Maybank has introduced the Maybank Visa Signature credit card to Malaysia, and hopes to issue 20,000 of the premium card in the first year. The Maybank Visa Signature card is Malaysia’s first credit card to offer both cash back on a daily basis as well as flexibility to convert bonus points, called Treats, into cash, Maybank said.
|Source: Maybank. From left: Ng Kong Boon; B Ravintharan, Head, Cards Group, Community Financial Services Maybank; Tolan Steele, Group Country Manager, Visa; Hamirullah Boorhan and Victor Kaw, Head, Cards Malaysia, Maybank.|
Maybank Head of Consumer Financial Services Malaysia, Hamirullah Boorhan said that the Bank has identified demand from the high-end mass-affluent customer segment for a card that falls between the platinum and super-premium card range.
“Customers in this segment would typically have an annual income of between RM100,000 – RM180,000,” he said. “They are highly discerning, and value most a cash back feature as well as the option to convert their loyalty points into cash, on top of the usual redemption alternatives of gifts, products and services, vouchers, or airline loyalty miles.
Ng Kong Boon, Visa Country Manager, Malaysia said: “Malaysia’s affluent class continues to grow, creating a need and business opportunity for both Visa and its banking partners to introduce a product that caters to the special requirements and lifestyle of this new segment of affluent consumers.
"Visa is proud to be working with Maybank to drive innovations in payment technology in the country, in line with the Malaysian government’s e-payment vision as laid out in its Economic Transformation Programme."
Added Hamirullah, “The premium card market is one which is still showing strong growth of some 20% in billings annually,” he said. “Premium card holders typically spend an average of eight times more than that of classic cardholders.”
The Maybank Visa Signature comes with rewards such as :
- 5% cash back for their petrol and grocery transactions every day, capped at RM88 per month
- 5x Treats points for overseas transactions
- Customers can obtain cash back of RM1 for every 250 points
- Annual fee waiver in the first year. Automatic annual fee waiver is also applicable from the second year onward subject to a pre-set minimum annual spend
- Complimentary The Valet Club parking privileges for the first 12 months
- Unlimited Plaza Premium Lounge access for all lounges in Malaysia