17 Jun - 2 min read
Maybank has announced that effective 8 July, all reloads to third-party e-wallets in Malaysia using Maybank credit cards will no longer be eligible for cashback and rewards points.
In an announcement posted on its website today, Maybank has removed all card benefits for reloading e-wallets using its credit cards, effectively ending the “double-dipping” of credit card and e-wallet perks that cardholders have been enjoying.
This move will affect every Maybank cardholder using e-wallet apps, especially GrabPay and Boost, both of which accept American Express cards. The popular Maybank 2 Gold/Platinum Amex, for example, offered 5% weekend cashback and 5x TreatsPoints for every RM1 spent before its June 2019 revision, which made it exceptionally beneficial to use with GrabPay and Boost.
Of course, this won’t just affect Maybank 2 Gold/Platinum cardholders. Cashback cards such as the FC Barcelona Visa Signature will not yield cashback for e-wallet top-ups, while premium cards such as the Maybank Amex Reserve, World Mastercard, and Visa Infinite will not earn TreatsPoints with favourable frequent flyer conversion rates as well.
This announcement does not affect Maybank’s own e-wallet, MAE, since it does not have a top-up feature; funds are deducted directly from the user’s bank account or credit card (using QRPay).
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world