22 Apr - 6 min read
Public Islamic Bank (PIB) has recently revamped the four credit cards in its repertoire, namely the Public Islamic Bank Visa Platinum, Public Islamic Bank Mastercard Platinum, Public Islamic Bank Visa Gold, and Public Islamic Bank Mastercard Gold.
The Platinum cards offer 4% cashback on two categories of spending, whereas the Gold cards offer 2% cashback on one category of expenditure. This review will cover the benefits and features of each of these four separate credit cards, so buckle up as we look at what these new Public Islamic Bank cards have to offer.
|PIB Visa Platinum||PIB Mastercard Platinum||PIB Visa Gold||PIB Mastercard Gold|
|Min Income Req.||RM40,000/yr (RM3,333/mth)||RM40,000/yr (RM3,333/mth)||RM24,000/yr (RM2,000/mth)||RM24,000/yr (RM2,000/mth)|
*(First year waived, subsequently waived upon 12 swipes per year)
The new Platinum credit cards are certainly a marked improvement from their previous iterations, which only offered 0.2% cashback on retail purchases. But comparison aside, one could objectively say that the PIB Visa and Mastercard Platinum cards are pretty decent cashback credit cards – here’s why.
Offering 4% cashback with no minimum spend requirement, the PIB Platinum Cards don’t come with any confusing cashback tiers or accumulative monthly spend conditions that you have to meet. At a cap of RM30 a month, the mechanics of the cashback are straightforward – you can earn cashback on up to RM750 worth of eligible spend each month.
The categories that are eligible for cashback are online and overseas spend for the Visa Platinum card, and groceries and departmental store spend for the Mastercard Platinum. While the overseas spend category may be less popular currently due to travel restrictions, online spend has certainly boomed since the pandemic – moreover, you can also use the PIB Visa Platinum to top up your e-wallets. As for the Mastercard Platinum, straightforward cashback for groceries is always a popular pick, while the cashback for departmental stores can be seen as a nice added bonus.
When it comes to entry-level credit cards, it doesn’t get simpler than a credit card that offers you cashback on just one single category. Both credit cards offer 2% cashback on one category of spend, with the PIB Visa Gold’s category being online spend and the PIB Mastercard Gold’s being groceries. Just like with the Platinum cards, the cashback is capped at RM30 per month, although at a lower rate of cashback this means you can earn returns on up to RM1,500 worth of expenditure each month.
In comparison to other cards in the market, the popularity of online cashback as a category may actually work against the PIB Visa variants given the sheer number of options available. The Affin Visa Cashback and Public Bank Quantum Mastercard are some examples of cards that offer similar rates of online cashback, also with no minimum spend requirement or tiers; their minimum income requirements are also quite similar to those of the PIB Visa Gold and Platinum respectively. However, both these cards come as part of a duo, whereas all of the PIB credit cards can be applied for individually.
Meanwhile, the Mastercard variants hold up relatively well in the grocery cashback category. For example, some other grocery cashback cards come with very attractive rates but smaller caps, such as the Hong Leong Wise or Citi Cash Back. Others that come with high cashback rates and high caps have high entry requirements, such as the Public Bank Visa Signature and Maybank Visa Signature. Of course, the PIB Mastercard Platinum has the advantage here as it offers 4% cashback compared to the Gold’s 2%, but the PIB Mastercard Gold can still be considered a decent everyday grocery cashback card for first-time credit cardholders just entering the job market.
On an additional note, when sizing up the PIB Platinum cards in particular, it is also necessary to include its non-cashback related benefits that give it an extra edge. PIB Platinum cardholders get 2x complimentary access to any Malaysia Plaza Premium Lounge, as well as automatic travel insurance of up to RM500,000. Online purchases made using a PIB Platinum credit cards are also entitled to a protection benefit covering losses of up to US$200 per year. Furthermore, Platinum cardholders are entitled to a special 50% off will and wasiat writing service fees.
Besides that, all PIB credit cardholders are also entitled to 0% flexible payment or balance transfer benefits, depending on whether you hold the Visa or Mastercard branded card. PIB Visa Gold and Platinum cardholders are entitled to the benefits of a 0% Flexipay Plan, allowing you to convert purchases above RM1,500 into a 6-month instalment plan with 0% management fees. Meanwhile, Mastercard Gold and Platinum cardholders are entitled to the 0% Balance Transfer Plan instead, which allows you to convert your outstanding balance (above RM1,500) from other banks into a 6-month instalment plan with zero management fees.
Both the Flexipay Plan and Balance Transfer Plan are useful features, as they can help with your cash flow for any big ticket purchases you make throughout your time as a cardholder – and without any interest or one-time charges, too.
Last but not least, it would be remiss not to highlight that the PIB cards are, of course, fully Shariah-compliant credit cards. These Shariah-compliant credit cards even come with a special charity feature, where 0.1% of your total dining transactions will be donated to Yayasan Waqaf every month. These donations are capped at RM100 per monthly statement, combined between all your PIB accounts.
So, if you are looking for a Shariah-compliant credit card that comes with a charity feature and offers straightforward cashback, then one – or even a pair – of the PIB credit cards is sure to tick your boxes. For those who are on the hunt for a comfortable entry-level option, check out the Gold cards – whereas those with a higher income can take advantage of the higher cashback and additional perks offered by the PIB Platinum cards.