Everyone is using cash back credit cards for so many purposes from pumping petrol, groceries shopping to dining. With the popularity of online shopping nowadays, more credit cards focus on cash back benefits for online shopping and transactions. However, do you know which cash back credit card is the best for online shopping? Let’s take a look at some of the best cash back credit cards.
RHB Visa Signature
The RHB Visa Signature provides up to 6% cash back for online entertainment and shopping, with each capped at RM30. In order to sign up, your minimum income requirement is RM80,000 per annum or about RM6,700 per month. Bear in mind that the RHB Visa Signature cash back benefits are based on tiers depending on your minimum monthly spend. The cash backs are applicable for categories like shopping of clothing, spend in departmental stores, watched and jewellery, entertainment as well as online. The lowest cash back rate is 1% if you spend from RM1,000 to RM2,499 and the highest would be 6% if you spend RM3,500 or above, monthly. Those who travel frequently will find that this card’s travel perks make up for its big spending requirements. The card offers separate tiered cashback rewards for overseas spend of up to 2% capped at RM100 in addition to the cashback for local expenditure. In addition, it gives you a 5x complimentary access to Plaza Premium Lounges in Malaysia.
Standard Chartered JustOne
For the Standard Chartered JustOne Platinum MasterCard, it provides cash back up to 15%, for petrol, online and auto-bill transactions capped up to RM85. Your minimum income have to be RM36,000 per annum or RM3,000 per month. Do take note that there is an annual fee of RM250 but will be waived with RM20,000 annual spend. The first year annual fee is free. This card offers tiered cash back that provides a different cash back rate and its cap according to your spending per month, with the highest rate going up to 15% of cash back if you spend RM2,500 or above. If you spend below RM1,000, the cash back rate is 0.2%. The rate and monthly capseems to get more rewarding as you spend more. However, if you use this card to paybills on a regular basis, it is likely that you’ll be hitting the cashback cap even without taking your online shopping into consideration. Yes, any expenditure outside of the three categories do not offer cashback but bear in mind that they do contribute to the minimum spend amount.
Public Bank Quantum Mastercard
Public Bank’s Quantum MasterCard and Visa Card come as a pair. What does this mean? The Visa gives you 5% cashback for spending on entertainment and departmental stores while the Quantum MasterCard gives 5% cashback on online and dining transactions. Both cards are capped at RM30 per month. To have such privilege, you must earn RM36,000 per annum or RM3,000 per month. There is no annual fee for life. There is no minimum of amount spendor tiered rates for this card. Hence, you’ll get cashback no matter how little you spend on the card. With a low minimum income requirement to apply andfree annual fee for life, these make it a great card to own.
Maybank 2 American Express/Visa
The Maybank 2 Cards also come in a pair, the Maybank 2 American Express and the Maybank 2 Mastercard/Visa.The Maybank 2 American Express is a cashback card that offers 5% off on all weekend spend including online transactions. As you know that American Express is not as widely accepted as Visa and Mastercard, it is recommended to check which of your preferred e-commerce websites that accept Amex cards as a form of payment. One of the reasons why this card is highly recommended is that it has no minimum spend requirement in order for you to unlock the cash back offers. Moreover, it gives a bonus of 5x TreatsPoints for every RM1 spent on weekdays. To sign up, your minimum income requirement is RM30,000 per annum or RM2,500 per month. The annual fee is free for life.
UOB Yolo
The UOB YOLO Visa offers 5% or 8% cashback for online transactions and dining; capped at RM50. To apply, your minimum income requirement is RM36,000 per year or RM3,000 per month.There is an annual fee of RM90 but will be waived with 12 swipes per year. The first year annual fee is free. The cash back tiers for this card are pretty straightforward, as you will get 5% cash back if you make 8 to 15 transactions in a calendar month and a more rewarding 8% cashback if you make more than 15 transactions.Many users regularly split their paymentsinto smaller sums to unlock the 8% tier.However, do take note that UOB caps its total cashback payout for each month to RM120,000 on a first-come, first-served basis.Cardholders are not informed when this maximum payout limit is reached.
All in all, the most important thing to do is to start thinking about your spending patterns and begin building your cashback credit card. Select a credit card that suit your spending nature will maximize the benefits offered.