Maybank has officially announced that all existing Maybank World Mastercard and Maybank Islamic World Mastercard Ikhwan cardholders will be automatically upgraded to the forthcoming Maybank World Elite Mastercard on October 7, 2024.
Typically, I’d refrain from discussing such announcements until more details emerge, but with some critical earning rates for airline miles already revealed, I believe this is a timely opportunity to provide insights for those eagerly awaiting Maybank's next move.
I know many of you were disappointed by the recent devaluation of TreatsPoints and the cap on conversion rates. As I’ve mentioned in a previous article, Maybank must rebuild the trust of its cardholders after having long been a leader in Malaysia's airline miles landscape.
Details of the Upcoming World Elite Mastercard
Let’s start with the core details.
Currently, the Maybank World Mastercard offers 5 Treats AirMiles for every RM2 spent locally (0.25 MPR) and 5 Treats AirMiles for every RM1 spent overseas (0.5 MPR). Treats AirMiles is Maybank’s proprietary point system, different from TreatsPoints, and can only be converted into Enrich Miles—limiting its value compared to the Maybank Visa Infinite, which offers the more flexible TreatsPoints.
The good news is that Maybank is simplifying its reward system. With the new Maybank World Elite Mastercard, cardholders will now earn TreatsPoints instead of Treats AirMiles, a shift that certainly aligns with customer preferences for flexibility.
However, along with this simplification comes a change in the earning rates. As of October 8, 2024, Maybank World Elite cardholders will earn 10 TreatsPoints for every RM5 spent locally and 25 TreatsPoints for every RM5 spent overseas.
To put this in perspective, this translates to 0.2 MPR on local spending and 0.5 MPR on overseas spending, assuming the standard conversion rate of 10,000 TreatsPoints for 1,000 airline miles. Unless Maybank offers a preferential conversion rate to World Elite cardholders, this represents a slight devaluation from the previous 0.25 MPR on local spending with the Maybank World Mastercard.
Another concerning aspect is the way these earn rates are structured. Maybank specifies that cardholders will earn TreatsPoints on every RM5 spent locally. This raises a crucial question: will cardholders need to spend a minimum of RM5 per transaction to earn points?
If so, purchases below RM5 might not earn any TreatsPoints—a potentially significant downside for many. Although such a condition has been implemented in credit cards in markets like Singapore, it would mark the first time a Malaysian bank has imposed such a restriction, effectively rendering small purchases point-free, which would certainly be a letdown.
As of now, Maybank hasn’t released any information on perks like lounge access, but more details will likely emerge with the card’s official launch on October 7, which is just around the corner.
It’s also worth noting that Maybank appears to be positioning the World Elite Mastercard for those with an annual income of RM100,000—the same threshold for the existing Maybank World Mastercard.
This would make it the World Elite card with the lowest annual income requirement in Malaysia, compared to competitors like the CIMB Travel World Elite (RM250,000 annual income) and UOB Zenith World Elite (RM192,000 annual income). The Emirates World Elite by Hong Leong Bank was discontinued, leaving a gap in the market that Maybank seems poised to fill.
Final Thoughts
Maybank's introduction of the World Elite Mastercard represents an intriguing step forward, but one that is not without its caveats.
The shift to TreatsPoints is undoubtedly a win for cardholders seeking flexibility in their miles redemptions, but the marginal devaluation in local earn rates and the possible minimum spend condition may leave some underwhelmed.
As we await further details, especially around travel perks and exclusive benefits, it’s clear that Maybank is attempting to balance its offering between accessibility and prestige, particularly given its lower annual income requirement compared to other World Elite cards.
Whether this move will restore cardholder trust after recent devaluations remains to be seen, but one thing is for sure: all eyes are on Maybank as October 7 approaches.
