Strovek Writes


Sunday, July 26, 2015

Malaysian Banks Are Cutting Back on Credit Card Benefits

The banks are cutting back on the benefits of credit cards in Malaysia. These are the ones I know:

OCBC Titanium card started with 5% for groceries, food and petrol but reduced it to 1% without limit. However, this year they changed the cash back to 0.1% for all purchases except for online purchases which still gets 1 %.

UOB One card followed with by taking off the cap of the maximum cash back available for each month but reduced the cash back for week days to 2% (plus 1% UOBCash for BHPetrol).  Cash back were removed for spending at pharmacies. Breakdown of new cash rebates are as follow:

Petrol2%5%RM500.00Additional 2% if pump at BHPetrol with cap of RM 400/-
Cinema (GSC only)2%5%

Groceries1%2%RM1,000.00Aeon Big, Tesco, Cold Storage, Jaya Grocer and Giant
Telecommunication1%2%RM300.00Maxis, Digi and Celcom

I was not able to confirm is there is reduction in UOB$ earned for BHPetrol on weekdays, it looks like it is 2% for both weekday and weekend.

Maybank 2 card used to have 5% cash back for amount spent on weekends but not anymore. Only points will be awarded.

Public Bank Signature card which provides 6% cash back for groceries and purchases online reduced their monthly cap from RM 60 per month to RM 50 per month as of July 22, 2015.

Based on feedback from a friend in the bank, the amount of points needed for redemption will also increase soon. All these are bad news for consumers, especially those who pay in full every month.
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