BestCreditCards.sg's Review of Maybank Platinum Visa Card
|Highlights||Credit Card Feature|
|Things We Like||Up to 3.33% cash rebates on local spend|
|Our Least Favourite||Minimum spending requirement and caps on rebates|
|Our Verdict||All-round cashback card|
- Up to 3.33% cash rebates on local spend
- 0.3% cash rebates on overseas spend, no minimum spend required, capped at S$50 per month
- Low interest rate of 15% p.a.
- 24/7 access to eStatements
- Travel insurance coverage of up to S$500,000 for Maybank Platinum Visa Cardmembers
- With Visa payWave, you can enjoy the added convenience to pay faster for your purchases
- Annual Fee
Quarterly service fee of S$20; waived when you charge to your Card once every 3 months
- Minimum Income
S$30,000 for Singapore Citizen or Singapore Permanent Resident; S$45,000 for Malaysian Citizen in employment for at least 1 year; S$60,000 for Foreigner in employment for at least 1 year
- Standard Interest p.a.
Maybank Platinum Visa Card is a cashback credit card which gives you the opportunity to earn cash rebates on all of your spending. I usually think of all kinds of benefits in Malaysia when I come across Maybank cards, but you may be surprised to know that this card offers a lot of nice perks right here in Singapore. If you like the idea of earning high cashback on all of your spending, then this card is worth taking a closer look at.
Things We Like About Maybank Platinum Visa Card
No annual fee. Maybank Platinum Visa Card has no annual fee, which is a rare perk that will save you a lot of money. Most cashback cards cost $100 or more every year. There is a card fee of $20 every 3 months ($80 every year) but this fee is waived when you use your card at least once every 3 months.
Earn up to 3.33% cash rebates. If you spend $300 or more monthly with this card, you can earn up to a limit of $30 per quarterly 3 month period ($10 every month) as cashback. If you spend $1000 or more each month, you can earn up to $100 each 3 months (this comes to $33.33 per month). You will have to reach the minimum spending of either $300 or $1000 for each month in a 3 month period (January - March, April - June, etc.) to get the cashback for those 3 months. $300 monthly spending is easy to reach, and even $1000 isn't difficult.
Earn 0.3% cash rebates on overseas spending. This is really just a token amount of cash rebates, but you do get occasional promotions that let you earn much higher cash rebates on overseas spending with this card. There is no minimum amount you have to spend to earn these (low) rebates overseas.
Complimentary travel insurance of up to $500,000. Travel safe in the knowledge that you're insured for up to $500,000 when you charge the total costs of your travel to your Maybank Platinum Visa Card. Your free travel insurance coverage includes baggage loss and delay, missed flight connections, travel accidents and more. Terms and conditions apply.
Low interest rate. Another benefit of this credit card is the permanently low interest rate of 15% per annum, provided your card account has been maintained in good standing. If not, the interest rate will revert from 15% per annum to 24% per annum the next month and you won't get the low rate back until you keep your payment record clean for at least 6 months.
Access Maybank's financial suite of services. Access Maybank's extensive financial suite of services to help manage your finances. Services on offer include the EzyPay 0% interest instalment plan and the FlexiPay low interest instalment plan to help spread the cost of larger purchases. Terms and conditions apply. Maybank Visa Money Transfer allows you to transfer money with your Maybank Platinum Visa Card to any Visa card overseas at a low cost.
Our Least Favourite Things About Maybank Platinum Visa Card
Minimum spends and caps on rebates. You have to spend at least $300 a month with this card to earn good cashback. The catch is that you have to spend at least $300 (or $1,000 for the higher cap) every month in each 3 month quarterly period. If you spend less than that one month, then you won't earn the high cashback even if you spend thousands of dollars during the other 2 months.
Overall the Maybank Platinum Visa Card is a decent cashback card. What I like best about this card is that you can use it to earn cashback on all your spending, and not just for spending in certain categories. As an all-round cashback card this Maybank Platinum Visa Card lets you earn up to 3.33% on all spending, up to a maximum of $100 per quarter or $400 a year (with $1,000 monthly spending). Another real benefit of this card is the low 15% interest rate you can get, which is much lower than the 24% that most cards charge. You also save money because you don't have to pay a card fee as long as you use this card regularly enough.
Click here to go to the official Maybank website for more information about the Maybank Platinum Visa CardSee more Maybank credit cards.