Is Hong Leong’s Wise Credit Card the Best Cashback Credit Card for You?

ringgitplus

13th March 2013 - 4 min read

As we shared earlier, Hong Leong shook the cashback rebate credit card segment last week with its Wise Credit Card. The 10% cashback rebate looks great but are you wondering how it compares to Malaysia’s best cashback credit cards?

The RinggitPlus team have done the hard work to compare the Wise Credit Card so that you can find the best cashback credit card for your needs.

Here is a quick recap of the Hong Leong Wise Credit Card:

10% cashback rebates on any two of the following categories: pharmacies, groceries, petrol, dining, departmental, book stores, utilities, entertainment and travel.
Mobile is a bonus 3^rd category.
RM100 max monthly cash rebate.
You must make 10 x RM50 transactions per month to qualify for the 10% rebate.

So How Does Hong Leong’s Wise Credit Card Compare?

10% cashback rebates and a RM100 monthly cap make this one of the most generous cashback credit cards. But is this the best cashback rebate credit card for you? It all depends how much you spend on your credit card:

I spend more than RM10,000 per month

You are better off with a 1% uncapped credit card or a 5x reward points credit card. The Hong Leong Essential Card has 1% uncapped cash rebate on all retail spending excluding petrol which makes it easy to earn your cash rebates wherever you spend. Maybank’s 2 Platinum and Gold credit cards have 5x TreatsPoints, which are equivalent to 2.5% cash rebates, on almost all spending and there’s no maximum cap.

I spend RM3,000 – RM10,000 per month

The other credit cards to consider in this segment are the Citibank Cashback Platinum and UOB’s ONE credit cards. Both offer cash rebates across more than three categories. However, the rebates are mostly 2% – 5% and some categories have individual caps of RM30-RM60. Have a look at this table to compare the details:

Credit card	Rebate		Monthly Cash Rebate limit
	Categories	Rate
Hong Leong Wise	Petrol, pharmaceutical, groceries, mobile, entertainment, dining, departmental, book stores, utilities, travel (Rebates on mobile plus two other categories only)	10%	RM100
Citibank Cashback Platinum	Petrol Pharmaceutical Groceries Mobile Others	5% 2% 2% 2% 0.3%	RM30 – RM60 – –
UOB ONE	Petrol Pharmaceutical Groceries Mobile Cinema Others	5% 2% 2% 2% 5% 0.3%	RM30 – RM30 RM6 – –

If your monthly credit card spending is very predictable then the Hong Leong Wise Credit Card is best for you as you can choose the categories you spend the most on. On the other hand, the Citibank Cashback Platinum and UOB ONE credit cards will suit you if your monthly spending can be erratic.

I spend less than RM3,000 per month

For those of us in this category there may be some months when we miss the 10 x RM50 transaction requirement. That’s why the OCBC Titanium card is another card to consider:

Credit card	Categories	Rebate rate	Monthly Cash Rebate limit
OCBC Titanium	Petrol, groceries, dining & utilities	5%	RM50

The OCBC Titanium makes up for the lower rebate % and monthly cap by offering four categories vs. three and there are no minimum spending requirements.

If you use your credit card for the same things every month, like groceries and petrol, then the Hong Leong Wise Credit Card is still a strong choice. But if you don’t want to worry about making those 10x RM50 monthly transactions and spending in just 3 categories then the OCBC Titanium is a great all-round cashback credit card.

The RinggitPlus.com Team’s Advice

Is the Hong Leong Wise Credit Card the best cashback credit card? As you can see from our research it all depends how you use your credit card.

If you’re a big spender then the Hong Leong Essential Card and Maybank’s 2 Platinum and Gold credit cards all offer better value. But if your monthly credit card bills are around RM5,000 and you normally spend on the same things every month then Hong Leong’s Wise Credit Card is one of the best cashback credit cards.

The RinggitPlus team are glad to see another great cashback credit card to help Malaysians get more for their money.

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