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Cash Back Credit Card

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Did you know that there’s a credit card that can help you tackle your debt while helping you earn rewards on the side? Cash back credit cards are ideal for cardholders looking for valuable rewards on everyday spending.

These financial tools can convert each purchase to uncapped cash back rewards, allowing you to start saving every time you use your credit card. A cashback credit card is a particular type of credit card that will enable you to turn your expenditure into savings by giving some of your money back.

Every time you use your card, you earn a certain percentage of the spent amount back. Typically, financial institutions offer cashback credit cards with features such as monthly limit and percentage on the maximum rebate amount you can claim each month.

However, these features differ from issuer to issuer, and you should always read the terms and conditions before applying. Many cardholders looking for a way to rebuild credit consider getting a cash back credit card in Malaysia because it allows them to earn a significant amount per annum.

Cash rebate credit cards allow users to turn their spending into extra profit by earning cashback on transactions they make per month. Aside from offering cashback on multiple spending categories, such credit cards don't expose the cardholder to an annual fee and offer various additional benefits and incentives.

With a chance to earn cash back on every purchase, you can pump extra money into your credit card account and continue earning bonus cash on all expenditures you make with your card. Cashback cards allow you to earn money rebates for the amount you spend every month up to a limit set by your card issuer.

You can combine rewards to maximize savings and access more benefits, such as unlimited cash back on groceries, petrol, travel insurance up to a pre-defined amount, no annual fee, dining, and more.

However, you should be familiar with the most prominent cash rebate features to understand how to use your cashback credit card.

Every cash-back credit card comes with features such as:
  • A minimum spending requirement – all cash rebate credit cards have minimum spending requirements you must follow to earn your rewards. These range from a pre-set number of swipes and the minimum spending limit per month/week to making a certain number of purchases. For example, Citi Cashback Mastercard gives up to 10% cash back on groceries, petrol, Grab, and dining, but only if you fulfill the minimum monthly spending requirement.
  • Maximum cash rebate limit – It is a monthly cap set by the card issuer that defines the maximum cash rebate you can earn every month. Let's take Citi CashBack Mastercard as an example. The card offers a 10% rebate on dining. You're still entitled to your rebate reward if your bill reaches a monthly limit.
  • Cashback rate – a percentage of savings you will earn from your cash rebates. Assuming that the cashback rate is up to 10%, you gain an extra RM50 on the dinner spend of RM500.
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The cashback rate will depend on your per-month expenditure if you opt for a card issuer with a tiered cash rebate structure. The more you spend, the more you earn in rebates.

However, you can't earn more cash back than a monthly cap on specific categories, such as petrol, dining, and groceries. In most cases, card issuers offer unlimited rebates on online transactions.

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When opting for an ideal cash back credit card that can meet your specific needs, there are many factors to consider. First, you need to think about where you spend your money.

Then, there's also the amount of your typical everyday spending. Different spending categories qualify you for different rebate rates.

Here are the most common spending categories that qualify you for cash rebates:

  • Entertainment
  • Petrol
  • Groceries
  • Online and retail shopping
  • Local and overseas retail
  • Utilities
  • Mobile transactions
  • Miscellaneous
  • Dining

Most card issuers offer cash rebates on categories like grocery, dining, retail shopping, entertainment, and petrol. However, card issuers offer different terms and conditions regarding how much you can earn per month and category. Check your monthly expenditure to ascertain which categories match your spending.

Card issuers offer multi-tiered rebate rates that can go up to 15% depending on the financial institution. Although a high cashback rate might look good to you, we recommend thinking twice before applying. A credit card could offer top rebate rates but for categories that don't match your spending habits.

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Here's our list of the best cashback credit cards by spending categories to help you choose the one that suits your buyer persona.

  1. Cash Rebate Credit Cards for Gas
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    • Hong Leong Wise Visa Card (RM15 monthly cap) – weekend-only up to 8% rebate when you spend RM500 and above per month on gas, dining, online, and groceries.
    • Maybank Islamic MasterCard Ikhwan Platinum Card (RM50 monthly cap) – 5% rebate on gas and groceries and 1 TreatsPoint for every RM1 spent on travel, dining, and groceries locally and overseas.
    • Public Bank Patron Visa Gold (RM50 monthly cap) – 5% rebate on gas and non-gas transactions at Petron service station.
  2. Cash Rebate Credit Cards for Groceries
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    • HSBC Amanah MPower Platinum Credit Card-i (RM15 per category monthly cap) – up to 8% rebate for RM2,000 and above spent on Touch-N-Go transactions, petrol, and groceries.
    • Maybank Islamic MasterCard Ikhwan (RM50 monthly cap) – earn up to a 5% rebate on petrol and groceries every Friday and Saturday, including TreatPoints on travel, dining, and retail shopping.
    • UOB YOLO Visa (RM30 monthly cap) – up to 5% on utilities, travel, dining, online transactions, entertainment, petrol, and groceries.
  3. Cash Rebate Credit Cards for Dining
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    • Citi Cash Back Mastercard (RM10 per category monthly cap) – up to 10% rebate on Grab, groceries, petrol, and dining with Citi Cash Back Mastercard when you spend RM500 and above.
    • Maybank Islamic MasterCard Ikhwan (RM50 monthly cap) – earn up to a 5% rebate on petrol and groceries every Friday and Saturday, including TreatPoints on travel, dining, and retail shopping.
    • UOB YOLO Visa (RM30 monthly cap) – up to 5% on utilities, travel, dining, online transactions, entertainment, petrol, and groceries.
  4. Cash Back Credit Cards for Other Categories in Malaysia
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    • Public Bank Quantum Visa (RM20 monthly cap) – up to 5% on utilities, travel, dining, contactless transactions, entertainment, gas, and groceries.
    • AEON Big Visa Gold (RM100 per month) – up to 2% rebate on overseas and online transactions, 5% rebate on gas every Sunday, 2% rebate on overseas and online entertainment, and 2% cash back on dining, travel, and utilities.
    • Alliance Bank Visa Signature (uncapped) – up to 5% on other retail transactions, online shopping, dining, gas, and groceries.
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FAQ

A credit card is a convenient tool for people to pay for purchases today, offering many perks and rewards that can add up to more savings for the cardholders.

Today, consumers often use credit cards as payment for their purchases since they are convenient and often come with benefits and incentives that can result in additional discounts for cardholders. With a wide variety of these cards with various advantages, you might ask how to pick the ideal one for your financial needs. We have collected the following FAQ to enable you to understand the most relevant questions regards credit cards, including user conditions, interest rates, and primary payment terms.

Here’s a short guide LOANPANDA has compiled to help you understand the credit card requirements, interest rates and basic payment terms.

Most cash rebate credit cards offer the benefit of no annual fee. However, some cards like Public Bank Visa Classic Credit Card and AEON Classic Visa card include a per annum fee. It's advisable to read the terms and conditions before applying.

Unfortunately, supplementary cashback credit card users do not qualify for cashback rewards. However, some cashback credit cards allow principal users to combine all expenditures made with a supplementary card to get complimentary access to cash rebates.

If you have such a credit card, you can amass cashback when an owner of a supplementary card uses it to make everyday purchases.

The timeline for weekend cashback typically beings at midnight on Saturday and ends on Sunday before midnight.

However, the timeline varies from one institution to another. Read the terms and conditions to see how your card issuer manages your cash back rewards.

Not all credit card transactions are created equal. Some transactions are eligible for cash back, while others will be excluded from the rebate category.

The transactions that don't qualify for rebates include charity payments, social services, transactions toward government agencies, taxes, charges, fee payments, Easy Payment Plan transactions, cash advances, and balance transfers.

Card issuers will process the cash rebates you earn for the month until the due date of the current month. They calculate cashback a day before the statement date and show your rebates on the statement for the next month.
Yes, you can find your cashback on your credit card statement.
You qualify for cash back by applying for a cash back credit card, making monthly purchases to accrue the benefit, and redeeming your rebates through your financial institution.
You must make a monthly spend of at least RM500 or above to qualify for cash back.
A cash rebate or cash back is a benefit that credit card issuers offer to cardholders to allow them to get back some of the money they spend with their cards. When you spend on your everyday items, you get a percentage of that money back into your account.
You should consider signing up for a cashback credit card if:
  • You always cover your card's balance in full every month;
  • You want to avoid paying an annual fee;
  • You want to earn cashback on your transactions without any interest charges.
No, you can't get rebates on all spending categories. Every card issuer covers a unique range of spending categories that qualify the cardholder for cash back rewards.
You have multiple redemption options for redeeming your rewards, such as:
  • Check in the mail
  • Direct deposit to your savings or checking account
  • Statement credits
  • Gift cards
  • Travel points

Some card issuers allow you to redeem your rewards as points. Each point is worth one cent. If you have a card with up to 10% cash back on groceries, you can get up to 10 points for every dollar spent at eligible retailers.

A tiered bonus category is a cashback reward that offers rewards on all purchases (typically rewards of up to 5%) along with additional benefits for fixed bonus categories, ranging from 2% to up to 1o% cashback on travel, dining, etc.
In Malaysia, there are no cash rebates for spending less than RM500 per month.
If your account closes for any reason or you have bad standing, you may lose your rewards. Most financial institutions don't let cash back expire over time. Check on the terms regarding your cashback with your card issuer.
The two most typical redemption scenarios include the following:
  • When you want to make an extra purchase with your cashback money;
  • When your credit account reaches a high balance.
Since you must use your card to spend on everyday items to earn cash back, cash rebates aren't free money.
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