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
- Fees and charges
- Cashback and other benefits
- How the cashback compares to that of other cards
- How to maximise your cashback
- Who this card is best for
|Age||21 years old and above|
|Income||S$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.
Fees and Charges
|Fees||S$20 charged quarterly (waived for the first 3 years)|
Automatic fee waiver when you charge to your card once every 3 months
|Effective Interest Rate||25.9%|
|Late Payment Charges||5% of the minimum monthly repayment or S$80, whichever is higher|
|Minimum Monthly Payment||3% of outstanding balance or S$20, whichever is higher, plus any outstanding amounts|
|Cash Advance Fee||5% per transaction or S$15, whichever is higher|
|Cash Advance Interest Rate||25.9%|
|Foreign Currency Transaction Fee||Up 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 Card||Annual Fee||How to Get a Fee Waiver|
|Maybank Platinum Visa Card||$80||Charge to the card once per quarter|
|OCBC Plus! Visa Credit Card||S$107||Charge S$2,500 to the card in a year|
|Maybank Manchester United Platinum Visa Card||S$80||Charge 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
|Cashback Criteria & Cap|
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.
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.
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.
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.
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 Card||Citi SMRT Card||OCBC Frank Credit Card||HSBC Revolution Credit Card|
|Annual Fee Waiver Requirements||Waived 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 Rates||3.33%||Base: 0.3%|
Bonus: 4.7 %
|10X rewards points (equates to 2.5% cashback)|
|Minimum Spend||S$300||Base: None|
|Cashback Cap||S$100 per quarter||S$50 per month|
|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.