Offers Malaysia’s 1st credit card to offer unlimited cash rebates of a minimum 1% for all spending
By LYDIA NATHAN / Pic By HUSSEIN SHAHARUDDIN
Malayan Banking Bhd (Maybank) is collaborating with the American Express Co (AmEx) to launch the American Express Cash Back Gold Credit Card, paving the way to being Malaysia’s first credit card to offer unlimited cash rebates of a minimum 1% for all spending.
Maybank head of community financial services Malaysia Datuk Hamirullah Boorhan said the new card aims to meet the needs of the market, currently one that prefers upfront cash savings.
“Our various customer segments have different preferences with some finding cash-back incentives more suited to their lifestyle as it offers them the ability to save even more,” he told reporters at the launch yesterday in Kuala Lumpur.
Hamirullah said the bank will be targeting 20,000 new customers via the card within a year, with a sum of RM160 million worth of spending on the card for the same time period.
The main targeted segment will be customers that earn minimum RM30,000 annually.
The credit card offers cash back of 1% for local spending and 1.5% rebate for overseas spending, with no minimum spend required or cap on amount of cash back offered.
New card members will also enjoy a welcome bonus of an additional 5% cash back for up to RM100 in the first three months of enrollment until February 2018.
“Maybank currently has a credit card base of 1.9 million customers and continues to grow positively,” he
“The combined billings of credit cards grew 5% year-on-year (YoY) in the industry, while Maybank’s expanded 6.2% YoY with RM3 billion worth of billings per month.
“After the cash back to customers, our revenue is about 0.5%-1% from all card transactions,” he said.
Maybank is also behind the push of moving into the cashless system following the government’s national agenda, believing that this new card is a testament toward innovation and productivity for better customer service.