E-wallets

Maybank: No more rewards, cashback for e-wallet top-ups

Maybank is putting an end to double-dipping endeavours of smart consumers. The leading bank announced that it is ceasing rewards and cash back for e-wallet top-ups with its payment cards effective next month.

In recent years, Malaysia has seen a proliferation of e-wallets. The rise in e-wallet providers also mean increased competition. And this inevitably means more rewards being offered by e-wallets to entice consumers. Rewards come in various forms but the most popular being cashback for transactions.

Savvy consumers double-dip by reloading their e-wallets with their credit or debit cards. Hence, they’d reap rewards (usually in terms of reward points) from their respective payment cards, as well as cashback or other rewards from e-wallets.

Unfortunately, in a rather brief and concise official statement on the Maybank website, the bank has announced that previously available rewards and cashback for e-wallet top-ups will be ceased effective 8 July 2019. This means you won’t be able to collect TreatPoints, Membership Rewards Points, Treats AirMiles and cashback.

This applies to all Malaysian third party e-wallets.

Prior to this, Maybank 2 Cards Gold and Platinum AMEX cardholders enjoy 5X TreatPoints and a five percent weekend cash rebate for every MYR1 spent.

It’s a blow to Maybank customers. That said, there are other ways to reap rewards for the savvy. For instance, topping up e-wallets like Boost or GrabPay with BigPay for AirAsia BIG points and so forth.

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VIA RinggitPlus

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