Earn More with Cashback Credit Cards

What Is a Cashback Credit Card?

A cashback credit card helps you save money by returning a portion of your spending as cash rebates. However, cashback is usually subject to a percentage rate and a monthly cap on the maximum amount you can earn.

Since cashback cards can help you save hundreds of Ringgit annually, it's no surprise that many Malaysians seek out the best options to maximize their savings.

How Does a Cashback Credit Card Work?

A cashback credit card refunds a small percentage of your spending back into your account. To make the most of it, it’s important to understand key features, such as:

• Cashback RateThis refers to the percentage of cashback you earn from each purchase. For example, the UOB ONE Card offers a 10% cashback rate on dining. So, if you spend RM100 on a meal, you’ll get RM10 back.
• Maximum Cashback Amount (Monthly Cap)Earning cashback doesn’t always mean unlimited savings. Most cards set a cap on how much cashback you can receive per month. Using the same UOB ONE Card example, even if your dinner bill is RM150 at a 10% cashback rate, you’ll still receive only RM10 if that’s the monthly limit.
• Minimum Spending RequirementsSome cashback credit cards require you to meet certain spending conditions, such as a minimum monthly spend, a required number of transactions per month, or cashback eligibility only on specific days or at certain merchants.

What to Consider When Choosing a Cashback Credit Card?

The best cashback card for you depends on your spending habits. Key factors to evaluate include:

• Cashback CategoriesCommon categories that qualify for cashback include petrol, shopping, dining, utilities, and groceries. However, not all cashback credit cards cover the same categories, so it’s important to choose one that aligns with your monthly expenses.
• Tiered Cashback RatesSome credit cards offer tiered cashback structures, where different spending amounts qualify for varying cashback rates. These cards are designed to attract users by offering higher cashback rates for larger expenditures.

Which Spending Categories Qualify for Cashback?

The most common spending categories eligible for cashback include:

• Groceries
• Dining
• Retail & Online Shopping
• Petrol

However, some Malaysian banks also offer cashback on:

• Entertainment (e.g., movies & concerts)
• Local & overseas retail purchases
• Utility bill payments
• Telecommunication (tel co) bills
• Insurance premium payments
• Miscellaneous expenses

By selecting the right cashback credit card based on your spending patterns, you can maximize your savings and get the most out of your purchases.

Best Cashback Credit Cards in Malaysia

• 
  1. UOB ONE Card
  Offers up to 10% cashback on petrol, dining, selected groceries, and Grab transactions when you meet the minimum monthly spend requirement (RM500 for ONE Classic and RM1,500 for ONE Platinum). For other retail spends or if the minimum spend isn't met, a 0.2% cashback applies.
• 
  2. RHB Shell Visa Credit Card-i
  Provides up to 12% cashback on Shell fuel purchases, with the cashback rate varying based on your total monthly spending. Additionally, enjoy cashback on groceries and dining.
• 
  3. Maybank Islamic PETRONAS Ikhwan Visa Platinum Card-i
  Rewards users with cashback when spending at PETRONAS stations. The card also offers exclusive PETRONAS benefits and has a lifetime annual fee waiver.
• 
  4. Standard Chartered Simply Cash Credit Card
  Offers up to 15% cashback on combined spending categories, including groceries, dining, petrol, and e-wallets, with specific monthly spending requirements and cashback caps.
• 
  5. AEON Platinum Visa
  Provides cashback benefits on various spending categories, including groceries and retail purchases at AEON stores.