Alliance Bank has given us some pre-CNY bad news, as a whopping 50% devaluation of its Air Miles conversion is taking place. Note that this is only effective 15 March 2024, and hence, you'll still have time to convert your precious TBP to Enrich Miles before the deadline. I previously recommending the Alliance Bank Visa Infinite credit card in replacement of the CIMB e Credit Card. You can read my blog post here. With that being said, let's dive into whether the Alliance Bank Visa Infinite Credit Card still deserves a spot in your wallet after the devaluation.
Previous Air Miles Redemption
As I've written in my review of the Alliance Bank Visa Infinite nearly two years ago, Alliance Bank offers 1 Airline Mile for every RM1.25 spent. This is of course assuming you take full advantage of the 8X TBP earning rate, by only spending your card on the categories that earn you such said amount. To recap, Alliance Bank offers 8X TBP for spending on Online Shopping Transactions and E-Wallet reloads.
New Air Miles Redemption (Effective 15 March 2024)
Let's break down the figures step-by-step:
Alliance Bank now offers 1,000 Enrich Miles for every 15,000 TBP earned. To earn 15,000 TBP, you'll need to spend:
RM1,875 on Online Shopping Transactions or E-Wallet Reloads
RM3,000 on Groceries, Overseas Transactions and Dining
RM15,000 on all other transactions.
Assuming you are able to acquire all 15,000 points via the 8X category, this means that you are essentially earning 1 Airline Mile for every RM1.875 spent.
This translates to a whopping 50% devaluation for Enrich Miles! While that might seem like a significant devaluation, its unfortunate that this is the direction that the air miles redemption market is heading into. We've seen plenty of devaluations recently, particularly from Maybank and CIMB, so its no surprise that Alliance Bank is finally devaluing it's air miles redemption after two years.
Final Thoughts
Alliance Bank will devalue its Enrich Miles and Airasia Points redemption rates beginning 15 March 2024. You'll still have about a month left to convert your points before this new rate takes place. Based on my own research, the Alliance Bank Visa Infinite credit card still remains the best credit card to earn Enrich Miles for now. Understandably, you're limited to the spending cap of RM3,000 imposed to earn 8X TBP per month, but that's all you honestly need to get out of this credit card. Remember, as I've mentioned countless times, the Alliance Bank Visa Infinite is not meant to be your daily driver (a.k.a. the credit card you use for all your transactions). It's only meant for you to take full advantage of the E-Wallet reload 8X TBP system so that you can maximize the amount of Enrich Miles you earn each year.
