MAS Introduces EnrichMoney, Comes With A Visa Prepaid Card And Money App
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Malaysia Airlines (MAS) has launched its new product called EnrichMoney, which comes with a Visa prepaid card and a digital money app. Rolled out in collaboration with Merchantrade and Visa, these new offerings are expected to provide various benefits for frequent travellers, including a multi-currency wallet and the ability to earn EnrichMoney Points when they perform eligible transactions using their Visa prepaid card, which can then be used to redeem cashback.

Those who sign up for EnrichMoney will be able to use the prepaid card to pay for their purchases as they travel both locally or abroad, at a competitive currency exchange rate with zero fees on overseas transactions. Its multi-currency wallet will also enable you to buy and sell up to 20 foreign currencies, including US dollar (USD), Singapore dollar (SGD), Japanese yen (YEN), Chinese renminbi (RMB), and Swiss franc (CHF).

With a default wallet size of RM10,000, the EnrichMoney app also comes with a tracking function that allows you to easily track and categorise your expenses. The wallet size can be increased to RM20,000, but you’ll need to fulfill two criteria: have a minimum history transaction of six months, and an average e-wallet balance of RM500. Additionally, those who are in need of immediate cash can make instant withdrawals at ATMs that accept Visa prepaid cards (limited to 5 transactions per day, with a daily limit of RM5,000).

As you spend, you’ll earn EnrichMoney Points at the following rate for qualifying retail spend (in-store and offline) made with Visa merchants and other selected merchant partners:

TransactionsEarning rateQualifying retail spend
Local retail transactionsEvery RM20 = 1 EnrichMoney Point– Dining & food deliver
– Cinema, theatrical producers, ticketing agencies
– Grocery
– Commuter & other transports (including carwash and towing services)
– Retail fashion & household
– Departmental & retail stores
– Hotels & travel agencies
– Duty-free stores
Overseas retail transactionsEvery RM25 = 1 EnrichMoney Point– Dining & food deliver
– Cinema, theatrical producers, ticketing agencies
– Grocery
– Commuter & other transports (including carwash and towing services)
– Retail fashion & household
– Departmental & retail stores
– Hotels & travel agencies
– Duty-free stores
Local and overseas retail transactionsEvery RM30 = 1 EnrichMoney Point– Health & beauty
– Parking & petrol
– Telecommunications & utilities
– Insurance
– Education & books/reading materials
– Other airlines except for MAS
MAS products and services (local and overseas)Every RM20 = 1 EnrichMoney PointProducts/services with merchant name MAS

Note that transactions such as balance transfers, cash advances, as well as payments for charity organisations and government-related transactions are excluded from earning EnrichMoney Points.

Upon successful transaction, you will be given a period of 14 days where you can decide whether you’d like to collect those EnrichMoney Points (which then goes into your EnrichMoney app), or use accumulated Points to redeem cashback for your past transaction. If you decide to collect your EnrichMoney Points, then it’ll be credited automatically to your e-wallet. Meanwhile, if you decide to redeem cashback using your accumulated Points, then the corresponding number of Points will be deducted, after which you’ll receive your cashback in your EnrichMoney app (equivalent to the total amount paid for your purchase, redemption rate to be determined by MAS).

Additionally, existing Enrich members who sign up for EnrichMoney are allowed to top up their EnrichMoney Points using their Enrich Points (you will first need to link your Enrich membership to your EnrichMoney app). Each Enrich Point will give you one EnrichMoney Points, and there is a daily transfer limit of 100,000 Enrich Points (capped at 50,000 Enrich Points per transaction). Note, though, that this transfer feature will be disabled when your EnrichMoney wallet meets the cap balance of 800,000 EnrichMoney Points.

Do also be aware that all EnrichMoney Points have a validity period of one year, so make sure to take this into account when making your transfers. Remember, too, to check and utilise your Points before they expire!

The EnrichMoney offering also comes with a Savings Box feature, where users can transfer funds from the available balance in their prepaid card into Savings Boxes for later use (under five categories, namely Travel, Emergency, Family, Shopping, and Others). The transferred amount will be locked away, and cannot be used unless you withdraw it and transfer it back to your available balance. However, MAS stressed that despite its name, Savings Box is not a savings account, and will not earn you any interest on the funds maintained in it.

You are allowed to create up to five active Saving Boxes at any one time, and can opt to save either on a weekly or monthly basis. You may also automate the process, where funds will be transferred automatically and regularly from your available balance to the Savings Box in accordance to the frequency that you set.

If you’re interested to try out the features of MAS’ EnrichMoney, you can download the app for free from Google Play or the App Store, and apply for the EnrichMoney Visa Prepaid card via the app. Note, though, that you must make a minimum reload of RM100 during the registration process, where a fee of RM10 will be charged for the issuance of your prepaid card, and RM20 deducted as deposit for the card (this amount will be maintained at all times, and will only be refunded when you cancel your EnrichMoney prepaid card). Here are other transaction limits that you should also be aware of when using the EnrichMoney app and its prepaid card:

Meanwhile, the Visa prepaid card itself will be delivered to you within five to seven days.

In terms of fees, there is an annual fee of RM8 to use the Visa prepaid card (waived for the first year), as well as top-up charges of RM0.50 for selected reload channels, such as internet banking (Maybank2u and CIMB Clicks). There are also cash withdrawal charges of up to RM10, depending on where you make your withdrawal. Local bank transfers are exempted from any fees until further notice. Meanwhile, overseas transactions will be subjected to its conversion rate, with a service fee of 1% of the amount transacted. Other charges that you may also want to take note of include the card-to-card transfer fee (RM0.11 per transaction) and sales draft retrieval fee (RM15 per copy).

There is currently an ongoing promotion in conjunction with the launch of the EnrichMoney e-wallet, which rewards early adopters with perks like 1,000 Enrich Points, complimentary Golden Lounge access, and an MHgiftcard worth RM50. You can find out more about the campaign on MAS’ website here.

(Sources: MAS, Merchantrade)

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