Maybank just launched 2 new credit cards! This is an exciting launch as 1 of the card is a reward-earning card that lets users earn 4 mpd on a wide range of everyday spending categories.
The 2 cards are the Maybank XL Cashback Card and the Maybank XL Rewards Card. The cards are mostly the same, the crucial difference being what you’ll earn on the bonus category.
As someone who primarily prefers miles over cashback, the Maybank XL Rewards Card caught our attention. Due to the recent reductions in maximum spending limits on the UOB Lady Solitaire Card and the DBS Woman’s World Mastercard, this new card is a refreshing uplift!
In this post, we’ll look at some of the offerings from the Maybank XL Rewards Card!
Earn 4 mpd on Dining, Shopping, Travel, Foreign Spend
For the Maybank XL Rewards Card, you’ll earn 4 miles per dollar (mpd) on dining, shopping, travel and play purchases, as well as all foreign currency transactions. These earnings will be in the form of 10X TREAT Points.
You can earn up 10,000 TREAT Points per calendar month, which equates to a maximum spend of S$1,000.
To activate the 4 mpd earn rate, you’ll need to spend at least S$500 in the calendar month. This spending does not need to be in the bonus categories.
The bonus categories cover a very wide range of everyday spending. If you’re interested in the specific MCCs, you can check out Maybank’s tnc page here.
| Dine | Restaurants, fast food, bakeries, food deliveries |
| Shop | Apparels, department stores, sporting goods, online shopping |
| Travel | Airlines, lodging, travel agencies |
| Play | Bars, cinemas, show tickets, video games, arcades |
If you own other Maybank credit cards like the Maybank Horizon Visa Signature Card that earns TREAT Points, you’ll be able to pool them together during redemption. This is beneficial as it results in fewer orphaned points and redemption costs.
Transfer Partners
| Program | Ratio (TREATS : Miles) |
|---|---|
| Singapore Airlines KrisFlyer | 25000 : 10000 |
| Cathay Pacific Asiamiles | 25000 : 10000 |
| Malaysia Airlines Enrich | 12500 : 5000 |
| AirAsia Rewards | 4000 : 2000 |
Maybank has a relatively modest set of transfer partners. On top of the usual Singapore Airlines and Cathay Pacific, Maybank allows transfers to Malaysia Airlines and AirAsia.
Malaysia Airlines’s Enrich program is less well-known in the Singapore market. Flight redemptions on the program run on dynamic pricing and can be a good way to redeem for oneworld partner flights.
Short haul economy class flights from Malaysia are also very affordable, coming in at as low as 2000 miles.
Pairing with Instarem Amaze
As the Maybank XL Rewards Card is a Mastercard, you can pair it with the Instarem Amaze Card! The main benefits for doing so is to save on the 3.25% foreign transaction fee when spending on the bonus categories overseas.
Instarem Amaze typically charges a 2 to 2.5% spread over the inter-bank (Google) rates, so you’ll be saving quite a bit of money doing so.
However, you’ll only want to do it for the bonus categories. For spending outside of the bonus categories, you’ll want to pay with the card directly to activate 4 mpd with foreign currency spend.
Only for 21 to 39 Years Old
Perhaps the most interesting application requirement is that this card is only available for Gen Zs and millennials between the ages of 21 and 39 years old. The system will automatically decline you if you are not between these ages.
This is probably a case of perceived marketing image of the product to make it appear more youthful. By putting an upper age ceiling, Maybank is isolating the wealthiest age group in the society. Then again, you can argue that wealthier people might not bother too much with earning kickbacks on their spend.
Annual Fee
The Maybank XL Rewards Card comes with a modest annual fee of S$87.20 (inclusive of GST) that is waived for the first 2 years.
A yearly spend of S$6,000 will automatically waive subsequent annual fees. We’ll have to see data points on how easy it is to receive waivers on lower annual spends to decide if the card is worth keeping.
Sign-up Bonus
For new Maybank Credit Card applicants, you will receive S$60 cashback (regardless of the card variant that you apply for) after making 1 transaction on the card. This offer is limited to the first 2000 applicants only.
This sign-up bonus is pretty lacklustre. There are often sign-up offers available for other Maybank credit cards. If you’re a new-to-bank customer, it’ll be advantages to sign up for those cards before applying for the Maybank XL credit cards.
Final Thoughts
The Maybank XL credit card is an exciting new release. With the recent changes and devaluations in credit cards, the Maybank XL Rewards Card can alleviate some of those negative changes.
I have personally already applied for the card and am waiting for approval. If approved, this will probably come in very handy in our overall credit card strategy for 2025.
