Another credit card tutorial by GenX @ http://www.GenXGenYGenZ.com
Update April 2017 – The Best Credit Card for Overseas Transactions in 2017.
RHB Bank Premier Banking FREE FOR LIFE no conditions whatsoever Visa Infinite is freaking excellent for OVERSEAS spending (8X Reward Points). This card is currently The Best Credit Card for Overseas Transactions if you are into Enrich Miles. You are also entitled to minimum 10X FREE entries to all Plaza Premium Lounges nationwide plus 5 overseas. Click here to my updated article titled The Best Credit Card in Malaysia 2017 to learn more.
Update 24 April 2016 – Added transactions with Maybank & UOB Visa Infinite, CIMB World MasterCard and Maybank AMEX Reserve
Over the years I have presented to you guys many comparisons of overseas transactions’ conversion rates with my credit cards. A little more than a couple of years back, at my Generations X Y Z blogspot, I showed you guys that the Maybank Visa Infinite overseas conversion rate was lower/better than my UOB Visa Infinite and Alliance Bank Visa Infinite. Since then I have only been using my Maybank Visa Infinite for my overseas transactions and even terminated my UOB Visa Infinite P in mid 2015 because I needed to spend RM50K to get the annual fee auto waived.
If you are one of my regular readers, you will know that the Maybank 2 Cards Premier, i.e. Maybank Visa Infinite and Maybank AMEX Reserve Combo, are the best credit cards issued by a Malaysian Financial Institution as far as accumulating Enrich Miles is concerned. This is because we earn 5X Treats Points for every RM1 spent overseas with the Maybank Visa Infinite/Maybank AMEX Reserve. And the conversion rate from TP to EM is 4770 TP = 1000 EM; this means, we earn 1 Enrich Mile for every RM0.954 spent overseas!!! No other card in the world can offer you this freaking good returns.
From my previous articles, many of you have been taught that we get the best returns (more than 10% cash back equivalent) from our credit card usage when we redeem for Business Class tickets. That is if you hold the right credit card(s). If you are new to my blog, for your own benefit, I strongly recommend that you read the articles below and you too can earn more than 10% equivalent cash back from your credit cards transactions:
A Little Bit Of This and A Little Bit Of That – Volume II, Chapter 1. Among other things I will show you how I earned FREE money equivalent to RM70,464,50 cash. Three of my children, my wife and I are flying on Business Class return KL/London this coming June/July all thanks Maybank. You will also be taught various ways to fly Business Class for FREE.
Comprehensive Review of The Best Credit Cards for Redeeming Frequent Flyer Miles – Enrich Miles and KrisFlyer Miles. In this article I prepared tables showing you the best credit cards for local and overseas transactions to earn Enrich Miles and Kris Flyer Miles too. The info in this article are still applicable except for CIMB Enrich World MasterCard where they recently revised the Enrich Miles program. To learn more about CIMB Enrich (Elite too) World MasterCard, click here to read my Review.
And we now can use our Enrich Miles to redeem Emirates Business Class air tickets to Europe and America 🙂 However, you can’t redeem Emirates First Class tickets using Enrich Miles. To redeem Emirates Economy and Business Class tickets using Enrich Miles, you need to call Enrich Customer Service because you can’t do it online unlike redeeming for Malaysia Airlines Berhad’s tickets and get minimum 15% discount.
Effective March 2016, Maybank has revoked the Maybank Visa Infinite Priority Pass Membership Card but the 5X FREE access to local Plaza Premium Lounges was maintained for the Principle cardholder only (previously Supplementary cards were also given the privilege to enter our local PPL for FREE). Therefore, this means my children won’t be able to enter our local PPL for FREE. My wife still has her own cards that allow her to enter the PPL at KLIA and KLIA2. Actually, my children would be happy to know that I can no longer “force” them to go to the PPL KLIA2 as they hate the food there, hahaha. My children prefer to burn my money at Nanny’s Pavilion which serves pretty good food near to the PPL at KLIA 2 Mezzanine Floor.
Somehow, I am truly blessed and miracles always fall on my lap when it comes to credit card benefits. You see, effective 1st January 2016, UOB revised their auto annual fee waiver mechanism for their UOB Visa Infinite P whereby the card user only needs to transact with the card minimum once a month (i.e. minimum 1 time every month and NOT 12 times a year). Therefore, sometime back in February 2016, I went and reapplied for the UOB Visa Infinite P. The reason I reapplied for the UOB VI P was because it comes with a Priority Pass Membership Card that grants 6X Free Entries to Airport Lounges Worldwide.
The standard UOB Visa Infinite only grants the cardholders 4X Free access to local Plaza Premium Lounges and as of April 2016, the cardholder still needs to spend RM50K to have the annual fee waived unlike the uOB VI P.
According to UOB’s website, the Visa Infinite P is by “invitation” only. Generally, in order to apply for the UOB Visa Infinite P, you need to have UOB’s Privilege Banking status plus a certain amount of Assets Under Management (AUM) with UOB. When the UOB VI P was first launched, the AUM required to be eligible for the card was RM1M. However, I’m not sure of the current eligibility. When I reapplied for the UOB VI P, I did not bother to ask what are the latest requirements to qualify for the UOB VI P. I just simply went to UOB to see my Relationship Manager and she asked me to sign on the application form and she filled in the rest.
So today, I’m still blessed to have a Priority Pass Membership Card (from UOB VI P) that grants me FREE access to airport lounges worldwide and I do not need to spend RMX amount a year for the annual fee to be waived.
I still hold the Alliance Bank Visa Infinite issued via Privilege Banking; as such, the annual fee is perpetually waived. However, effective this year, in order to be eligible for FREE access to airport lounges, I need to spend RM150K with the Alliance Bank Visa Infinite. From my years holding Alliance Bank Visa credit cards (starting from their Platinum), I have found their overseas conversion fee to be amongst the highest, Therefore, I hardly ever use my Alliance VI; moreover, it does not make sense to use it since I will earn less Enrich Miles compared to my Maybank Visa Infinite.
Another credit card that one should consider for overseas transactions is the AmBank World MasterCard. However, this card is useless for overseas internet transactions.
The AmBank credit cards are useless to me as majority of my credit card reward points are earned via online transactions:
- My children’s tuition fees in Australia (Uni & High School) – I will use my Maybank Visa Infinite and earn 1 Enrich Mile for every RM0.954 spent on their tuition fees.
- Paying for AirAsia and Malaysia Airline Berhad air tickets using my Maybank AMEX Reserve in Ringgit Malaysia and earn 1 Enrich Mile for every RM0.954 spent on air tickets.
- Paying for other international airlines tickets, e.g. United Airline and Air France, using my Maybank Visa Infinite and earn 1 Enrich Mile for every RM0.954 spent.
- All bills related to my apartment in Melbourne, i.e. Body Corporate, Electricity, Water& Sewerage and Taxes, are paid online and I will use my Maybank Visa Infinite and earn 1 Enrich Mile for every RM0.954 spent.
- Overseas hotels mostly through Agoda paid in Ringgit Malaysia where I will use my Maybank AMEX Reserve and earn 1 Enrich Mile for every RM0.954 spent. Click here to read my article titled Booking Hotel Rooms – Agoda Maybank vs Expedia so that you won’t be fooled by Expedia who advertise lower rates compared to Agoda.
Before I proceed any further, I have to highlight to you that effective April 15 2016, Maybank has revised their Treats Points program where you will no longer or earn miserable reward points from transactions relating to Utilities, Insurance, Government, Petrol and Education. However, I have good news for you, for overseas transactions, i.e. foreign currency other than Ringgit Malaysia, we are still entitled to 5X Treats Points for transactions relating to Education and Utilities. Click here to read my article titled Bad News – Revision To Maybank Treats Points April 2016.
I have been in Melbourne for the last 3 weeks and this gave me the opportunity to use and compare my credit cards’ overseas conversion rate for your benefit and mine. For this article, I will compare my Australia transactions with my Maybank Visa Infinite, UOB Visa Infinite and CIMB World MasterCard.