Buffed and Nerfed: Maybank Platinum Visa Revision From 1st October 2023 -Why I Might Start Using This Card

Thanks to DT for sharing in the group chat, we know now that Maybank is tweaking the cashback mechanic of the Maybank Visa Platinum Visa Card. From 1st October 2023, the Maybank Platinum Visa Card’s cashback programme will be enhanced… according to Maybank.

This enhancement comes in the form of adding a Tier 3 to the card which awards a quarterly S$200 cashback for a monthly spend of S$2,000 for that quarter. With the buff, however, also comes a nerf – insurance premium payments will only form half of the month’s spending.

Personally, I’m looking forward to the change.

How Maybank Platinum Visa works currently

Until the change is effected, the Maybank Platinum Visa has two tiers of cashback:

Tier	Monthly Spend in the Quarter	Quarterly Cashback Awarded
1	S$300	S$30
2	S$1,000	S$100

When you spend S$300 or S$1,000 per month for 3 consecutive months within a calendar quarter (i.e. from January to March, April to June, July to September and October to December), you get S$30 or S$100 of cashback at the end of that quarter. These cashback amounts represent 3.33% cashback (S$30 cashback on S$900 of spend or S$100 cashback on S$3,000 of spend).

Insurance premiums can represent 100% of the spend amount. This means that someone could charge a monthly premium of S$300 to their Maybank Platinum Visa and quite effortlessly get 3.33% cashback as a result.

The revised programme

After the change comes into effect 1st October 2023, a new S$2,000 monthly spend tier is added for S$200 of quarterly cashback. At the same time, insurance premium will only be able to make up a maximum of half the monthly spend across all tiers.

Tier	Monthly Spend in the Quarter	Eligible Amount for Insurance Premiums	Quarterly Cashback Awarded
1	S$300	S$150	S$30
2	S$1,000	S$500	S$100
3	S$2,000	S$1,000	S$200

Nerfed: no longer possible to use this only for insurance payments

Someone who has previously placed a monthly premium of S$300 will no longer hit the S$300 monthly spend required for Tier 1 cashback, and have to spend at least S$150 per month on other qualifying transactions instead.

People who have been using the Maybank Platinum Visa solely for insurance payment would probably be disappointed with this change now that you have to put other spend on the card. This is especially so given that 3.33% isn’t the most exciting of rewards to be getting for one’s spend.

They may have to go through payment services like CardUp or ipaymy instead if they want to continue using their Maybank Platinum Visa Card as an insurance-only card, albeit with a lowered earn rate due to the fees involved.

Buffed: increased cap for people using this for CardUp or ipaymy

Speaking of which, a great use case for Maybank Platinum Visa is indeed for CardUp and ipaymy transactions. Maybank Platinum Visa is one of several cashback cards that makes sense with payment services that charge you a fee to use your credit card to pay for things that do not normally accept credit cards.

The 3.33% cashback rate is sufficient to defray the service fee and still earn a net benefit for paying for things like insurance, income tax, mortgage etc. through these services.

An increased capacity is therefore good news for those with higher expenses in such areas. Someone with a S$2,000 monthly mortgage will find paying 1.79% to 1.85% fees (recurring promo code) well worth it when they can get S$200 of quarterly cashback.

People with S$2,000 of recurring monthly bills may find this attractive

While this news may sting for those reliant on the card purely for insurance premiums, I’m a glass half-full kind of person; this change has actually made the card a more interesting consideration for something like my mortgage and maintenance fees which are almost S$2,000 each month.

I suspect people with around S$2,000 of recurring monthly bills (or couples with a combined S$4,000 monthly bills) may now take another look at this card. S$100 quarterly cashback (~S$48 net benefit after fees) may not be worth the trouble previously, but S$200 (~S$95 net benefit after fees) every 3 months? That puts a dent in my maintenance fees, and I think I’ll actually start using the card after all.

Getting S$800 of cashback every year or around S$380 after fees does sound attractive enough for me to set it up, especially since the it is automated after the initial setup.

Sign-up promo

I have checked with Maybank and as of 31st August 2023, the promo for suitcase, AirPods, or S$200 cashback is still not fully redeemed.

First-time users of CardUp and ipaymy can also get a fee waiver on their first transaction:

Keep up to date on the best cashback/mile cards, financial products, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.

Subscribe to the channel, then join the group chat. You would often benefit from the tips shared exclusively in the group chat!

Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!

Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opnion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).