TOP Cashback Credit Cards to get in Malaysia in 2024

I was researching for a cashback credit card.

There were a lot of funny requirements like: categories, spending requirements, annual fees, and minimum income requirements. Some cards were limited to very specific categories like for petrol only. Some cards needed to have a minimum spend of RM2,000 before you can utilise the full cashback. Some cards had somewhat high annual fees like above RM200 per year. 

I was looking at a cashback rate of more than 5%. The card also has to give a lot of cashback for a wide range of categories (not only in one category: e.g. petrol). Then the card has to have a low spending requirement like below RM1,000, to capitalise on the maximum cashback. 

If your income is about RM2,000 per month or totalling up to RM24,000 per annum, then let me introduce you to: Hong Leong Wise Gold Card and UOB ONE Card.

Hong Leong Wise Gold Card

You’ve to spend a minimum of RM500 per month accumulatively in any of the categories: Online, Groceries and Essentials, Petrol, and Dining, and Others.

Then there is a difference in cashback between weekdays spend and weekend spend. If you spend on weekdays, you get to enjoy 1% cashback. If you spend on weekend, you get to enjoy 8 times more cashback which is at a rate of 8%, so it’s 8% cashback. 

UOB One Card

Under this UOB ONE Card, there’s the ONE Classic Card and ONE Platinum Card. We’re going to focus on the ONE Classic Card.

So like the Hong Leong Wise Gold Card. You need to meet a minimum spend of RM500. If the RM500 spend is met in petrol, groceries, dining, and grab, you can collect up to 10% cashback. This is definitely higher and more than the 8% cashback from the Hong Leong Wise Gold Card.

Calculations

If you foresee yourself spending more than RM300 in each category or more than RM1,000 per month. You might want to get and utilise both cards to the max to enjoy the maximum cashbacks.

Let’s do some simple calculations.

Let’s say it’s Saturday. You and your family go out to the mall for a nice family outing. On the way to the mall, you stop by a petrol station to pump some petrol. Then in the mall, you had dinner and bought some groceries at the supermarket. While window shopping, you ordered some things online.

So here’s the breakdown if you had used the HLB Wise Gold Card on weekend #1 and then let’s say the UOB One Card on the following weekend – weekend #2.

On weekend 1, if you had spent RM187.50 in each of the categories, you’ll earn the maximum RM15 cashback at a 8% cashback rate. Summing it up, you’d have spent RM750 and gained in return RM60 cashback. 

On weekend 2, if you had spent RM100 in each of the categories, you’d have earned the maximum RM10 cashback at a 10% cashback rate. Summing it up, you’d have spent RM500 and gained in return RM40.20 cashback. 

You can also watch the full video on YouTube below here.