Alliance Bank has notified its Alliance Privilege Visa Signature credit cardholders that a previously announced revision to the card’s features – which was supposed to take effect on 15 August 2023 – has been delayed to 1 January 2024 instead. It involved the introduction of a cap on the additional cashback of up to 3% that cardholders can earn upon meeting the necessary spend and assets under management (AUM) requirements.

To explain, individuals who hold the Alliance Privilege Visa Signature credit card are allowed to earn up to 8% cashback on all retail expenses (including online shopping, groceries, dining, petrol, and even utilities) via two components. Firstly, there’s the basic cashback benefit of up to 5% that you can earn just by spending on eligible expenses – although do note that this card utilises a different reward structure, where the tiered cashback rates are applicable only to the amount spent within the range that has been specified. This differs from other cashback credit cards, which usually provides tiered cashback rates that apply to the entire amount spent in a statement cycle. 

On top of the 5% cashback benefit, Alliance Privilege Visa Signature cardholders are also entitled to additional cashback of up to 3%, if they spend a minimum of RM120,000 per year and have a minimum of RM300,000 assets under management (AUM). This second component is tiered as per the following:

Tier	Asset under management (AUM)	Additional cashback rates
1	More than RM300,000	0.5%
2	More than RM500,000	1.0%
3	More than RM1 million	2.0%
4	More than RM3 million	3.0%

More importantly, this additional cashback benefit was originally uncapped, which means that if you meet the necessary conditions, you can earn unlimited 3% cashback on all your eligible expenses, at the very least.

In July 2023, however, Alliance Bank eventually announced that it will be limiting how much additional cashback you can earn on each tier, with the capping meant to take effect on 15 August 2023:

Tier	Asset under management (AUM)	Additional cashback rates	Additional cashback capping
1	More than RM300,000	0.5%	RM800
2	More than RM500,000	1.0%	RM1,600
3	More than RM1 million	2.0%	RM3,200
4	More than RM3 million	3.0%	RM4,800

Fast forward to today, however, it appears that Alliance Bank had not gone ahead with its implementation of the revision on the originally communicated date. Instead, the bank is now delaying it to 1 January 2024, although it did not share the reason for its decision or why it is only informing cardholders now. Regardless, this latest update means that you have until the end of December 2023 to enjoy the unlimited additional cashback benefit, so there’s still time make the best of it while you can!

To note, the Alliance Privilege Visa Signature credit card was first launched back in 2021, as a premium version of the Alliance Visa Signature card. It is offered only to Alliance Privilege and Alliance Personal customers.

(Source: Alliance Bank)

• TAGS:
• Alliance Bank
• Alliance Privilege Visa Signature
• Credit Card Revisions