Maybank has announced an update to its Maybank myimpact Visa Signature credit card and Maybank Islamic myimpact Ikhwan Mastercard Platinum credit card-i, introducing individual cashback caps on the cashback benefit that you can enjoy via the cards. This is set to take effect on 1 December 2023.

At present, both the myimpact cards allow you to earn 1% cashback on expenses that are made with environment, social, and governance (ESG)-friendly merchants, and 0.5% cashback on other retail spend made via contactless payment. This is capped at RM70 in total, with no individual limit on the 1% and 0.5% cashback that can be earned.

Come 1 December, however, the total RM70 monthly cap – which, although unchanged – will be divided equally between the 1% and 0.5% cashback benefit, with individual limits. This means that the 1% cashback that you can earn on ESG expenses, as well as the 0.5% cashback on contactless payments will soon be capped at RM35, respectively.

Here’s a table help you quickly grasp this latest update:

	Before 1 December 2023	1 December 2023 onwards
Benefits	– 1% cashback on ESG expenses – 0.5% cashback on retail expenses using contactless payment	– 1% cashback on ESG expenses – 0.5% cashback on retail expenses using contactless payment
Monthly cashback cap	RM70 in total (no individual limits)	RM70 in total, with the following breakdown: – RM35 for 1% cashback on ESG expenses – RM35 for 0.5% cashback on contactless payments

This update essentially means that cardholders will stop earning cashback on ESG expenses after reaching a maximum of RM3,500 spend (thereby giving you RM35 cashback), while the remaining RM35 cashback must be earned through contactless payments. As such, it will require you to put some effort into tracking your expenses if you wish to maximise the benefits of these Maybank myimpact cards.

Aside from this update, all the other features of the Maybank myimpact cards remain unchanged. The points-earning feature will still let you earn up to 5x TreatsPoints for retail expenses (with the maximum 5x TreatsPoints perk provided for selected ESG merchants), and you can also continue to enjoy exclusive travel and e-commerce benefits that are provided by Visa and Mastercard.

Additionally, there will be no compounding fees/effective management fees, late payment charges, and annual fees. The unique carbon footprint tracker and carbon offset function will also continue to be made available to you, and the annual income requirement is still set at RM36,000 (RM3,000 per month).

Both the Maybank myimpact Visa Signature credit card and Maybank Islamic myimpact Ikhwan Mastercard Platinum credit card-i were launched back in August 2023. Advertised as the first credit cards in Malaysia that have a built-in carbon calculator, they were meant to appeal especially to customers who are invested in the ESG and sustainability cause.

(Source: Maybank)

• TAGS:
• Carbon Footprint
• Credit Card Revisions
• Maybank
• Maybank Carbon Footprint Tracker
• Maybank Islamic myimpact Ikhwan Mastercard Platinum card-i
• Maybank myimpact Visa Signature
• Maybank TreatsPoints
• TreatsPoints