Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com
Malaysia Best Cash Back Credit Cards 2018 – Lesson No.1
Hi guys, this is my first credit card review for 2018. Many people messaged me about this card when it was launched a few months back. And my wife, who holds a Principal Maybank 2 Platinum Cards, received a call from Maybank offering her this card too.
Basically, this is another entry level credit card by Maybank where the annual income requirement is RM30K p.a.
The first year annual fee of RM70 will be waived. For subsequent years, my wife was told that the annual fee will be waived if she spends RM10K per year with it; but it is not automatic, she still needs to call AMEX Customer Service and beg for it. However, the good thing is, you can contact AMEX Customer Service at their Toll Free Line – AMEX is the only card issuer in Malaysia that offers Toll Free calls for an entry level credit card.
So what’s good about the AMEX Gold Cash Back Credit Card?
This card is purely a cash back credit card where you are not entitled to any reward points. The cash back you are entitled to are 1% and 1.5% for local and overseas transactions respectively.
1% Cash Back for Local Transactions is nothing great if I may say so. Why? If you spend like RM2K per month locally, the cash back you will earn is only RM20 per month. If you had read My Credit Card Tutorial 2018, if you hold the wonderful Entry Level Maybank 2 Gold Cards and combined with the Entry Level Public Bank Quantum Credit Cards, you can earn RM100 in cash back with RM2K spending per month!!! And below, I will show you that the FREE FOR LIFE Maybank 2 Gold Cards AMEX actually earns you close to minimum 1% in equivalent cash back everyday on top of the 5% on weekends (therefore total close to 6% cash back on weekends).
And please note, the AMEX Gold Cash Back Credit Card does not earn you anything for transactions related to Government and Utilities (Electricity, Water, Gas & IWK)!
As for the 1.5% Cash Back for overseas transactions including online, for comparison purposes, the FREE FOR LIFE Entry Level CIMB Cash Rebate MasterCard earns you 2% cash back, capped at RM30 per month. Moreover, CIMB MasterCard forex conversion is generally better than AMEX.
In addition to the above, AEON Big Visa and MasterCard also earns you 2% Cash Back capped at RM25/month from Overseas transactions as commented by Ms. Sharon Ng at my Facebook. However, in addition to the monthly cash back cap, it also has a monthly maximum payout of RM15K, in other words, it is not guaranteed.
And if you do consistently spend above RM2K per month locally or overseas, well….. it means you should be earning RM4K or more per month. Therefore, you should be able to qualify for higher level credit cards that give you more in returns, i.e. Visa Signature and above category.
Some of you may argue that the 1.5% is good for UNLIMITED overseas spending. Well. if you do spend substantial sum overseas or even locally, e.g. RM50K per year, I would recommend the Maybank 2 Cards Premier or even the Entry Level Maybank KrisFlyer Miles AMEX where you will earn better returns when you redeem for a Business Class ticket. If you are new to my blog, FYI, I will publish a new Comprehensive Tutorial on Airmiles soon (February and March 2018) and show you what I mean.
For those who applied for the AMEX Cash Back Credit Card and their applications are approved from 24 August 2017 until 28 February, they are eligible for ADDITIONAL 5% Welcome Bonus Cash Back for the first 3 months.
However the Cash Back is capped at RM100 for the entire 3 months and only for the Principal Cardmember.
SPG Hotels & Resorts Privileges
Dining privileges at all SPG Hotels & Resorts in Malaysia:
- 50% savings with two diners
- 40% savings with three to 10 diners
You Should Instead Apply For The Wonderful Maybank 2 Gold/Platinum Cards If You Have Not
The Maybank 2 Gold Cards is a combo that comes with an AMEX credit card and Visa or MasterCard.
I’m now going to tell you how superior the Maybank 2 Gold/Platinum Cards are versus any other credit card on earth:
- The Maybank 2 Gold/Platinum Cards are FREE FOR LIFE without any conditions – which means you don’t have to call Maybank to beg for waiver of the annual fee yearly!!!
- The Maybank 2 Gold/Platinum Cards AMEX earns you 5% cash back on Saturdays and Sundays for any type of transactions including Government and Utilities. E.g. pay your TNB Bills. Local Council Assessment Bill or even Police Traffic Summons. With the AMEX Gold Cash Back you get nothing for government related transactions!!!
- The Maybank 2 Gold/Platinum Cards cash back is capped at RM50 per month. Therefore, we are talking about RM150 cap versus AMEX Gold Cash Back Credit Card Bonus RM100 cap for 3 months. You get less with the AMEX Gold Cash Back Credit Card!!! You may argue you also get 1% UNLIMITED cash back with the AMEX Gold Cash Back Credit Card; but so do you with the Maybank 2 Gold Cards AMEX (see item below).
- On top of the 5% Cash Back on weekends with the Maybank 2 Gold Cards, you are also entitled to 5X Treats Points every single day versus AMEX Gold Cash Back Credit Card where you get 0 reward points!!! And guess what, the 5X Treats Points is equivalent to almost 1% cash back, [to be exact, 0.9765625% cash back, based on Maybank Treats Points Redemption Program where you can redeem RM50 Cash Voucher (Giant, Isetan, AEON, Ikea, Tesco, Aeon Big, Guardian, McD. Petronas, KFC, etc) with 25,600 Treats Points].
- And of you are not into cash voucher (equivalanet to 1% Cash Back based on 5X Treats Points) and prefer Airmiles, please refer to the table above, you can earn 1 Enrich Mile with every RM2.12 spend with the Entry Level Maybank 2 Gold Cards AMEX for LOCAL Transactions!!! If you want Asia Miles or KrisFlyer Miles, the conversion rate is even better!!! Other than the Maybank 2 Cards Premier, no other credit card in Malaysia or even the world can beat this fantastic conversion of Reward Points to Airmiles.
- The Maybank 2 Gold Cards AMEX also offers you up to 50% dining discount at SPG Hotels – same same as the Maybank 2 Cards Premier.
I really do not understand why the heck Maybank is wasting their time and resources promoting the Entry Level AMEX Cash Back Credit Card. It would have been more beneficial to both Maybank and AMEX if they had used the budget allocated for promoting the AMEX Gold Cash Back Credit Card by employing/engaging me to promote their Maybank 2 Gold/Platinum Cards (which I have been stupidly promoting for FREE for years to benefit all Malaysians), hahaha.
And for those of you who are new to my blog, before you claim that AMEX is not widely accepted, please do yourself a favour by clicking here and take My FREE CREDIT CARD TUTORIAL – CC 101, and you’ll thank me for life for helping you to “earn” more pocket money, hahahaha.
Once again, you do earn 5% cash back with the Maybank 2 Gold/Platinum Cards AMEX on Saturdays and Sundays for all types of transactions including Government related (i.e. Local Councils where most are open on weekends in the months of February and August when our Assessments (Cukai Pintu) are due, Police Stations to pay your traffic summons, etc). However, there is no point using the Maybank 2 Cards AMEX on weekdays for transactions related to Government as you will earn nothing.
And in the above said tutorial, you will learn another combo card offered by Public Bank. If you combined the combos from both Maybank and Public Bank, you would be able to earn cash back practically everyday for almost all types of transactions.
And if you are earning less than RM36K per year, in accordance to Bank Negara Malaysia guidelines, you are only entitled to have credit cards from 2 issuers (banks). Therefore, if you are currently in this category, the Maybank and Public Bank combos are the cards to get. Same case for those who are going to retire, get these said combo cards because they are FREE FOR LIFE without any conditions, you don’t need to spend a single sen with it and yet the annual fess will be waived perpetually.
Another Personal Financial Tutorial by GenX