AmBank has announced a revision to the cashback benefits of its AmBank Signature Priority Banking Visa Infinite credit card-i, with an updated cashback structure being introduced. This revision is set to take effect on 1 January 2024.

At present, the Signature Priority Banking Visa Infinite-i card is positioned as a premium card that allows you to earn up to a total of 5% cashback on eligible expenses, inclusive of a special cashback rebate. Depending on your total assets under management (AUM) with the bank, you’ll be entitled to a special cashback rate of up to 4.75% that is applicable to the first RM20,000 of your monthly retail spend. This is in addition to a standard unlimited 0.25% cashback rate that is applied to your subsequent retail spend, regardless of your AUM:

AUM with AmBank	Special cashback rate on first RM20,000 retail spend	Cashback rate on subsequent retail spend (unlimited)	Total cashback rate
Below RM200,000	N/A	0.25%	0.25%
RM200,000 to below RM500,000	1.25% (equivalent to RM250)	0.25%	1.50%
RM500,000 to below RM2 million	3.25% (equivalent to RM650)	0.25%	3.50%
Above RM2 million	4.75% (equivalent to RM950)	0.25%	5.00%

Come 1 January 2024, however, this structure will be revised so that you will receive a standard 0.25% cashback rate on the first RM5,000 local retail spend (regardless of AUM), and up to 5% cashback on subsequent local retail spend above RM5,000 (rate depending on your total AUM). Additionally, the cashback rate for overseas retail spend will also be determined by your total AUM with AmBank.

On top of these, AmBank is introducing a cap of RM500 on the total amount of cashback that will be awarded to its Signature Priority Banking Visa Infinite-i cardholders as well.

Here’s a table to better clarify the latest revision to the card:

AUM with AmBank	Cashback on first RM5,000 local retail spend	Cashback on subsequent local retail spend of above RM5,000	Cashback on overseas retail spend	Total monthly cashback cap for local and overseas retail spend
Below RM200,000	0.25%	0.25%	0.25%	RM500
RM200,000 to below RM1 million	0.25%	1.00%	1.00%	RM500
RM1 million to below RM1.5 million	0.25%	2.00%	2.00%	RM500
Above RM1.5 million	0.25%	5.00%	5.00%	RM500

AmBank further clarified that eligible transactions for this card only encompass retail transactions, excluding purchases at petrol stations, charity and government-related payments, JomPay payments, and recurring transactions or standing instructions. E-wallet transactions, too, do not qualify.

Meanwhile, other features of the card remain unchanged. You will still be able to tap into existing perks, such as the 1-for-1 dining deals, golf privileges, Club Marriott Malaysia annual membership for dining and accommodation discounts, the Visa Concierge services, and a travel takaful with RM2 million coverage. This card is by-invitation only, and is made available to eligible individuals for free.

(Source: AmBank)

• TAGS:
• AmBank
• AmBank Signature Priority Banking Visa Infinite Credit Card-i
• Credit Card Revisions