Review | Maybank 2 Cards Premier
The Maybank 2 Cards Premier has long been esteemed in the credit card sector, historically recognized as the premier choice for accruing airline miles with its outstanding benefits.
However, a series of management changes have altered the landscape, and the card’s reputation no longer reflects its illustrious past. This decline is evident through frequent devaluations and a perceptible shift in handling loyal customers—developments that mark a disappointing downturn in Maybank’s credit card strategy.
As we delve into this review, it’s worth noting that this is my third comprehensive update in just six months. The necessity for multiple revisions underscores the critical perspective I offer on the current value of this credit card.
Air Miles Conversion
In this update, I will focus on the current state of the Maybank 2 Cards Premier rather than its previous highlights. Notably, the past benefit of earning 5X TreatsPoints with the American Express Reserve for local spending has been significantly reduced.
Since last year, the American Express Reserve now accrues only 2X TreatsPoints on local purchases, aligning it with the Maybank Visa Infinite, the other component of the Maybank 2 Cards Premier. This adjustment has essentially stripped the American Express Reserve of its unique advantage for local spending, especially considering its limited merchant acceptance in Malaysia.
While competitors like UOB and CIMB offer specialized bonus points for specific merchant categories, Maybank has maintained a straightforward approach by differentiating only between local and overseas expenditures.
Both cards under the Maybank 2 Cards Premier still offer 5X TreatsPoints for international spending, which begs the question: what distinct advantage does the American Express Reserve provide now, if its benefits for airline miles accrual are comparable to the Visa Infinite?
One of the remaining perks of the American Express Reserve is a discount of up to 50% on F&B dining at select restaurants in the Shangri-la Hotel Kuala Lumpur. However, when considering the annual fee of RM800, it’s hard to justify such an expense for limited dining benefits at an upscale hotel, especially when the card’s core value proposition—airline miles accrual—remains underwhelming.
Despite offering a moderate 0.5 Miles Per Ringgit (MPR) for overseas spending, the Maybank 2 Cards Premier substantially lags behind its competitors.
To illustrate, the UOB PRVI Miles Elite not only offers a superior 1.11 MPR for overseas expenses but also maintains a lower annual fee, all while having the same income requirement as the Maybank card. Heck, even the RM90,000 annual income Standard Chartered Journey Mastercard has a similar overseas MPR AND a higher average MPR than the Maybank 2 Cards Premier!
This disparity raises questions about Maybank’s current credit card strategy, especially in light of their decisions to cap TreatsPoints conversions and the noticeable erosion of their loyal customer base.
One might speculate that Maybank is preparing to launch a new credit card positioned above the Maybank 2 Cards Premier, aimed at competing more directly with top-tier cards from UOB and CIMB in the airline miles category. If such a product does not materialize soon, it might be time for consumers to reconsider their loyalty, letting their spending choices speak on their behalf.
Special Deep Dive: TreatsPoints Capping
Recent discussions have centered around Maybank's latest devaluation, effective from May 22, 2024, which occurred just three days ago. In these discussions, we've explored strategies to counteract the newly imposed cap on TreatsPoints conversions to airline miles—a measure that I previously analyzed in another article, which I encourage you to review.
The imposition of this cap appears to have been a strategic move by Maybank to prevent a mass exodus of TreatsPoints following the announcement of the devaluation on May 1, 2024.
The cap for May was reached within minutes of the announcement, leaving many customers frustrated and some even reaching out to Bank Negara Malaysia to voice their grievances. However, the likelihood of any regulatory intervention seems slim, given the legal frameworks in place.
As we anticipate the reset of the conversion cap on June 1, 2024, it's crucial to strategize. Rumors suggest that Maybank may soon launch a new premium credit card aimed at the ultra-high-net-worth segment, potentially rivaling offerings like the CIMB Travel World Elite and the UOB Zenith World Elite. If true, this card might offer more favorable TreatsPoints to airline miles conversion rates, akin to the disparities seen in UOB's card tiers.
For those considering their next steps, if the new Maybank card disappoints, I recommend converting your TreatsPoints to KrisFlyer or Asia Miles rather than Enrich Miles, given their higher valuation.
Additionally, for optimal value, consider redeeming your airline miles for long-haul international flights rather than regional journeys, as the former typically offers better mile valuations. This approach aligns with common practices in the airline industry and ensures that you maximize the potential value of your miles.
Airport Lounge Access
Airport lounge access is somewhat limited for a credit card that requires an RM100,000 annual income. Specifically, the Maybank American Express Reserve does not officially provide lounge access, although there have been unconfirmed reports of cardholders accessing American Express lounges in Australia. Please regard this information cautiously.
Full List of Lounges: Click here.
Therefore, our review of lounge benefits will focus primarily on the Maybank Visa Infinite. This card grants cardholders five lounge visits per year, but does not extend this privilege to supplementary cardholders.
While the range of accessible lounges does not compete with CIMB, which I consider the leader in this category, it does include several key regional lounges that are beneficial for frequent travelers in this area.
Be sure to check out my Airport Lounges Ultimate Guide to compare airport lounge access for various credit cards in Malaysia.
Final Thoughts
The Maybank 2 Cards Premier, once a stalwart in the airline miles landscape, has seen significant devaluations that have tarnished its former glory.
Notable downgrades include the drastic reduction in TreatsPoints accrual for local spending and the imposition of a cap on TreatsPoints conversions to airline miles, revealing a strategic move to retain points amidst sweeping devaluations. Moreover, the card’s overseas spending benefits remain uncompetitive when compared to peers like the UOB PRVI Miles Elite, which offers substantially higher miles per ringgit spent.
While Maybank’s rumored forthcoming ultra-high-net-worth card could potentially recalibrate its position in the market, the current offerings struggle to justify the RM800 annual fee, especially given the limited benefits like restricted lounge access provided by the Maybank Visa Infinite.
For current cardholders or prospective applicants, the decision to stay with Maybank hinges on future enhancements or the launch of the anticipated premium card. In the meantime, converting TreatsPoints to more valuable airline miles programs like KrisFlyer or Asia Miles and focusing redemptions on long-haul international flights could mitigate some of the recent drawbacks.
However, given the existing constraints and competitive options available, users may find better value considering alternative cards that align more closely with their spending habits and rewards preferences.
Be sure to check out my Enrich Ultimate Guide, KrisFlyer Ultimate Guide, Asia Miles Ultimate Guide and my newly published Ultimate Guide by Spending Categories to find the best credit card that suits your needs for airline miles in Malaysia.
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