Maybank Platinum Visa Card Review: The Best Cashback Card?

PROMO: Get a pair of American Tourister Linex Spinner 66/24 Luggage (worth S$336) or an Apple AirPods 3rd Gen with Lightning charging case (worth S$261.40) or S$200 cashback + 1x chance to win your share of up to S$200,000 in prizes + a chance to win S$5,000 bonus cash each week
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on Maybank's website

Maybank Platinum Visa Card

Apply Now
on Maybank's website
The Maybank Platinum Visa Card is a great starter option for lower spenders with a S$300-500 monthly budget. While its rebate isn’t the highest in the market, the fuss-free nature of this card more than makes up for it.


  • Flat 3.33% cashback for all eligible spend
  • Minimal exclusions
  • Low minimum spend requirement
  • Low fees


  • Not great for the occasional big-ticket purchases
  • No boosted rates on select categories
  • Few other benefits besides cashback
  • Low cashback cap

Current Promotion

Get a pair of American Tourister Linex Spinner 66/24 Luggage (worth S$336) or an Apple AirPods 3rd Gen with Lightning charging case (worth S$261.40) or S$200 cashback (Valid until 31 December 2023) + 1x chance to win your share of up to S$200,000 in prizes + a chance to win S$5,000 bonus cash each week (Valid until 20 December 2023) Click to apply.

For the financially savvy, having to spend more just to qualify for cashback is taboo.

That’s why the Maybank Platinum Visa Card holds such an appeal: with its low minimum spend requirement and ridiculously easy automatic fee waiver, this cashback card is one of the best choices for the budget-conscious.

(Let’s not forget those who’d rather pay mainly in cash but don’t want to miss out on credit card perks, of course.)

Today, we’ll review the Maybank Platinum Visa Card and see how it stacks up with other low-minimum-spend cards, covering:

Eligibility Requirements

Age21 years old and above
IncomeS$30,000 and above for Singaporeans and PRs; S$45,000 for Malaysians; S$60,000 and above for foreigners

Think of this Maybank offering as a step up from the Maybank eVibes, a student-friendly card with no minimum income requirement.

Most fresh graduates are likely to satisfy the S$30,000 minimum annual income requirement with their first jobs.

But what if you’re studying or taking a significant pay cut to pursue a passion project? Consider cards like the CIMB AWSM or DBS Live Fresh Student Card instead.

Read also: 8 Best Student Credit Cards to Earn Rewards in Singapore

Fees and Charges

FeesS$20 charged quarterly (waived for the first 3 years)
Automatic fee waiver when you charge to your card once every 3 months
Effective Interest Rate25.9%
Late Payment Charges5% of the minimum monthly repayment or S$80, whichever is higher
Minimum Monthly Payment3% of outstanding balance or S$20, whichever is higher, plus any outstanding amounts
Overlimit FeeN/A
Cash Advance Fee5% per transaction or S$15, whichever is higher
Cash Advance Interest Rate25.9%
Foreign Currency Transaction FeeUp to 3.25%

Automatic Fee Waivers

The first plus point here is that you’ll get two kinds of fee waivers: first, a three-year fee waiver, and subsequently a quarterly fee waiver as long as you charge to your card at least once in that quarter.

There aren’t many exclusions with this card, so safe to say that you’re almost guaranteed to get the automatic fee waiver. This makes the Maybank Platinum Visa Card a low-maintenance option for those with a modest budget.

For comparison, here are a few other cards with low thresholds for automatic fee waivers:

Credit CardAnnual FeeHow to Get a Fee Waiver
Maybank Platinum Visa Card$80 Charge to the card once per quarter
OCBC Plus! Visa Credit CardS$107Charge S$2,500 to the card in a year
Maybank Manchester United Platinum Visa CardS$80Charge S$3,600 to the principal or supplementary card(s) in a year

The Maybank Platinum Visa Card has by far the easiest requirements for an automatic fee waiver.

Cashback, Discounts, and Other Benefits

  • 3.33% cash rebate on all local and foreign currency spending
  • No restrictions on catergories or merchants
  • (Usual payment exclusions like betting and brokerage transactions still apply. Full list here.)
Cashback Criteria & Cap
  • Minimum monthly spend of S$300 to receive cashback for that quarter
  • Capped at $100 quarterly rebate
Other Benefits
  • Complimentary travel insurance coverage of up to S$500,000 when you charge your airfare to the card
Ongoing Promotions
  • New Maybank cardmembers will get a Samsonite Harts 68/25 Spinner (S$550 value) or S$100 cash credit
  • The first 5,000 approved applicants (first-time cardholders) will get a pair of American Tourister Linex 66/24 Luggage TSA (worth S$336), or an AirPods (3rd generation) with Lightning Charging Case (worth S$261.40), or S$200 cashback. when they charge S$600 for each of the first two consecutive months after approval. T&Cs apply.

Cashback Rate & Criteria

Considering its S$300 minimum spend, the Maybank Platinum Visa Card offers one of the highest cashback rates for the budget-conscious. At this spending level, most cards offer just 0.3% base cashback.

But there’s a catch: while most other cards would drop you to a low base rate, you won’t get any cashback at all if you don’t meet that minimum.

Read also: 9 Best Cashback Credit Cards for Singapore (2022 List)

And like other cashback cards, only transactions posted in the same calendar month count towards the minimum spend requirement.

That means if you’re $5 shy of the requirement on the 30th and you buy something just to fulfill it, you’re unlikely to make it in time given the typical delay for merchants to post transactions.

So if you’re concerned that you might not make the $300 minimum spend, you might be better off with a card that has zero minimum spend instead – like the HSBC Revolution Credit Card.

Cashback Cap

Once you’ve hit the minimum spend, your cashback is capped at $100 per quarter (or $1,000 monthly at a 3.33% cashback rate). That’s a good amount considering how easy it is to get a fee waiver, but it also means that this card isn’t great for big expenses.

Other Perks

You can pair the Maybank Platinum Visa Card with a savings account to get bonus interest on card spending via the Maybank Save Up Programme.

Read also: 5 Best High-Interest Savings Accounts for Singapore (2022)

You’ll also get complimentary travel insurance coverage if you charge your airfare to the card. As we mentioned above though, this card doesn’t reward you for big purchases: you’re better off charging that Japan trip to a card with a higher cashback cap.

How Does It Compare With Other Cards?

Maybank Platinum Visa CardCiti SMRT CardOCBC Frank Credit CardHSBC Revolution Credit Card
Annual FeesS$80S$192.60S$80None
Annual Fee Waiver RequirementsWaived for first 3 years.

Subsequent fee waivers when you use the card once every 3 months.
Waived for first 2 years.
No subsequent waiver.
Waived for first 2 years. 

Subsequent waiver with S$10,000 annual spending.
Cashback Rates3.33%Base: 0.3%
Bonus: 4.7 %

Total: 5%
Base: 0.3%
Bonus: 5.7%

Total: 6%
10X rewards points (equates to 2.5% cashback) 
Minimum SpendS$300Base: None

Bonus: S$500
Base: None

Bonus: S$600
Cashback CapS$100 per quarterS$50 per month

S$600/year (SMRT$600)
S$75 per month (S$25 per category)None, but only the first S$1,000 will earn 10X Reward Points

Maybank Platinum Visa Card vs Citi SMRT Card

The Citi SMRT Card gives you a higher cashback rate for sure, but only if you consistently spend more than S$500 a month.

Citi’s list of eligible transactions is far shorter as well: the card only counts spending with supermarkets, taxis, public transport, and online stores for the 5% rebate. All other retail spending earns 0.3%.

Maybank Platinum Visa Card vs OCBC Frank Credit Card

Like the Maybank Platinum Visa Card, the OCBC Frank Credit Card’s annual fees are also on the low side. The main difference here is that you’ll need to spend at least S$10,000 a year for an automatic fee waiver compared to Maybank’s once-per-quarter spending.

At S$600, the OCBC Frank’s minimum spend is also double what Maybank requires. In turn, it offers almost double the cashback (6%) as well as a higher cashback cap per category.

That said, the OCBC Frank Credit Card offers cashback on online spending and mobile payments, which covers almost everything these days. So if you can hit the minimum spend to earn the cashback bonus, we think the OCBC Frank card is a better deal. 

Maybank Platinum Visa vs HSBC Revolution Credit Card

The HSBC Revolution Credit Card is a popular rewards card for those who spend mostly on shopping, dining, and entertainment. The lack of minimum spending and annual fees is a great perk for consumers looking for an easy way to maximise rewards for contactless spending and online shopping.

The card caps bonus Reward Points at 9,000 monthly, which means you’ll only earn max rewards for up to S$1,000 in spending – the same as the Maybank Platinum Visa’s cashback cap.

HSBC offers only about 2.5% cashback on that amount compared to Maybank’s 3.33%, but the advantage of HSBC’s offering is its flexibility. You’re not limited to just cashback – you can use the points for anything you desire, including mileage (and the 4MPD rate here is one of the best in the market).

Drawbacks of Maybank Platinum Visa Card

While the 3.33% flat rebate is relatively high, it’s still lower than cards that offer cashback for specialised categories. The UOB One Card offers 5% on all retail spending, for example, while the Maybank Family & Friends Card offers 8% on all groceries. Of course, these cards also have a higher spending requirement.

On top of that, those who spend more than S$500 a month can benefit more from cards with higher earning caps, like the UOB One Card or CIMB Visa Infinite. 

Lastly, besides the travel insurance, there aren’t many other benefits.

Who Should Use the Maybank Platinum Visa Card?

In spite of its drawbacks, Maybank Platinum Visa Card is still one of the best cashback cards for lower spenders with a S$300-500 monthly budget.

Though it doesn’t reward specialised spending, the card can be a good fit for young adults or working professionals on a tight budget. The minimal exclusions and easy-to-obtain fee waiver means it’s a low-maintenance card you can use for recurring bills like insurance premiums and utilities.