Maybankard 2 Cards

photo source: http://www.maybank2u.com.my/

Maybankard 2 credit cards was launched some time ago, but it is still an interesting addition to your existing card collection. There are 2 levels to choose from; Gold or Platinum. For Gold, you need to earn RM30k per annum, while Platinum requires RM60k per annum. The good thing about the cards is the lifetime fee waiver for the annual fees. It also provides 2 cards (1 American Express and 1 MasterCard or Visa) for the single charge of Government Service Tax. Of course, even with 2cards, the same credit limit applies, but you can enjoy benefits from the 2 different credit providers.

Usage of the AMEX card gives 5x TreatsPoints for every RM spent. This translates to 2.5% cash back for redemption of the gifts provided by Maybank. The AMEX card also gives 5% cash back for weekend spending, but capped at RM50 per month. Seems like a very good deal indeed, with the only minus point being that the use of MasterCard or Visa only gives 1x for every RM spent and the 5% cash back on weekends doesn’t apply. Well, you can probably use only the AMEX and use the other card as a bookmark J

This card also charges the lowest interest rate I’ve ever seen for a credit card – only 8.88% per annum. I guess Maybank must really like the number 8. Oh, but the 8.88% applies only if you pay the minimum 5% monthly, with a minimum of RM25.

This is where the similarity for both cards end. For the platinum card, it gives some additional privileges like travel insurance coverage and retail protection. These are especially good to cover unwanted costs if any mishap happens during times of travel. Platinum card also provides complimentary golf at some of the courses within Malaysia.

To apply, you can just fill up your details for an officer to get in touch with you. Typically they will call within 2 days to follow up on the application. Only thing is unlike other banks, where they just need your IC and existing card, Maybank requires your 3months’ payslip and also active savings/current account. A little overboard, but they’re probably just being cautious, what with the many folks out there now not really knowing how to control their finances.

My verdict: having the AMEX of this Maybankard 2 card combo is a good deal, with emphasis on the 5x TreatsPoints and the 5% cashback. Only trade-off with a normal AMEX card is that this gives Maybank TreatsPoints instead of American Express’ Membership Rewards points (these are evergreen!!) The additional card doesn’t seem to have much use, but it does come in handy when there are promotions specifically for MasterCard or Visa. Oh, just a reminder, if you need both MasterCard and Visa on top of the AMEX, then an additional RM50 (GST) will be charged.