Best Cashback Credit Cards In Malaysia (2021)
Cash back credit cards won’t make you rich, but they can help you save money – up to hundreds a year – on your purchases. Here’s how they work and which cards you should consider.
What is a cash back credit card?
When you make a purchase, a cash back credit card gives you a percentage of the purchase in cash. It is usually credited to you and at the end of a statement cycle.
How to choose the best cashback card?
Finding the best credit card isn’t as easy as finding the one with the highest cashback percentage. You should also consider:
- Annual subscription. Some cash back credit cards charge an annual fee (which can be waived if you meet certain spending requirements), while others do not. But keep in mind that you will still have to pay an RM25 sales and service tax (SST) every year, whether or not your card charges a fee.
- Cash back amount. Some cards offer better reimbursement than others, or offer reimbursement in more expense categories. Think about which categories you spend most often and get a card that matches your spending habits.
- Cash Back Requirements. Some cards require you to spend a minimum amount or only give you cash back on weekends.
- Cashback caps. Cards generally have a maximum monthly cash back limit or a limit for each category of spending.
Comparison: the best cashback cards in Malaysia
To determine the best cards, we compared ten popular cashback cards:
|Annual subscription||Cashback||Cash back requirements||Monthly limit|
|Citi Cash Back Card||RM120 (discontinued for the first three years)||Up to 10% on Grab, Groceries, Food and Gas, 0.2% on Other Retail Expenses||Spend a minimum of RM500 for 10% cash back||10% cash back: 10 RM per category (40 RM total)|
0.2% cashback: no cap
|Hong Leong Wise Gold Card||RM98||8% on gasoline-powered grocery stores and restaurants, 0.25% on other eligible expenses||8% cash back is only eligible on weekends; 1% if transaction carried out during the week||8% cash back: RM18 per category (total RM54)|
0.25% cashback: no cap
|HSBC Amanah MPower Platinum-i Credit Card||RM240 (canceled with more than 12 scans per year)||Up to 8% on electronic wallet, groceries and gasoline, 0.2% on other eligible expenses||Spend a minimum of RM2,000 for 8% cashback||8% cash back: RM 15 per category (RM 45 total)|
0.2% cashback: no cap
|Maybank Cards 2||Waived||5% cash back for all qualifying purchases||5% is eligible with the Maybank 2 American Express Card on weekends; only a discount amount greater than RM1 (or greater than 20 RM per transaction) is awarded||RM50|
|Maybank Islamic MasterCard Ikhwan Gold Card||Waived||5% discount on gas and groceries||Eligible on Friday and Saturday only||RM50|
|Public Bank Quantum Card||Waived||Visa: 5% on contactless transactions (excluding gasoline)|
Mastercard: 5% on online transactions
|Visa: spend a minimum of RM30 for 5% cashback||RM30 for Visa and RM30 for Mastercard (total RM60)|
|Public bank visa signature||RM388 (first year canceled, subsequent years canceled with 12 scans within 12 months)||6% on grocery, restaurant and online transactions||Nothing||RM38|
|Standard Chartered JustOne Platinum Mastercard||RM250 (first year canceled)||15% on online purchases, automatic payments and gasoline, 0.2% on other eligible expenses||Expense-based installment cashback; Minimum monthly spend of RM 2,500 for 15% cash back||15% cash back: RM 20 per category (RM 60 total)|
Based on this comparison, these cards offer the best features for these situations.
Best card for weekend spending: Maybank 2 Cards or Hong Leong Wise Gold Card
Maybank Cards 2
5% cash back on all qualifying weekend purchases
No annual fees
- Annual subscription: Waived
- Cashback: 5% cash back for all qualifying purchases
- Cash back conditions: Eligible on weekends only with American Express card; only the cashback amount greater than RM1 (or greater than RM20 per transaction) is awarded
- Cashback cap: RM50
- Minimum income: 2,500 RM
Maybank 2 cards come in the form of an American Express (AMEX) card and a Visa or Mastercard, which gives you two credit cards for the price of one. The AMEX card allows you to earn 5% cash back on all purchases (except with government agencies and utilities) and 5x TreatsPoints on weekends, while the Visa / Mastercard gives you 1x TreatsPoints on weekdays.
This is a pretty good deal, considering there are no annual fees, limits on your spending categories, or monthly spending requirements. If you spend at least RM 1,000 per month on weekends, you could earn the maximum cash back possible of RM 50 per month, which is RM 600 per year!
- Annual subscription: RM98
- Cashback: 8% on gasoline, groceries and catering, 0.25% on other eligible expenses
- Cash back conditions: 8% cash back is only eligible on weekends; 1% if transaction carried out during the week
- Cashback cap: 8% cash back: RM18 per category (RM 54 total); 0.25% cashback: no cap
- Minimum income: 2,000 RM
The Hong Leong Wise Gold Card is another great candidate for a weekend refund card. You get 8% off gas, groceries and restaurants when you spend on weekends, and 1% off for these categories on weekdays. Plus, you get 0.25% on other eligible expenses, regardless of the day.
Spending only RM675 per month will allow you to reach the monthly cap of RM54. Although it has an annual fee of 98 RM, maximizing your cashback each month more than covering these fees.
Best Card for General Spending: Citi Cash Back Card
Citi Cash Back Card
Up to 10% on Grab, Groceries, Meals and Gas
0.2% on other retail spending
- Annual subscription: RM120 (discontinued for the first three years)
- Cashback: Up to 10% on Grab, Groceries, Food and Gas, 0.2% on Other Retail Expenses
- Cash back conditions: Spend a minimum of RM500 for 10% cash back
- Cashback cap: 10% cash back: RM 10 per category (RM 40 total); 0.2% cashback: no cap
- Minimum income: 3,000 RM
If you want a basic card that rewards you any day of the week, go for the Citi Cash Back Card. This card gives you 10% cash back on Grab, groceries, restaurants and gasoline, and 0.2% on other retail expenses.
You only need to spend a minimum of RM500 per month to be eligible for the 10% refund. The only downside is that it has a relatively high annual fee of RM120 per year.
Best card for eWallet spending: HSBC Amanah MPower Platinum Credit Card-i
- Annual subscription: RM240 (canceled with 12 scans per year)
- Cashback: Up to 8% on electronic wallet, groceries and gasoline, 0.2% on other eligible expenses
- Cash back conditions: Spend a minimum of RM2,000 for 8% cashback
- Cashback cap: 8% cash back: RM15 per category (RM45 total); 0.2% cashback: no cap
- Minimum income: 3,000 RM
If you need a card that gives you cash back on daily necessities, as well as e-wallet spending, get the HSBC Amanah MPower Platinum-i Credit Card. You get 8% cash back when you spend on e-wallets, groceries, and gasoline, up to a maximum of RM 45 per month or RM 540 per year. You also get 0.2% discount on other categories.
Although it comes with a hefty annual fee of RM240, it’s pretty easy to get – just use your card at least 12 times a year.
The only downside to this card is that you have to spend at least RM2,000 per month to qualify for the 8% refund. But if you meet those criteria, it’s a good card to add to your arsenal.
Use your cards wisely
As you can see, cashback cards can help you save hundreds of ringgit per year. You don’t even have to limit yourself to just one – getting multiple cards can help you maximize your cashback across different categories or spending habits.
But a word of warning: While these cards can help save you money, remember the basics: don’t spend more than you can afford, and always pay your credit card bills on time. Otherwise, you could accumulate interest repayments, which defeats the interest of getting cash back!
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