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)|
This Hong Leong Bank credit card 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 is 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.