Bad News For Credit Card Holders 2018

Last Update: 21 May 2018 – Maybank

Just as expected, around this time of the year, many credit card issuers would have made announcements informing their card holders that they are revising their card benefits and/or inflating their reward redemption program.

However, unlike western banks (i.e. HSBC), our local banks are more sincere where they will give us adequate time to redeem our reward points before their inflated reward redemption comes into effect.

For example, on 5th April 2018, AmBank announced to its customers that they are revising the reward redemption effective 1 May 2018. Thus giving ample notice to their customers unlike HSBC which only gave their customer 3 days notice (and 2 of the days were on a weekend)!!!

AmBank Reward Redemption Program

Update 5th May 2018 – AmBank Reward Redemption Revision 2018

Well, effective 1st May 2018, AmBank inflated their Air Miles redemption by 40%!!!

AmBank WMC and VI cardholders previously only needed 5000 Points to redeem 1000 Enrich Miles or KrisFlyer Miles or Asia Miles. But now they need 7000 Points.

With 5X Points for overseas transactions with the AmBank World MasterCard or Visa Infinite, this works out to 1 EM or KF or AM for every RM1.40 spent overseas (excluding online transactions).

AmBank Reward Redemption Program 2018

 

HSBC Redemption 2018

Revisions to Credit Cards Benefits/Reward Redemption Program 2018

Below are some of my comments of the revisions announced by credit cards issuers as of 12 April 2018:

AEON Big Gold Visa – Complimentary Airport Lounge Access reduced from 6X to 3X effective April 2018.

CIMB Visa Infinite (Not the Preferred Visa Infinitie) – The CIMB has revamped their Visa Infinite from a Cash Back credit card to a Bonus Point Reward credit card. And to my surprise, it is now pretty good. Actually, it is now the best credit card to earn Enrich Miles from Dining Transactions at places that do not accept AMEX! However, one of my follower pointed out to me that CIMB quietly inflated their Bonus Points too! You see, early this year, we only need 6000 Bonus Points to redeem 1,000 Enrich Miles. But today we need 10,000 Bonus Points to redeem the same 1,000 Enrich Miles!

Citibank Cash Back Credit Card – IF you think you are getting 10% cash back from your petrol and dining, you have been fooled, hahaha.

Citibank PremierMiles – Besides reducing the number of airport lounges where you can enter for FREE, I tell you, the transactions excluded from earning PremierMiles is really really unbelievable. It is to your benefit that you read my review so that you don’t waste your time using your Citibank PremierMiles for transactions that involve your loved ones.

HSBC Credit Cards – Effective 2nd April 2018, If you are into air miles, HSBC inflated their reward redemption program almost 100%!!!  And for those of you who hold the Premier Travel MasterCard, if you think you are earning 1.1 Air Mile (KrisFlyer or Asia Mile) for every RM1 spent overseas, you have been conned! (Password is posted at my Terms and Conditions To Read My Articles)

 

MAYBANK Credit Cards

Update 13th May 2018 – Maybank Treats Points

Effective 1st July 2018, Treats Points redemption rate will be revised to 500 TreatsPoints = RM1

Maybank TP Revision 2018

As of May 2018, Maybank Visa Signature credit card holders’ TREATSPoints can be converted to cashback at a rate of 40,000TP to RM100. No capping amount. Therefore, they would be most effected by the revision announced.

Also as of May 2018, all Maybank Credit Card holders are able to redeem cash vouchers at Maybank Card Centres at the rate of 40,000 Treats Points = RM100. Which means – with 5X TP for every RM1 spent, we get 1.25% cash back.

Maybank Treats Points On The Spot

 

The Good News is –  those of us holding Maybank credit cards that earn us 5X Treats Points for every RM1 spent locally or overseas, it is still pretty good as we still earn equivalent unlimited 1% cash back effective 1st July 2018.

Potentially very GOOD NEWS – see above image, it is stated “Inclusive of 6% GST”.

All, if not most of you, know that Maybank also imposed 6% GST for Air Miles Redemption. As of May 2018, we are able to redeem EnrochMiles based on the followings::

  • Maybank 2 Gold/Platinum Cards – 10,000 TP without GST and 10,600 with 6% GST
  • Maybank 2 Cards Premier – 4500TP without GST and 4770TP with 6% GST
  • Maybank Islamic World MasterCard – 6000 TP without GST and 6360 with 6% GST

So if the newly elected government keeps its promise and remove the GST, we should get 6% extra value very soon – THATS IS IF Maybank don’t play dirty. But we all know Maybank is the only bank in Malaysia that truly helps the Rakyat to cope with the high cost of living, As such, I believe Maybank will  revise/readjust their redemption program again once GST is removed.

Update 19 May 2018 – 10% Extra Enrich Miles until 30th June 2018

Enrich 10 percent mre

With respect to the above matter, the promo runs unti 30 June 2018. However, GST will be rated at 0% (not abolished but reduced to 0%) effective 1 June 2018. Maybank has been imposing 6% GST on their redemption program; therefore, technically we should “gain” extra 6% air miles after 1 June.

So, DO NOT convert your TreatsPoints to any air miles in the month of May, wait until the month of June for Maybank to make announcement on any changes to their redemption program. If they don’t play dirty, come 1st June, all of us would be very happy 🙂

 

Update 1st June – GOOD NEWS!

You can now redeem air miles for less using your Treat Points – back to prior to GST was implemented 🙂

Revised Treats Points maybank credit cards 2018 air miles

 

Public Bank Visa Signature – Effective 1st Jan 2018, the monthly Cash Back Cap was reduced to RM38. Also regardless of how many Public Bank credit cards you hold, your FREE airport lounge access is limited to one card only.

UOB Visa Infinite – Effective 1st January 2018, the UOB Visa Infinite no longer earns you UNIRinggit for many types of transactions!  It is to your benefit that you read my review or you will regret big time when you see your statement only to find out you earned ZERO UniRinggit this time around for a transaction amounting to RM100K which you did earn UNIRinggit in 2017.

Other Related News

The HLB MACH Credit Card is pretty good as it earns you 5% cash back for dining everyday. But I was told that HLB have been closing their MACH Centres and it is now almost impossible to apply for the MACH Credit Card. So if you ever get the opportunity to apply for this card, do it immediately.

Malaysia’s Ultimate Credit Card for Bragging Rights 2018 – Exclusive Limited Edition Bronze Credit Card for 1000 Elites – This year, 2018, there is a new credit card in town that will give you exclusive bragging rights for years to come, hahaha. Password to read the article – UltimateCC

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