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Maybank Platinum Visa Card: Who Should Get It?

Best Entertainment Rebate Card for Social Young Adults
PROMO: GET S$100 CASH CREDIT

Maybank Platinum Visa Card: Who Should Get It?

Best Entertainment Rebate Card for Social Young Adults

4.6/5.0

ValueChampion Rating ValueChampion Icon

Rewards
Perks
Fees

Pros

  • Great starter card for young adults
  • Good fit for budgets between S$300 and S$500/month
  • S$80 annual fee

Cons

  • Few extra perks
  • Doesn't award specialised spend (ie dining, shopping)
PROMO: GET S$100 CASH CREDIT

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

  • Annual Fee: S$80, S$20 quarterly service fee, waived with use of card at least 1x per quarter
  • Income Requirement: S$30,000 for citizens & PRs, S$60,000 for foreigners
Key Features:
  • Annual fee: S$80 (3 years fee waiver)
  • Subsequently quarterly service fee is waived w/ card use at least 1x/quarter
  • Up to 3.33% on all local and foreign currency spend
  • $30 quarterly rebate with at least S$300 monthly spend
  • S$100 quarterly rebate with at least S$1,000 monthly spend
  • Free travel insurance
Promotions:
  • Get S$100 cash credit with Maybank Credit Card and CreditAble when you charge and withdraw at least S$250 for each of the 2 consecutive months upon approval (until Aug 31, 2021)
Promotions:
  • Get S$100 cash credit with Maybank Credit Card and CreditAble when you charge and withdraw at least S$250 for each of the 2 consecutive months upon approval (until Aug 31, 2021)

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?

PROMO: GET S$100 CASH CREDIT
Consider this if if you spend S$300-S$500/month
  • Pros
    • Great starter card for young adults
    • Good fit for budgets between S$300 and S$500/month
    • S$80 annual fee
    • Cons
      • Few extra perks
      • Doesn't award specialised spend (ie dining, shopping)

      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
      • Pros
        • Good fit for budgets of at least S$2,000 per month
        • Easy cashback on daily spend
        • Gives rebates for paying bills
        • Cons
          • Doesn't fit high budgets or low/inconsistent budgets
          • Annual fee

          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
          • Pros
            • Good rewards rates for modest budgets
            • SMRT$ rewards on EZ-Reload transactions
            • Cons
              • Not suitable for higher budgets
              • Lacks travel and overseas rewards

              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
              • Pros
                • 6% rebate on dining, 3% on groceries, transport, recurring bills, online travel
                • Fee waiver with S$10,000 annual spend
                • Up to 22.1% fuel savings at Caltex, 20.2% at Esso
                • Cons
                  • 0.3% rebate on general spend
                  • 0.3% rebate on EZ-Link & Transitlink is capped at S$0.6/month
                  • High S$800 minimum spend requirement

                  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

                  PROMO: GET UP TO S$200 CASHBACK IN 1ST MO.
                  HSBC Revolution Credit Card
                  HSBC Revolution Credit Card
                  Consider this if you spend mostly on shopping, dining and entertainment
                  • Pros
                    • Great rewards on local dining and entertainment
                    • Online shopping perks
                    • No-fee card
                    • Cons
                      • Lacks rewards for frequent travellers who spend large amounts overseas
                      • Not suitable for low budgets

                      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.

                      Zoryana Melesh

                      Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.

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