The pandemic has brought about a different spending behaviour for many people. For one, most of us are doing our shopping online regardless of what we’re buying. Online shopping may have once been seen as a novel idea, but it is practically an essential in this New Normal.
We’re also becoming increasingly concerned over our health - we’re stocking up on our personal supply of masks, sanitisers, and vitamins, just to name a few.
With that being said, our friends at AmBank have recently introduced a brand new credit card - the AmBank Cash Rebate Visa Platinum Card - to suit the needs and behaviours of consumers in this era.
We took a quick look at what this card features, and here are 4 main reasons why we love it so much:
1. You can get up to 8% cash rebate on grocery, pharmacy & online spends
If you’re already spending, might as well get rewarded for it. The AmBank Cash Rebate Visa Platinum Card rewards you with up to 8% cashback when you use the card to pay for your online shopping purchases. This card cannot be any more ideal if you find yourself spending more time on Lazada and Shopee (or other online shopping sites!) than you do in a physical store.
The cashback reward is also yours to claim if you use the card to shop in supermarkets (i.e. Giant, Tesco, AEON Group, MYDIN, Village Grocer, Jaya Grocer, Cold Storage, Mercato, Econsave, Everrise & Servay) and pharmacies (i.e. Guardian, Watsons, Caring Pharmacy, GNC, Health Lane Pharmacy, AA Pharmacy, Big Pharmacy & AEON Wellness).
If you want to learn more about how the cashback rebate works, this table would be useful:
|Tier||Total Monthly Spend (RM)||Cash Rebate||Monthly Capping per Category|
|1||RM1,500 & above||8%||RM15|
|2||RM500 – RM1499.99||1%||RM5|
Click here for full terms and conditions.
2. You can enjoy unlimited 10% interest rebate
Not to be confused with a cashback rebate, this card actually gives you a 10% rebate on your interest charges. This rebate is activated only if your retail spend accumulates at RM500/month.
If you’re not sure what that means, here’s a 101 on how it works.
Now, when you use a credit card, you will accumulate some debt. This is otherwise known as a ‘balance’. At the end of your billing cycle, you will be given a statement which lists down all the transactions you made and your total balance for the cycle/month.
It's a good habit to clear off your balance immediately, as this protects you from getting charged any interest fees. If you only pay the minimum instead of the entire sum, you will still be charged an interest fee according to Bank Negara’s terms. This interest charge can be pretty hefty, and ranges from 15% p.a. to 18% p.a. depending on how well you repay your debt.
So here’s what the AmBank Cash Rebate Visa Platinum Card can offer you in these cases. If you have an outstanding balance (again, provided your retail spend goes above RM500/month), you’ll get a 10% rebate on your interest charges.
We won’t usually encourage you to carry over a single cent in your balance, but we understand that it can be difficult to pay off a large purchase, all at once. For times like this, it’s nice to know that this card gives you some breathing room so that your debt can be a little more manageable.
3. You get platinum benefits at minimum qualifications
In order to qualify for a credit card in Malaysia, Bank Negara has set a rule that one must earn a minimum salary of RM24,000/year. That averages out to RM2,000/month, a figure that’s generally close to what most average office workers earn in their first job.
As such, they will only be able to qualify for entry level cards (also known as Gold cards). Platinum cards would typically come next, requiring a higher annual salary to qualify. Platinum cards also feature more attractive rewards and benefits too. It goes without saying that it also enhances the cardholder’s status.
The AmBank Cash Rebate Visa Platinum Card bridges that by offering platinum benefits at minimum requirements:
- Minimum age for Principal Card applicant: 21 years old and above.
- Minimum age for Supplementary Card applicant: 18 years old and above.
- Minimum income: RM24,000 p.a.
To bring better value to customers, the annual fee is waived for this card. To find out more on its fees and charges, click here.
4. It allows for very, very, very flexible payment plans
The AmBank Cash Rebate Visa Platinum Card has a 0% Easy Payment Plan, where you can enjoy up to 36 months interest/management-free instalment payment on all sorts of products.
This is perfect if you’re making a large purchase, such as a new phone or a new sofa set. In fact, you can even get a 3 or 6 months instalment plan with purchases as low as RM500. This would of course be tied to participating merchants - you can find them all here.
Beyond that, you can also convert your retail transactions into affordable monthly instalments with the AmFlexi-Pay scheme. See the table below to calculate:
|Tenure||Minimum Spend||Interest/Management Fee Rate|
|6 Months||RM 500||3%|
|12 Months||RM 2,000||4%|
|18 Months||RM 4,000||5%|
|24 Months||RM 5,000||6%|
For more info, click here.
The card actually comes with a lot more benefits
While it may be quite inconvenient and risky to travel at this moment, you can later take advantage of the travel benefits that come with the AmBank Cash Rebate Visa Platinum Card:
- 10% Cashback at duty-free outlets across ASEAN countries
- Travel insurance coverage for you and your family members of up to RM1 million when the full fare of airline tickets are charged to the card. (More info here.)
The card also gives you great deals everyday (RM30 Cashback, RM30 OFF, or 30% OFF) if you use your card with their partners. It’s part of their Amazing 30 campaign, and you can view the full list of deals in this link.
All in all, the card seems to be pretty ideal for digitally-savvy shoppers in this day and age. Like we said at the beginning - if you’re going to spend, might as well get rewarded for it!