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In today’s fast-paced financial world, choosing the best credit cards can mean unlocking rewards that not only ease your everyday expenses but also pave the way for your dream travel destinations. I personally think that credit cards are a great companion in one’s financial journey. You just have to make sure that you make prompt and punctual payments every month. You do not want to pay the 18% p.a. interest that comes with late payments.
If you struggle with self-discipline and all you see in a new credit card is more spending, there is no need to read on. Stick with your debit card, e-wallets and cash. However, if like me, you see credit cards as a smart way to defer payments and enjoy a month of interest-free benefits, then keep reading!
A small note is that ALL credit cards are charged RM25 SST by the government per card. This is a given and there are no two ways to it.
A change – Maybank 2 Cards Premier AMEX Reserve is the worst card to have now
I’ve spent the past week researching ways to restructure my finances and optimize my credit card usage. I talked about my Maybank 2 Cards Premier previously here and even touted the cards as the best card for air miles.
They’ve since fallen from grace and are not worth it anymore. If you did not already know, Maybank has implemented a total cap of 100 million air miles for ALL their users. This is ridiculous and no one is happy about this. I foresee Maybank slowly increasing the 100 million point cap but it may be too late as everyone I know has moved to greener pastures. We’ll get to which card would be best for air miles in a bit, but let’s talk about cashback first as I believe that should be a priority.
The hybrid approach – Best credit cards for cashback and air miles
We will look at a few criteria for credit cards.
- Annual fee and waiver requirement
- Income requirement (no exorbitant invite-only cards for the ultra-rich etc)
- Cashback rate and point conversion rate
- Lounge access and travel insurance
- Recommended way to use said card and other terms and conditions
The best credit cards in Malaysia for Cashback
Maybank 2 Gold/Platinum Cards
Annual fee: Free for life
Income requirement: RM30,000 (gold) or RM60,000 (platinum) p.a.
Cashback rate: 5% (RM50 monthly cap)
Point conversion rate: 5x TreatsPoints for spending with AMEX, 1x TreatsPoints for spending with Visa/Master
Travel insurance: Coverage of up to RM700,000 when you charge your travel tickets in full (make sure to read the terms of the insurance in full and what it covers specifically)
Alright, so this one here has always been the OG and holy grail of cashback credit cards. Maybank 2 Gold Card is often considered the best entry-level credit card here in Malaysia. Also, there is no difference between the Gold and Platinum other than the fact that you get a higher credit limit with the Platinum. You get two cards from Maybank here – 1x AMEX and 1x Visa/Mastercard. We’ll mostly be looking at the AMEX card as it gives you the cashback and most points.
Previously, there have been cases where cardholders only activated their AMEX and left their Visa/Master dormant to avoid paying the RM25 SST on both cards. And as of 2018, we are unable to do this anymore.
“If the card is not activated within 3 months, the Service Tax will be imposed on the 3rd month.”
So be prepared to pay RM50 in SST to the government for both cards. Fret not though, read on and you’ll realise that the benefits outweigh the RM50 charge.
First and foremost, Maybank does not charge you any fees for both cards, it is free for life without any conditions. I plan to keep this card for life and never cancel it unless Maybank starts messing around with the fees or cashback.
With the Maybank 2 Cards AMEX, you get a guaranteed 5% cashback and 5X TreatsPoints.
A few things to note:
- You get the 5% cashback only on weekends
- There is a cap of RM50 per month. This means a maximum spending of RM1,000 per month.
- You get 5X TreatsPoints if you use it during weekdays
- No cash back for transactions related to government, utility bills and eWallets top-up.
I plan to use the AMEX for the following expenses:
- Petrol (Petronas)
- Accommodation (hotels, Airbnb etc)
- Telco (CelcomDigi)
- Grab food – pay direct instead of top up to GrabPay
Of course, I’ll do my best to swipe the AMEX only on weekends for the cashback. The above expenses should get me to RM1,000 spend every month to get RM50 in cashback. Get used to asking every cashier and merchant you meet – “Do you accept AMEX?”
You’ll be surprised that many actually do.
Maybank Islamic Ikhwan American Express Platinum Card-i
Annual fee: Free for life
Income requirement: RM40,000 p.a.
Cashback rate: 8% (RM50 monthly cap, RM100 cap for Ramadhan and Syawal months)
Point conversion rate: 1X TreatsPoints for Gov Utilities, Education etc. (see above image)
This is an excellent card for ONLINE spending. You get 8% cashback with a cap of RM50 per month (RM100 on Ramadhan and Syawal months). It is free for life as well.
I plan to use this solely for online transactions – Shopee, Lazada and Grab. Make sure you’re using the AMEX as a payment method and not to top up. I’ll be using the previously mentioned Maybank 2 Cards AMEX for over-the-counter transactions and then Ikhwan AMEX for online ones. The monthly spending cap is just RM625 per month to reach RM50 in cashback.
We’ll focus solely on the card’s cashback prowess and set aside TreatsPoints, which fall short compared to those offered by the Maybank 2 Card AMEX. However, if you have sizable government bills, the Ikhwan AMEX provides 1X TreatsPoints for government transactions—making it a smart choice for those specific payments.
AFFIN DUO Visa Cash Back
Annual fee: Free for the first 3 years. (RM75, subsequently waived with 12 retail transactions)
Income requirement: RM24,000 p.a.
Cashback rate: 3% (RM30 monthly cap)
Point conversion rate: Not worth looking into
Look at the t&c and you’ll find that this is the card that gives you cashback for e-wallet top-ups! And we’ll be opting for the Visa Duo and not the Mastercard.
Since I won’t be spending heavily on this card, I’ll only qualify for the RM30 monthly cashback instead of RM50—which requires a minimum spend of RM3,000. I’ll primarily use the card for e-wallet top-ups (which will yield a net gain) and for my monthly insurance auto billing. Together, these transactions should total RM1,000, hitting the RM30 monthly cashback cap.
The best credit cards in Malaysia for Airmiles
Alliance Bank Visa Infinite
Annual fee: Free for the first year. (RM438, subsequently waived with minimum spend of RM12,000 p .a.)
Income requirement: RM60,000 p.a.
Cashback rate: No cashback
Point conversion rate: 15,000 TBP for 1,000 Enrich Miles. RM2-3 – 1 Enrich Mile
Lounge access: 2X complimentary access to Plaza Premium lounge, 1X access to Travel Club lounge. Principal cardholders only
After talking about all the best credit cards for cashback, it is now time to look at air miles. Below are the Timeless Bonus Points (TBP) given for every RM1 spent.
- 8X TBP – online shopping and e-wallet reload (RM3,000 cap, 1X TBP after)
- 5X TBP – Dining, groceries and overseas transactions
- 1X TBP – contactless transactions, entertainment, auto-billing, and other retail transactions (including Instalment Payment Plan, Flexi Payment Plan, JomPay and FPX transactions)
At its peak optimisation, the Alliance Visa Infinite card will convert 1 Enrich Point for every RM1.875 spent online.
Why this card? Not every merchant accepts AMEX, and the previous three cards come with monthly cashback caps. The Alliance Visa Infinite will act as my filler card, given that Visa is accepted almost everywhere. I’ll use this card for all other categories—places that don’t accept AMEX, like food, accommodation, parking, and more. You get the idea.
Now, this is by far not the best card for airmiles but it fits my strategy and needs. One of the best for miles is actually below – Maybank’s Singapore Airlines KrisFlyer AMEX Platinum Card.
Maybank Singapore Airlines KrisFlyer AMEX Platinum Card
Annual fee: Free for the first year. (RM300 for subsequently years)
Income requirement: RM60,000 p.a.
Cashback rate: No cashback
Point conversion rate: RM2-2.5 – 1 KrisFlyer Mile
Lounge access: 5X complimentary access to Plaza Premium lounge
With this card, the biggest benefit by far is that you bypass Maybank’s ridiculous monthly 100 million miles cap that ALL their cardholders face. With this card, your Krisflyer miles are credited directly to your KrisFlyers account every month.
If you’re into miles, this card here would top the list for me. However, I decided not to sign up because after using my Maybank 2 Cards AMEX and Ikhwan AMEX, I wouldn’t have much left over to maximize this card’s benefits. I prioritize cashback first, and then any additional spending goes towards earning miles.
To keep it simple—following my hybrid strategy—if you’ve maxed out spending on your cashback cards and still have extra funds to spend, this card is an excellent option. Personally, I chose the Alliance Visa Infinite instead to serve as my filler card.
The 4 best credit cards in Malaysia – 2025 hybrid strategy
I spend an estimated RM5K per month using my credit cards. And these are the best credit cards that fit my hybrid strategy.
- Maybank 2 platinum cards AMEX – 5% cashback (RM1,000 spending)
Petrol, accommodation, telco, Grab (weekends only) - Maybank Islamic Ikhwan American Express Platinum Card-i – 8% cashback (RM625 spending)
Government transactions and online spending – Lazada, Shopee - AFFIN DUO Visa Cash Back – 3% cashback (RM1,000 spending)
E-wallet reload and insurance auto-billing - Alliance Bank Visa Infinite – Filler card for everything else
Food, accommodation, parking, meta ads top-up etc. Anywhere that doesn’t accept AMEX.
These 4 cards make up my hybrid strategy. If you’ve got any ideas or suggestions that will help, please feel free to comment and let me know how I can improve and up my credit card game. Would genuinely love to be able to improve and let everyone know at the same time.
If you’re exploring credit cards, you might also be interested in Premier Banking in Malaysia. Discover the best Premier Banking options from Malaysian banks here.
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