Hong Leong Bank has revamped its popular Hong Leong Wise cashback credit card, thoroughly changing the way it offers cashback. Effective 1 July 2019, the new HLB Wise Card now offers cashback for three fixed categories, at up to 8% per category – but with a lower monthly cashback cap.
The new Hong Leong Wise Card will see the current cashback features thoroughly changed. The new Hong Leong Wise credit card cashback features will be fixed to three categories: Groceries, Dining, and Petrol – and with a tiered weekday/weekend cashback of 1% and 8% respectively. The minimum spend amount to unlock the 1%/8% cashback is RM500, and cashback is capped at RM18 per category per month. Finally, the card’s annual fee is significantly reduced to RM98 for both Gold and Platinum.
Currently, 10% cashback is awarded to three spending categories (two user selected from nine category, one fixed "bonus" category Mobile/telco payments), capped at a generous RM100 per month. But, cardholders will need to spend a minimum of RM2,000 to unlock the cashback. These features will be replaced by the new Wise card effective 1 July 2019.
Here’s how the new HLB Wise credit card’s features look like:
|Spend category||Weekday cashback||Weekend cashback||Cashback cap per month|
* 1%/8% cashback only with minimum spend of RM500 for that month
From the table, the new Hong Leong Wise card’s cashback features looks like it would appeal to a broader audience, as the spending categories include frequently used ones. The lower minimum spend requirement makes it more appealing, too, though cardholders should be mindful of the monthly cashback cap – at 8%, the RM18 cap would be hit with RM225 spending per category. Any further spend will be awarded 0.25% cashback.
As mentioned earlier, the new Hong Leong Wise credit card’s cashback features will only come into effect from 1 July 2019. Current Wise cardholders will still enjoy the current benefits for all transactions made this month.
(Source: Hong Leong Bank)