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Best Cashback Credit Cards in Malaysia

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Cashback Credit Cards in Malaysia: All You Need to Know

What is a cashback credit card?
A cashback credit card is one on which customers can earn back some of the money they spend. It’s like being rewarded for using the credit card. So for those of us on a tight budget, this can come as a huge relief! So why would someone opt for a cashback credit card instead of a regular bank credit card? Bottom line: while credit cards can be expensive, with surcharges and hidden fees, a cashback credit card helps you save money.

How does a cashback credit card work?

While most of us might have some idea about how banking services work, technical terms and jargon are enough to confuse anyone. Here is a list of some of the common terms related to cashback credit cards:

Cashback rate
The cashback rate is the percentage of money back that a cardholder can receive at the end of a cashback cycle. For example, the cashback rate for the UOB ONE Card is up to 10% whereas the Standard Chartered Simply Cash Credit Card cashback rate is up to 15%. Let’s say Azmi uses the UOB ONE Card and shops for groceries for an entire month and he ends up spending RM 400 using the card. As per the cashback rate of 10%, he could receive 10% of RM 400= RM 40 at the end of the month.

Monthly cap
It is important to understand that while a cashback card might have a certain cashback rate, there is a monthly cap or limit on how much you can receive back. This means if the cashback amount as per the rate is greater than the monthly cap, you will only receive cashback equal to the monthly cap. For example, let us see what happens when Azmi uses the same UOB ONE Card but ends up spending RM 1,000 a month on eligible items. As per the cashback rate, he should be receiving 10% of RM 1,000= RM 100. However, this is not possible because the monthly cap on this particular card is just RM 20 per month. So despite having spent a lot, Azmi can still only receive a cashback of RM 20.

Minimum spend
We have seen how the monthly cap overrides the cashback rate on a card, it is also important to realise that in some cases, the cardholder needs to ensure a minimum amount is spent every month to benefit from the purchases. For example, if Azmi’s card demands that he should spend a minimum of RM 400 on petrol a month, he is entitled to the cash rebate only if he spends equal to or greater than RM 400.

Tiered cashback
This is another concept related to how much you spend each month using a cashback credit card. Cards which follow a tiered system reward you depending on how much you spend every month within the monthly cap. For example, if Azmi owns a Standard Chartered Simply Cash credit card, his monthly cap is just RM 20, but if he spends at least RM 2,500 a month on eligible goods, it will unlock the 15% cash back on eligible transactions.

Understanding Conditions and Limitations on Cashback

While the idea of a cashback credit card might get you excited, it does come with certain limitations and conditions. Here we discuss some of the common limits associated with cashback credit cards:

Cashback only on certain days of the week
Some cashback credit cards only offer cashback for the shopping you do using the card on specific days of the week. So any purchase you make outside of these days is not eligible for cashback. This also encourages people to limit their expenditure to specific days and thus people try to shop for their weekly groceries or refuel their car for the entire week on a specific day. For example, the Maybank Islamic Petronas Ikhwan Visa Gold Card only gives 8% cashback for Petrol on the weekends, while on weekdays you'll only earn 1% cashback.

Cashback only to certain outlets
Moreover, not all merchant outlets or stores are eligible for cashback. A specific credit card may provide you with a list of outlets which are eligible for cashback. Only when you shop at these outlets can you benefit from money-back offers. Any other purchases carried out at other outlets will not be eligible for the same benefits. For example, if Azmi holds an HSBC Amanah MPower Platinum card, it only covers grocery purchases done at Giant, Lotus’s, AEON BiG and Mydin. So, if Azmi ended up doing the bulk of his shopping at other ineligible grocery stores, he would unfortunately not receive cashback like he would if he had spent at the eligible outlets. Similarly, the AEON BiG Visa Gold offers a 5% cashback rate for purchases made at AEON BiG stores on the 28th of every month, with a spending amount of up to RM 2,000 and a monthly cap of RM 100.

How to choose the Best Cashback Credit Card?

To make your choice simple, it is necessary to keep in mind the minimum spend, categories covered and the eligible outlets. For example, Azmi already has an average monthly expenditure of RM 1,200, lives near an AEON store, ends up dining at a restaurant for lunch twice a week, spends between RM 200-250 on telco services and uses public transport. Now, let’s see which of the following cards would best suit him:

Credit CardCashback RateMinimum SpendEligible Outlets
HSBC Amanah Mpower Platinum Credit Card-i8%RM 2,000Giant, Lotus's, AEON BIG, and Mydin
Maybank Islamic Petronas Ikhwan Visa Gold Card-i8% weekend
1% weekday		Any amountPETRONAS
RHB Cash Back Visa Credit Card5%RM 2,500 and aboveNo limitations
UOB One Card10%RM 500 or above (Classic Card)
RM 1,500 or above (Platinum Card)		Petrol: All Petrol Stations & Setel CardTerus Groceries: AEON BiG, AEON Supermarket, Ben's Independent Grocer, Cold Storage, Econsave, Everise, Giant, Jaya Grocer, Lotus's, Mercato, Mydin, Survay & Village Grocer Dining: Selected merchants within MCC 5812 & 5814 Grab: Grab Rides, GrabExpress, GrabFood, GrabMart, GrabPay & Grab subscription

Azmi doesn’t need cashback on petrol, so the Maybank Islamic Petronas Ikhwan Gold Card will not benefit him much. Next, he spends less than RM 2,000 which is below the minimum spend required by the HSBC Amanah Mpower Platinum Credit Card-i. It is good if Azmi goes for the RHB Cash Back Visa Credit Card since he dines outside at least twice a week. The most suitable card for Azmi seems to be the UOB One Card because it will allow him to enjoy cashback at AEON and also on Grab services, if any. You can use the above example to see which card works best for you. Remember, consider spending categories and limitations cashback carefully.

How to calculate the cashback earned on your card?

There are 3 simple steps to calculate cashback earned in a given month.

1. Determine the monthly cashback cycle. Let’s say your statement begins on 10th June, then the last date to be considered would be 9th July.
2. Between 10th June and 9th July, calculate the total spend on all eligible transactions for cashback. Let’s say this comes to a total of RM 1,000.
3. Now apply your cashback rate and monthly cap. If your card pays 10% cashback, you are eligible for RM 100. However, if the cap is RM 80, you will only get RM 80 cash back.

Best Cashback Credit Cards for Each Category of Goods/ Services

Here is a list of some handpicked cards in categories such as Petrol, Groceries, Dining and Shopping (online/ retail).

Best cashback credit cards for petrol

Cashback Credit CardCashback RateMinimum SpendMonthly CapOutlets
Maybank Islamic Petronas Ikhwan Visa Platinum Card-i8% on WeekendsAny amountRM 50Petronas
Public Bank Petron Visa Gold5%RM 801 or aboveRM 50Petron

Best cashback credit cards for groceries

Cashback Credit CardCashback RateMinimum SpendMonthly CapOutlets
UOB ONE Card10%RM 500 (Classic Card) RM 1,500 (Platinum Card)RM 10 (Classic Card) RM 15 (Platinum Card)Multiple
AEON Platinum Visa10%Any amountRM 100AEON and AEON BiG

Best cashback credit cards for dining

Cashback Credit CardCashback RateMinimum SpendMonthly CapOutlets
RHB Cash Back Visa Credit Card5%RM 2,500 or aboveRM 10Multiple
Standard Chartered Simply Cash Credit Card15%RM 2,500 or aboveRM 20Multiple

Best cashback credit cards for shopping (online and retail)

Cashback Credit CardCashback RateMinimum SpendMonthly CapOutlets
HSBC Live+ Credit Card8%RM 5,000 or aboveRM 30Multiple
Public Islamic Bank Visa Platinum Credit Card-i2%RM 1 or aboveRM 15Multiple

Some Common FAQs on Cashback Credit Cards

Find out the important questions covered below.

Is a supplementary cardholder eligible to earn cashback?
Yes, both principal and supplementary cards are eligible. The more supplementary cardholders you have the faster you earn cashback.

What is merchant category code (MCC)?
It is a code used by banks to determine the spending category for any transaction. It helps determine which transactions are eligible for cashback.

What is Islamic MCC?
Islamic credit cards are Shariah compliant so some transactions are not eligible for cash back as they are considered prohibited. For example, MCC 5813 stands for Bars, Lounges and Discos, whereas 7995 stands for Gambling and 5921 stands for Liquor. Any transaction with this code appearing on the statement for an Islamic Credit Card will NOT be eligible for cash back.

What is eligible spend?
It refers to the retail purchase that qualifies for cashback. Some credit card transactions that are NOT considered as Eligible Spend include:

• Government-related transactions
• Charity or social services
• Balance transfer or cash advance
• Payments of fees and taxes

What is the transaction date and posted date?
The transaction date is the date when you make a credit card transaction. The posted date is when the transaction is reflected in your statement. This is important because cashback takes into consideration the posted date of transactions.

When will cashback be received?
The last date for cashback calculation is one day before the statement date and the total cashback is posted in the next month's statement date. So any eligible transactions posted after the statement date will be credited into the next cycle.