Maybank Horizon Visa Signature Card Review

The Maybank Horizon Visa Signature excels at FCY and air ticket spending, and its lack of exclusions is a pleasant surprise. A major revamp in late 2023 introduced 2.8 mpd on air tickets and foreign currency (FCY) spending. While 2.8 mpd is not exactly market-leading, the absence of a cap for FCY spend and a generous S$10,000 monthly cap for air tickets are appealing. Rewards for education, hospitals, insurance premiums and utilities can be earned; overlook the relatively short validity of TREATS Points and this could be worth considering.

Verdict

☑ Take It
☐ Take It Or Leave It
☐ Leave It

An earn rate that excels at FCY and air tickets, relative lack of exclusions, and a 3-year annual fee waiver.

👍 The good

• Uncapped 2.8 mpd on FCY spend
• 2.8 mpd on up to S$10,000 of air tickets
• No exclusions on education, hospitals, insurance and utilities
• 3-year annual fee waiver (and should be fairly easy to waive after that)

👎 The bad

• S$800 minimum spend required for bonus miles
• Limited transfer partners
• TREATS Points expire after 12-15 months

Overview: Maybank Horizon Visa Signature

Let’s start with the key features.

*For KrisFlyer; 5,000 miles for Cathay and MAS, 2,000 points for AirAsia

Classic vs Privilege Versions

Two varieties:

• The “classic” Maybank Horizon Visa Signature Card
• The Maybank Privilege Horizon Visa Signature Card (for Maybank Privilege Banking customers with a minimum deposit or investment of S$50,000)

Both cards have identical earn rates; the Privilege version has additional benefits. This article focuses on the classic card.

Eligibility & Annual Fee

Minimum income requirement: S$30,000 p.a., the MAS-mandated minimum.
Not aware of any secured credit card option for those who don’t meet the minimum requirement; visit a branch to check.

Up to two supplementary cards are free for life. Subsequent years’ annual fees will be automatically waived with a minimum total spend of S$18,000 per membership year. Maybank does not appear to be strictly enforcing this rule, with many data points of waivers without meeting this threshold. No miles are offered upon approval or renewing this card.

Welcome Offer

New-to-bank customers will receive a Samsonite INTERLACE Spinner 67/24 EXP luggage (worth S$520). A minimum spend of S$1,300 within the first two months of approval is required.

New-to-bank definition:

• Do not currently hold a principal Maybank credit card or CreditAble account
• Have not cancelled a principal Maybank credit card or CreditAble account in the past nine months

In my experience, gift fulfilment is extremely fast; received within days of meeting the minimum spend.

How many miles do I earn?

The earn structure depends on whether you spend at least S$800 per calendar month.

Spend < S$800 per calendar month

0.16 mpd (SGD) earns 2 TREATS Points per S$5 for: education, insurance, medical, utilities, rental, professional services.

MCCs

Given other banks usually exclude most of these categories, it’s still better than nothing. These transactions earn points and can count towards minimum spend for welcome offers on Maybank cards. For avoidance of doubt, FCY in these categories earns either 1.2 mpd (<S$800) or 2.8 mpd (≥S$800), as FCY bonus takes precedence.

1.2 mpd: 15 TREATS points per S$5 on FCY transactions in any category; and SGD transactions in the listed categories above.
0.4 mpd: 5 TREATS points per S$5 on any SGD transaction not in the MCCs above.

Spend ≥ S$800 per calendar month

*Capped at S$10,000 per calendar month

Cardholders who spend at least S$800 per calendar month will earn:

• 35 TREATS points per S$5 (2.8 mpd) on FCY spend (no cap)
• 35 TREATS points per S$5 (2.8 mpd) on air tickets (capped at S$10,000 per calendar month)

Maybank defines FCY spend as card retail transactions posted in foreign currencies, online or in-person. Air ticket spend is defined as transactions posted in SGD under MCCs 4511 and 3000-3350 (major airlines). All FCY transactions are subject to a 3.25% fee, which means using the card overseas represents buying miles at 1.16 cents.

FCY Fees by Issuer and Card Network

What counts towards the S$800 minimum spend?

All transactions eligible to earn TREATS Points will count towards the minimum spend. Education payments and utilities bills are included. Insurance premiums are not included, despite earning rewards.

Transaction date or posting date?

Minimum spend and bonus caps are tracked by posting date, not transaction date. In practice, transactions charged in a given month and posted by the 6th of the following month are considered part of the month in which they were charged.

You can comfortably spend up till the last calendar day of the month; six days should be enough time for posting.

When are TREATS Points credited?

• Base TREATS Points: when the transaction posts (usually 1–3 working days)
• Bonus TREATS Points: on the 7th day of the following calendar month, in a lump sum

How are TREATS Points calculated?

For FCY spend & air tickets

Spend < S$800 per calendar month

• Base Points (3X): Round down transaction to the nearest S$5, divide by 5, then multiply by 15

Spend ≥ S$800 per calendar month

• Base Points (3X): Round down transaction to the nearest S$5, divide by 5, then multiply by 15
• Bonus Points (4X): Sum up all eligible transactions. Divide by 5, then multiply by 20. Round to the nearest whole number

Excel formulas

• Spend < S$800 — Base: =ROUND(ROUNDDOWN(X/5,0)*15,0)
• Spend ≥ S$800 — Base: =ROUND(ROUNDDOWN(X/5,0)*15,0)
• Spend ≥ S$800 — Bonus: =ROUND(Y/5*20,0)
  Where X = Amount Spent, Y = Sum of all eligible transactions

What transactions aren’t eligible for TREATS Points?

A few noteworthy categories:

• Betting and gambling transactions
• Brokerage and securities transactions
• Charitable donations
• Government services
• Prepaid account top-ups (e.g. GrabPay and YouTrip)

For avoidance of doubt, you will earn rewards on education, insurance premiums, hospital bills and utilities payments. While the earn rate is just 0.16 mpd when in SGD, charge it in FCY and the earn rate jumps to 2.8 mpd. This can be great for anyone with kids studying overseas, for example.

TREATS Points: Expiry, Pooling, Transfers

Expiry

TREATS Points expire one year from the quarterly period in which they were earned (12–15 months).

Rewards Infinite (RI): cardholders who spend at least S$24,000 in a membership year. If you’re an RI member, TREATS Points will never expire. RI starts as soon as you hit S$24,000 spending. Maybank Visa Infinite and Maybank World Mastercard cardholders are automatically granted RI; the non-expiring benefit extends to TREATS Points earned on this card too.

Pooling

TREATS Points pool with other Maybank cards. For example, 20,000 TREATS Points on one card and 5,000 on this card can be redeemed together. If you cancel this card, you won’t lose accumulated TREATS Points unless it’s your very last TREATS-earning card.

Transfer partners & fees

Four airline partners; conversion ratios:

• KrisFlyer — 25,000 : 10,000
• Asia Miles — 12,500 : 5,000
• Malaysia Airlines Enrich — 12,500 : 5,000
• AirAsia Rewards — 4,000 : 2,000

All conversions have an admin fee of S$27.25. Conversions to KrisFlyer miles are generally completed within 1–2 working days. Malaysia Airlines Enrich and AirAsia Rewards are close to worthless in my opinion, leaving Asia Miles and KrisFlyer as realistic options.

Other card perks

Complimentary lounge access

Principal cardholders will receive a complimentary lounge pass when they spend a minimum of S$1,000 in a single retail transaction in the three months prior to the lounge visit. Redeemable for a 3-hour visit at listed lounges in Singapore, Kuala Lumpur and Hong Kong. One complimentary visit per month; accompanying guests enjoy 20% off walk-in rates. Not a major selling point since many other credit cards offer lounge access for free.

Maybank SaveUp account

SaveUp is Maybank’s high interest savings account; spending at least S$500 per calendar month on this card qualifies as one activity for bonus interest.

You’ll need at least three activities to earn a decent rate; in addition to spending, credit salary or make GIRO bill payments, and take out a loan or purchase selected investment or insurance products.

Complimentary travel insurance

When full travel fares are charged to the card:

• Accidental Death: S$1,000,000
• Medical Expenses: N/A
• Others: Missed Connection: S$400; Luggage Delay: S$400; Lost Luggage: S$1,000

Coverage will not apply where you redeem miles for an award ticket and charge taxes and fees to your card. There is no coverage for medical expenses or emergency medical evacuation; purchase comprehensive travel insurance elsewhere.

Summary Review

Given that the earn rate maxes out at 2.8 mpd, why choose it when other cards offer 4 mpd?

Two reasons.
Caps: Max out FCY on other cards first; this card can step in to offer uncapped 2.8 mpd on the remainder (those who spend really big on FCY can consider a Maybank World Mastercard at 3.2 mpd with a minimum spend of S$4,000). Air tickets can be purchased on other bonus cards, but their S$1,000 monthly caps may be insufficient; this card offers 2.8 mpd on up to S$10,000 per calendar month.
Exclusions: Few exclusions; earn points on education, hospitals, insurance premiums and utilities bills. Most of these are excluded by other banks.

Drawbacks: The limited lifespan of TREATS Points and the need to clock at least S$800 a month to enjoy the 2.8 mpd earn rate. If the lack of cap is what attracts you, a minimum spend requirement is unlikely to be a barrier.

So that’s the review of the Maybank Horizon Visa Signature.