Best Cashback Credit Cards in Malaysia 2024

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?

This type of credit card intends to save you money by giving you a certain amount of your expenditure back in cash rebates.

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 a no-brainer that most Malaysians are on the hunt for a good cashback credit card.

>> Click to compare Best Cashback Credit Cards for Petrol

>> Click to compare Best Cashback Credit Cards for Groceries

>> Click to compare the Best Cashback Credit Cards for Dining

>> Click to compare the Best Cashback Credit Cards for Shopping

>> Click to compare Best Cashback Credit Cards for Utilities

How does a cashback credit card work?

As mentioned, it gives a small percentage of cash back into your account, and it is beneficial to understand how this credit card works to maximize savings.

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

Cashback rate

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

Let's take the UOB ONE Card as an example. It gives a 10% cashback rate on dining, which means you get to save RM10 from your date night dinner of RM100.

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 the monthly cap.

Using the same UOB ONE Card example - even if your dinner bill comes up to RM150 at a 10% rate, you are still earning RM10 cashback as that is the maximum amount you can get back every month.

Minimum spending conditions

Credit cards with cashback also have minimum spending conditions, which could range from minimum monthly spending 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 spending. As your total monthly spending increases, the higher the cashback rate you will earn.

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

If you are looking for a credit card that does not have a minimum monthly spend, they usually have lower cashback rates of below 1%.

Example 2: Certain days of the week to certain outlets only

Maybank Islamic Petronas Ikhwan Visa Gold Card-i gives 8% cashback on petrol spending with a monthly cap of RM50, but it's only valid if the transaction happens over the weekends.

HSBC Amanah MPower Platinum Credit Card-i on the other hand, gives 8% cashback for grocery spending with a minimum monthly spend of RM2,000 and above, but it's only valid for transactions made at Giant, Lotus's, AEON BiG and Mydin.

What to consider when choosing a cashback credit card?

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

Cashback categories

Categories like petrol, shopping, dining, utility payment 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 go 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 the below table for an 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 get blindsided by the high cashback rate as it might cater to categories you do not 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 are the eligible cardholder(s)?

Both principal and supplementary cards are qualified for cashback. However, this also highly depends on the bank. 

As such, any spending performed by supplementary cardholder(s) will be aggregated with that of the principal cardholder to count toward the total monthly spend. 

In other words, the more supplementary cardholders are on board, the faster you earn cashback to your account.

How to calculate the cashback I earned?

If numbers are not your forte, here are some visual illustrations of how the cashback is calculated:

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

Illustration 1: Weekday & Weekend Spending, within RM18 cap
Illustration 1 Weekdays Weekends
Categories Spend 1% Cashback Spend 8% Cashback Total Cashback Remarks
Petrol RM70 RM0.70 RM100 RM8 RM8.70 Within RM18 cap
Grocery - - RM150 RM12 RM12 Within RM18 cap
Dining RM50 RM0.50 RM100 RM8 RM8.50 Within RM18 cap
Others RM20 RM0.05 RM30 RM0.08 RM0.13 Unlimited
TOTAL RM140 RM1.25 RM380 RM28.08 RM29.33
Total posted transaction for the month, RM140 + RM380 = RM520

Illustration 2: Weekday & Weekend Spending, more than RM18 cap
Illustration 2 Weekdays Weekends
Categories Spend 1% Cashback Spend 8% Cashback Total Cashback Remarks
Petrol RM100 RM1 RM300 RM24 RM18 Capped at max RM18
Grocery RM50 RM0.50 RM50 RM4 RM4.50 Within RM18 cap
Dining RM50 RM0.50 RM100 RM8 RM8.50 Within RM18 cap
Others RM20 RM0.05 RM30 RM0.08 RM0.13 Unlimited
TOTAL RM220 RM2.05 RM480 RM36.08 RM31.13
Total posted transaction for the month, RM220 + RM480 = RM700

Illustration 3: Weekend Spending Only, within RM18 cap
Illustration 3 Weekdays Weekends
Categories Spend 1% Cashback Spend 8% Cashback Total Cashback Remarks
Petrol - - RM225 RM18 RM18 Within RM18
Grocery - - RM225 RM18 RM18 Within RM18 cap
Dining - - RM225 RM18 RM18 Within RM18 cap
Others RM10 RM0.03 RM10 RM0.03 RM0.05 (rounding) Unlimited
TOTAL RM10 RM0.03 RM685 RM54.03 RM54.05
Total posted transaction for the month, RM10 + RM685 = RM695

How many spending categories are qualified for cashback?

Generally, the most common spending categories that are eligible for cash back include groceries, dining, retail or online shopping, and petrol. 

However, some local banks in Malaysia also offer cash rebates over categories like entertainment such as movies, local or overseas retail, utility bill payments, telco payments, insurance premium payments and even other miscellaneous categories.

Which cashback credit card is best for my lifestyle?

Now that you’ve caught up with how cashback works, we have compiled some of the best cashback credit cards for different types of spending and personas. 

Check out which persona relates most to you!

Top Cashback Credit Cards for Petrol
 

Hong Leong Wise Gold Card

Hong Leong Wise Gold

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 RM15 per month RM50 per month RM50 per month
Eligible spend to earn the highest cashback rate ✔ Fuel spending at all petrol stations
✔ Dining
✔ Online Spend (Lazada, Shopee, Grab, Foodpanda, Touch 'n Go, MYEG, Spotify, Netflix, Apple Music)
✔ Groceries & Essentials
✔ Fuel and non-fuel spending at Petronas only ✔ Fuel and non-fuel spending at Petron only
Eligible cardholder(s) Principal and Supplementary Principal and Supplementary Principal and Supplementary


Persona A: Sarah only drives her car on weekends to visit relatives and sometimes, attend musical or cultural festivals. She prefers Hong Leong Wise Gold for its highest cashback rate of 8% for weekend petrol spending. That means she would need to spend roughly RM57 on 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, online spending, groceries and essentials, plus 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.


Persona C: Maybank Islamic Petronas Ikhwan Visa Platinum Card-i is great for weekend petrol spending 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 Grocery
 

HSBC Amanah MPower Platinum

HSBC Amanah MPower Platinum

Maybank Islamic Mastercard Ikhwan

Maybank Islamic MasterCard Ikhwan

UOB One Card

UOB ONE Card
Highest cashback rate 8% cashback with a total monthly spend of RM2,000 and above 5% cashback on Friday and Saturday only, with no minimum spend 10% cashback when the minimum monthly spend requirement of RM500 is met
Highest cashback amount RM15 per category RM50 per month RM10 per month
Eligible spend to earn the highest cashback rate ✔ Grocery
✔ Petrol
✔ E-wallets
✔ Grocery
✔ Petrol
✔ Grocery
✔ Petrol
✔ Dining
✔ Grab
Eligible cardholder(s) Principal only Principal only Principal and Supplementary


Persona A: Puan Helena is a working mother who does marketing. She drives for her 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 an HSBC Amanah MPower Platinum credit card with 8% cashback! She earned RM45 cashback per month from her weekly groceries, petrol and e-wallet spending.


Persona B: Noah loves to cook for his friends during their weekly Saturday gathering at his home. His weekly expenses can go up to RM350 per week, which 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 credit card. Plus, his petrol expenses are being accounted for in the 5% cashback as well and there is no minimum monthly spending required to earn cashback.


Persona C: Mrs Wong is a housewife and she cooks every day for a family of five. 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 Card for its 10% weekend cashback when buying groceries at various participating hypermarkets. Mrs Wong needs to spend a minimum of RM500 per month on groceries.

 

Top Cashback Credit Cards for Dining
 

UOB One Card

UOB ONE Card

Public Bank Visa Signature

Public Bank Visa Signature

Alliance Bank Visa Signature

Alliance Bank Visa Signature

Highest cashback rate 10% cashback with a minimum monthly spend of RM500 3% cashback with RM100 minimum spend 5% cashback with a total monthly spend of RM2,001 and above
Highest cashback amount RM10 per category RM30 per category Uncapped
Eligible spend to earn the highest cashback rate ✔ Dining
✔ Petrol
✔ Groceries
✔ Grab
✔ Dining
✔ Groceries
✔ Online purchases
✔ Dining
✔ Online shopping
✔ Groceries
✔ Petrol
✔ Utilities
✔ Other retail spend
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 a  UOB ONE Card to save some bucks every year as she spends nearly RM500 monthly on dining and other expenses such as petrol, groceries, Grab rides including e-wallet transactions with the said credit card.


Persona B: Aziz enjoys dining out with family and friends. As a food hunter, he also spends a lot on groceries which he uses to cook every weekend and during leisure. Aziz uses Public Bank Visa Signature to pay for his dining and groceries because the card gives him 3% cashback every month, with a minimum monthly spend of RM100. That's not all, he also receives other perks such as free travel insurance of up to RM500,000 and 2x complimentary access to selected Plaza Premium Lounge in Malaysia, just in case he travels for food hunting in Malaysia.


Persona C: Alliance Bank Visa Signature is a credit card loved by millennials, admitted Chong. Offering uncapped cashback based on the purchase of Dining, Online Shopping, Groceries, Petrol, Utilities and other types of retail spending, Chong finds it reasonable to budget his expenses. 

 

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

OCBC MasterCard Pink

OCBC MasterCard Blue

OCBC MasterCard Pink

OCBC MasterCard Blue

Public Bank Quantum Visa

Public Bank Quantum MasterCard

Public Quantum (Visa)(MasterCard)

AEON BiG Visa Gold

AEON BiG Visa Gold
Highest cashback rate 1% cashback with no minimum monthly spend 2% cashback every day with a minimum spend of RM100 5% cashback with a total monthly spend of RM2,000 or less
Highest cashback amount Uncapped RM20 per month RM100 per month
Eligible spend to earn the highest cashback rate ✔ Online
✔ Overseas retail spend
✔ Other retail spend
Visa: Contactless Transactions  
MasterCard:
Overseas Transactions
✔ Visa payWave at AEON BiG Stores during AEON BiG Thank You Member Day (28th of every month)
Eligible cardholder(s) Principal and Supplementary Principal and Supplementary Principal and Supplementary


Persona A: As a millennial himself, Chong chooses to maximise his lifestyle expenses with OCBC MasterCard Pink/Blue. This is because this OCBC credit card is effortless as he doesn't need to worry about any spending criteria in order to enjoy the cashback. For that, he gets to enjoy the 1% cashback easily via transactions in Online, Overseas Retail Spending and other types of retail spending categories.


Persona B: Pauline loves cashback and the idea of savings, so she recommends Public Bank Quantum credit cards. First of all, she gets two credit cards (Visa and MasterCard) right from the mailbox. These cards on their own have 2% cashback with the highest cashback amount of RM20 per month. What’s great about both cards is that she can use them for contactless shopping and overseas transactions, which gives her choices of avenues to spend at least RM100 a day.


Persona C: Yen Ting has an AEON BiG store near her office and home which she frequents 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 payments with Visa payWave. To earn cashback, she has to spend a maximum of RM2,000 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 Utility
 

RHB Islamic Cash Back Credit Card-i

RHB Islamic Cash Back Credit Card-i

Alliance Bank Visa Signature

Alliance Bank Visa Signature

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 5% cashback with a total monthly spend of RM2,001 and above 5% cashback with a total monthly spend of RM3,000 and above
Highest cashback amount RM10 per category Uncapped RM30 per month
Eligible spend to earn the highest cashback rate ✔ Utility
✔ Petrol
✔ Dining
✔ Grocery
✔ Utility
✔ Online Shopping
✔ Groceries
✔ Dining
✔ Petrol
✔ Other Retail Spends
✔ Utility Bill Payment via Standing Instruction
✔ Cinema
✔ Petrol
✔ Groceries
✔ Mobile Bill Payment via Standing Instruction
Eligible cardholder(s) Principal and Supplementary Principal and Supplementary Principal and Supplementary


Persona A: “Not only useful but also rewarding!”, opined Johari on his Alliance Bank Visa Signature. His credit card expenses are usually around RM2,100, out of which RM800 go towards shopping for groceries for his big family. He simplifies his online shopping with an auto debit linked to his Alliance Bank credit card. He is happy with the amount of savings he gets from the 5% cashback tier on his total monthly spending.


Persona B: Paul is a very busy man. He often forgets to meet his monthly commitments due to the nature of his 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 always abide by her faith and budget. RHB Islamic Cash Back Credit Card-i did not disappoint her. She loves to dine out with family and friends, 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 in those categories.


What does it mean by “Eligible Spend”?

It is a term that a bank uses 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 are considered eligible for a cashback.

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

  • Balance Transfer, Cash Advance, Easy Payment Plan (EPP) transactions
  • Payments of fees, charges and taxes
  • Any government-related transactions
  • Payments to charity or social services

What is a Merchant Category Code (MCC)?

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

The MCC is important for the banks to determine the spending category that is 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 MCCs 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 and Escort Services

When does a weekend cashback start and end?

The weekend cashback typically starts at 12AM on Saturday and will end on Sunday, at 11:59PM.

The timeline, however, may vary from bank to bank, so be sure to check their terms and conditions.

When will the cashback be credited to 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 on 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 on my credit card statement?

You can check for the cashback that you have earned through your credit card statement. Example below:

Credit card statement

Can you define the transaction date and posted date?

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

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

Apply for cashback credit cards online!

Do you know that you can sign up for cashback credit cards online with RinggitPlus? We can even help you decide which cashback credit card is suitable for you based on your income with our credit card recommendation service.

While you're at it, keep an eye out for our weekly sign-up offers and stand a chance to bring home attractive gifts as well!

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