Maybank is revising the benefits of a majority of its most popular credit cards, including the Maybank 2 Cards Gold and Platinum, the FC Barcelona Visa Signature, and the Singapore Airlines Krisflyer American Express Gold. Effective 1 June 2019, the changes will likely affect how cardholders use these cards.
Across the board, the revisions impact the benefits of the cards. Let’s look at the changes of each card.
Maybank 2 Cards Gold & Platinum (American Express)
Arguably the most popular Maybank credit cards, the new revision will see 0 TreatsPoints awarded on weekends for all spend, instead of the current 5x TreatsPoints rewarded every day. Weekday spending with the Maybank Amex credit card will still receive 5x TP.
In addition, the 5% weekend cashback for the Maybank Amex credit card will not apply when used for utilities and Government bodies. Other retail spend on weekends is not affected, and will still be eligible for 5% cashback, capped at RM50 per month with no minimum spend.
At the current redemption rate of TreatsPoints for Maybank 2 cards (500 TreatsPoints = RM1), the 5x TreatsPoints benefit offered by the Amex card was effectively an additional 1% in value.
Another popular Maybank cashback card, the cashback revision for the FC Barcelona Visa Signature follows that of the Maybank 2 Amex above: no cashback will be awarded for spending utilities and Government bodies.
However, the core cashback benefit for this Maybank Barcelona credit card still remains. Cardholders will receive 2% cashback for all retail spend with the card on every month except May and August, capped at RM50 a month. For May and August, which are the months where the football season ends and begins, cardholders receive 10% cashback instead, and is capped at RM100 a month.
A silent favourite, this Maybank Amex credit card was one of few that offered rewards for Government-related spending. Unfortunately, this revision will see that benefit removed. From 1 June, the card’s benefit of 1 KrisFlyer mile for every RM2 spent will not apply for any utility and Government body transaction.
Utility or Government body transactions will also not count towards the Double KrisFlyer Miles benefit, which doubles the KrisFlyer Miles rewards when the cardholder spends a minimum of RM60,000 within the card anniversary date (capped at 100,000 KF Miles).
In all, the revision of the Maybank credit cards’ benefits will hit hardest on cardholders who enjoy cashback benefits for paying their utility bills with the Maybank 2 Amex and the FC Barcelona Visa Signature. For the Maybank 2 Amex credit cards, cardholders now earn either 5X TreatsPoints or 5% cashback, and not both.
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Meanwhile, Singapore Airlines KrisFlyer Amex cardholders may likely find it harder to earn air miles with the removal of utility and Government body spending. But with the RM2 = 1 KrisFlyer mile remaining unchanged, this card may still be beneficial for those who are not eligible for the Maybank’s top-tier cards which offer better air miles conversion rate.
Speaking of which, Maybank has also revised the benefits of its top-tier credit cards that include all Maybank Visa Infinite and Maybank World Mastercards.