Credit cards are often labelled as one of the main factors contributing to debts and bankruptcies. However, this is only because of the mismanagement of spending by individuals. Most of them just spend recklessly as they believe they can always pay back later and they eventually end up in massive debts. This should not be the way! Conversely, credit cards should be a financial tool to help us save some money when it is used carefully. Our daily expenses are inevitable after all, so why not benefit from the cashback or points redemption feature to get some “discount” for every spending?
In this article, we will explore the best cashback credit card and their benefits for your comparison. We have done a comparison of credit cards and hand-picked the best two options for different income segment.
Click here to learn more on ways to better manage your spending!
Mass Segment
In mass segment, average income earners will have lower spending power. Many of the credit cards only offer greater encashbacks when we spend more than RM 2,000 every month and these are not suitable to the mass segment. Remember not to force yourself to spend just to get the rebates!
After detailed comparison, we found that the MACH Hong Leong credit card is the best choice for the mass segment currently. Mainly tackling your daily lifestyle, there are a range of categories to choose from – dining, groceries, health&fitness, movies mobile and more.
Although you are only allowed to select one of the package entitled for cashback, you can add additional package for a small fee of RM5 per quarter. If you get to save more than RM5 cashback for the package, it is definitely a wise move! Do click here to their official website.
Here are the product features for your reference:
UOB One Visa Platinum card is the next best credit card for the mass segment. This card will be more suitable for those who usually goes out during the weekends as they offer higher cashback if you spend on weekends – 8% cashback on movie tickets, 5% on petrol and 2% on groceries and mobile plans.
On top of that, you will get up to 10% cash back at participating UOB SMART$ merchants. Do click here to their official website.
Here are the product features for your reference:
Affluent Segment
As for the affluent segment, people in this segment will either have higher spending power or mandatory high monthly expenses. For example, those with big family, entrepreneurs, salesperson and more. There are many credit cards that offer great rebates when we spend more and we have hand-picked the 2 best cashback credit card for this segment. However, we remind again that you must not force yourself to spend just to get the rebates!
We found that the Hong Leong Wise card is offering the best cashback for the affluent segment currently. All you need to do is to spend a minimum of RM 2,000 retail transaction in a calendar month and you will enjoy 10% cashback up to RM 100 every month on your chosen categories.
On top of telecommunication, you are required to select 2 categories that entitles for the cashback. Select the category that you spend most every month to maximize your savings. However, do note that the annual fees for this card cannot be waived in any way. Do click here to their official website.
Here are the product features for your reference:
Standard Chartered Just One Platinum card is the next best credit card for the affluent segment. This card offers cashback only for petrol, online purchases and auto-bill payments (Insurance, Telco and Utilities). Therefore, if you spend more on these categories, this is the card for you.
Other than the mentioned categories, you will get 0.2% cashback on all other transactions. This card has an advantage as Standard Chartered has many participating merchants across Asia and you get to enjoy exclusive discounts from these merchants Do click here to their official website.
Here are the product features for your reference:
There you go! This is not a paid advertisement as FINPosts is a strictly neutral party which aims to deliver only the best financial recommendations for our readers. Do shoot us an email if you have better alternatives or suggestions and we would be more than thrilled to share your thoughts with others on our site. Stay tune for our next exciting post!
Do subscribe for our free weekly money tips and occasional mystery gifts!
