Maybank Platinum Visa Card: Who Should Get It?

Maybank Platinum Visa Card: Who Should Get It?

High Flat-Rate Cashback for Low Spenders

Good for

  • People who spend S$300–S$500/month
  • Young adults looking for a "starter" card
  • Those hoping to avoid an annual fee

Bad for

  • People who consistently spend S$500+/month
  • Consumers who prioritise extra perks
  • Those with specialised spend (ie dining, shopping)

Editor's Rating

4.5/5.0

Maybank Platinum Visa Card is by far the best cashback card for lower spenders. Cardholders can earn 3.33% rebate with as little as S$300 monthly spend, up to S$30/quarter. At this spend level, most cards offer just 0.3% base cashback. In addition, spending S$1,000/month earns S$100/quarter. Cardholders also receive useful perks like free travel insurance. Finally, the S$20.0 quarterly service fee is waived simply with card use, making Maybank Platinum Visa Card an easy, maintenance-free way for low spenders to maximise their cashback.

Maybank Platinum Visa Card Features and Benefits:

S$0.0, S$20 quarterly service fee, waived with use of card at least 1x per quarter
  • S$30,000 for locals
  • S$60,000 for foreigners
  • S$30 quarterly rebate with at least S$300 monthly spend
  • S$100 quarterly rebate with at least S$1,000 monthly spend
  • Spend below S$300 minimum does not earn rebate
  • Free travel insurance
Promotions:
  • Receive S$100 rebate w/ S$250 spend/mo for 2mo
  • Receive S$30 cash via PayNow (through our partnership w/ SGSaver)

What Makes Maybank Platinum Visa Card Stand Out

Maybank Platinum Visa Card offers low spenders an easy way to earn rewards for nearly all of their purchases without paying a fee. Cardholders earn 3.33% rebate on local and overseas purchases, as long as they’ve spent at least S$300 per month across a calendar quarter. Spending at least S$300/month earns S$30/quarter, and S$1,000/month earns S$100/quarter. In addition, there are no category or merchant-based restrictions, which makes earning easy.

Low spenders, primarily with S$300-S$500 monthly budgets, are especially likely to benefit from Maybank Platinum Visa Card. The 3.33% rebate is one of the highest offered after just S$300 minimum spend, and with only S$1,200 annual spend cardholders can earn S$120. Many cards have minimum spends of at least S$500, and have base rates as low as 0.2% cashback.

Despite these advantages, Maybank Platinum Visa Card has a few drawbacks. While the 3.33% flat rebate is relatively high, it’s lower than category rates offered by specialised cards (8% for dining, for example). Additionally, consumers who spend S$500+/month can benefit more from other cards, like UOB One Card, which have higher earnings caps. Finally, while cardholders receive free travel insurance, there are few other perks.

Quarterly Rebate by Spend Level

Min. Monthly SpendMaybank PlatinumUOB One
S$300S$30-
S$500S$30S$50
S$1,000S$100S$100
S$2,000S$100S$300

Even still, Maybank Platinum Visa Card is excellent for individuals with lower budgets and offers easy convenience with its flat rewards rate. It has no annual fee, and its S$20 quarterly service fee is waived as long as the card is used once every 3 months. Essentially, the card is a maintenance-free way to earn on nearly all spend. Altogether, Maybank Platinum Visa Card is worth considering for easy rebates without high spend.

How Does Maybank Platinum Visa Card’s Rewards Program Work?

Use our quick and easy-to-read guide below to learn how you you can redeem card rewards.

  • Every 1 dollar of cash rebate earned is equal to S$1
  • Quarterly rebate is based on fixed-quarter spending (January-March, April-June, July-September, October-December)
  • Quarterly rebates may only be used to offset transactions on the Principal card
  • Cash rebates earned will be credited to the card by the following month

Maybank Platinum Visa Card Rewards Exclusions

Some credit card expenditures are ineligible for earning rewards. We identify these exclusions below.

FlexiCash, FlexiPay, 0% Interest Instalment Plans, funds transfers, cash advances, finance, charges, late payment charges, annual fees, reversals, interest charges, any other miscellaneous bank charges as designated by Maybank
Transactions made via AXS ans SAM; payment of funds to prepaid accounts including (but not limited to) EZ-Link, Banc de Binary, Flashpay, MoneyBookers, NETS, OANDA, PayPal, Skrill, SkyFX, Transitlink, IG Markets, Plus500, YouTrip; purchase/load stored value card transactions
Payments made to government institutions and services (court cases, fines, bail and bonds, tax payment, postal services, parking lots and garages, intra-government purchases and any other government services not classified here); brokerage/securities transactions; any betting or gambling transactions

How does Maybank Platinum Visa Card Compare Against Other Cards?

Consider this if if you spend S$300-S$500/month

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000

Read our comparisons of Maybank Platinum Visa Card with other cards and learn what makes each card unique in their own way. We compare and contrast each card to highlight its uniqueness to help you identify the card that you need.

Maybank Platinum Visa Card performs above the market average for value-to-consumer after two years based on a monthly spend of S$2,000

Maybank Platinum Visa Card v. UOB One Card

Consider this if you want to maximise your cash rebate and spend about S$2,000 per month

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000

UOB One Card is an excellent flat cashback card for consumers consistently spending S$2,000+/month. Like Maybank Platinum Card, UOB One Card uses a tiered quarterly rebate system that rewards cardholders based on their minimum spend, and offers 3.33% rebates for consistent S$500 and S$1,000/month spends and 5% for S$2,000/month spends. While there's a S$500 minimum, caps are higher (S$50, S$100, S$300/quarter, respectively). Maybank Platinum Card is better for lower spenders who cannot consistently meet a S$500/month minimum.

Maybank Platinum Visa Card v. Citi SMRT Card

Consider this if you want to earn cashback on your daily commute on public transit

Annual Income Requirement S$30,000
Foreigner Income Requirement S$42,000

Cardholders on a modest budget can access elevated cashback rates without a minimum spend requirement with Citi SMRT Card. Consumers earn 5% rebates on fast food dining, cafes, groceries, and cinemas, 3% for online spend, and 2% on health and beauty. The card also has EZ-Link functionality and earns 2% rebate on Top-Ups. However, rewards-eligible merchants are limited, and general spend earns just 0.3%. Commuters who spend in these categories may prefer Citi SMRT Card, but Maybank Platinum Visa Card offers those with limited budgets a lower-maintenance option.

Maybank Platinum Visa Card v. OCBC 365 Card

Consider this if you are looking for a credit card for general day-to-day use

Annual Income Requirement S$30,000
Foreigner Income Requirement S$45,000

OCBC 365 Card is great for average consumers looking for everyday cashback on essentials. Cardholders earn 6% rebate on dining, 3% on groceries, transport, utilities and online travel spend and up to 23% fuel savings. While these rates allow consumers to earn quickly in key categories, there’s a S$800 minimum spend requirement and cashback is capped at S$80/month. Average spenders with a diversified budget could benefit from this card, but lower spenders seeking a simple, flat rate card might prefer Maybank Platinum Visa Card.

Maybank Platinum Visa Card v. HSBC Revolution Card

Consider this if you spend mostly on shopping, dining and entertainment

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000

Social spenders can maximise rewards for local dining, entertainment and online spend with HSBC Revolution Card. Cardholders earn 2 miles per S$1 spend (equal to about 2% rebate) in each of these categories, with no spend requirement or earnings cap. Overseas spend earns just 0.4 miles per S$1 (about 0.4%). While these features make the card great for local spenders with low or variable budgets, HSBC Revolution Card’s S$160.5 fee is waived with S$12,500 spend–consumers who can reach this are more likely to benefit than very low spenders, who may prefer Maybank Platinum Visa Card.

Carrie Arndt

Carrie is a Senior Analyst at ValueChampion, specialising in credit cards in Singapore. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research.

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