Hong Leong stormed the cash back rebate credit card segment today with their Wise Credit Card. This card is offering 10% cash back rebates on any two of the following categories. To sweeten the deal even more Hong Leong are throwing in the “Mobile” category as a bonus.
|No.||Categories||Merchants / Merchant Category Code (MCC)|
|1||Mobile (Bonus)||Maxis, Celcom, DiGi, U Mobile and YES|
|2||Pharmacies||Watsons, Caring and Eu Yan Sang outlets|
|3||Groceries||All grocery stores (MCC 5411)|
|4||Petrol||All petrol stations (MCC 5542)|
|5||Dining||All dining outlets (MCC 5811, 5812, 5814)|
|6||Department Stores||Parkson, AEON, Isetan, Metrojaya, Robinsons, Tangs, GAMA and Sogo outlets|
|7||Book Stores||MPH, Popular, Borders, Kinokuniya, Times, Smart and BookXcess stores|
|8||Utilities||Electricity and Water (MCC 4900)|
|9||Entertainment||All cinemas (MCC 7832), Ticket Charge, Ticketpro, Red Box and Neway|
|10||Travel||All airlines (MCC 3000-3299, 4511), hotels (MCC 3501-3999, 7011), tour packages (MCC 4722, 4723)|
Hong Leong has even capped the cash back rebate at RM100, which is double the amount most cash back credit cards are currently offering.
As usual there are a few T&Cs which you need to be aware of:
- Firstly, in order to qualify for the 10% rebate you need to make 10 retail transactions every month, each one with a minimum value of RM50.
- Secondly, while you are allowed to switch your cash back rebate categories there is a RM10 charge for every switch you make.
If the whole thing still seems a bit confusing then check out this info-graphic from Hong Leong which shows how it works:
Figure 1: RinggitPlus.com Hong Leong Wise Credit Card How It Works Info-graphic
The RinggitPlus team are really excited to see the banks giving more back to consumers so we owe Hong Leong a big thank you for this new credit card.
Following their great “Points for Cash” promotion (which we recently reviewed), it is clear that Hong Leong is making a strong start to 2013. Check back later this week to see exactly how the Wise credit card compares to other cash back rebate credit cards.