JUNE 17 — Even though Malaysians enjoy some of the cheapest fuel prices in the region, the amount of time we spend on the road each day means that a big chunk our monthly travel expenditure is spent on fuel (those dreaded peak-hour traffic jams don't help either!) Of course, we can't control fuel prices that are updated every week, but one sure thing we can do is to get a petrol cashback credit card.
A petrol cashback credit card gives you a percentage of cashback when you spend on fuel or in some cases, on general items at petrol stations. If you’re a frequent driver, you’ll definitely be spending on petrol whether you like it or not – so why not get yourself a credit card that will ensure you get a little of that spending back? Here are some of the best petrol cashback credit cards in Malaysia.
Maybank Islamic Petronas Ikhwan Visa Gold Card-i
Cashback: 8% for Petronas spend on weekends, 1% on weekdays Monthly cap: RM50 Annual fee: Free for life Minimum income requirement: RM30,000 per year (RM2,500/month)
The Maybank Islamic Petronas Ikhwan offers 8% cashback on all retail spend at Petronas stations on weekends and a lower rate of 1% from Monday to Friday. If Petronas is your fuel brand of choice, the generous 8% rate with no minimum spend requirement makes it a rewarding cashback credit card. The weekend requirement becomes a minor issue when you consider how much cashback you can earn. If you spend around RM300 on petrol each month, you’ll earn RM288 in cashback in just one year with this card - that’s almost one month’s worth of fuel!
As the Maybank Islamic Petronas Ikhwan doesn’t offer cashback for any spending outside Petronas stations, it’s a good example of a straightforward credit card you would use just to earn cashback for petrol. However, if you do use your Ikhwan card for other purposes, you’ll get 1x TreatsPoints for every RM1 spent – except at government bodies, Petronas stations, or other petrol stations.
There is also a Platinum variation of the Maybank Islamic Petronas Ikhwan, which offers the exact same benefits as the Gold but has a minimum income requirement of RM60,000 per year.
Maybank Islamic MasterCard Ikhwan Gold Card-i
Cashback: 5% on petrol and groceries every Friday and Saturday Monthly cap: RM50 total cashback Annual fee: Free for life Minimum income requirement: RM30,000 per year (RM2,500/month)
The Maybank Islamic MasterCard Ikhwan Gold-i also offers 1 TreatsPoint for every RM1 spent locally and overseas (except for spending on government bodies). With no minimum spend requirement to enjoy the cashback benefits and a lifetime annual fee waiver, the Maybank Islamic MasterCard Ikhwan is set to give you a steady cashback return each month – provided you keep your spending to the two designated days of the week.
Those who earn RM60,000 per annum and above can opt for the Maybank Islamic MasterCard Ikhwan Platinum-i, which shares the same benefits as its Gold counterpart. Alternatively, you can consider getting the Maybank Visa Signaturewhich also offers 5% cashback on petrol and groceries, but at a higher cap of RM88 per month.
Citi Cash Back Credit Card
Cashback: 10% on petrol, groceries, dining, and Grab every day Monthly cap: RM10 for petrol Annual fee: RM120 (waived for first 3 years) Minimum income requirement: RM36,000 per year (RM3,000/month)
The Citi Cash Back Card offers 10% cashback on four categories, with a cashback cap of RM10 per category. This credit card has the advantage of offering a high rate of cashback every day of the week with no restrictions on where you fuel up. However, the RM10 cap makes it less suitable for those who spend more than RM100 on petrol monthly. It’s a better option for those who don’t need to fuel up as much, but still want a card with a high petrol cashback rate.
Do note that there is a minimum spend requirement of RM500 a month in order to be eligible for the 10% cashback rate. All the same, this amount shouldn’t be too difficult to reach especially if you are using this card across all categories to achieve the maximum cashback returns each month. There is also a Citi Cash Back Platinum variant that comes with a higher cashback cap, but the minimum spend requirement for the Platinum is much higher at RM1,500 a month.
Hong Leong Wise Gold
Cashback: 10% cashback on two selected categories of spending (petrol is an option) Monthly cap: RM100 total cashback Annual fee: RM250 Minimum income requirement: RM24,000 per year (RM2,000/month)
Hong Leong Wise offers cashback on three categories. One of the categories is pre-selected (mobile), but you can choose the other two from a list of nine options. So, if you choose petrol as a category, the Hong Leong Wise becomes a rewarding petrol cashback credit card with a high rate and high cap that can be used to get cashback on other spending too! You’re also free to use it every day of the week and at any petrol station.
Like with all good things, there is a catch – you’re required to spend a minimum of RM2,000 a month to be eligible for cashback. While this may be no problem for those with higher commitments, it is definitely a bit much for fresh graduates or lower-income earners. The Hong Leong Wise Gold also has a hefty annual fee of RM250 a year with no waivers.
The Hong Leong Wise comes in two variants, Gold and Platinum. As the Hong Leong Wise Platinum has the exact same benefits but with a higher annual fee of RM300, it would probably be wiser to opt for the Gold instead.
AffinbankBHPetrol 'Touch & Fuel' MasterCard Contactless
Cashback: 10% for BHPetrol spend on weekends, 2% on weekdays until 30 Nov 2019 Monthly cap: RM50 Annual fee: RM150 (free for the first year) Minimum income requirement: RM24,000 per year (RM2,000/month)
The AffinbankBHPetrol ‘Touch & Fuel’ MasterCard Contactless is an interesting choice because it technically isn’t a cashback credit card. The Touch & Fuel card is actually a rewards credit card, but Affin Bank is currently running a campaign which offers 10% cashback on BHPetrol spend on weekends and 2% on weekdays. You can get up to RM50 in cashback per month under this cashback campaign.
With no minimum spend requirement, a high cashback rate, and decent cashback cap, this campaign makes the AffinbankBHPetrol ‘Touch & Fuel’ MasterCard a more than worthy petrol cashback contender for those who pump at BHPetrol stations. The campaign runs until 30 November 2019 and it is uncertain whether Affinbank plans to renew or extend it – so if you are planning to get this credit card, you should do so now before the campaign comes to a close. The annual fee is waived for the first year.
Maybank 2 Gold Cards
Cashback: 5% on weekends Monthly cap: RM50 Annual fee: Free for life Minimum income requirement: RM30,000 per year (RM2,500/month)
The ubiquitous Maybank 2 Cards can also be used a petrol cashback card; the 5% on all retail spend offered by the American Express half of the pair applies to petrol transactions too. For those of you who didn’t know, the Maybank 2 Cards come as a pair consisting of the Maybank 2 American Express Card and the Maybank 2 MasterCard/Visa. The American Express offers 5% cashback on weekends and 5x TreatsPoints on weekdays, whereas the MasterCard or Visa offers 1x TreatsPoints on all expenditure.
If you’re looking for a general cashback and rewards credit card that can give you cashback on your weekend petrol transactions, this is definitely a solid choice. The Maybank 2 Cards are free for life, but as they come in a pair you'll have to pay double SST for the two cards. If you earn more than RM60,000 a year, you can opt for the Maybank 2 Platinum Cards; they are also free for life but come with the added benefit of complimentary travel insurance.
UOB ONE Card
Cashback: 5% on weekends, 1% on weekdays Monthly cap: RM200 for petrol Annual fee: RM68 per year Minimum income requirement: RM24,000 per year (RM2,000/month)
The UOB ONE Card is a great weekend petrol credit card as it offers 5% cashback on weekends at all petrol stations with no minimum spend. With a cashback cap of RM200 just for petrol, it has the most generous cap out of all the credit cards listed here. Besides giving cashback for petrol, the UOB ONE Card also offers decent rates on cinema (8%), groceries (2%), and telecommunication (2%) spending on the weekends, with a lower rate of 0.2% for weekday spend and all other retail.
You could also go for the UOB ONE Platinum, which offers the same cashback rates as the UOB ONE Card but with higher monthly cashback caps for each category. However, given that the cashback caps are more than adequate under the UOB ONE Classic, you may want to save RM100 in annual fees each year and opt for the Classic over the Platinum instead.
Standard Chartered JustOne Platinum MasterCard
Cashback: 0.2%–15% on petrol, online purchases, and auto-bill payments Monthly cap: RM12–RM85 total cashback Annual fee: RM250 per year (first year free, waived with RM20,000 annual spend subsequently) Minimum income requirement: RM36,000 per year (RM3,000/month)
The Standard Chartered JustOne Platinum MasterCard offers different rates of cashback depending on how much you spend in a month. The cashback rates for JustOne Platinum are as follows:
| Monthly spend | Cashback rate | Monthly cap |
| RM0 – RM999 | 0.2% | RM12 |
| RM1,000 – RM1,499 | 5% | RM12 |
| RM1,500 – RM2,499 | 10% | RM28 |
| RM2,500 and above | 15% | RM85 |
As such, you’d have to spend at least RM1,000 each month on your JustONE Platinum in order to get an at least decent cashback rate for your petrol expenditure – but at that tier, the cashback cap is quite limiting considering how much you would have to spend. Therefore, the Standard Chartered JustOne Platinum Card is best for those who use this card to pay all the bills and online shopping as well as petrol expenses, thus unlocking the most worthwhile cashback returns.
A petrol credit card for everyone
Yes, we may have shortlisted the best petrol credit cards on the market, but when it comes to choosing a card for yourself, you’ll have to look at your own usage patterns an spending habits in order to select the right one. Some people don’t like fueling up on only one fuel brand or on certain days of the week, so don’t go for a card that has these conditions if you don't think you can follow the card's cashback conditions.
Besides that, always remember that one of the best ways to maximise your cashback returns is to have different cashback cards for different purposes (if you’re able to manage it). When picking your credit card for petrol cashback, don’t forget to consider what other areas of your expenditure you can get cashback for – and plan your cashback credit card arsenal with this in mind.
*This article was brought to you by RinggitPlus.com.
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