Maybank Platinum Visa card has announced a new cashback cap on selected spending categories.
30% cap on special categories
From 1 Jul 2025, monthly spending on these special categories can only make up a maximum of 30% of each spending tier. This is down from the previous cap of 50%.
The special categories are:
| Categories | Merchant Category Codes (MCCs) |
|---|---|
| Insurance | 6300 |
| Medical | 4119, 5047, 5122, 5912, 5975-5976, 8011, 8021, 8031, 8041-8043, 8049, 8050, 8062, 8071, 8099 |
| Education | 8211, 8220, 8241, 8244, 8249, 8299 |
| Rental | 6513 |
| Professional Services | 7399 |
For example, if you plan to spend $1,000 per month for 3 consecutive calendar months to receive $100 cashback, you can spend a maximum of $300 per month on these special categories. The remaining $700 per month can be spent on other common categories like dining, groceries, shopping, utilities, phone bills, public transport, ride-hailing etc.
FAQ: What if I spend more than 30% on a special category (e.g. $500 on Tier 2)?
Answer: You will only earn 3.33% cashback on the first 30%, and you will still need to spend 70% on others (i.e. $700 on Tier 2).
FAQ: Do I need to spend 30% on the special categories to get 3.33% cashback?
Answer: No, you can spend 100% on others, as long as they are not excluded from cashback earning.
| Tier | Min. Eligible Monthly Spend | Max. Eligible Monthly Spend on Special Categories (30%) | Min. Eligible Monthly Spend on Others (70%) | Cashback Earned After 3 Months |
|---|---|---|---|---|
| 1 | S$300 | S$90 | S$210 | S$30 |
| 2 | S$1,000 | S$300 | S$700 | S$100 |
| 3 | S$2,000 | S$600 | S$1,400 | S$200 |
New exclusions
From 1 Jul 2025 as well, the following merchant categories will no longer be eligible for cashback:
| Categories | Merchant Category Codes (MCCs) |
|---|---|
| Automobile Parking Lots & Garage | 7523 |
| Political Organisations | 8651 |
| Religious Organisations | 8661 |
| Charitable and Social Services Organisations | 8398 |
Is it still a good card?
It’s easy to overreact to credit card nerfs, but the reality is that no other cards in Singapore offers anything close to 3.33% cashback on spendings like Insurance, School Fees and Private Hospital Bills.
Moving forward, this card will continue to be in Suitesmile’s list of the best cashback cards in Singapore.
💡 Click on + Card Summary below to view key details like pros & cons, miles/cashback details, annual fee, income requirement, and more.
Updated terms and conditions
Here are the new terms and conditions of the Maybank Platinum Visa card effective from 1 Jul 2025:
