Maybank has announced an update to the benefits of its Maybank Grab Mastercard Platinum credit card, revising the amount of GrabRewards Points that can be earned for every RM1 spent within the Grab app, as well as on e-commerce, cross-border, and overseas purchases. Set to take effect starting from 1 April 2023, this revision will see its current effective return rate – which can hit as high as 6.5% – affected.
At present, Maybank Grab Mastercard Platinum cardholders are able to earn a rewarding 5x GrabRewards Points for every RM1 spent on purchases made in the Grab app (including GrabPay e-wallet reloads) and 2x Points for overseas, e-commerce, and cross-border transactions. Meanwhile, other eligible local transactions will net them 1x GrabRewards Points for every RM3 spent.
Come 1 April, however, the highest 5x points multiplier for Grab-related transactions and 2x points for overseas, e-commerce, and cross-border purchases will both be revised to 1x GrabRewards Point. Here’s a table to summarise this update for your convenience:
Expenditure Existing earning rate Updated earning rate (1 April 2023 onwards) Purchases made in the Grab app (including GrabPay e-wallet reloads) 5x GrabRewards Points for every RM1 spent 1x GrabRewards Point for every RM1 spent E-commerce, cross-border, and overseas purchases 2x GrabRewards Points for every RM1 spent 1x GrabRewards Point for every RM1 spent Other eligible local transactions 1x GrabRewards Point for every RM3 spent 1x GrabRewards Point for every RM3 spent
As you can expect, the effective return rate of the Maybank Grab Mastercard Platinum card will be affected with this latest update. We’ve highlighted before in our review of the card that it is actually possible to earn an effective return of 6.5% by using it exclusively to top up your GrabPay e-wallet (5% effective return rate), and then spend via GrabPay with GrabUnlimited (1.5% effective return rate).
Of course, this is the best-case scenario where you maximise all the perks available within the Grab ecosystem. Following this update, even this best-case scenario will mean earning an effective return rate of 2.5%.
Aside from this, there are no changes to the other existing benefits of the Maybank Grab Mastercard Platinum card. You will still enjoy a welcome gift of 1,000 GrabRewards Points upon card activation, in addition to RM5 GrabRide vouchers (5x) and RM5 GrabFood vouchers (5x).
Similarly, the minimum income requirement remains unchanged at RM24,000, and the card is still free for life.
(Source: Maybank)
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