Skip to main content

Changes to Maybank Family & Friends Card from 1 Jan

In my previous post The best credit card for my new house renotion, I have compared some credit cards that I currently own and chosen the Maybank Family & Friends card as the best credit card that I would use for my new home's spending. Today I received an email from Maybank regarding some updates to the Maybank Family & Friends Card Cashback Programme starting from 1st January next year. Let's take a look.


What have changed?

RevisionsDescription
Cashback Awarding for selected cashback categories and additional bonus categoryTier 1: Up to 6% cashback with a minimum spend of S$800 per month (capped at S$20 per category)

Tier 2: Up to 8% cashback with a minimum spend of S$1,600 per month (capped at S$30 per category)
Base cashback0.22% cashback on all other spend
Eligible Merchant Category Codes (“MCC”) in selected cashback categories
  • Commute (previously “Transport”)
    MCC 4111, 4121, 4789, 4112, 4131
  • Automotive (previously “Pharmacy”)
    MCC 5541, 5542, 5532, 5533, 5599, 7531, 7535, 7538, 5552
Renaming of
cashback categories
  • “Data Communication & Online TV Streaming” to “Telco & Streaming”
  • “Pharmacy” to “Automotive”
  • “Retails & Pets” to “Kids & Pets”
  • “Transport” to “Commute”
Source: Maybank website

Downgrade of reward for $800 monthly spending

They are going to introduce two reward tiers for $800 and $1600 monthly spending respectively effective next year January.
Compared to the current 8% cashback & cap at $25 per spending category, the cashback would be reduced to 6% and a lower cap of $20 per spending category. For the original 8% cashback, one would need to spend $1600 per month instead, which for singles like me is very hard to achieve, I probably really need my family and friends' spendings in order to hit that amount. I wished there's a Travel category as their Transport category does not include airfare purchases.

Speaking of the Transport category, they are going to exclude SimplyGo transactions, which means it is going to be harder to hit the minimum spending requirement. By the way, they are going to rename "Transport" to "Commute" that ironically excludes the payment transactions of the common public commutes (Simply-No-Go soon).

The website also states that they are renaming the "Pharmacy" category to "Automotive". I thought instead of renaming, maybe a total category change sounds more like it. For "Automotive", its eligible merchant codes under Mastercard are MCC 5541, 5542, 5532, 5533, 5599, 7531, 7535, 7538, 5552. Click here for the Mastercard reference sheet. Pharmacy-related merchant codes no more.

As a prudent credit card user, my considerations in choosing a credit card are:
  1. What's the % cashback it offers (I don't go for the reward points system)
  2. What's the minimum per month spending needed to get the cashback reward
  3. Which are the qualifying retailers or categories of spending 
  4. Any need for consecutive 3 months minimum spending to get rewarded
If there's too many hoops to jump through, then I will rather not switch from my good o' simple UOB Absolute Cashback Amex card (which offers a flat 1.7% cashback with no spending requirement). 

Thanks for reading!

Get a $10 Fairprice e-voucher when you sign up on the Trust bank app using my referral "8E73GQZ6" and start earning up to 3.5% p.a. interest rate on your deposits.

Get $20 bill rebate with TUAS power when you sign up with my referral code "RCPKNX4".

Do check out my other referrals here for more sign up bonuses.

🤗
Labels:

Comments

Post a Comment

Popular posts from this blog

Reflections for year 2024

2024 has been a relatively peaceful year. So peaceful that I have read countless novels and other books, met my sports buddies almost every weekend and picked up horticulture. Physical and mental health As we say, health is wealth. I have stuck fairly consistently with my exercise regime and tried to include more fruits and vegetables in my meals (although I eat out more and cook less these days). My weight, BP and cholesterol levels are doing ok. For those 40 years and above, remember to get your  subsidized health screenings from the government . Working less and meeting up with friends more contributed to an improved mental health. I see that the government has stepped up on initiatives in the community but work place initiatives from employers still seemed lackluster, especially for those who can't WFH and need to commit 44 hours or more a week at frontline work. I have also started a Gratitude journey to celebrate all my little life milestones. Financials Investment wise ...
Post a Comment
Read more

The best credit card for my new house renovation

As updated in my previous post, I have finally bought my own place. For the past few months I have been busy coordinating with various contractors and vendors for my house renovation. As I am still on A flexi work schedule, I decided to be my own ID. With only a simple renovation plan in mind, I set my reno budget at $20,000 (aircon & fixtures inclusive). The renovation process and acting as my own ID were not as easy as I thought. It took me about a month to gather and compare quotations from different contractors and another few weeks to finalize all the things that I need my chosen contractor to do. I eventually settled for a main contractor who specializes in carpentry work but also provides painting, tiling and electrical services. I have grossly underestimated the amount of defects that need fixing for this resale flat. Fortunately, the floor tiles and some of the existing built-ins are still in good condition so I kept them, otherwise I would have burst my budget. The first ...
Post a Comment
Read more

Shit happens and I lost my low-hanging fruits

My POSB SAYE account just hit its 25th month —the much-anticipated “month of maturity.” I was all ready to enjoy the 3.5% bonus interest I’d patiently saved for… only to receive a measly $17+ cash gift instead of a few hundred dollars. I was about to send a message to query the bank what caused this interest drop versus what I have gotten on the 13th month. Confused, I double checked my account history and— gasp! —found a single $50 transfer I’d made to a joint account in one of the past months. I hadn’t even realized that I’d chosen the SAYE account as the fund transfer source. For those unfamiliar with the T&Cs of POSB SAYE: “To receive the additional 3.5% p.a. Cash Gift Interest, ensure that you do not make any withdrawal from your POSB SAYE account.”   “If a withdrawal is made in the month, this will result in the previously accumulated additional 3.5% p.a. interest to be forfeited.” Yes, one tiny transfer = months of bonus interest gone . Even depositing it back the...
Post a Comment
Read more