Someone at LYN mentioned that one is not so smart if one was to pay the RM800 annual fee for the MBB 2 Cards Premier Amex Reserve or spending RM80K per annum for its waiver.
I thought I share with you guys here my reply (edited):
For the first year, the Maybank 2 Cards Premier annual fee is waived PLUS we get FREE 10,000 Treats Points for every card including supplementary cards to offset GST (the smart ones will pay the miserable GST and convert the FREE Treats Points to Airmiles). And for those not willing or too freaking stingy to contribute to the well being of the nation by paying the miserable RM50 tax per card, go get Debit Cards!
Now, if one spends less RM10K a year with the MBB2 Cards Premier AND did not utilize the 5 FREE airport lounge access overseas (this statement not applicable for our local airports because there are several Platinum FREE FOR LIFE credit cards that offer FREE entries to our local airport lounges) and decides to keep the MBB 2 Cards Premier after the first year anniversary and pay the RM800 annual fee, I guess I will agree that he/she is not so smart.
But here is my case where it’ll be stupid of me not using the Maybank 2 Cards Premier.
1. In my article My Credit Cards 2014 (click the link below), you will note that I mentioned that I have Alliance Privilege Banking Visa Infinite which is FREE FOR LIFE (non PB got to spend RM30K to get auto annual fee waiver).
2. I do spend substantial sum on overseas transactions. Let’s say RM100K for discussion sake.
a. If I use my FREE FOR LIFE Alliance PB VI, I will earn 500,000 Rewards Points which I can then convert to 83,000 Enrich Miles. (Can’t get a FREE return Business Class ticket to Europe unless there is a Sale but can get one to Australia).
b. If I were to use the Maybank 2 Cards Premier AMEX Reserve or VI, I will earn 500K Treats Points which I can convert to 111,000 Enrich Miles (FREE return ticket to Europe on Business Class).
Difference in FREE Enrich Miles between Alliance Bank VI and Maybank 2 Cards Premier is 28000 Enrich Miles! Over 3 years, the difference will ballooned to 84000 Enrich Miles [can get FREE return Business Class ticket to Melbourne worth RM4920 (if MAS is having 50% Enrich Sale, this amount will double)].
Above is only one part of the benefit of Maybank 2 Cards Premier over Alliance Bank Visa infinite and UOB Visa Infinite. FYI, I can save money by using my Maybank 2 Cards Premier AMEX or VI versus Alliance or UOB VI. Click the link below to my article The Best Credit Card for Overseas Transactions 2014; and from the table I prepared, you will note that Alliance VI and UOB VI overseas conversion rate can be more than 1% higher than MBB VI!!! So for RM100K spending, that’s RM1K savings simply by me using the MBB VI.
And with the introduction of Maybank 2 Cards Premier, some of us at LYN concluded so far than the Maybank 2 Cards AMEX Reserve overseas conversion rate is lower than MBB VI – which means we can save more. Click the link below to my Comprehensive Review of the MBB 2 Cards Premier to see difference in overseas exchange rate between MBB AMEX and MBB VI.
And in the above said article, I did conclude that the Maybank 2 Cards Premier is good for those who do spend substantial sum and more importantly wanting Airmiles. For those who spend less than RM30K per year and not into Airmiles, better to go with cash back credit cards.
Last but not least, there is another reason why some may want the Maybank 2 Cards Premier AMEX RESERVE besides wanting Enrich Miles – it’s the 50% discount at Shangri-La Kuala Lumpur. And if Maybank was to extend this promo until end of 2015, those who frequent Shangri-La Kuala Lumpur and dine at Lafite in particular would be more than happy to pay the RM800 annual fee. Actually, if one gives the MBB 2 AMEX Reserve supp to his/her spouse, and total 4 guest but split the bill, the savings for a night at Lafite is more than the RM800 annual fee. So, I can tell you those who can qualify for the MBB 2 Cards Premier or AMEX Plat (without Maybank Logo) but don’t go get them and go to Lafite with a guest (more than twice before June 2014 and maybe beyond that if MBB extend the promo for MBB 2 Cards Premier) and pay using other credit cards that don’t give them discount are the ones who are not so smart, hahahaha.