Do You Want to Know the Best Cashback Credit Cards in Malaysia?

Author: Damia Zara

Every credit card will provide one or the other benefit to you. The benefit may be in terms of cashback, cash rebate or reward points. You may be wondering about the difference between these benefits. Here is a short description of these terms:

  • A cashback credit card returns a percentage of your spend to your card.

  • A cash rebate can be earned when you make a purchase for a specific amount with your card.

  • When it comes to reward points, each Malaysian Ringgit you spend will fetch you a certain number of points, based on the bank’s discretion. Once you collect a certain number of points, you can exchange the points with one of the merchandise specified in the rewards catalogue.

Now, with a clear picture on what a cashback credit card is, let us see the best cashback credit cards available in Malaysia.

  1. Standard Chartered JustOne Platinum MasterCard

Believe it! You can get up to 15% cashback when you spend with the Standard Chartered card. The cashback can be earned when you spend on auto-bill payments, online transactions, petrol and more. On other expenditures, you can earn 0.2% cashback. In addition, if you apply for the card before 1 August 2018, you don’t have to pay the annual fee for the first year. If you apply later, you may have to spend a minimum of RM20,000 a year to get the annual fee waived off. So, hurry!

  1. Hong Leong WISE Card

You can get up to 10% cashback when you spend on the category you have chosen. Not sure what categories mean? The card provides several categories and their respective merchants where you can get a cashback on your spend. You can choose a maximum of two categories and enrol for the cashback. Here is a list of available categories:

  • Pharmacies

  • Groceries

  • Mobile

  • Petrol

  • Dining

  • Departmental Stores

  • Utilities

  • Entertainment

  • Travel

If your priorities change, you can switch the categories you have chosen. You can get a cashback up to RM100 every month. However, you may be disappointed to know that you have to pay annual fees.

  1. Citi Cash Back Credit Card

You don’t have to do a minimum spend to get the cashback. The card offers you 5% cashback on your daily spend. Once you collect a cashback of RM20, the bank credit this into your account. Cash Advance, Balance Transfer and other facilities are also available with the card. The card provides a maximum credit limit of RM450,000.

  1. HSBC Amanah MPower Platinum Credit Card-i

With MPower Platinum Credit Card-i, you can earn cashback when you spend on petrol, grocery, etc. Petrol spend will fetch you up to 8% cashback, whereas other expenditures done with the card will fetch you unlimited cashback of 0.2% of your spend. The other expenditures mentioned here can be dining, entertainment, shopping, travel, etc. The bank also offers a grace free period of 20 days from the date of transaction where no interest is levied on your spend.

  1. PB Quantum MasterCard

Firstly, the bank has waived off the annual fee for a lifetime on this card. Secondly, the card provides 5% cashback on your online transactions and dining expenses. You can get up to RM30 every month. In addition to cashback, you will also earn 1 VIP Point for every retail spend in Malaysia and 2 VIP Points on retail spend overseas. These VIP Points can be redeemed till three years.

The card also provides you protection on your online transactions. Do you want to know how? In case of incomplete/wrong item delivery or if the item has not been delivered even after 30 days of the scheduled delivery, then the card provides a coverage.

There are many other cashback cards available in the market offered by each bank in Malaysia. You can check the cashback these cards provide for spending on different categories and then decide which card would be of utmost use to you. Also, do not forget to check the other parameters like annual fee, balance transfer facility, cash advance facility, the interest rate levied, etc. Hope you will have a good time with the cashback!