Maybank has officially launched its latest credit card, the Maybank Grab Mastercard Platinum. The card, a product of “three like-minded forces coming together”, is now open for application and offers cardholders rewards in the form of GrabRewards points.
The Maybank Grab Mastercard Platinum is also Malaysia’s first dual-faced credit card, as it is available in Black and White options. While there are limited edition card faces for some cards in Malaysia (such as the RHB Visa Rewards and RHB Visa Cash Back Olympic Games 2020 limited edition cards), the Maybank Grab Mastercard’s two colour options are permanently available.
As covered in our report yesterday, the Maybank Grab Mastercard Platinum is a credit card made for heavy Grab users. The card’s benefits come in the form of GrabRewards points instead of the usual TreatsPoints, with multipliers given based on different types of spending.
The most rewarding will be on using the card on any transaction in Grab at a rate of 5 GrabRewards points for every RM1. Meanwhile, cardholders also earn 2 GrabRewards points for every RM1 spent on overseas, cross-border, and e-commerce transactions. Finally, other transactions will yield 1 GrabRewards points for every RM3 spent on local transactions (based on Maybank’s list of eligible transactions).
It is worth noting that this card also offers 5x GrabRewards points for topping up the GrabPay Wallet, which makes this the only Maybank credit card that offers rewards for e-wallet top-ups (albeit only for GrabPay).
In addition, all Maybank Grab Mastercard holders will automatically be upgraded to Platinum on GrabRewards, allowing them to enjoy accelerated points earnings of 3 GrabRewards Points for every RM1 spent using GrabPay, as well as other perks.
New cardholders will receive two welcome gifts: 1,000 GrabRewards points upon activation, as well as five RM5 GrabFood and GrabRide vouchers upon meeting a spend criteria of RM300 on Grab services within 45 days from card approval.
At the launch event, Maybank also announced that this card is the first card to be available on a fully-digitalised application process, with same-day approval and digital card issuance for existing Maybank2u users. This allows successful applicants to immediately use their cards in online channels – such as linking it to Grab – without waiting for the physical card to be delivered.
Finally, it also appears that with the launch of this card, there will not be a GrabPay Card launching in the Malaysian market, as confirmed by Priyanka Madan, Head of GrabPay Malaysia.