I have several articles drafted about the newly launched AmBank Enrich Visa Credit Cards, and I plan to dive into each one separately given the abundance of details to discuss. If you missed my first impressions article, make sure to check it out here. It compiles most of the information you’ll need to make an informed decision about whether this card is right for you.
Most of the emails I’ve been receiving concern local spending with the AmBank Enrich Visa Credit Cards—and for good reason. The majority of us spend primarily within our own country rather than abroad. Are these new credit cards worthy of being your go-to choice for local expenditures? Let’s dive in and take a closer look.
AmBank Enrich Visa Infinite
The AmBank Enrich Visa Infinite offers a Miles Per Ringgit (MPR) of 0.33 on local spending. Let’s compare this with other credit cards within the same annual income bracket.
Significantly, the AmBank Enrich Visa Infinite boasts a superior base MPR compared to many competitors in the RM100,000 annual income range. However, it falls short of the Alliance Bank Visa Infinite and Visa Platinum, both of which offer a 0.53 MPR on local spending via E-Wallets.
A key advantage of the AmBank Enrich Visa Infinite is its lack of discrimination against different local spending merchant categories; you earn 0.33 MPR regardless of where you spend.
This is generally beneficial, unless you predominantly spend in a specific merchant category. For instance, if 90% of your monthly expenses are on dining, you might find better value with credit cards like the UOB Visa Infinite or the CIMB Visa Infinite, which offer 0.55 and 0.4 MPR on dining, respectively.
It’s important to note that spending patterns vary greatly among individuals, making it misleading to declare the AmBank Enrich Visa Infinite the best card for local spending across the board.
AmBank Enrich Visa Platinum
The AmBank Enrich Visa Platinum offers a 0.25 Miles Per Ringgit (MPR) on local spending. Let’s compare it to other credit cards in its annual income bracket.
As illustrated above, the AmBank Enrich Visa Platinum provides less than half the local MPR offered by the Alliance Bank Visa Platinum, which is quite generous at 0.53 MPR on local spending via E-Wallets—a rate it shares with its higher-tier counterpart, the Alliance Bank Visa Infinite.
Even the Hong Leong Bank Sutera Visa Platinum outpaces the AmBank card in terms of MPR for local expenditures, including E-Wallet reloads. A notable drawback of using the Alliance Bank cards for local spending, however, is the exclusion from credit card-specific promotions.
For example, while Starbucks offers a 15% discount for Alliance Bank credit cardholders, this discount is only applicable when swiping the card directly at the terminal, which would yield a lower MPR of 0.2 for the Alliance Bank Visa Platinum.
Capping on Local MPR Rates
A vital detail to note about both the AmBank Enrich Visa Infinite and AmBank Enrich Visa Platinum is that their local MPR rates are capped at 43,000,000 Enrich points or until 30 June 2025, whichever occurs first. Let’s break down what this means in practical terms.
Consider this scenario: by the end of July, there are 5,000 cardholders for the AmBank Enrich Visa Infinite, each with a minimum annual income of RM100,000, equating to a gross monthly income of about RM8,333. If each cardholder spends RM5,000 locally per month, this generates 1,650 Enrich Miles per cardholder. Collectively, 5,000 cardholders would accumulate 8,250,000 Enrich Miles monthly. Hence, the 43,000,000 Enrich Miles cap could be reached within just 5-6 months.
However, several variables could influence this outcome:
Growth in the number of cardholders each month.
Variations in spending amounts among cardholders.
Contributions from AmBank Enrich Visa Platinum cardholders, which were not included in the initial calculation.
Given these factors, it’s plausible that by the end of 2024, the MPR rates might be reduced to lower, downgraded rates. How do the AmBank Enrich Visa Infinite and Platinum cards stack up against competitors after this downgrade?
From the visual comparisons above, it’s apparent that both cards become less appealing for local spending after the rate reduction. Additionally, it’s important to remember that AmBank’s terms specify that certain merchant categories, including E-Wallets and petrol transactions, are ineligible for earning any Enrich Miles.
Which Merchants have MCC 6540? As of July 2024, Refined Points identifies the following merchants under Merchant Category Code (MCC) 6540, which typically pertains to transactions involving stored value card purchase/load:
ShopeePay
BigPay
TNG E-Wallet
Setel
Boost
WeChat Pay
GrabPay
Final Thoughts
As always, it’s essential to weigh the pros and cons of each new credit card that hits the market. Since the release of the AmBank Enrich Visa credit cards, there’s been a flurry of influencers encouraging applications. It's worthwhile to consider whether these applications benefit the introducer or the applicant itself, if you know what I mean.
It’s important to note that Refined Points does not provide referral links or directly urge you to apply for any credit cards. I am committed to maintaining this independence; my blog is a labor of passion, and I do not earn from it.
Despite this, as mentioned in my recent email to subscribers, applying for the AmBank Enrich Visa Platinum might be wise. It offers a free-for-life no annual fee structure, and there’s a particularly compelling feature of the card that hasn’t been widely discussed yet—more on this soon.
Stay tuned to Refined Points for further insights on the AmBank Enrich Visa credit cards, and don’t forget to consult my Enrich Ultimate Guide to compare the best credit cards in Malaysia for earning Enrich miles.
