• Maybank Platinum Visa Card

    Credit Card BYTES FROM OUR KITCHEN

    Maybank Platinum Visa Card

    Maybank Platinum Visa Credit Card is a cashback credit card that allows you to save money as you spend. This is an ideal starter card for single individuals as well as young families. The card comes at no annual fee and brings to you the joy of cash rebates on practically every purchase.

     Maybank Platinum Visa Card Promotion

    • Delsey Luggage Promotion - Apply for 2 Maybank Credit Cards + CreditAble and receive a set of Delsey Belfort 4-wheel Trolley (2 pieces) of 70cm and 76 cm worth S$798. You must spend and/or withdraw at least S$600 on your credit cards and/or CreditAble within 2 months from your card approval date to qualify. This promotion is applicable until stocks last and is strictly on first-come, first-serve basis.
    • Sessions – Buy 1, Get 1 free on Chilli Crab Dish worth S$55 when you spend at least S$100 at Sessions. This promotion is applicable only on dine-ins at Sessions located inside Hard Rock Hotel, Singapore. This offer is not valid on Friday and Saturday after 6 PM. This promotion is valid until June 30, 2017.
    • Paradise Group Promotion – Get an exclusive P$ Rebate of 12.5% on your food bill at Paradise Group of Restaurants. This promotion is NOT applicable on One Paradise and LeNu. This promotion is valid until December 31, 2017. This promotion is applicable at the following:
      • Beauty in The Pot
      • Canton Paradise
      • Paradise Classic
      • Paradise Dynasty
      • Paradise Hotpot
      • Paradise Teochew Restaurant
      • ParaThai
      • Seafood Paradise
      • Taste Paradise
    • Lazada.sg Promotion – Get 8% discount every Thursday and more at Lazada.sg. This promotion is valid until June 30, 2017. Blackout dates are applicable. You can get exclusive offers in the following ways:
      • 8% discount on Thursdays. No minimum purchase required.
      • New customers get S$10 discount on a minimum purchase of S$50.
    • Club 21 Promotion – Get 10% discount at Club 21 outlets as well as free-standing boutiques across Malaysia. The discount is applicable on regular-priced products. This promotion is valid until September 31, 2017. 

    Joining Benefits/Perks

    • Apply for 2 new Maybank Credit Cards and a CreditAble account and get a 2-piece Delsey Belfort 70cm and 76cm 4-wheel trolley case set worth S$798. You need to charge and/or withdraw at least S$600 to your credit cards and/or CreditAble account within 60 days of approval.

    Features Of Maybank Platinum Visa Card

    • The S$20 service fee charged every quarter will be reversed if you use your card for payments at least one in 3 months.
    • If you maintain good payment record for at least 6 months, the interest rate on your balances will only be 15% as opposed to the general rate of 24%.
    • There is no annual fee on this card for primary cardholders.
    • You can make contactless payment with your credit card using Visa PayWave.

    Cash Rebates

    • All your local purchases are eligible for up to 3.33% cash rebate. You are eligible to get this rebate when you spend at least S$300 on your Maybank credit card in a quarter.
    • You can earn up to S$100 cashback if you spend S$1,000 on your credit card in the qualifying quarter.
    • Your overseas purchases will earn you 0.3% cash rebate. This does not require any minimum quarterly transaction amount.
    • These cash rebates will be adjusted against your credit card dues.

    Benefits Of Maybank Platinum Visa Card

    • Get a chance to enter the #GentleSurprise lucky draw and win prizes including concert tickets and merchandise.
    • You are eligible for an account under Maybank’s Save Up Programme, and if you spend S$500 every month on your card, you will get an interest rate of 2.75% in the account as opposed to the usual 0.3% to 0.8% interest.

    Insurance Provided By The Card

    Using your Maybank Platinum Visa credit card to pay for the travel package and air tickets of yourself, your spouse and dependent children up to 23 years will get you a free travel insurance coverage of up to S$500,000. This insurance covers the following items

    Accidental death or Total Permanent Disability when using public transportation during your holiday Up to S$500,000
    Missed Flight Connection Up to S$400
    Luggage Delay Up to S$400
    Luggage Loss Up to S$1,000

    Instalment Payment Plans

    Maybank has 3 instalment payment plans that customers can use to spread out their credit card transactions over several months at a low interest rate. These are EzyPay, Posh EzyPay and FlexiPay. Under EzyPay, you can convert payment above S$500 at selected outlets into instalments spread out over 3 to 36 months without having to pay any interest. However, you will not be able to get any cash rebates on these converted payments. If you do not pay your instalment amounts every month, you cannot avail the zero-interest benefit, but will be charged the usual credit card interest rate on the balance. Posh EzyPay is similar to EzyPay – the 2 key differences being that this scheme is for purchases from selected luxury brand boutiques and the repayment period is 3 to 6 months. FlexiPay, on the other hand, covers payments of a minimum S$300 at any outlet, even those that do not accept credit cards. But this plan comes at an interest rate as given in the table below

    Duration Effective interest rate Processing fee
    6 months 14.02% S$30
    12 months 13.5% S$30
    24 months 16.14% S$30

    Fees And Charges

    Annual fee Nil
    Supplementary card fee Free for life (2 cards)
    Interest rate (annual) 15% (in case of good repayment record for at least 6 months)
    Late payment charges 5% of the minimum due or S$50, whichever is higher
    Cash advance fee 5% or S$15, whichever is higher
    Interest on cash advance (annual) 24%
    Interest-free period 20 days from statement date
    Quarterly service charge S$20 (waived if the card is used at least once in the qualifying quarter)

    Overseas Use Of The Card

    An administrative fee of 2.5% – 1.5% charged by Maybank and 1% charged by Visa – of the payment amount is charged on foreign currency transactions, and overseas purchases using Singapore dollar attracts a currency conversion charge of 1%.

    Cash Withdrawals

    Sometimes you need cash at a short notice, and Maybank understands this. Maybank credit card owners can withdraw cash from their credit card in 3 ways

    1. From Maybank’s local or overseas ATMs
    2. From the bank branches
    3. Through transfer of funds from the card to a bank account through Maybank’s Dial-A-Transfer service

    You can withdraw an amount not exceeding your available credit limit – for example if your credit limit is S$5,000 and your current use is S$1,000, you can withdraw up to S$4,000. You also have access to other cash advance schemes of Maybank, such as CreditAble and FlexiCash. While CreditAble is a short-term loan that allows you to borrow up to 4 times your monthly salary, FlexiCash allows you to borrow money at a low interest rate of 5.88% annually.

    How To Apply For Maybank Platinum Visa Card

    You can get your Maybank Platinum Visa Card either by visiting a Maybank branch, filling in an application and submitting the required documents, or by applying for it online through the bank’s website.

    Eligibility Criteria For Maybank Platinum Visa Card

    • Minimum age 21 years for primary cardholder, 18 years for supplementary cardholder
    • Minimum income
      • Singaporeans & permanent residents S$30,000
      • Malaysian Citizen in employment for at least 1 year S$45,000
      • Foreigners in employment for at least 1 year S$60,000

    Documents Required

    • Salaried individuals
      • Photocopy of NRIC (front and back)
      • Last 12 months’ CPF contribution history OR
      • Latest computerised payslip OR
      • Latest Income Tax Notice of Assessment AND last 12 months’ CPF contribution history OR latest computerised payslip
    • Self-employed individuals, freelancers, part-time employees
      • Photocopy of NRIC (front and back)
      • Last 2 years’ Income Tax Notice of Assessment
    • Individuals with variable pay
      • Photocopy of NRIC (front and back)
      • Last 12 months’ CPF contribution history OR
      • Latest computerised payslip OR
      • Latest Income Tax Notice of Assessment AND latest computerised payslip
    • Foreigners
      • Passport
      • Employment Pass with at least 6 months’ validity
      • Utility bill or bank statement with residential address
      • Company letter stating proof of at least 1 year of employment

    Repayments

    You will be sent a bill every month for repayment of the credit card usage, and you are required to pay at least S$20 or 3% of the outstanding balance, whichever is higher. You also have to clear any dues remaining from your previous months’ bills along with the current payment. Late payments, made after the due date will attract a late payment fee of S$50 or 5% of the minimum payment due, whichever is higher. Credit card bill payment with Maybank is an easy process, with so many options, such as

    1. At AXS Stations or AXS Station QuickBill counters at Cheers or FairPrice Xpress convenience stores
    2. At SingPost SAM counters
    3. By cash at any Maybank branch
    4. By cheque, mailed to the bank, with your credit card number as the payee
    5. Through Maybank ATMs if you have a Savings or Current account with the bank
    6. Via Maybank Cash Deposit Machines
    7. Using online banking
    8. By activating recurring Interbank GIRO transfer

    Reporting Lost/Stolen Credit Cards

    According to the Association of Banks in Singapore (ABS), your liability in case of stolen or lost credit cards is only up to S$100. This is applicable only if you have taken the following actions

    • Upon finding that your credit card has been lost/stolen/misplaced, call the bank’s customer care centre/phone banking and get it blocked immediately.
    • If the card has been stolen, register a police report and take all the legal measures required to try and get the card back.
    • You should not have been involved in the fraud in any way – either through negligence or wilful deceit.

    In order to avoid having to incur any costs on lost cards, it is important that you use your card safely and carefully at all times. Follow BankBazaar’s safety tips on online and offline use of credit cards.

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