Merry Christmas and Happy New Year!
As we wrap up 2024, it’s safe to say that this year has been remarkable for the airline miles space, with competition among Malaysia’s top banks reaching new heights. With so much to discuss, it’s crucial to ensure you’re making the right credit card choices heading into 2025.
To simplify things, I’ve divided my 2025 Credit Card Strategy playbook into two articles. In this first part, I’ll highlight key changes and strategic moves involving some of Malaysia’s top credit cards.
While I won’t be covering every single card—there’s simply too much ground to cover—I’ll focus on standout options from banks like Maybank, CIMB, UOB, and others. I’ll also share insights into what we might expect from these banks in 2025, including potential devaluations and opportunities for positive changes.
Without further ado, let’s dive in!
Recap of Key Changes in 2024
Maybank
Maybank has long been regarded as a leader in airline miles accrual, but 2024 marked a significant downturn for its credit card offerings.
Following two consecutive devaluations and the imposition of a highly restrictive TreatsPoints capping rule, Maybank cards now rank among the least competitive in the market for earning airline miles.
The Maybank 2 Cards Premier American Express Reserve and Visa Infinite, once flagship products, now offer subpar miles accrual rates and benefits that pale in comparison to lower-income-tier credit cards.
The TreatsPoints capping rule further exacerbates this decline, introducing a shared monthly quota for TreatsPoints-to-airline-miles conversions. Cardholders have reported exhausting this quota within minutes of the new month, leaving many frustrated and unable to maximize their rewards. This misstep has alienated a large segment of Maybank’s clientele, who are now exploring alternatives.
Adding to the disappointment was the launch of the Maybank World Elite Mastercard. Despite its premium branding, the card fails to deliver substantial value, offering lackluster miles accrual rates and benefits that are either impractical or overly restrictive.
CIMB
CIMB has had a mixed but ultimately impactful year, positioning itself as a serious contender in the airline miles space.
While 2024 began with the devaluation of its Travel credit cards and Bonus Points-to-airline-miles conversion rates, CIMB managed to rebound with innovative campaigns and product revamps.
The CIMB Travel World Elite, once a powerhouse with 10X Bonus Points for both local and overseas spend, saw its earning potential slashed to 2X Bonus Points locally and 10X overseas.
This was accompanied by a 50% devaluation in airline miles conversion for several major frequent flyer programs—a tough pill to swallow for loyal users.
However, CIMB regained momentum with its Preferred Visa Infinite, which offers 8X Bonus Points for dining and a lucrative 35,000 Bonus Points campaign for meeting monthly spend thresholds.
This translated to a market-leading 0.92 MPR on Enrich Miles for local dining—a bright spot for miles enthusiasts. Additionally, the revamped CIMB Visa Infinite emerged as a standout choice for those with incomes above RM60,000, offering a well-rounded package of benefits.
That said, CIMB’s decision in August to raise the conversion threshold by 500% dampened its progress.
Requiring cardholders to accumulate 62,500 Bonus Points for a 5,000-mile conversion made it impractical for smaller redemptions, leading to frustration among users.
Despite some positive surprises, like the addition of KrisFlyer as a partner, this move has left many reconsidering CIMB in their 2025 strategies.
UOB
UOB had a relatively strong 2024, bouncing back from a challenging 2023. Positive feedback on its credit cards, coupled with the success of the UOB Private Lounge at KLIA Terminal 1, indicates growing momentum.
In September 2024, UOB raised the UNIRM points-to-airline-miles conversion threshold, marking a devaluation across its lineup. However, UOB’s cards remain competitive, offering some of the best airline miles accrual rates on the market.
As we head into 2025, my only wish is for UOB to be a little bit more strategic with its credit card offerings. CIMB's greatest asset is its ability to convert Bonus Points to Avios, which essentially means more seats on the best business class product in the world (Qatar Airways).
It's crazy to think that a partnership between UOB and Avios would essentially kill the competition from CIMB entirely, given that UOB has a much better airline miles accrual rate compared to CIMB already.
AmBank
AmBank had a stellar year, thanks to the launch of its Enrich Visa co-branded cards.
The Enrich Visa Infinite stands out with an impressive 1 MPR for overseas spend, alongside perks like access to Malaysia Airlines’ Golden Lounge and fast-tracked Enrich status.
For frequent travelers, the potential to earn Oneworld Emerald status through these cards is a significant draw.
Of course, the only downside with the AmBank Enrich Visa credit cards is...well...its exclusive link to Enrich miles. If you ask me personally, spending a single dime on Malaysia Airlines for long haul flights is simply not worth the money, so Enrich miles are pretty worthless for me, unless you intend you to use it for short haul trips to Bangkok, Vietnam or other parts of ASEAN.
Of course, there's also the argument that Enrich miles can be used to redeem flights on Oneworld carriers. Give that a try and see how it goes. Chances are, you'll probably find a seat in the year 2028 at the earliest!
It's no secret in the market that Enrich miles are almost completely worthless for booking Oneworld airlines, given the lack of a proper booking system and the extremely limited availability of seats.
RHB
RHB has remained relatively quiet this year, aside from announcing (and pausing) a major loyalty program revamp.
My three articles on RHB's loyalty program revamp can be found below:
Significant devaluations are likely on the horizon, particularly for the RHB Premier Visa Infinite, so cardholders should prepare for potential changes in 2025.
Alliance Bank
Alliance Bank implemented a series of devaluations, including a higher Timeless Bonus Points-to-Enrich Miles conversion rate and a capped 8X TBP on online spend.
Despite these setbacks, the Alliance Bank Visa Infinite remains a must-have card in my view, especially with recent developments suggesting a possible takeover of the bank.
Standard Chartered Bank
Standard Chartered has been relatively quiet but made waves with the Standard Chartered Journey Mastercard. Thanks to the widespread devaluations among competitors, this card now offers one of the best MPR rates in its class, outperforming higher-income-tier options like the Maybank Visa Infinite.
In November 2024, Standard Chartered Malaysia raised the income requirement for all its cards to RM96,000—a puzzling move that may affect its competitiveness. Nonetheless, the SC Journey remains the only noteworthy option in its lineup.
Lastly, if your favorite card or bank wasn’t mentioned, it’s likely because they failed to make an impact this year. For instance, HSBC and Hong Leong’s offerings remain far behind the competition, with little to no value for miles enthusiasts.
Assessing Current Trends and Future Outlook for 2025
2024 has been a whirlwind year for airline miles enthusiasts. While there were several strong credit card options in the market, the landscape has become increasingly saturated.
It’s encouraging to see new initiatives from banks like CIMB and UOB, particularly as competing solely on airline miles accrual rates is no longer sufficient.
The reality is that most cardholders don’t switch credit cards annually, nor does it make sense to do so. Building up a substantial pool of miles typically requires two or more years of steady spending.
For this reason, stability in credit card rewards programs is now more important than ever. In this regard, UOB stands out as a reliable performer. Its gradual devaluation of airline miles accrual rates, while not ideal, is far more manageable than CIMB’s abrupt 500% threshold increase.
Moves like CIMB’s raise questions about the unpredictability of its rewards program. What more surprises could 2025 bring? That uncertainty is a red flag for many, and I’ll share more on how this impacts my strategy in Part 2.
Looking ahead, I expect the airline miles credit card market to continue evolving in 2025, with banks potentially shifting their focus toward offering differentiated benefits beyond simple points accrual. This could include exclusive travel perks, premium concierge services, or even enhanced partnerships with top airline loyalty programs.
Final Thoughts
Beyond CIMB and UOB, most other banks’ credit cards are not particularly compelling for Refined Points readers.
That’s not to say cards like the Maybank World Elite Mastercard or the AmBank Enrich Visa Infinite are inherently bad—they certainly have their merits. However, these cards fall short for those seeking to elevate their travel experiences. The opportunity to fly with some of the world’s best carriers, such as Singapore Airlines, Qatar Airways, or Cathay Pacific, offers a level of comfort and luxury that is difficult to replicate through Enrich Miles alone.
For frequent travelers, maximizing your limited family vacations is key. Why settle for less when you could enjoy an unforgettable journey on world-class airlines? It’s these moments that make the extra effort worthwhile.
Prelude: Part 2
As we wrap up Part 1, I want to leave you with one key takeaway: planning your travel sector in advance is critical to maximizing your airline miles strategy.
It’s easy to fall into the trap of choosing zero annual fee credit cards or chasing the highest miles-per-ringgit (MPR) card on the market. However, these approaches often come with significant downsides—weak accrual rates, limited redemption options, or a poor overall experience.
Instead, a more thoughtful strategy begins with identifying your intended travel plans. Are you looking to explore Asia, Europe, or the US in 2026? By focusing on your target destinations, you’ll be able to align your airline miles accrual efforts with airlines and programs that serve those regions effectively. While this approach requires strategic planning, the payoff is well worth it: more seamless redemptions, better seat availability, and the chance to travel with top-tier carriers.
The graphic below breaks down the pros and cons of different airline miles strategies, emphasizing why forward planning for your travel sector makes all the difference:
By understanding your travel goals now, you’ll be in a much better position to choose the right credit cards and loyalty programs that will support those ambitions.
In Part 2, I’ll walk you through my personal strategy for 2025, including the credit cards I’m prioritizing and how they align with my future travel plans.
