Maybank Platinum Visa Card: Who Should Get It?

Maybank Platinum Visa Card: Who Should Get It?

High Flat-Rate Cashback for Local Low Spenders

Good for

  • Consumers with mostly local budgets
  • People who spend S$300–S$500/month
  • Those looking for low-maintenance cashback

Bad for

  • Consumers with high spend in foreign currencies
  • People who consistently spend S$500+/month
  • Those with specialised spend (ie dining, shopping)

Editor's Rating

4.0/5.0

Maybank Platinum Visa Card is by far the best cashback card for lower spenders, especially those with local budgets. Cardholders can earn 3.33% rebate with as little as S$300 local 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. While overseas transactions earn just 0.3% rebate, cardholders still receive 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 local 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 (local only)
  • S$100 quarterly rebate with at least S$1,000 monthly spend (local only)
  • 0.3% rebate on overseas spend, capped at S$50/month
  • Local spend below S$300 minimum does not earn rebate
  • No minimum spend requirement for overseas rebate
  • Free travel insurance
Promotions:
  • Receive S$100 rebate w/ S$800 spend (req. 2 card applications + Creditable acct)

What Makes Maybank Platinum Visa Card Stand Out

Maybank Platinum Visa Card offers low spenders an easy way to earn rewards for local spend without paying a fee. Cardholders earn 3.33% rebate on local purchases, as long as they’ve spent at least S$300 locally per month across a calendar quarter. Spending at least S$300/month locally 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.

Spend TypeSpend LevelRateEarned
LocalS$3003.33%S$10.0
OverseasS$3000.3%S$0.9

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). In addition, overseas spend earns just 0.3%, capped at S$50. Cardholders would need to spend S$333 in foreign currency to earn just S$1 rebate–making this card less than ideal for frequent travellers with lower local spend. Finally, consumers who spend S$500+/month can benefit more from other cards, like UOB One Card, which have higher earnings caps.

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 local spenders 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 local spend, and might even be a useful complement to a miles card with overseas focus. 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, Cash advance, fund transfer, balance transfer 0% instalment plans, interest charges, late payment charges, finance charges, annual fees, reversals & other miscellaneous bank charges
EZ-Link transactions; Transitlink transactions

How does Maybank Platinum Visa Card Compare Against Other Cards?

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

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). Both local and overseas spend earn rewards. Maybank Platinum Card is better for local 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 local spenders 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.

Comments and Questions

{"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis.","version":"sidebar"}