Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com
Malaysia Best Cash Back Credit Cards 2018 – Lesson No.3 & No.4
I will combine the Maybank Islamic MasterCard Ikhwan Gold/Platinum and Maybank Islamic Petronas Ikhwan Visa Gold/Platinum Credit Cards into a single review as both these cards’ benefits are pretty straight forward.
Maybank Islamic PETRONAS Ikhwan Visa Gold Card-i – Lesson No.3
This card is FREE FOR LIFE too without any conditions. Once again this is the most important criteria.
And like all Maybank Entry Level credit cards, the minimum income to be eligible for the Maybank Petronas Gold Visa is RM30K p.a.
The main benefit of the Maybank Petronas Gold/Platinum is that the card earns you guaranteed 8% Cash Back at Petronas Stations every Saturday and Sunday. But the monthly cash back cap is also RM50, or in other words, good for up to RM625 at Petronas on weekends which should be more than adequate for most people.
You do earn 1% cash back at Petronas on weekdays and 1X Treats Points for transactions not related to Petronas except for Government Transactios where you earn nothing.
Above is all you basically need to know about the Maybank Petronas Credit Card, hahaha.
Maybank Islamic MasterCard Ikhwan Gold/Platinum Cash Back Credit Card – Lesson No.4
First and foremost, the Maybank Islamic MasterCard Ikhwan Platinum and Gold Credit Cards are FREE FOR LIFE, without any conditions whatsoever, i.e. you don’t have to spend a sen with it. Therefore, you do not need to call Customer Service and waste your time begging for annual fee waiver.
Benefits of the Maybank Islamic MasterCard Ikhwan Platinum and Gold Credit Cards:
- 5% rebate on petrol for ALL Petrol Stations and groceries on Fridays and Saturdays, capped at maximum of RM50.00 per month (Principal and Supplementary Cards combined).
- TreatsPoints. Every RM1 spent locally and overseas earns 1 Treats Point except for Government related transactions.
- FREE Maybank Touch ‘n Go Zing card.
- Charity Fund. With every spending the Bank will contribute 0.1% for charity purposes.
- Umrah Trip – One weekly Umrah winner (package for 2pax) will be selected to win an Umrah package (for Muslims) or holiday package (for non-Muslims) – non exchangeable / transferable. Every RM200 retail spending in one single receipt entitle for 1x entry. Campaign starts 1st August 2014 and ongoing. Winner selection will be done every six (6) months.
From the above, the main benefit of the Maybank Islamic MasterCard Ikhwan Gold or Platinum is the 5% Cash Back on Fridays and Saturdays for transactions related to Groceries and Petrol. Minimum income to be eligible for the Gold Card is RM30K.
MAXIMIZING CASH BACK FROM CREDIT CARDS FOR THOSE EARNING LESS THAN RM48K p.a.
In my Credit Card Tutorial 2018, I have mentioned that all of us must hold the wonderful Maybank 2 Gold/Platinum Cards where we can earn 5% cash back on weekends (including Government related transactions) plus 5X Treats Points too. And by combining these two rewards we can earn close to 6% cash back. However, 5% cash back is capped at RM50 per month, or up to RM1K spending.
So here is how you can maximize earning cash back from Maybank and Public Bank Cards.
Option 1 – Maybank 2 Cards AMEX + Maybank Petronas Ikhwan Visa + Public Bank Quantum Cards
With the Maybank 2 Cards AMEX, you can earn 5% cash back capped at RM50 per month, i.e. good for up to RM1K spending on weekends. (Please note you also get equivalent 1% Cash back when you use your 5X Treats Points to redeem for cash vouchers).
With the Maybank Petronas Ikhwan Visa, you can earn guaranteed 8% cash back capped at RM50 per month, i.e. good for up to RM650 spending at Petronas on weekends.
Therefore, with RM1,650 spending a month using the cards mentioned above, you can earn RM100 in pure cash back credited into your credit card accounts. This is equivalent to 6% effective cash back.
Now add Public Bank Quantum Visa and MasterCard into the equation to earn 5% cash back from transactions related to Dining, Entertainment, Departmental Stores and Online, the combined cash back cap is RM60 or good for up to RM1,200 spending.
Therefore, by holding Maybank 2 Cards AMEX + Maybank Petronas Ikhwan Visa + Public Bank Quantum Cards, you can earn a total RM160 in cash back for spending of up to RM2,825 per month. Please note that the 5X Treats Points where we earn equivalent 1% cash back in not considered here.
This Option 1 should suffice for most people.
Please note, if your spouse also earns RM30K per annum, ask him/her to apply separate Principal cards mentioned above and your total cash back cap will double to RM320 or up to RM5,650 spending per month!!!
Option 2 – Option 1 + Maybank MasterCard Ikhwan
If for whatever reason you still need another credit card for Groceries and/or Petrol, add the Maybank MasterCard Ikhwan to cards mentioned in Option 1 and your total cash back cap for each month will increase to RM210.
Once again, if your spouse also holds Principal credit cards mentioned above, your total cash back cap is increased to RM420 per month!!!
MAXIMIZING CASH BACK FROM CREDIT CARDS FOR THOSE EARNING MINIMUM RM48K p.a.
For those of you earning minimum RM48K per year, you should add the Maybank FC Barcelona to any of the Options mentioned above. Not only can you earn 10% cash back for the months of May and August, but more importantly you earn cash back every single day for Government related transactions.
If you love cash back, you should hold the 2 Entry Level FREE FOR LIFE credit cards mentioned above plus Maybank 2 Gold/Platinum Cards and Public Bank Quantum Visa and MasterCard. With proper planning, you should be able to earn 5% cash back from your related essential expenses required for survival.
And if you are earning RM48K, it’s a no brainer that you should also add the Maybank FC Barcelona Visa Signature (Cash Back Credit Card Lesson No.2) to your cash back credit cards collection.
All the credit cards mentioned above are FREE FOR LIFE and you can’t go wrong with any of them (unless you are not a fan of Petronas or do not need a credit card for Groceries and Petrol then there is really no point in getting the Maybank Islamic credit cards).
However, if your income is just above RM30K and if you already hold the wonderful Maybank 2 Gold Cards, Maybank may actually reject your application for the Maybank Islamic Ikhwan Petronas Visa or MasterCard Gold because Conventional Banking and Islamic Banking are considered separate entities. What you can try to do is request that the Credit Limit for your Maybank 2 Gold Cards be reduced and assigned to the Maybank Islamic cards. Like I said in my Credit Card Tutorial 2018 – the best place to apply for Maybank credit cards is at their Card Centres, i.e. at The Gardens or 1U New Wing. If for whatever reason your Maybank Islamic credit card application is rejected, talk to the officer at the Maybank Card Centre about appealing based on what I have mentioned about reducing your Credit Limit of one card and reassigning it to another card.
As for Public Bank Quantum Cards (minimum income RM36K p.a.), I have no idea how strict they are in approving their credit cards (for salaryman with EPF, it should be straight forward) but they are pretty stingy with their Credit Limit. But then again, you only need a Credit Limit of RM2,400 (2 billing cycle) as you only really need RM1,200 for one billing cycle where you would have max out the monthly 5% cash back cap.
Another Personal Financial Tutorial by GenX