Maybank Platinum Visa Card
Get up to 3.33% cash rebate on all your local and foreign currency spend
Maybank Platinum Visa Card Overview:
The Maybank Platinum Visa Card may be of interest to you if you’re searching for a cashback credit card that offers rewards for both local and international purchases, especially for insurance payments (that allow Visa payments). With this card, you can earn up to 3.33% cashback on all of your transactions, with a quarterly minimum spending of S$300.
Eligibility & Fees:
- Minimum Age: 21 years old
- Minimum Annual Income: S$30,000 (locals/PRs); S$60,000 (foreigners)
- Annual Fee: Free
Key Benefits:
- Get up to 3.33% cash rebate on all local and foreign currency
- Minimum monthly spend of S$300 per month in a calendar quarter
- Capped at S$200 per calendar quarter
- Quarterly service fee of S$20 (First 3 Years Free). Subsequently, quarterly service fee is waived when you charge to your Card once every 3 months. (please always call the bank for annual fee waiver. Watch this video for more information.)
- Save up to 22.71% on fuel when you link your Diamond Sky Fuel Card to your Maybank Platinum Visa Card.
How to Best Optimise it:
Best Used When you Can Hit the Tiers Consistently for 3 Months in a Quarter
The way to optimise this is to spend up to either S$300, S$1,000 or S$2000 every month for three consecutive months according to Maybank’s quarter.
- Cashback Tier:
Tier | Monthly Spend in a Quarter | Cashback |
Tier 1 | S$300 | S$30 |
Tier 2 | S$1,000 | S$100 |
Tier 3 | S$2,000 | S$200 |
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- Quarterly cashback is based on a fixed-quarter spending (i.e. from January to March, April to June, July to September and October to December).
- In the event that you spend S$355 in Month 1, then S$1010 in Month 2, then S$2030 in Month 3, you will only get the cashback based on S$300 per month, which is S$30 cashback. This card rewards consistency, so it would be wise to track your spending and divert the spending to another card once your targetted spending has been achieved.
Best used on Insurance Payments, To A Limited Extent
- Insurance payment can be accumulated as eligible spend for up to half of the monthly spend amount for each tier.
Tier | Minimum Monthly Spend | Maximum Monthly Spend on Insurance Transactions | Minimum Monthly Spend on all other Eligible Transactions | Quarterly Cashback Amount |
1 | S$300 | S$150 | S$150 | S$30 |
2 | S$1,000 | S$500 | S$500 | S$100 |
3 | S$2,000 | S$1,000 | S$1,000 | S$200 |
- Eg. If your monthly spend amount is $1,000, insurance payments can only be 1/2 of that amount, which is $500. The rest of the $500 must be other types of payments. For avoidance of doubt, insurance payment is not mandatory.
Previously we could use this card directly on some insurers’ website like AIA. However, this is no longer possible. The only way is to use Cardup or iPayMy. The way Cardup or iPayMy works is that you use their services by paying a small service fee, and they will charge your credit card and help you pay off your insurance or tax payments and you get miles or cashback on your credit card. In my personal usage and testing, I have found it incredibly difficult to navigate the payment of half of minimum monthly spend consistently with Cardup, as my insurance payments are all paid annually. The difference that I got from cashback on my credit card minus the fees that I paid was so little and it felt like I wasted a lot of energy and time trying to do it. Therefore, I ended up going with a simpler miles credit card like UOB PRVI Miles with Cardup/iPayMy. I shared this in my Youtube Video here.
Enjoy the Complimentary Travel Insurance
- Get coverage of up to S$500,000 when you pay for your travel fares in full using your Maybank Platinum Visa Card.
What to Avoid:
Exclusion List:
- NETS and eNETS transactions;
- Payments made to government or government-related institutions, agencies or companies or for government or government-related and services (court cases, fines, bail and bonds, tax payment, postal services, parking lots and garages, intragovernment purchases and any other government services not classified here);
- Betting or gambling transactions;
- Brokerage/securities transactions;
- Transactions made via AXS or SAM;
- Transactions of a corporate/commercial nature;
- Transactions classified under the following Merchant Category Codes (“MCC”):
- MCC 6012 – Financial Institutions (Merchandise, Services, and Debt Repayment)
- MCC 6051 – Non-Financial Institutions – Foreign Currency, Non-Fiat Currency (e.g. Cryptocurrency), Money Orders (Not Money Transfer), Account Funding (not Stored Value Load), Travelers Cheques, and Debt Repayment
- MCC 6540 – Non-Financial Institutions (Stored Value Card Purchase/Load) (including but not limited to Grab mobile wallet top-ups)
- FlexiCash, FlexiPay, 0% Interest Instalment Plans, funds transfers, cash advances, finance charges, late payment charges, annual fees, reversals, interest charges, any other miscellaneous charges charged to the Cardmember;
- Payment of funds to prepaid accounts or top-ups of any nature such as those listed below. The following examples are not exhaustive and Maybank reserves the right to amend the list from time to time without giving prior notice or reason to any party:
- EZ LINK PTE LTD (FEVO)
- EZ Link
- EZ-LINK*
- EZLINK
- EZ-Link
- EzLink
- EZLINKS.COM
- EZ Link transport
- EZ-LINK (IMAGINE CARD)
- EZ-Link EZ-Reload (ATU)
- BANC DE BINARY
- BANCDEBINARY.COM
- Flashpay ATU
- MBMONEYBOOKERS.COM
- SNACK BY INCOME
- NETS VCASHCARD
- OANDA ASIA PAC
- PAYPAL* BIZCONSULTA
- PAYPAL* CAPITALROYA
- SKRSkrill.com
- SKRxglobalmarkets.com*
- SKYFX.COM*
- TRANSIT*
- TRANSITLINK*
- TRANSIT LINK*
- WWW.IGMARKETS.COM.SG
- WWW.PLUS500.CO.UK
- WWW.MYEZLINK.COM.SG
- YOUTRIP
- Any transaction deemed by Maybank at its sole discretion to be beyond personal consumption or of a business and/or corporate nature; and
- Any transactions deemed by Maybank at its sole discretion to be unsuitable or inappropriate to be considered as an Eligible Transaction.
Is it Worth it:
Advantages:
- Get up to 3.33% cash rebate on all your local and foreign currency spend.
- Quarterly service fee of S$20 (First 3 Years Free). Subsequently, quarterly service fee is waived when you charge to your Card once every 3 months.
Disadvantages:
- No quarterly cashback if minimum monthly spend is below S$300 each month in a quarter.
- No additional cashback if you hit beyond the tier. Eg. you still get S$30 if you spend S$999 every month for a quarter. So you need to do some monitoring.
Frequently Asked Questions:
-
Can I earn cashback when I pay my insurance:
You may use Cardup/iPayMy to make payments. You should leverage the new user code/link for Cardup as well as iPayMy first.
For S$30 off your first payment,
Cardup new user code: IJTLFREE
iPayMy new user sign up link: (Note that if you sign up directly, you will only get S$20 off your first payment)
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Do AXS payments count towards this card: no, AXS payments are not eligible for cashback.
Final Thoughts:
- Simple and adaptable, the Maybank Platinum Visa Card offers reward benefits to fit a variety of spending habits and lifestyles. This card offers value for low monthly spenders.
- After using Cardup + Maybank Visa Platinum for a few months, I don’t think it is worth the effort as we rarely need to pay an exact amount of $300, $1,000, $2,000. This matters because even if you spend $1999 each month, you still get 100 at the end of the quarter. Personally, I’m using Maybank Family and Friends for daily spending, and then UOB PRVI Miles for insurance payments which you can check out in the links here. If you need a card with lower spending required, consider getting UOB One Card which can supercharge your UOB bank account interest on your savings. For miles, you can use Citi Rewards + Amaze which is my top recommended credit card.
- If this has benefitted you, without any cost to you, feel free to use my referral link and fill out the google form to help me sustain this blog and create more independent reviews like that so that we can huat together. Alternatively, use your friend’s referral code.
💳 Credit cards change their T&Cs every so often and it is difficult to stay updated. That’s why I created a Telegram Broadcast where you can receive timely bite-sized updates to get the most out of your spending.
💡 We believe in always paying our credit card bills on time and in full. It is only by doing that, can we fully maximise our credit card benefits.
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