15 Jan - 4 min read
Looks like Maybank and CIMB are going all out to get us to apply for and use their PETRONAS petrol credit cards. Not surprising, considering that most of us get around with our own transport anyway. So which bank’s promotion is better? The RinggitPlus team investigates.
Let’s start off with CIMB. From now till 31 March, they’re giving out up to 8% cash back rebates on petrol per month. There is a catch though. You can only fuel up on the first weekend of every month to enjoy this amazing rate. On all other weekends you get 5% cash back, while on weekdays it’s 2%. The total monthly cap on rebates is RM50.
On the other hand, TreatsPoints are Maybank’s reward of choice for their PETRONAS petrol credit cards. Up until 28 February, no matter which day of the week, you get 8x TreatsPoints for every RM1 swiped at PETRONAS stations. As a bonus, you’ll also receive 8x TreatsPoints per RM1 for groceries and 5x TreatsPoints per RM1 for other purchases every day except at non-PETRONAS petrol stations.
8% Cash Back Rebate or 8x TreatsPoints?
To find out, let’s compare how much you get back for every RM1 you fuel up using each bank’s credit cards. With CIMB, taking the average of 5% cash back, you’ll earn 5 sen for every RM1 spent.
Now for the Maybank credit cards. As we have found in our previous research, every reward point is worth about 0.5 sen. And because Maybank gives you 8x TreatsPoints for spending at PETRONAS, you earn about 4 sen rebate for every RM1 you swipe there.
So if you are spending RM500 a month on petrol, CIMB’s credit card should earn you about RM25 in rebates. Maybank’s credit card will earn about RM20 of rebates on petrol.
What About Weekdays?
As we can see, the CIMB credit cards give you a slight advantage over Maybank when it comes to petrol rebates. However, do keep in mind that in order to enjoy the 5% cash rebate rate, you’ll have to make sure that you ONLY fuel up at PETRONAS on weekends. Not the easiest thing to do as you can’t always predict when you’ll run out of petrol.
Although the Maybank credit cards do not offer quite as much rebate on petrol as the CIMB credit cards, the fact that there are no restrictions on when you can refuel more than makes up for it. Plus we think that the 8x and 5x TreatsPoints for groceries and other purchases respectively give their credit cards extra versatility. This could save you even more every month. The CIMB credit cards don’t offer you any cash back rebates for non-PETRONAS purchases.
The RinggitPlus Team’s Advice
In conclusion, which card is best for you depends on how you use it. If you’re only planning to swipe your PETRONAS petrol credit card during weekends, and only at their petrol stations, then CIMB will give you more. But if you want a credit card that provides freedom on when you can fill petrol and also gives you benefits beyond PETRONAS petrol rebates then Maybank is the way to go.
So there you have it. A side by side comparison of the pros and cons of two PETRONAS petrol credit cards. Don’t use PETRONAS fuel much? Be sure to have a look at our other articles which give an overview of all the petrol credit cards out there as well as compare a few general cash back credit cards with great petrol deals. Be up to date with us on petrol prices in Malaysia
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world