Category Archives: Personal Finance

STANDARD CHARTERED JUST ONE PLATINUM & GOLD CASH BACK MASTERCARD REVIEW 2018

 Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com

Malaysia Best Cash Back Credit Cards 2018 – Lesson No.10 & No.11

Before you read the contents of this review, it is imperative you start from the very beginning, i.e. take My FREE Credit Card Tutorial 2018 followed by Lesson No.1 to No.9 listed in my CASH BACK Page.

If you fail/refuse to follow the above recommendation, you may be blur as to what I am about to present below.

Once again I will combine 2 cards into one post. The Standard Chartered Bank Cash Back credit cards below were highlighted to me by my Friends/Followers and they are actually pretty good depending on your needs.

Standard Chartered Bank Just One Platinum MasterCard Review – Lesson No.10

Standard Chartered Bank Jusr One Review 2018

The StanChart Just One Platinum is an entry level credit card where one only needs RM24K p.a. income, which is good. BUT the annual fee is RM265! Annual Fee of RM265 for an Entry Level credit  card?!! The good news is, effective 18 August 2018, the annual fee will be waived if you spend RM20K per year with it.

Wait! Read the above paragraph again…. minimum income requirement RM24K to be eligible for the SCB Just One MasterCard but in order to get the annual fee auto waived we need to spend RM20K!!! WTF. How does one earning RM24K p.a. able to spend RM20K per year with a credit card? If SCB really wants to be sincere, they should set the spending criteria for the annual fee to be waived at a more reasonable amount, for example RM5K or swipe 12X per year. So, this card is only for those who can spend RM20K, to be more exact RM30K per year and you will find out why very soon.

StanChart advertised that you will get up to 15% cash back with the Just One Platinum – this is pure bull shit. The maximum cash back you can earn from the Just One Platinum is 3.4%.

CASH BACK MECHANISM

The Cash Back you can earn from the Just One Plat is based on tiers. Below contents are copied (screenshot) from SCB website and my comments are in red:

Standard Chartered Bank Jusr One Cash Back Tiers

If you refer to the above, you can observe that the Just one Platinum is only good if you spend exactly RM2.5K and earn 3.4% in cash back. Any less and you would end up earning close to 1% cash back.

All you need to know is that you are entitled to the so called  “15%” cash back for Auto Bill Payments, Online and Petrol. Oh, I should also highlight a very important fact – Government and Charity related transactions are not counted towards the minimum spend of RM2,500 to be eligible for the max cash back of RM85.

So What is Auto Bill? The following clause was copied from SCB Just One Plat Terms and Conditions:

Auto bill spend

Your database which is kept by the bank and MasterCard would be use to defined auto bill spend**. Auto bill comprises of recurring bill payment from Insurance, Telco and Utilities as defined in Further Information section below.

From the above clause, your auto debit monthly insurance premiums should be eligible for the bull shit 15% cash back (max effective cash back you can earn is 3.4%). And best if you transact exactly RM2.5K per month, not a sen more or not a sen less to maximize your cash back % returns.

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Hong Leong Bank Wise Cash Back Visa Credit Card Review 2018

 Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com

Malaysia Best Cash Back Credit Cards 2018 – Lesson No.12

Before you read the contents of this review, it is imperative you start from the very beginning, i.e. take My FREE Credit Card Tutorial 2018 followed by Lesson No.1 to No.11 listed in my CASH BACK Page.

If you fail/refuse to follow the above recommendation, you may be blur as to what I am about to present below.

Hong Leong Bank WISE Cash Back Visa Review

Hon Leong Bank Wise Cash Back Credit Card

Hong Leong Bank advertised that this card earns you 10% cash back. Well, it was true years ago but it is no longer the case since 2016.

The Hong Leong Bank WISE Visa Cash Back Credit Card is not for everyone but for those who can meticulously keep track of every sen they spend with a credit card. The benefit of the HLB Wise is that the cash back is capped at RM100 per month versus most other credit cards where it is capped at RM5- per month.

You are only entitled to the 10% cash back from 2 categories plus your telco bills. If you have been maxing out the cash back cap of your other cash back credit cards (as mentioned in Lessons No.1 to No.10) and need another credit card for spending of minimum RM2K per month at the merchants listed below, then the HLB Wise may be a good option:

Hong Leong Bank Wise Visa Merchant List

If you refer to the above merchant list, it is interesting to note that most of them accept American Express, which means you can get guaranteed 5% cash back with any type of transactions including Government on weekends with the wonderful Maybank 2 Gold/Platinum Cards mentioned in My Credit Card Tutorial CC 101 PLUS another 1% cash back equivalent with  5X Treats Points when you redeem for cash vouchers.

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Hong Leong Bank Essential Visa and Fortune Visa Cash Back Credit Card Review 2018

Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com

Malaysia Best Cash Back Credit Cards 2018 – Lessons No.8 & No.9

In this post I will review both the Hong Leong Bank Essential Cash Back Visa and Hong Leong Bank Fortune Cash Back Visa for your easy comparison.

Hong Leong Bank Essential Cash Back Visa Credit Card – Lesson No.8

 

Hong Leong Bank Essential Visa Review 2018

Hong Leong Bank Essential Visa (minimum annual income requirement RM24K/year) FREE FOR LIFE with minimum 12 swipes per year. Revised Cash Back Mechanism effective 2016 – UNLIMITED 0.6% Cash Back for Insurance. Other transactions except petrol  – 0.6% cash back for first RM5K and UNLIMITED 1% cash back for spending above RM5,000.

And please note, the Hong Leong Bank Essential Visa does not earn you cash back from Government, JomPay and Petrol transactions. And petrol is an essential expenses!!!

From the above, one only earns 0.6% cash back for spending up to RM5K with the HLB Essential. If you do spend RM1K to RM3K per month, the Alliance Bank You:nique Cash Rebate MasterCard (minimum income RM24K p.a.) may be a better option.

The Alliance You:nique Cash Rebate MasterCard earns you up to 1.6% cash back for spending up to RM3K (including petrol and insurance).

Alliance Younique

But there is even a better option if you need a card for spending up to RM1.5K where you will earn higher % in cash back and I will present to you soon in Lessons No.10 & No.11.

Hong Leong Bank Fortune Cash Back Visa Credit Card – Lesson No.9

Now, here is the joke, Hong Leong Bank does offer a credit card called Fortune Cash Back Visa that earns you 1% cash back including transactions related to Petrol and Insurance!!! And the minimum income to qualify this card also starts at RM24K. So why the heck is anyone still holding the HLB Essential Visa?

Hong Leong Bank Fortune Visa Review 2018

However, the 1% cash back is capped at RM50 or good for up to RM5K spending per month. Once again Government and JomPay transactions are not entitled to the cash back with the Fortune Visa.

If you do really spend more than RM5K per month, you should be collecting Airmiles (Lessons to be presented in February & March 2018) and fly Business Class for FREE instead of earning miserable 1% or even 2% in cash back!!! But for whatever reasons you prefer not to fly Business Class for FREE and still prefer cold hard cash, the Hong Leong Bank Fortune Cash Back Visa does reward you with Bonus Cash (in addition to the 1% cash back) if you spend RM38K with it:

HLB Fortune Visa Bonus Cash

From the above, iIf one spends exactly RM68K (i.e. exactly RM5K for 11 months to earn max monthly cash back of RM50 and on one particular month spent RM13K but only earning RM50 in cash back) with the HLB Fortune, he/she will then earn bonus cash of RM880. Therefore the effective cash back works out to 2.17% [(RM600+RM880)/RM68,000].

HLB Fortune example

The Hong Leong Bank Fortune Cash Back Visa is good for those who know exactly how much they will be spending with their credit cards. But in order to to maximize the effective % cash back, they must burn up some brain cells like i did for the above paragraph calculations, hahaha.

One thing for sure is, the HLB Fortune Visa may be good for those with high insurance premiums or even Insurance Agents who loves CASH instead of flying Business Class for FREE, hahaha.

Click here for more lessons on Malaysia Best Cash Back Credit Cards 2018

GenX 25 Another Personal Financial Tutorial by GenX

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Public Bank Visa Signature and AEON Big Gold Visa Review 2018 – Malaysia Best Cash Back CC for Airport Lounge

Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com

Malaysia Best Cash Back Credit Cards 2018 – Lessons No.6 & No.7

I will combine both Lesson No.6 – Public Bank Visa Signature Review and Lesson No.7 AEON Big Gold Visa Credit Card Review into a single post because they both offer FREE Airport Lounge Access.

Public Bank Visa Signature Review 2018 – Lesson No. 6

Public Bank Visa Signature Review 2018 Best Airport Lounge

The Public Bank Visa Signature has been around for ages and I think it used to be in one of my Top 10 List of Best Credit Cards in Malaysia in one particular year. Can’t remember and anyway it’s no longer relevant as who cares about what a credit card offered in the past.

Below contents were copied from Public Bank website:

Cash Back & VIP Points

  • 6% Cash Back on Grocery, Dining and Online Transaction
  • 1 VIP Point for every RM1 spend on other retail transactions

VIP Points are redeemable for Air Miles, gift vouchers and Products from our Preferred Redemption Rewards Catalogue

Complimentary Access to Malaysia Plaza Premium Lounge Access

2x complimentary access to any Malaysia Plaza Premium Lounge.

My Comments:

The annual fee for the Visa Signature is waived with minimum 12 swipes. This should not be a problem and is easily achievable.

I am surprised that Public Bank still requires one to earn RM100K p.a. to qualify for their Visa Signature.

Well, effective 1st January 2018, the super stingy Public Bank rewarded its loyal customers with a surprise where they reduced the monthly cash back cap for the Visa Signature to RM38, nice number as it ends with No.8 but 38 sounds like “Sum Putt” which means Crazy in one of the Chinese Dialects. And I bet many Public Bank Visa Signature card holders will be cursing Sum Putt when they find out that the cash back cap has been reduced to a miserable RM38 for a so called Premier Card, hahaha.

Public Bank Credit Card Benefits 2018

So with 6% Cash Back for Online, Dining and Grocery coupled with monthly cash back cap of RM38, it means this card is only good for up to RM633.33 spending. Well, it’s not really bad and the card user does earn guaranteed 6% cash back from online transactions up to a spending of RM633.33 per month.

As for the 1X VIP point for every Ringgit spent, I won’t even waste my time talking about it here because it is as good as useless.

2X FREE access to airport lounges still good. It’s FREE lah. However, unlike other banks, where we can get more access to airport lounges by holding different cards of theirs, Public Bank is not only super stingy but super calculative. You see, your FREE access to airport lounge is fixed by the highest ranked Public Bank credit card you hold, hahaha.

Public Bank Visa Signature Airport Lounge Access

The good thing about the Public Bank Visa Signature is that a Supplementary card holder also gets to enter airport lounges for FREE but it will use up the 2X quota, i.e. the 2X FREE access is combined for Principal and Supp card holders.

So if you have another credit card that grants you FREE access to airport lounges, your wife and child who hold a Supp Public Bank Visa Signature can follow you to the lounge for FREE too. But only once and you would have used up the 2X quota, hahaha.

So what is the Public Bank Visa Signature good for, well, if your wife is into Online Shopping, you can give her a Supp Visa Signature and set the Credit Limit set to RM633.33 which will then guarantee you 6% cash back from all her online shopping, hahaha.

That’s it for my review on the Public Bank Visa Signature.

AEON Big Gold Visa Review 2018 – Lesson No. 7

AEON Big Credit Card Visa Review 2018 Best Airport Lounge

I did publish an AEON Big Gold & Classic Visa Card review here at GenX GenY GenZ dotcom back in March 2016 after a Follower shared with me how wonderful they are. I will just copy what I think is relevant from my old post and update where necessary.

INTRODUCTION

I often get messages from people asking me what credit cards are good based on their spending pattern instead of simply asking what’s the best credit card. This is indeed good as it shows that my FREE articles/tutorials have somewhat taught others that no 2 credit cards are the same and one needs to have the right card to earn some meaningful returns based on his/her own spending pattern.

The best are the ones who use the info I have provided in my articles and then go do further research on the card, e.g. by calling Customer Service or reading the T&C, and then messaging me to let me know their findings (and even correcting my mistakes) so I can share with others 🙂

And what I appreciate most is when someone selflessly takes the trouble to share detailed information that benefits everyone. For example, below is what Ms. Sherine Lee commented at my Facebook Page back in January 2016 when I published my Top 10 Credit Cards in Malaysia – Episode III:

“Hi would u consider aeon big credit card? I think it’s a good entry level credit card as the gold card give 6X plaza lounge access, up to 15% for Aeon big grocery purchase, and 2% cash back for overseas and online purchases. So far I had been quite happy with the card”.

Based on Ms. Sherine Lee’s comment, I did look into the AEON Big Credit Card (in 2016) and to my surprise, the AEON Big Credit Card is indeed a freaking good credit card. If anyone were to ask me now – “what is The Best Credit Card to use at AEON Big? The answer will be the AEON Big Credit Card!!!

I would like to take this opportunity to thank Sherine Lee for teaching me about the AEON Big Credit Card 🙂

AEON credit cards are mostly entry level credit cards, but this does not mean that they are useless. In actual fact, AEON credit cards are packed with really good benefits, e.g. FREE access to Plaza Premium Lounges nationwide (AEON Gold Credit Card Visa and MasterCard) and meaningful cash back.

Now I am going to present to you a freaking long review of the AEON Big Visa Credit Card,  just kidding…. it’s kind of short for my standard, hahaha.

AEON BIG GOLD & CLASSIC VISA CREDIT CARD

Annual Income Requirement: RM24K for Classic and RM36K for Gold.

For those of you who are unable to qualify for Maybank Credit Cards where the minimum income starts at RM30K p.a. The AEON Big Classic is very good and you will learn why very soon.

Annual Fee: Waived with 12 transactions per year.

AEON BiG Member Card: Upon signing up for the AEON BiG Visa Credit Card, you will be issued an AEON Big Member Card that earns you BiG Points which you can use to redeem for Cash Back at AEON Big Cashier Counters. 1000 BiG Points – RM5 Cash Rebate. Consider the AEON BiG Points as bonus to the “real” cash back benefit mentioned below.

BENEFITS OF AEON BIG VISA CREDIT CARDS

AEON Big Visa Benefits.jpg

Basically both the AEON Big Gold and Classic have the same benefits except that the AEON Gold Visa comes with 6X FREE Access to Airport Lounges at KLIA & KLIA 2 for the Principal cardholder.

FREE 6X ACCESS TO AIRPORT LOUNGES with the AEON Big Gold Visa Credit Card

I’m telling you, this AEON Big Gold Visa is better than Platinum credit cards where most don’t grant FREE access to Plaza Premium Lounges and even if they do, you won’t get FREE access at KLIA 2 (example Citibank & HSBC cards).

The above Airport Lounge benefit with the AEON Big Gold Visa is straight forward. Now comes the other benefits with the AEON Big Visa which you may need  to use your brain cells. It’s not a bad thing, this Entry Level AEON Big Visa is packed with numerous benefits.

 CASH BACK

  • 5% Cash Back at ÆON BiG Thank You Member Day on 28th of every month, capped at RM100 per ÆON BiG Credit Card account per month subject to total Cash Back of RM50,000 per month.

Now please note that it is stated TOTAL CASH REBATE OF RM50K/month. This means that the above 5% cash back on every 28th of every month is not guaranteed but based on first come first serve basis. So, to make sure you are entitled to the 5% cash rebate, go do your shopping at AEON BiG early in the morning once the store opens.

  • 5% Cash Back for Visa payWave every day exclusively at ÆON BiG Stores. *Cash Back is capped at RM25 per ÆON BiG Credit Card account per month subject to total Cash Back of RM15,000 per month.

By using the AEON BiG Visa Credit Card Pay Wave feature at AEON BiG stores, you MAY BE entitled to 5% cash back. The reason why I said MAY BE and not WILL is because there is a maximum monthly payout of RM15K. Once again, this means you are not guaranteed the 5% cash back by using the Pay Wave feature. One thing for sure, on 28th of each month (Member Day) this quota is sure to have been reached OR maybe even have been used up long before!!!

  • 5% Cash Back for Petrol every Sunday, capped at RM25 per ÆON BiG Credit Card account per month *Cash Back is capped at RM25 per ÆON BiG Credit Card account per month subject to total Cash Back of RM15,000 per month.

Above 5% cash back for Petrol is really good if you can pump petrol on Sundays. With the cash back capped at RM25 per month, this card is good for up to RM500 Petrol/month.

Therefore, the AEON Big Classic Visa is good for those earning less than RM30K p.a. the opportunity to earn 5% cash back from their petrol expenses. If you pump in the first Sunday of the month, your chances are very good and it then gets slimmer each following Sunday.

  • 2% Cash Back for Online and Overseas spending every day* (exclude insurance, mobile and utility bill payments) *Cash Back is capped at RM25 per ÆON BiG Credit Card account per month subject to total Cash Back of RM15,000 per month.

Once again, the 2% cash back for ONLINE and OVERSEAS SPENDING has a max monthly payout of RM15K to all cardholders. This means it is based on first come first serve basis and the 2% cash back for ONLINE and OVERSEAS SPENDING is not guaranteed.

Once again, the AEON Big Classic Visa is good for those earning less than RM30K p.a. as it provides an opportunity to earn 5% cash back from Online purchases.

So, with RM15K per month payout for each of the 3 categories mentioned above,  i.e. (1) PayWave, (2) Petrol and (3) Overseas & Online, it means that you may also potentially earn 0% cash back.

Based on 5% cash back capped at RM25 per month for a particular category, this works out to RM500 spending a month per category (total RM1500 spending). But because there is a maximum cash back payout of RM15K, and assuming everyone spends RM500 for a particular category, only 600 people will be entitled to the cash back for each category!!!

So, for Overseas Transactions, the CIMB Cash Rebate Platinum MasterCard in Lesson No.5  is a better bet as you will be guaranteed 2% cash back.

In respect of the above, your chances of getting the 5% cash back is good early in the month for any of the 3 categories where the max cash back payout is RM15K. And you may get nothing towards the end of the month. That is why the AEON Big Cash Back Visa is potentially the worst Cash Back Credit Card in Malaysia come end of each month, hahaha. Another card that misleads their cardholders into thinking that they will earn cash back every single day is the UOB YOLO.

Below is an example extracted from AEON website (please visit AEON Credit Website for more examples):

AEON Big Credit Card Cash Back Example

From the above table, you will note that the cash back using the AEON BiG credit card is RM7.12 for 2 items, i.e. 5% Cash Rebate AEON Credit and 5% Visa PayWave Rebate. The reason why this is so is, you will get 5% Discount on every 28th day of the month.

Example:

Total Bill RM150. With 5% Discount, you will only need to pay RM142.50.

So by you using the AEON BiG PayWave feature to pay the RM142.50 mentioned above, you may be entitled to TWO (2) 5% cash rebate (i.e. RM142.50 x 5% = RM7.12 for each category) credited into your AEON BiG Credit Card Account. Remember – I  have shown you earlier that the cash back has a maximum monthly payout where the cash rebate is based on first come first serve basis.

Now, if you remember what I mentioned earlier about the 5% cash back with PayWave, because there is a max payout, you may not earn the 5% cash back if you pay via PayWave on the 28th of each month.

ÆON BIG MEMBER POINTS
On top of pure cash back mentioned above, you also earn BiG Points which can be converted to Cash Back when you pay for your purchases at AEON Big Stores!!!
  • 4 Member Points for every RM1 spent in all ÆON BiG Stores nationwide every 10th of the month
  • 2 Member Points for every RM1 spent in all ÆON BiG Stores nationwide every day
  • 1 Member Point for every RM2 spent anywhere else including overseas

For your easy reference, I have worked out the % Cash Back:

AEON Big Points Cash Back

CONCLUSION

The AEON BiG Visa Credit Card is really really good if you shop at AEON BiG.

Now, the AEON Big Visa credit card may still be pretty good even if you don’t shop at AEON Big because you are still entitled to 6X FREE access to KLIA/KLIA2 Plaza Premium Lounges. I tell you, many Premier Credit Cards don’t even allow you a single FREE access to KLIA2 Plaza Premium Lounge.

And best of all, the Entry Level AEON Big Visa Credit Card will allow those earning less than RM30K per year who don’t qualify for the Maybank Islamic MasterCard Ikhwan to earn 5% cash back for Petrol.

Last but not least, I would like to sincerely thank Ms. Sherine Lee once again for highlighting the AEON BiG Visa Credit Card and the benefits that come with it at my Facebook Page.

Click here for more lessons on Malaysia Best Cash Back Credit Cards 2018

GenX 25 Another Personal Financial Tutorial by GenX

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CIMB Cash Rebate Platinum MasterCard Review 2018

 Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com

Malaysia Best Cash Back Credit Cards 2018 – Lesson No.5

Before you read the contents of this review, it is imperative you start from the very beginning, i.e. take My FREE Credit Card Tutorial 2018 followed by Lesson No.1 to No.4 listed in my CASH BACK Page.

If you fail/refuse to follow the above recommendation, you may be blur as to what I am about to present below.

CIMB Cash Rebate Platinum MasterCard Review

To qualify for this card, all you need is an income of minimum RM24K p.a. WOW! One can get a Platinum credit card from CIMB with income less than RM30K p.a. but that’s not the case with Maybank where one can’t even qualify for an Entry Level Gold Card.

Anyway, the labels Gold, Platinum, Visa Signature, Visa Infinite or World MasterCard Elite are for those who shiok sendiri, to the extend some are willing to pay the annual fees. The smart ones, like you and I, don’t give a damn if a credit card is labeled as Gold or Platinum or whatever, more importantly is that the card must be FREE FOR LIFE and earn us maximum FREE Pocket Money or fastest way to accumulate Airmiles.

Of course, it is better still if our FREE FOR LIFE credit cards offer FREE entries to airport lounges without us spending a sen with the card (this will be covered in your next coming Lesson No.6 & 7).

But, before we jump the gun, today I will present to you another FREE FOR LIFE without any conditions credit card that may be an excellent Standby Credit Card – CIMB Cash Rebate Platinum MasterCard.

Below contents were copied from CIMB website:

CIMB Cash REbate Benefits

  1. 5% Cash Rebate for statement balance RM3,000 and above. 2% Cash Rebate for statement balance below RM3,000. Cash rebate is capped at RM30 per month per card.
  2. 2% Cash rebate is capped at RM30 per month per card.
  3. Unlimited cash rebate on other retail and online spend.
  4. Mobile and Utility Bill Payment via Standing Instruction only.

CIMB Cash REbate Benefits 2

My comments:

This card is basically useless as it earns us a miserable 0.2% cash back except for transactions related to Cinema, Petrol, Groceries, Mobile, Utilities and Overseas.

5% cash back is capped at RM30. But, we need to spend RM3K to qualify for the 5% cash back. Let’s see, if I spend RM3K and I get back RM30, isn’t that equivalent to 1%??? What bull shit is this? We shall forget about this 5% cash back thingy.

2% cash back for Cinema, Petrol, Groceries, Utilities, Mobile and Foreign Currency is also capped at RM30. Or in other words, good for up to RM1,500 spending in these said categories.

So from the above, basically the CIMB Cash Rebate is a pretty good card for overseas face to face and online transactions, i.e. non Ringgit Malaysia transactions; BUT good for up to RM1,500 after conversion.

Talking about MYR, sometimes when we are overseas, we are able to convert the payment to Ringgit Malaysia, I would suggest you choose the currency of the country you are in instead of MYR.

So, is the CIMB Cash Rebate any good? Well, i did start my comment off by saying this card is useless BUT then again it is FREE FOR LIFE without any conditions. And if you have been a Follower of mine for years, you know lah my motto – FREE IS THE BEST!

In the previous Lessons No. 3 & 4, I have mentioned that you should hold ALL the Entry Level cards reviewed prior to now, i.e. Maybank 2 Gold/Platinum Cards, Maybank Ikhwan Petronas Gold/Platinum, Maybank Ikhwan MasterCard Gold/Platinum and Public Bank Quantum Visa and MasterCard; because based on these said cards, you should be able to earn 5% cash back from your related essential expenses required for survival. And you can’t go wrong with any of them as they are FREE FOR LIFE without any conditions.

So if you want a standby FREE FOR LIFE Credit Card with perpetual annual fee waiver where you do not need to spend a sen with it, then the CIMB Cash Rebate Credit Card is very good, especially the 2% cash back for foreign currency transactions. OR if you want to shiok sendiri by holding a Platinum credit card, the CIMB Cash Rebate is a fantastic opportunity to brag to your friends, hahaha.

Now, for those of you earning less than RM30K p.a. or even RM36K p.a., it means you can’t qualify for any Maybank credit card and the Public Bank Quantum Card respectively. This CIMB Cash Rebate may or may not be the best credit card for you. You can consider the CIMB Petronas credit card which offers 3% cash back for petrol. Check out my next Lesson No.6 on AEON Big Gold Visa credit card where I will also touch on the AEON Big Classic credit card which may be a better alternative to the CIMB Cash Rebate MasterCard.

Click here for more lessons on Malaysia Best Cash Back Credit Cards 2018

GenX 25 Another Personal Financial Tutorial by GenX

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Maybank Islamic Ikhwan Petronas Visa and MasterCard Gold & Platinum Review 2018

 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.

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Maybank Visa Signature Barcelona Review 2018 – Malaysia Undisputed Best Cash Back Credit Card for Months of May and August 2018

Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com

Malaysia Best Cash Back Credit Cards 2018 – Lesson No.2

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.

My comments:

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).
  • IWK.

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.

FB Comment Nelson Lai

CONCLUSION

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 for more lessons on Malaysia Best Cash Back Credit Cards 2018

GenX 25 Another Personal Financial Tutorial by GenX

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American Express Cash Back Gold Credit Card Review 2018

 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?

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FREE CREDIT CARD TUTORIAL – CC 101

 Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com

This is FREE Personal Finance Express Tuition for all credit card users, not necessary for newbies only but for Malaysians (contents applicable for worldwide too except for benefits that comes with cards issued by Malaysian banks).

Credit Card Tutorial CC101 by GenX

LESSON NO.1 – What credit card to choose?

1. Get FREE FOR LIFE credit card without any condition.

I’m sure many of you have been approached by representatives of banks enticing you to sign up for a Free Annual Fee credit card only to find out later that you have been misled when you are later imposed annual fee for the second year because (1) you failed to swipe a minimum of 1 time per month or (2) you failed to swipe 6 or 12 times a year or (3) you failed to spend X amount per year.

Therefore, to avoid being charged unnecessary credit card annual fees (or the need for you to beg for annual fee waiver), it is IMPERATIVE that you sign up for a credit card that is truly FREE FOR LIFE WITHOUT ANY CONDITIONS.

The major advantage of FREE FOR LIFE without any condition is that you won’t be penalized a sen in the event you don’t even use your credit card in a particular year. It is great for those who may be assigned overseas for a few years and/or near retirement (once you retire, it is very hard to get a credit card if you do not have a steady source of income).

2. In order to maximize the returns from credit cards’ transactions, you must have an American Express Card  because it is welcomed everywhere.

Before you go blindly accuse that the American Express Card is useless, let me teach you a thing or two:

The American Express cards are welcome at the following places:

  • Departmental Stores & Hypermarkets: AEON, Isetan, Jaya Grocer, Metro Jaya, Mydin, Parkson and Robinson.
  • Electronics, Electrical & Computers: AEON, All IT (Low Yat Plaza), Best Denki, Courts, EpiCentre (Apple iPhones & Macs), Harvey Norman, etc.
  • Touch N Go – At PLUS Highway Service Centres.
  • Pharmacies – Caring, Guardian and Watson.
  • Petrol  – Petron, Petronas & Shell. Other stations you may need to pay at counter.
  • Hospitals – Pantai, SDMC, Sunway, etc.
  • Luxury Goods – Channel, Coach, Dior, Gucci, Hermes, LV, MK, etc.
  • ROLEX! If your Authorized Rolex Retailer is giving you less discount for paying with AMEX, you are buying your Rolex watch with the wrong retailer, hahaha.
  • Jewelers – Habib, Poh Kong, Tomei, Wah Chan, etc.
  • Restaurants – Amarin, Alexis, Ippudo, Oriental Group of Restaurants, Tai Thong Group of Restaurants, Pizza Hut, even at McD and etc. Yes McD!!!
  • Hotels – including online hotel bookings with third party, e.g. Agoda, Hotels Dotcom, AirAsia Go, Expedia, etc.
  • Airline Tickets – AirAsia, Malaysia Airlines, Singapore Airlines, etc.
  • Insurance 1X TP only (equivalent to 1 Enrich Mile for every RM4.77 spent with the AMEX Reserve) – MAA Takaful, MCIS Zurich, Tokio Marine, Etiqa, etc
  • Telcos and Astro – Astro, Celcom, Maxis, DiGi, Telekom, Unifi, etc
  • Cars – BMW, MB, Volco, etc.
  • Books – MPH, Borders. etc.
  • Government Agencies – Local Councils. Traffic Police Stations (to pay summonses), JPJ. etc.
  • Others – 11 Street, Book Depository, Eraman Duty Free. etc. Lazada used to accept AMEX but this is no longer the case.

And below is a fabulous tip shared at my Facebook by En. Ibrahim Rabani on how to earn 5X Treats Points from restaurants/shops that does not accept AMEX.

Tip on AMEX

Now let me show you some of my transactions with my AMEX Reserve where I earn 1 FREE Enrich or KrisFlyers or Asia Miles for every RM0.954 spent locally:

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