Best Cashback Credit Cards in Malaysia 2019

Cashback credit cards convert your spend into rebates. Big credit card bill every month? Look for uncapped cashback.

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What is Cashback Credit Card?

Also known as a cash rebate, this credit card intends to save you money by giving you a certain percentage of your expenditure back. 

Usually, there is a percentage and cap on the maximum amount of cashback you can earn each month.

Given that it can save you up to hundreds of ringgit each year, it’s no wonder many people are on the hunt for a good cashback credit card in Malaysia.

>>Click to compare Best Cashback Credit Cards for Petrol

>>Click to compare Best Cashback Credit Cards for Groceries

>>Click to compare Best Cashback Credit Cards for Dining

>>Click to compare Best Cashback Credit Cards for Shopping

>>Click to compare Best Cashback Credit Cards for Utilities

How does Cashback work?

Quite literally, it gives back a small percentage of cash back into your account. To maximise cash savings, it is beneficial to understand how this credit card works.

First, you need to get familiar with some of Cashback features, such as:

1. Cashback Rate

Usually in the form of percentage value, this is the rate of savings you will get from your cashback credit card. 

So, if Citi Cash Back Visa gives 10% cashback rate on dining, means you get to save RM10 from your date night dinner of RM100.

2. Maximum Cashback Amount (Monthly Cap)

Do not assume that the more you spend, the more cashback you earn. 

Most of the time, there is a set limit on how much cashback you can earn every month, also known as monthly cap.

Using the same Citi Cash Back Visa example - even if your dinner bill comes up to RM200 at 10% rate, you are still earning RM10 cashback as that is the maximum amount you can get back every month.

3. Minimum Spend Conditions

Credit cards with cashback also have minimum spend conditions, which could range from minimum monthly spend to a certain number of transactions per month, certain days of the week, and certain outlets only.

Example 1: Minimum Monthly Spends

Category

Statement Balance

Monthly Cap

Below

RM3,000

RM3,000

& above

Cinema

2%


 5%

 

RM30

Petrol
Grocery
Online Spend

0.2% (Any monthly amount)

Unlimited

This credit card has a tiered cashback rate that is based on your total monthly spends. As your total monthly spending increases, the higher the cashback rate you will earn.

Put simply, spend more than RM3,000 every month, you will save 5% or a maximum RM30 on all categories, except Online Spend which is uncapped. 

If you are looking for a credit card that does not have minimum monthly spend, they usually have lower cashback rates of below 0%.

Example 2: Certain Days of the Week to Certain Outlets Only

UOB ONE Visa Cards offer 8% cashback on Cinema spend with no minimum spend and no cap on the cashback amount. But this cashback tier has two conditions: valid only on Weekends and at GSC cinema.

Maybank Islamic Petronas Ikhwan Visa Gold Card-i gives 8% cashback on petrol spend with a monthly cap of RM50, but valid if transaction happens on Fridays and Saturdays only.

HSBC Amanah MPower Platinum Credit Card-i offers 8% cashback for groceries with minimum monthly spend of RM2,000 and above, only for transactions at Giant, Tesco, AEON BiG and Mydin.

Example 3: Certain Number of Transactions Per Month

UOB YOLO Visa requires you to spend more than 16 times per month in order to qualify for Dining & Online Shopping cashback 8%.

What to consider when choosing a Cashback credit card?

In terms of choosing the right cashback credit card, it very much depends on where and how much you usually spend your money the most on.

Cashback Categories

Categories like petrol, shopping, dining and grocery are common to qualify for a cashback. Bear in mind that not all cashback credit cards are created equal in terms of categories.

So, the best way to decide is to look at where most of your monthly expenses goes to and determine which category your purchases fall into.

Tiered Cashback

To capture your attention and appeal better, some credit cards offer multiple tiers on their cashback rates. See below table for example:

Example of Tiered Cashback

Cash Back Rate

Statement Balance

Monthly Cap

15% RM2,500 and above RM60
10% RM1,500 to RM2,499 RM28
5% RM1,000 to RM1,499 RM12
0.2% Below RM1,000 RM2

What to avoid: Do not be blindsided by the high cashback rate as it might cater for categories you do not actually spend a lot of money on.

Based on the table above, we can see that the more you spend with this credit card, the higher the cashback you will get as the rate is tiered to your minimum monthly spend.

What you can do: Figure out the categories you spend the most money on and how much you are willing to spend on this credit card every month to enjoy cash savings.

Who is the Eligible Cardholder(s)?

Both principal and supplementary cards are qualified for cashback. 

Spends from supplementary cardholder(s) will be aggregated with that of principal cardholder to count toward the total monthly spend; the more supplementary cardholders are on board, the faster you earn cashback.

How to calculate the cashback I earned?

If numbers are not your forte, here are some visual illustrations on how the cashbacks are calculated:

The Cashback Structure
Criteria Monthly Statement Balance RM500 & above Monthly Cashback Capped
Weekday Weekend
Petrol 1% 8% RM18
Groceries 1% 8% RM18
Dining 1% 8% RM18
Others 0.25% 0.25% Unlimited
There’s no cashback for less than RM500 monthly spends


Illustration 1: Weekday & Weekend Spends, within RM18 cap
Illustration 1 Weekdays Weekends
Categories Spend (RM) 1% Cashback (RM) Spend (RM) 8% Cashback (RM) Total Cashback (RM) Remarks
Petrol 70.00 0.70 100.00 8.00 8.70 Within RM18 cap
Groceries - - 150.00 12.00 12.00 Within RM18 cap
Dining 50.00 0.50 100.00 8.00 8.50 Within RM18 cap
Others 20.00 0.05 30.00 0.08 0.13 Unlimited
TOTAL 140.00 1.25 380.00 28.08 29.33
Total Posted Transaction for the month, RM140 + RM380 = RM520

Illustration 2: Weekday & Weekend Spends, more than RM18 cap
Illustration 2 Weekdays Weekends
Categories Spend (RM) 1% Cashback (RM) Spend (RM) 8% Cashback (RM) Total Cashback (RM) Remarks
Petrol 100.00 1.00 300.00 24.00 18.00 Capped at max RM18
Groceries 50.00 0.50 50.00 4.00 4.50 Within RM18 cap
Dining 50.00 0.50 100.00 8.00 8.50 Within RM18 cap
Others 20.00 0.05 30.00 0.08 0.13 Unlimited
TOTAL 220.00 2.05 480.00 36.08 31.13
Total Posted Transaction for the month, RM220 + RM480 = RM700

Illustration 3: Weekend Spends Only, within RM18 cap
Illustration 3 Weekdays Weekends
Categories Spend (RM) 1% Cashback (RM) Spend (RM) 8% Cashback (RM) Total Cashback (RM) Remarks
Petrol - - 225.00 18.00 18.00 Within RM18
Groceries - - 225.00 18.00 18.00 Within RM18 cap
Dining - - 225.00 18.00 18.00 Within RM18 cap
Others 10.00 0.03 10.00 0.03 0.05 (rounding) Unlimited
TOTAL 10.00 0.03 685.00 54.03 54.05
Total Posted Transaction for the month, RM10 + RM685 = RM695

How many spending categories are qualified for cashback?

These are the common spending categories that are eligible for cashback:

  • Groceries
  • Dining
  • Online Shopping
  • Retail Shopping
  • Petrol
  • Entertainment
  • Local Retail
  • Overseas Retail
  • Utilities Bill Payment
  • Telco / Mobile Payment
  • Insurance
  • Miscellaneous

Which cashback credit card is suitable for me?

Now that you’ve caught up with how cashback works, we have compiled some of the best cashback credit cards for different personas. Check out which persona relates most to you!

 

Top Cashback Credit Cards for Petrol
 

Hong Leong Wise Platinum

Hong Leong Wise Platinum

Maybank Islamic Petronas Ikhwan Visa Platinum Card-i

Maybank Islamic Petronas Ikhwan Visa Platinum Card-i

Public Bank Petron Visa Gold

Public Bank Petron Visa Gold

Highest cashback rate 8% cashback on Weekends only with a total monthly spend of RM500 and above 8% cashback on Weekends only with NO minimum spend 5% cashback with a total monthly spend of RM801 and above
Highest cashback amount RM18 per month RM50 per month RM50 per month
Max spend to earn highest cashback amount RM225 per month RM625 per month RM1,000 per month
Eligible spend to earn highest cashback rate Fuel spend at all petrol stations and all retail purchases Fuel and non-fuel spend at Petronas only Fuel and non-fuel spend at Petron only
Eligible Cardholder(s) Principal and Supplementary Principal and Supplementary Principal and Supplementary


Persona A: Sarah May only drives her car on weekends to visit relatives and, sometimes, attend musical or cultural festivals. She prefers Hong Leong Wise Platinum for its highest cashback rate of 8% for weekend petrol spend. That means, she would need to spend on average RM56.25 for petrol every weekend. All she needs to do is to hit the minimum total spend of RM500 every month, which can be achieved through her combined petrol, dining, groceries and other retail purchases.


Persona B: Mr Ali travels across states every week to visit sites outside of his Kuala Lumpur head office. He also drives a 2400 CC sedan car and earns some allowances. He uses Public Bank Petron Visa Gold to sort out his travel expenses including toll and petrol, which can reach more than RM3,000 per month. Out of the total monthly spend, he usually maximises his Petron fuel spend of RM1,100 which earns him RM50 in cashback every month. In a year, he saves RM600 on petrol spends.


Persona C: Maybank Islamic Petronas Ikhwan Visa Platinum Card-i is great for weekend petrol spend as it gives 8% cashback with no minimum spend. Kenneth has supplemented one card to his wife and they also use this Maybank credit card to purchase non-fuel items such as car engine oils, snacks, beverages and Touch ‘n Go reloads within Petronas. When done regularly, Kenneth could save up to RM600 a year.

 

Top Cashback Credit Cards for Groceries
 

HSBC Amanah MPower Platinum

Maybank Islamic MasterCard Ikhwan Gold Card

Maybank Islamic MasterCard Ikhwan

UOB ONE Visa Platinum

UOB One Visa Platinum
Highest cashback rate 8% cashback with a total monthly spend of RM2,000 and above 5% cashback on Friday & Saturday only, with NO minimum spend 2% cashback on Weekends only, with total monthly spend of RM1,000 and below
Highest cashback amount RM45 per month RM50 per month RM20 per month
Max spend to earn highest cashback amount RM2000 per month RM1000 per month RM1000 per month
Eligible spend to earn highest cashback rate Groceries, Petrol and eWallets Groceries and Petrol Groceries
Eligible Cardholder(s) Principal only Principal only Principal and Supplementary


Persona A: Puan Helena is a working mother who does marketing. She drives for daily commute to work, marketing events and errands with only one petrol refuel per week required. Her average total spending on groceries and petrol alone would amount to RM200 per week. As Puan Helena is big on savings, she opted for HSBC Amanah MPower Platinum credit card with 8% cashback! She earned RM45 cashback per month from her weekly groceries, petrol and eWallets spends.


Persona B: Noah loves to cook for his friends on their weekly Saturday gathering at his home. His weekly expenses can go up to RM350 per week, that is RM1,400 per month. To get the best out of his expenses, he recommends Maybank Islamic MasterCard Ikhwan Gold for its 5% cashback on Friday and Saturday. With no limitation to stores, Noah can also source from different grocers with his Maybank card. Plus, his petrol expenses are being accounted for the 5% cashback as well and there is no minimum monthly spends required to earn cashback.


Persona C: Mrs. Wong is a housewife and she cooks everyday for a family of 5. She stocks up at least once a month on one of these weekly weekend grocery trips. Mrs. Wong, a supplementary cardholder, pays using the UOB One Visa Platinum for its 2% weekend cashback when buying groceries at various participating hypermarkets. Two of her college kids are also supplementary cardholders, so it is a breeze for her husband to have an accumulated maximum spend of RM1,000 per month to earn RM20 cashback on groceries.

 

Top Cashback Credit Cards for Dining
 

Citi Cash Back Visa

Citi Cash Back Visa

CIMB Cash Rebate Platinum MasterCard

CIMB Cash Rebate Platinum MasterCard

UOB YOLO Visa

UOB YOLO Visa 
Highest cashback rate 10% cashback with a total monthly spend of RM500 and above 12% cashback on Weekends only with no minimum spend 8% cashback with total monthly transactions of 16 and above
Highest cashback amount RM10 per month RM30 per month RM50 per month
Max spend to earn highest cashback amount RM100 per month RM250 per month RM625 per month
Eligible spend to earn highest cashback rate Dining and all retail purchases Dining only Dining and all retail purchases
Eligible Cardholder(s) Principal and Supplementary Principal and Supplementary Principal and Supplementary


Persona A: One of Marlina’s favourite hobbies is eating out with family and friends. She has been using Citi Cash Back Visa to save up to RM40 a month (RM480 a year) on dining and other expenses. On monthly average, she spends a total of RM650 including RM300 on dining, RM100 petrol, RM200 on groceries and RM50 on Grab rides with Citi Cash Back Visa, which saved her RM35 of her total credit card bill for the month.


Persona B: The best credit card to dine out with is CIMB Cash Rebate Platinum MasterCard, according to Aziz, as it gives 12% dining cashback every Saturday and Sunday. He does not need to spend so much to get back RM30 per month. Besides, this CIMB credit card is also utilitarian; Aziz uses it for grocery shopping, online shopping, to pump petrol, to watch movies and to pay for telco and utility bills.


Persona C: UOB YOLO Visa is a credit card loved by millennials, admitted Chong. Offering the highest cashback amount of RM50 based on the number of transactions per month, Chong finds it reasonable to budget his dining expenses. For example, Chong needs to spend minimum RM40 per dining and online shopping for 16 times to save 8%. To save 5%, he needs to spend around RM67 to RM125 in the same categories between 8 to 15 times a month.

 

Top Cashback Credit Cards for Shopping (Online & Retail Outlets)
 

UOB YOLO Visa

   UOB YOLO Visa

Public Bank Quantum Visa

Public Bank Quantum MasterCard

Public Quantum (Visa) (MasterCard)

AEON BiG Visa Gold

AEON BiG Visa Gold
Highest cashback rate 8% cashback with total monthly transactions of 16 and above 5% cashback everyday 5% cashback with total monthly spend of RM500 or less
Highest cashback amount RM50 per month RM30 per month RM25 per month
Max spend to earn highest cashback amount RM625 per month RM600 per month RM500 per month
Eligible Spending   >16 Online & Dining spends per month Visa: Contactless Transactions   MasterCard: Online Transactions   Visa payWave at AEON BiG Stores
Eligible Cardholder(s) Principal and Supplementary Principal and Supplementary Principal and Supplementary


Persona A: As a millennial himself, Chong chooses to maximize his lifestyle expenses with UOB YOLO Visa. This is because with a minimum of 16 transactions a month and spends only about RM40 each time, he can earn 8% cashback that offers highest cashback amount of RM50 per month. 


Persona B: Pauline loves cashback and the idea of saving, so she recommends Public Bank Quantum credit cards. First of all, she gets 2 credit cards (Visa & MasterCard) right from the mailbox. These cards on its own have 5% cashback with the highest cashback amount of RM30 per month. What’s great about both cards is that they offer cashback on separate categories such as shopping, dining and entertainment categories, which gives her various avenues to spend at least RM20 a day.


Persona C: Yen Ting has an AEON BiG store near her office and home which she frequents to for lunch on weekdays, as well as for her weekly weekend pantry stock up trips. AEON BiG Visa Gold is her preferred credit card as she can earn 5% cashback on contactless payment with Visa payWave. To earn cashback, she has to spend a maximum of RM500 per month - which means an average of RM17 per day. Yen Ting lives for cashless payment, so earning cashback for using payWave is a bonus!

Top Cashback Credit Cards for Utilities
 

RHB Islamic Cash Back Credit Card-i

RHB Islamic Cash Back Credit Card-i

Standard Chartered JustOne Platinum MasterCard

Standard Chartered JustOne Platinum MasterCard

CIMB Cash Rebate Platinum MasterCard

CIMB Cash Rebate Platinum MasterCard

Highest cashback rate 5% cashback with a total monthly spend of RM2,500 and above 15% cashback with a total monthly spend of RM2,500 and above 5% cashback with a total monthly spend of RM3,000 and above
Highest cashback amount RM10 per month RM60 per month RM30 per month
Max spend to earn highest cashback amount RM200 per month RM400 per month RM600 per month
Eligible spend to earn highest cashback rate Auto bill payment and all retail purchases Auto bill payment and all retail purchases Bill payment via Standing Instruction and all retail purchases
Eligible Cardholder(s) Principal and Supplementary Principal and Supplementary Principal and Supplementary


Persona A: “Not only useful, but also rewarding!”, opined Johari on his Standard Chartered JustOne Platinum MasterCard. His credit card expenses is usually around RM1,500, out of which RM800 go towards paying his bills. He simplifies his utility and handphone bills with an auto debit linked to his Standard Chartered credit card. That’s not all, his insurance premiums are also automated. He is happy with the amount of savings he gets from the 10% cashback tier on his total monthly spending.


Persona B: Paul is a very busy man. He often forget to meet his monthly commitments due to his nature of work. Therefore, he automates all his bill payments to avoid being penalised. With CIMB Cash Rebate Platinum MasterCard, he gets to save up to RM30 by arranging his utilities and telco or mobile bill payments via Standing Instruction. Plus, this CIMB credit card is free for life!


Persona C: Kamala ensures her expenses to always abide by her faith and budget. RHB Islamic Cash Back Credit Card-i did not disappoint her. She loves to dine and orders food online, whereas her husband, the supplementary cardholder, spends more on groceries, petrol and bill payments. Their total monthly spend, on average, hits RM2,700, which gains her the 5% cashback tier on those categories.


Cashback Terms and Conditions you must know!

Is supplementary cardholder(s) eligible to earn cashback?

Supplementary cardholder(s) are not eligible to receive cashback. 

The good news is, all spendings made by supplementary cardholder(s) can be combined with that of the principal cardholder and will count towards meeting the minimum spend required to be eligible for the cashback.

The cashback earned for the current month will be credited and printed in the principal cardholder’s statement of the next billing cycle.

When does a Weekend cashback start and end?

Weekend cashback usually starts from 12am Saturday, and will end at 11:59pm Sunday. The timeline may vary from bank to bank, so be sure to check their terms and conditions.

What is Merchant Category Code?

It is a code to classify a type of goods or services provided by a merchant which a credit card is accepted as a form of payment.

The MCC is important for the banks to determine the spending category that are qualified for a cashback.

For example, if you constantly swipe your credit card at hypermarkets bearing the MCC 5411, the bank will classify this transaction as “Grocery spend” under its cashback category.

For Islamic credit cards, these are the general MCC prohibited by the issuing banks:

General MCC Prohibitions for Islamic Credit Cards
MCC Descriptions
5813 Bars, Cocktail Lounges, Discotheques
5921 Package Stores, Beer, Wine, Liquor
5993 Cigar Stores and Stands
7995 Gambling Transactions
7273 Dating & Escort Services

What does it mean by “Eligible Spend”?

“Eligible Spend” is a term where a bank use to classify the type of retail purchase that is qualified for a cashback. This could mean that out of all retail purchases you have made with your credit card, only a select few is considered eligible for a cashback.

Below are some credit card transactions that are not considered as “Eligible Spend” and will be excluded for cashback:

  • Balance transfer, cash advance, EPP transactions
  • Payments of fees, charges and taxes
  • Any government-related transactions
  • Payments to charity or social services

When will the cashback be credited into my account?

The cashback earned for the month will be calculated up until the statement date of the current month.

The cut-off date for cashback calculation happens one day before the statement date.

The total cashback amount for the current month will then be posted in the next month's statement date. 

Any eligible transactions posted after the statement date will be credited into the next statement cycle.

How to check for cashback in my credit card statement?

Figure 1: credit card statement

Can you define transaction date and posted date?

A transaction date is a date where your credit card transaction is recorded by the bank, whereas, a posted date is a date where the same credit card transaction is printed on your statement.

Here is the tricky part of a cashback: a cashback will usually be awarded to a credit cardholder based on the posted date of a transaction.

Do you know that you can sign up for cashback credit cards online?

Compare and apply for cashback credit cards online with us now! While you're at it, keep an eye out for the latest cashback credit card promotions and stand a chance to bring home attractive gifts.