Top 10 Cashback Credit Cards in Malaysia

Top 10 Cashback Credit Cards in Malaysia

A cashback credit card is a type of credit card that gives you a certain amount of your spending back in the form of cash rebates. Some credit cards offer a percentage of cashback from all your general retail spending. Others focus on specific Merchant Category Codes (MCCs), so you might see the bank classify your spending under different cashback categories. Popular cashback categories include retail, food & groceries, petrol, dining, e-wallet, and online spending.

Some credit cards, especially cobranded ones, are designed to encourage you to spend more with the brand that's partnered with the bank, offering more cashbacks as a result. These cards often act as loyalty program cards for the brand itself, using cashback on spending as a way to attract more customers and encourage higher spending. There are also credit cards that give extra cashback on certain days of the month, like weekends, to capitalize on higher retail spending during those times.

Although it might seem straightforward to calculate how much cashback you receive from your spending, banks these days set spending thresholds by MCC and total spending to determine the cashback rate, making the calculation more complicated than usual. The cashback you get largely depends on the type of spending, so choosing the right card is important to maximize your cash rebates. You can use DuitHub's reward estimator tool to calculate your cashbacks.

To help you choose the best cashback credit cards, we’ve selected the top 10 cashback credit cards from all Malaysian banks. We considered the amount of cashback, the required spending, and how likely you are to meet the spending criteria to maximize your rebates.

10. UOB EVOL Credit Card

Potential cashback per month: RM50

Coming in at number 10 is the UOB EVOL credit card. Unlike other credit cards you’ll see in this article, this card doesn’t focus on specific MCCs but rather on merchants and specific spending categories. Cardholders who spend over RM2,000 receive 8% cashback on sustainable merchants, including L’Occitane, Kiehl’s, MAC Cosmetics, Origins, and The Body Shop. Spending on online merchants, entertainment (such as Netflix, Spotify, etc.), and contactless parking receives 5% cashback, all capped at RM50 per month. Cardholders spending less than RM2,000 get the same cashback rate, but the total cashback per month is capped at RM30.

9. Standard Chartered Bank Simply Cash Credit Card

Potential cashback per month: RM60

The Standard Chartered Bank Simply Cash credit card offers decent cashbacks on petrol, e-wallet, food & groceries, and dining. This credit card has two tiers of spending thresholds. If your total spending is RM2,500 or more monthly, you get a 15% cashback rate, capped at RM60 per month. However, if you’re spending below RM2,500, the cashback rate is only 0.5%, capped at RM12.50.

8. UOB One Platinum and UOB One Credit Card

Potential cashback per month:

• UOB One Platinum Credit Card: RM60++
• UOB One Credit Card: RM40++

The UOB One Platinum and UOB One Credit Card are among the most popular cashback credit cards, especially for new working adults due to the easy entry requirement. For the UOB One Platinum Credit Card, if you spend more than RM1,500 monthly, you can receive 10% cashback with a monthly cap of RM15 in four categories: petrol, food & groceries, dining & restaurants, and Grab spending. If you spend less than RM1,500 per month, you only receive 0.2% cashback in the above categories. Additionally, all other retail spends in categories not mentioned above grant you 0.2% unlimited cashback.

For the UOB One Classic Credit Card, the cashback structure is the same but with lower spending requirements and cashback amounts. Cardholders need to spend above RM500 to qualify for RM10 cashback (10% rate) in each of the four categories. Spending below RM500 receives 0.2% cashback.

This card is suitable for young adults, as the UOB One Platinum Credit Card requires an annual income of RM48,000, while the UOB One Credit Card only needs an annual income of RM24,000. The cards target young adults by offering cashbacks on categories such as Grab. With a low spending requirement, the UOB One Platinum Credit Card’s cashback rate is a decent 4% (RM60/RM1500 spending).

7. Hong Leong Wise Gold Credit Card

Potential cashback per month: RM60++

The Hong Leong Wise Gold Credit Card used to be the most popular cashback credit card back in the 2010s, offering decent cashback without high spending requirements. This card rewards cardholders with an 8% cashback rate, capped at RM15 monthly, in petrol, online, food & groceries, and dining & restaurants. However, the 8% cashback only applies to weekend transactions. For weekday transactions, the cashback rate is 1%. To qualify for the 8% cashback, you need to spend RM500 or more monthly in each of the four categories. For categories not mentioned above, all spending receives unlimited cashback of 0.25%, also subject to spending more than RM500 monthly.

6. Maybank Visa Signature Credit Card

Potential cashback per month: RM88

At number 6 is the Maybank Visa Signature Credit Card. This is the only hybrid rewards credit card (rewarding both cashback and airmiles) on our list. With a decent 5% cashback rate and a monthly cap of RM88 for any spending amount, you just need to spend RM1760 to get RM88 cashback. However, the cashback only applies to petrol and groceries spending. Additionally, you get 5x TreatPoints for overseas spending and 1x TreatPoints for all local spending. 20,000 TreatPoints can be converted to 1,000 Enrich Miles Points.

5. Muamalat Bank Visa Infinite Credit Card

Potential cashback per month: RM150++

The Muamalat Bank Visa Infinite Credit Card rewards the highest cashback in terms of the absolute amount of cash. It offers 1% cashback on e-commerce spending, capped at RM100 per month, and 0.5% cashback on contactless spending, capped at RM50 per month, plus 1% unlimited cashback on overseas spending. However, this card ranks lower on the list because it requires an annual income of more than RM300,000, even though it comes with a lifetime annual fee waiver. To be frank, getting the RM150 cashback isn’t easy as you need to spend RM10,000 on e-commerce and RM10,000 on other contactless spending.

4. AEON Visa/Mastercard Gold Credit Card