Maybank World Elite Mastercard

Last Updated: 9/11/2024

Recommendation: Very Poor

Annual Fee

RM800
Waived with RM80,000 Spend

Airport Lounge Access

16X Access
International Lounges
1 Guest

Annual Income

RM190,000 per annum

Airline Miles Earn Rate

Local: 0.2 MPR

Overseas: 0.5 MPR

Payment Network

Review | Maybank World Elite Mastercard

The Maybank World Elite Mastercard quickly became one of the most talked-about credit cards in the latter half of 2024, with anticipation building as early as 2023. Now that Maybank has finally launched this card—albeit in a somewhat understated fashion—it’s time to see how it measures up in today’s competitive premium card landscape.

At a glance, the Maybank World Elite Mastercard targets high earners with its significant RM190,000 annual income requirement. Yet, despite this exclusivity, it may leave potential cardholders underwhelmed.

It's worth noting that all previous holders of the Maybank World Mastercard which I've also reviewed here, have been automatically converted to the Maybank World Elite Mastercard, meaning that those who previously applied for a RM100k annual income credit card essentially got upgraded to a RM190k annual income credit card, with its annual fee unchanged.

On the flip side, it also meant that from a commercial standpoint, Maybank is unlikely to raise the annual fees further, as it would certainly see a barrage of card cancellations from existing Maybank World Mastercard holders.

The airline miles accrual rates fall short of expectations, and many benefits are restricted by caps and conditions. In fact, the standout feature of this card is its lounge access, which, while impressive, feels isolated amid a long list of otherwise modest benefits.

Air Miles Conversion

The Maybank World Elite Mastercard offers a local spend earn rate of 0.2 miles per ringgit (MPR), but falls short by not including spend accelerators or bonus categories, like dining multipliers, which have become standard features with competitors such as UOB and CIMB.

Instead, Maybank has opted to lump all local spend into a single bucket—a traditional but increasingly outdated approach among Malaysia’s points-based credit cards.

What’s more, Maybank has effectively raised the minimum spend threshold required to accumulate TreatsPoints (its proprietary rewards currency). In contrast to the Maybank Visa Infinite, which awards 2X TreatsPoints per RM1 spent, the World Elite Mastercard awards 10X TreatsPoints per RM5 spent.

At first glance, this might seem similar, but the difference lies in the fine print: only transactions of RM5 or more earn points, meaning any spend below RM5 yields zero TreatsPoints. This shift marks a significant devaluation in the points structure and is likely the first instance of such a change in Malaysia, though it has appeared in Singapore before.

One might argue that this threshold increase won’t impact most transactions, as many credit card purchases typically exceed RM5. However, every ringgit counts. With convenience stores like 7-Eleven and MyNews now accepting credit card payments for small-ticket purchases, you’re now unable to maximize points accrual on minor purchases—a benefit that cardholders have come to appreciate.

The situation becomes even more complex with how Maybank rounds down TreatsPoints accrual based on RM5 multiples. This structure means any spend that falls between RM5 multiples will be rounded down, further reducing your potential points. For instance, a RM99 purchase at UNIQLO would yield points as if you spent only RM95, causing you to lose points on the remaining RM4.

While these differences may seem negligible in isolation, they add up significantly over time. With these points restrictions, cardholders could see thousands of TreatsPoints foregone over the course of a year, impacting the overall value proposition of the Maybank World Elite Mastercard.

When it comes to overseas spending, the Maybank World Elite Mastercard unfortunately ranks among the weakest performers in the market. Despite the World Elite branding, which typically targets high spenders, this card falls short in delivering value for international travelers. Positioned between the UOB Zenith World Elite and CIMB Travel World Elite, the Maybank World Elite Mastercard’s rewards pale in comparison.

For example, the UOB Zenith World Elite paired with the UOB Visa Infinite or UOB PRVI Miles Elite delivers an impressive 1.35 miles per ringgit (MPR) on overseas spend. Meanwhile, the CIMB Travel World Elite offers a respectable 0.67 MPR, especially valuable for premium frequent flyer programs like Avios and Emirates Skywards.

In comparison, Maybank’s 0.5 MPR on overseas spend is a serious disadvantage, making it a less compelling choice for those seeking strong international rewards.

In fact, even compared to sub-RM100k credit cards, the Maybank World Elite Mastercard falls significantly short against its competitors. Here, I’ve benchmarked the miles per ringgit (MPR) rates specifically for KrisFlyer Miles, as it’s unlikely that any savvy consumer would choose to convert their bank points to Enrich Miles over more valuable options like KrisFlyer or Asia Miles.

Benefits Galore? Not Really.

Having established the Maybank World Elite Mastercard’s disappointing performance in key metrics, let’s examine the headline benefits that have been the main selling points for this card. One of the most publicized perks is the “Buy 1 Free 1” Business Class ticket to London or Paris on Qatar Airways. This benefit has garnered significant attention online and among peers, and it’s easy to see why—until you look at the fine print.

First, the ticket offer is limited to a first-come, first-served basis. Second, cardholders must spend at least RM250,000 by October 8, 2025, to qualify. Lastly, the promotion only applies to the base fare, meaning taxes and airport surcharges are still borne by the cardholder. For those familiar with Qatar Airways Business Class fares to London or Paris, the taxes and fees alone represent a significant portion of the cost. This makes it hard to justify spending RM250,000 simply to access this offer, which, at best, serves as a “nice-to-have” rather than a defining benefit.

For comparison, consider the launch of the CIMB Travel World Elite, which offered 10X Bonus Points on local spending—effectively translating to a competitive 1 MPR on Qatar Airways Privilege Club. With a return Business Class ticket to London costing around 140,000 miles, a spend of RM280,000 would secure two return tickets, assuming availability. This promotion, unlike Maybank’s, was purely time-based, avoiding any first-come, first-served limitations, making it a more straightforward and achievable offer for cardholders.

The complimentary one-night stay offered by the Maybank World Elite Mastercard is a reasonable perk, though it falls short compared to the UOB Zenith World Elite, which provides a much wider selection of hotels. Similarly, the CIMB Travel World Elite typically features seasonal hotel stay offers. In the past, CIMB has included Marriott hotels in Bali and Phuket, and currently, they’re offering a three-night complimentary stay at Club Wyndham Asia in Bali or Phuket with a minimum monthly spend of RM10,000.

While Maybank’s offer of a complimentary night is appealing, especially with the “stay one night, get one night free” structure, it simply doesn’t measure up to the more extensive and flexible options available through UOB and CIMB.

Airport Lounge Access

When it comes to airport lounge access, the Maybank World Elite Mastercard truly excels. This card grants 16 lounge visits annually, with 12 passes for the Plaza Premium Lounge Network and an additional 4 for the Travel Club Lounge network. For a more detailed breakdown, I’ve previously covered the lounge benefits of this card in-depth, though I’ll recap key points here.

One unique aspect of this offering is the semi-annual split: the 16 visits are divided into 8 per half-year period. This means that if you exhaust your 8 visits in the first half of the year, you’ll need to wait until July to access the remaining passes.

A major advantage of the Maybank World Elite Mastercard is its access to the Plaza Premium First lounge, arguably the top lounge in KLIA Terminal 1 at the moment. Previously, only CIMB credit cards granted entry to Plaza Premium First, so while it’s a notable perk for Maybank cardholders, CIMB cardholders might feel disappointed as this addition has increased lounge crowding—though it remains less crowded than the adjacent Plaza Premium Lounge.

While the card also offers access to Travel Club Lounges, these lounges generally offer a more modest experience compared to Plaza Premium. Consequently, cardholders may find limited appeal in using these lounges if superior options are available.

Final Thoughts

The Maybank World Elite Mastercard arrives with high expectations but, in many ways, struggles to deliver a compelling value proposition. While the card carries a prestigious “World Elite” label and a hefty income requirement, it falls short in key areas where affluent cardholders typically seek value.

The local and overseas spending earn rates are notably uncompetitive, especially in comparison to other premium cards that offer accelerated miles and points on specific categories. The overseas MPR of 0.5 pales beside options like the UOB Visa Infinite, UOB PRVI Miles Elite and CIMB Travel World Elite, which offer higher returns and more flexible rewards conversion, making the Maybank card less appealing for frequent travelers looking to maximize miles.

Similarly, the headline benefits, such as the “Buy 1 Free 1” Qatar Airways Business Class ticket, reveal limited real-world value upon closer examination. With a high spend threshold, limited availability, and exclusions on taxes and fees, this benefit feels more like an added bonus than a true advantage for cardholders.

On the positive side, the lounge access feature stands out as one of the few areas where the Maybank World Elite Mastercard shines. With annual access to Plaza Premium lounges and exclusive entry to the Plaza Premium First lounge at KLIA, this benefit adds a touch of exclusivity for frequent flyers. However, the split access structure and growing crowds may limit the overall appeal of this feature, especially for CIMB cardholders who previously enjoyed a less crowded experience.

In summary, while the Maybank World Elite Mastercard has some attractive perks, they are overshadowed by restrictive terms, uncompetitive earn rates, and benefits that don’t quite justify the RM190,000 income requirement. For high-net-worth individuals, other cards in the market offer more robust rewards and a clearer path to value, making this card feel more like a missed opportunity than a true game-changer in the premium card segment.

Be sure to check out my Enrich Ultimate Guide, KrisFlyer Ultimate Guide, Asia Miles Ultimate Guide and my Ultimate Guide by Spending Categories to find the best credit card that suits your needs for airline miles in Malaysia.