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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:

CategoryWeekdayWeekendCapNote
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
Others0.20%0.20%

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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