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Maybank Family & Friends Card Review: 8% Cash Rebate on Everyday Spends

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Have you ever been in a situation where you want to buy a toy for your child or maybe a brand new television so that you can watch the latest episode of your favourite show in ultra HD? And right before you actually pay for either of these you feel your monthly expense sheet slowly creeping up on you?

Well, it happens to the best of us. It goes without saying that Singapore is an expensive city to live in. And almost all of your expenses are necessary. So, why not make the most of it, right? With the right cashback credit card, you can make sure you’re always getting a decent amount of cash back from your spends.

We’re taking a look at the Maybank Family & Friends Card today, to see how ‘friendly’ this card is!

Related: Best Cashback Credit Cards

Who is this card for?

  • Those who spend a majority of their monthly income on groceries, transport, food, and books.
  • Singapore residents who frequently cross the causeway into Malaysia

What are the features of the Maybank Family & Friends Card

Maybank Family & Friends Card
Benefits
  • 8% cash rebate on transport, groceries, and at selected merchants with min. S$1,000 spend per calendar month
  • Or, 5% cash rebates with min. spend of S$500 per calendar month
  • Welcome gift of Samsonite Orfeo Luggage worth S$420.
Principal card annual fees S$180 before GST (3-year fee waiver)
Supplementary card annual fee Free
Minimum income S$30,000 (Singaporean or PR) / S$45,000 (Malaysian) / S$60,000 (Foreigner)
Interest-free period 20 days
Interest rate per annum 25.90%
Minimum monthly payment 3% or S$20 (whichever is greater)
Cash advance fee 5% or S$15 (whichever is greater)
Foreign currency transaction fee 2.5%
Stolen card liability S$100
Late payment fee 5% of min. payment due or S$80 (whichever is greater)

1. Up to 8% cash rebate on everyday essentials

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Source: Maybank website

With a minimum spend of S$1,000 in a calendar month, you get 8% cash rebate each time you spend S$1 at Cold Storage and FairPrice, on your public transport transactions, on fast food spends, at theme parks, and on health and wellness transactions.

So, what happens if you don’t meet this spend criterion? Well, one of two things can happen.

1. Earn 5% cash rebate on your spending:

Let’s say that you were able to spend S$700 in particular calendar month. While you won’t be eligible to earn the 8% rebate since you spent between S$500 to under S$1,000, you will earn a cash rebate of 5%.

Another point to note is the way in which the rebate is posted to your account. In the month of your spending, you will earn the base cash rebate of 0.3% per S$1. Now, depending on which spend criterion you have met, the remaining 7.7% or 4.7%, will be credited to your account the following month.

It is also important to remember that both the 8% cash rebate and 5% cash rebate is capped at S$600 each year. So, the minute you reach this cap, you go back to earning the base cash rebate. It could be 3 months or 10 months.

Read: 10 Best Cashback Credit Cards for Grocery Shopping in Singapore

2. Earn the base cash rebate of 0.3% on all your spends

If you don’t meet the S$1,000 or S$500 spend requirement, you will earn the base cash rebate of 0.3% per S$1.

You will earn this rebate amount once you have reached the S$600 cap on 5% or 8% rebate as well. So, a good rule of thumb would be to spend anywhere between S$7,500 (8% cash rebate only) to S$12,000 (5% cash rebate only) each year. In reality, however, the rebate you earn will be a combination of both of these rebates. So, make sure that the minute you hit the S$600 cap, you switch to a different card.

Here’s a snapshot of how you can save with the Maybank Family & Friends Card:

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Source: Maybank website

How can you make sure you’re maximising the cash rebate from the Maybank Family & Friends card?

Having to meet a minimum spend of S$1,000 each month might be challenging for some of us. But since your S$600 cash rebate is capped per year, not monthly, a simple way to ensure you always get 8% cash rebate is to top up your spends by buying FairPrice vouchers.

If you really wanted to, you could even buy S$7,500 voucher of FairPrice vouchers at a go and get your full rebate! It could be hard to finish spending, but it’s not impossible!

2. Welcome gift: Samsung Orefo Luggage

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Source: Maybank website

Every card issuer has their own take on welcome gifts. With Maybank, the welcome gift is applicable only if you fulfil the following conditions:

  • You need to apply for the Maybank Family & Friends Credit Card and any other Maybank credit card.
  • You also need to apply for CreditAble – Maybank’s personal line of credit.
  • You then need to either charge S$500 to any one of your cards or withdraw S$500 from your CreditAble account within the first two months of approval.

This is only if you are a Singapore citizen or Permanent Resident. If you are a foreigner, you need to apply for the Maybank Family & Friends Credit Card and any other Maybank credit card and charge S$700 to either of the cards within the first two months of card approval.

What else do you get with the Maybank Family & Friends Card?

  • With Maybank Family Plus, you can earn 3x interest on the first S$30,000 of your child’s savings when you put your money in an iSAVvy Savings Account, save in Youngstarz, and when you use your Maybank Family & Friends Card

Here’s a snapshot from the website detailing how you can save and earn more:

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Source: Maybank website

  • Enjoy complimentary single trip service at Quayside for you and 1 travelling companion. In addition to this, you also get 30% off on JetQuay Gateway Services and JetQuay Jetside Services.
  • Enjoy cash rebates not just in Singapore, but at selected merchants in Malaysia as well.
  • Enjoy dining, retail, beauty, health and wellness, travel, and entertainment deals not just in Singapore and Malaysia, but also in Indonesia and the Philippines.
  • Use Samsung Pay and enjoy mobile payments across retailers in Singapore.

Check out: The Top VIP Airport Lounges in the World and How You Can Get Access

Final thoughts on the Maybank Family & Friends Card

The cash rebate on grocery purchases is one of the highest among credit cards in Singapore. Furthermore, there is no monthly cash rebate cap on individual categories (unlike the BOC Family Card or Citi Cash Back Card). You could really front load your spends and max out the 8% rebate.

The other merchants to earn 8% cash rebates are quite limited, and we find that many other cards can offer you an easier way to earn rebates.

If you really wanted to get this card for 8% rebates on your grocery spend, a good idea would be to apply for two credit cards and the personal line of credit, and then buy at least S$1,000 in FairPrice / Cold Storage vouchers in the first month. That’ll let you get the Samsonite Luggage and the 8% cash rebates!

The Maybank Family & Friends Card is light on your pocket with respect to the annual fee. And if the participating merchants are your go-to merchants in Singapore and in Malaysia, what are you waiting for?

You may also like:

  • HSBC Advance Card Review: Get up to 3.5% Cashback on All Purchases
  • BOC Family Card Review: Still the Best Cashback Card in Singapore?

The post [Infographic] 6 Things to Learn About Money from Warren Buffett appeared first on algo investing.

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