Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com
Malaysia Best Cash Back Credit Cards 2018 – Lesson No.2
Update May 2019 – Effective 1st June 2019, the Maybank FC Barcelona do not earn you cash back from transactions related to Government and Utilities.
First and foremost – this card is FREE FOR LIFE without any conditions. This is the most important criteria.
The minimum income to be eligible for this card is RM48K.
This card is a pure cash back credit card that has no other benefits (i.e. no Free Airport Lounge entry). Below contents in point form were copied from Maybank website:
- 2% Cash back for all purchases all year long (except May and August) and capped at maximum of RM 50 per month.
- 10% Cash back for all purchases made in the month of May (football season ends) and August (football season begins) and capped at maximum of RM 100 during the specified month.
- Only transaction amounting RM 1 and above will be awarded cash rebate to customer
- E- statement – Auto enrolment
- TreatsPoints is not eligible for this card
Note: No cash back earned for EzyPay transactions.
1. The 2% cash back is pretty good. If you refer to the above, it is stated for ALL PURCHASE. So I read the Terms & Conditions and no where could I find any clause that stipulated that Insurance and Government related transactions are excluded – which is fantastic.
However, the cash back is capped at RM50 per month, which means this card is good for up to RM2500 spending only.
I tell you, the Entry Level Maybank 2 Gold Cards is way better than this card. By spending RM1K with it on Saturdays and Sundays, we can earn RM50 cash back PLUS close to another 1% equivalent cash back based on 5X Treats Points. Thus, you can earn close to 6% cash back – that is if you can wait until the weekend to swipe your card, hahaha. So for weekdays, the Maybank Barcelona VS is better.
If you have yet to read my latest comments for the Maybank 2 Cards Gold/Platinum for 2018, please click here to read my first credit card review for 2018 – AMEX Gold Cash Back Credit Card versus Maybank 2 Gold Cards AMEX.
However, you may argue, what if the merchant does not accept AMEX, then you are right, the Maybank FC Barcelona is a zillion times better than the Maybank 2 Gold Cards on weekends, hahaha. What I will say is that the Maybank FC Barcelona is a great combination to have with the Maybank 2 Gold/Platinum Cards 🙂
Then again, there are other cash back Visa & MasterCard credit cards where you can earn more than 2% cash back for selected categories, i.e. the FREE FOR LIFE Public Bank Quantum Cards (mentioned in my Credit Card Tutorial), Public Bank Visa Signature, Maybank Ikhwan MasterCard and even Standard Chartered Bank Just One Platinum.
2. 10% Cash Back for May and August capped at RM100 is fantastic. No other cash back credit card can beat this said real 10% guaranteed cash back. There is nothing in the T&C that states Government related transactions are excluded from the cash back, you should be entitled to the 10% cash back.
Let me elaborate what the above means. Most credit cards nowadays do not reward us for any transactions related to Government. With the FC Barcelona Visa Signature, we can earn 10% Cash Back from the following transactions:
In the month of MAY, we can earn 10% cash back from:
- Police and Local Council Traffic Summons. If you can wait and not be brought to court, hahaha.
- JPJ – Road Tax
- Quit Rent (Cukai Tanah at Pejabat Tanah Dearah). This is really fantastic as AMEX is not welcome here.
- IWK – you better call their Customer Service if you have not been paying any IWK bills for years and be shocked with how much you owe them, hahaha.
In the month of AUGUST, we can earn 10% cash back from:
- Police and Local Council Traffic Summons. Once again, if you can wait and not be brought to court, hahaha.
- JPJ – Road Tax
- Assessments (Cukai Pintu at Local Councils).
For other months, Traffic Police Stations, JPJ Main Offices and Local Councils accept AMEX. So, if you transact at these said places on Saturdays with the wonderful Maybank 2 Gold/Platinum Cards AMEX, you can earn yourself 5% cash back which is better than the Maybank FC Barcelona’s 2% Cash Back.
But you know lah, I’m kiasu. So, I called Maybank Customer Service to ask if government transactions are entitled to the 10% Cash Back in May and August and the girl told me to wait while she checked. After a few minutes, the CS representative told me YES – for any PURCHASE! Please note she said PURCHASE. Is paying tax (e.g. Quit Rent) a purchase? Anyway, I think we should be entitled to the 10% cash back for Government related transactions as I could not find any exclusion clause in the T&C for the Maybank FCB Visa Signature.
Update – below comment by Nelson Lai at my Facebook Post minutes after I posted this review.
Basically the Maybank FC Barcelona Visa Signature is fantastic for the months of May and August as you are guaranteed to earn 10% in cash back from ALL your transactions up to RM1K spending only. So, you still need to plan and keep track of your spending in both these months because once you spent RM1K, anything more you earn nothing!
For other months, you could probably earn more in cash back from your essential expenses using other credit cards based on many different categories. So if you are one of those who are not bothered to use your brain or find it a hassle to have many credit cards in your wallet to earn more in cash back from different categories (i.e. Dining, Petrol, Online, Groceries, Telcos, etc), then the Maybank FC Barcelona may be good, hahaha. Having said this, the Maybank FC Barcelona is great for Government (e.g. Road Tax, Police Traffic Summons, Local Councils, IWK, etc) and Insurance related transactions as many credit cards nowadays earn you nothing from them.
In Conclusion the FREE FOR LIFE Maybank FC Barcelona is a great combination to have with the FREE FOR LIFE Maybank 2 Gold/Platinum Cards and FREE FOR LIFE Public Bank Quantum Cards.
Click here to read my article titled My New Best Cash Back Credit Card in Malaysia and see the card changes colour from one angle to another AND Learn How You Can Earn Close To 20% Cash Back For Petrol!!!.
Another Personal Financial Tutorial by GenX