Maybank Family & Friends Card – MoneySmart Review 2022

The Maybank Family & Friends Card has maintained its position as one of the best cards in the cashback category since 2019. If you are looking for a credit card that can help you make the most of your daily spending, the Maybank Family & Friends Card is the best choice.

Here is an overview of the card benefits:

General Terms and Conditions of the Maybank Family & Friends Card

Benefits of the Maybank Family & Friends Card – up to 8% cashback

Before its revamp in 2019, the Maybank Family & Friends Card was already a pretty solid workhorse, giving you up to 8% cashback on key spending categories like groceries, public transport, petrol and (select) food deliveries. Plus, the spending requirement was a bit high (at least $1,000 to enjoy the maximum 8% cashback).

Since then, Maybank has lowered the minimum spend to $800 and made the spending categories more comprehensive.

It’s worth noting that Maybank’s spending categories go beyond Singapore. In fact, almost all categories cover the entire world. Although there is a 3.25% foreign transaction fee for payments in foreign currency, the 8% discount more than covers this fee.

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When I think about my monthly expenses, Maybank’s expense categories are comprehensive and cover almost all monthly recurring expenses and then some. You can even earn bonus cashback when you take your pet to the vet!

How much cash back you get in the above categories depends on how much you spend in that billing month. If you spend less than $800, you will only get a measly 0.3%. Earn 8%, The The minimum turnover is $800Given the card’s wide-ranging spending categories, it should be relatively easy to meet the minimum spend.

Who should sign up for the Maybank Family & Friends Card?

As the name suggests, the Maybank Family & Friends Card is primarily designed for families. If you are the “responsible adult” who pumps the car, does the shopping, and pays for meals and bills, then you can make the most of this piece of plastic.

However, the card has a $25 per category cap that limits how much you can earn in each category, making it a bit more of a hassle for you to maximize your savings. But as the saying goes, the good things in life don’t always come easy.

Melodramatics aside, Maybank has made it pretty easy for its customers to keep track of their spending with the Maybank TREATS SG app, which also lets you specify your preferred cashback categories. The app also has a performance optimization feature that tracks your spending and cashback every month.

Note, however, that you can only change your preferred spending categories once a year, so think carefully about which categories the majority of your monthly spending falls into before you click. There’s no turning back – for 12 months!

Maybank Family & Friends Card promotions

There is currently a sign-up promotion for new Maybank customers who apply for any Maybank credit card and CreditAble loan.

If you sign up for either of these and spend at least $300 in the first two months, you’ll receive a free Samsonite Harts 68/25 Spinner luggage ($550 value).

Foreign nationals are also eligible, but the minimum amount is $350. The sign-up promotion is only open to the first 4,500 applicants. If you’re late to the party, you’ll receive a $100 credit instead.

This isn’t the most competitive sign-up promotion—many other cards and banks offer cash incentives that far exceed this one.

But that shouldn’t really matter. If you actually want to use the card because it fits your spending habits, the free gifts are just icing on the cake.

If you’re on the hunt for the free money you get when you sign up for some cards, check out MoneySmart’s credit card comparison tool to find the best deals.

Alternatives to the Maybank Family & Friends Card

Here are some alternatives to the Maybank Family & Friends Card:

Exclusively at MoneySmart

Faster gift redemption

Citi Cashback Card

Exclusively at MoneySmart:

Apply and spend S$500 to S$300 in cash OR a Apple iPad 10.2″ Wi-Fi (value S$499) OR a Apple AirPods Pro + S$100 cash (value S$479) OR a Nintendo Switch (Value: S$549) already 6 weeks after credit card approval. The general terms and conditions apply.

Valid until 31 May 2022

Apply now

Further details

Main features

• 6% cashback on food, 8% cashback on groceries, petrol and 0.25% cashback on other retail purchases

• The refund is limited to S$80/month, with a minimum spend of S$800/month.

• Up to 20.88% savings at Esso and Shell, plus 8% cashback at other petrol stations

• For retail sales of less than S$800, 0.25% cashback is available across all spending categories. There is no cap on the amount of cashback earned.

• With Citi PayAll, you can quickly earn and collect Citi Miles, Citi ThankYou PointsSM or Cash Back when you pay your big bills like rent, insurance premiums, education expenses, taxes, utilities and more.

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Citi Cashback Card — This card offers a competitive 8% cashback on similar categories like food, gas, and groceries. However, the cashback varies from category to category. For example, you’ll only get a smaller 6% discount on food. Like the Maybank Family & Friends Card, the minimum spend is $800 and the cashback is capped at $25 per category.

High spending on food

OCBC 365 Credit Card

Read more

Further details

Main features

• 6% cashback on everyday meals (including local, international and online food deliveries)

• 3% cashback on groceries, land transport, online travel, recurring telecom and utility bills

• 0.3% cashback on everything else

• Up to S$200,000 free travel accident insurance

• 2 years fee waiver for main card (S$192.60), subsequent years exemption with minimum spending of S$10,000 per year

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OCBC 365 Card — This is another offer that covers similar bases. However, the cashback for the bonus categories is only 3% to 6%, which is quite a lot. The minimum spend amount and cashback are capped at $80 per month.

CIMB Platinum MasterCard — This card offers a higher 10% cash back on the same food and transportation categories (including gas). But don’t get your hopes up—the biggest sticking point is the $20 cash back cap for each category.

What do you think about the Maybank Family & Friends Card? Tell us in the comments!

Ready to apply for the Maybank Family & Friends Card? Sign up now via MoneySmart:

Maybank Family and Friends Card

Apply now

Further details

Main features

• Up to 8% cashback on all restaurant spending in Singapore and Malaysia

• Up to 8% cashback on data communication & online TV streaming

• Up to 8% cashback on petrol and groceries, including spending at online grocery stores in Singapore and Malaysia

• Up to 8% cashback in selected stores, on contactless bus and train rides, in taxis and on all passenger transport services such as Grab and GOJEK

• 8% or 5% cashback with a reduced minimum spend of S$800 or S$500 per month respectively. Cashback cap of S$80 per month

• 0.3% cashback on all other spending, with no cashback cap

• 3 years annual fee waived; spend at least S$12,000 per year to receive a further discount

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