I have less headaches.
Standard Chartered Bank – I was given the SCB VI when I signed up for Premier Banking with them. Initially the card was good because it offered UNLIMITED FREE entries to airport lounges but I then moved my funds out from SCB and lost my PB status. SCB would still waive the annual fee if I begged for it but it was a hassle. Moreover, they then reduced the FREE entries to airport lounges from UNLIMITED to 2X. However, SCB has come to their senses and reinstated the FREE entries to airport lounges back to UNLIMITED because other than this, the SCB VI is useless.
Now, for those of you who have cash deposits (e.g. FD) with Citibank, HSBC and SCB for the purpose of maintaining your PB status, your credit cards are NOT FREE FOR LIFE. All these said banks require that you maintain no less than RM200K. For SCB or HSBC, if your AUM falls below the required amount, you will be penalized and imposed monthly fees! Therefore, assuming you maintain RM250K deposit with Ciitbank or HSBC or SCB in order to maintain your Premier/Priority Banking Status, you are stuck with the current 3.0% interest rate for 12 Months Term Deposit. Thus, you would have lost the opportunity to earn more money with other banks’ FD promos where you may be entitled up to 4% interest rate for 12 months. This means, you are losing RM2,500 for nothing! In other words, your so called FREE FOR LIFE Citibank Prestige Card, StanChart Visa Infinite or HSBC Premier World MasterCard annual fee is no less than RM2,500!!!
Without further ado, here are my past collection of credit cards:
UPDATE 8 Jan 2018 – Click here to see my Super Compact Anti RFID/EMV Wallet designed specially to hold my Visa PayWave and MasterCard PayPass Credit & Debit Cards.
Another Personal Financial Tutorial by GenX