Maybank Reduces Reward Points Multiplier For Grab Mastercard Platinum Credit Card
Maybank has announced a revision to its rewards system for the Maybank Grab Mastercard Platinum Credit Card, its partnership product with e-hailing giant Grab launched in 2020. The updated benefits will unfortunately see a significant reduction in how many points users of the card can earn from their spending, especially those who regularly use the Grab app.
Currently, those who use the card in the app can earn 5x GrabRewards points for every RM1 spent, including reloads for GrabPay Wallet. With the revised system, in-app spending will only see users getting an equal amount of points with every RM1 spent, effectively reducing rewards by a whopping 80% for this category.
Spending on e-commerce, cross-border, and overseas purchases will also be taking a huge hit. While Maybank Grab Mastercard Platinum Credit Card users have been able to earn twice as many points for every RM1 spent on these types of purchases, the bank is slashing this to only one GrabRewards point for every RM3 spent.
The revision standardises the aforementioned categories with other local spends, cutting the number of points earned by over 83%. All these changes to the credit card’s benefits will take place starting from 1 April 2023 for both existing and new users.
For now, Maybank isn’t changing the other rewards features for the card. You can still earn one point for every RM3 spent in Malaysia and for new users, the bank will still reward 1000 GrabRewards points as a welcome gift along with RM50 worth of vouchers if you spend a total of RM300 in the Grab app within the first 45 days of the card’s approval date.
Additionally, activation of the credit card will automatically bump your Grab membership to the Platinum tier for six months and it has a lifetime fee waiver, although there is an annual RM25 service tax. Last week, Grab also unveiled a membership programme that allows customers to earn points when shopping at Jaya Grocer.
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