AmBank has introduced a new credit card offering up to 8% cashback on groceries, pharmacy, and online spend. The AmBank Cash Rebate Visa Platinum Card is a tiered cashback card and offers up to RM45 in cashback per month.
The 8% cashback rate is unlocked upon a minimum spend of RM1,500 each month, and the cashback cap at this tier is set at RM15 per category. For those who spend between RM500 to RM1,499.99, you can get a 1% cashback rate capped at RM5 per category. Monthly expenditure of below RM500 garners a 0.1% unlimited cashback rate. The 0.1% rebate is also offered on other expenditure outside online, grocery, and pharmacy categories – with the exclusion of government, charity, and petrol transactions – as well as any additional spend above RM1,500.
|Total Monthly Spend||Cashback Rate||Monthly Cap Per Category|
|RM1,500 and above||8%||RM15|
|RM500 – RM1,499.99||1%||RM5|
|RM499.99 and below||0.1%||Unlimited|
At a cap of RM45 with a minimum spend of RM1,500, the AmBank Cash Rebate Card has a maximum effective cashback rate of 3%. For comparison purposes, you will still be able to find credit cards offering higher cashback at less restrictive minimum spends, such as the Citi Cash Back Card or Hong Leong Wise for groceries and the Public Bank Quantum for online transactions.
Besides the cashback, the AmBank Cash Rebate Card offers an unlimited 10% interest rebate on finance charges (with a minimum retail spend of RM500 per month). However, this is only applicable to those who do not pay their credit card statement in full each month, so it shouldn’t be a major consideration for responsible credit card users. The AmBank Cash Rebate Card also offers 10% cashback at duty-free outlets in Southeast Asia, as well as access to its general credit card deals and easy payment plans.
The AmBank Cash Rebate Visa Platinum Card is free for life with no conditions attached. It is available to those earning a minimum of RM24,000 per year or RM2,000 per month. You can find out more about it on the AmBank website.