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: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.
|Petrol||2%||5%||RM500.00||Additional 2% if pump at BHPetrol with cap of RM 400/-|
|Cinema (GSC only)||2%||5%|
|Groceries||1%||2%||RM1,000.00||Aeon Big, Tesco, Cold Storage, Jaya Grocer and Giant|
|Telecommunication||1%||2%||RM300.00||Maxis, Digi and Celcom|
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.