There is absolutely nothing wrong with the Maybank Horizon Visa Signature card. In fact, I think it’s one of the better ones on the market.
You earn 3.2 mpd on dining, petrol, taxi fares and hotel bookings on Agoda. You earn 2.0 mpd on air tickets, travel packages and foreign currency transactions. Both these rates require you spend at least $300 a month (on anything), which is a fairly low threshold. Heck, they even throw in access to selected lounges in Singapore, KL and Hong Kong if you spend a minimum of $400 on air tickets or travel packages within 3 months of flying.
So why am I, after barely a month of use, going to sock drawer it?
I think this is a useful lesson in card strategy, because I’ve finally reached the point where I’ve spread myself too thin. I know, I know. For someone who’s earning points with 4 banks (DBS/UOB/Citibank/OCBC) and 11 different cards, I really should have seen this coming.
But it seemed to make sense at the time. The main reason I got the Maybank Horizon Visa Signature was for its bonus on dining.
- I don’t drive, so the petrol bonus doesn’t mean much.
- I take Uber instead of taxis, and put that on my DBS Woman’s World card for 4 mpd.
- I don’t book hotels on Agoda, and even if I were to use an OTA that processed the transaction online I’d go with the Woman’s card again for 4 mpd.
- Overseas spending goes on my UOB Visa Signature for 4 mpd.
Therefore, when I got the Maybank Horizon Visa Signature I envisioned it filling a gap in my card line up at restaurants where my UOB Preferred Platinum AMEX wasn’t accepted (kind of like what the HSBC Advance was supposed to do before it got nerfed).
But then the OCBC Titanium Rewards card came along, and with 10X points on mobile payments proved to be the best option in situations where the Maybank Horizon was supposed to come in.
So here’s how I see my dining card strategy now:
- If AMEX is accepted, I’ll use my UOB Preferred Platinum AMEX until the S$6K annual cap on 4 mpd runs out
- If Paywave is accepted, I’ll use my UOB Preferred Platinum Visa until the S$1K monthly cap on 4 mpd runs out
- If Mobile payments are accepted, I’ll use my OCBC Titanium Rewards card until the S$12K annual cap on 4 mpd runs out
You can see there are very few situations where I’d have to fall back on a traditional Visa transaction. Indeed, in January I found myself struggling to hit the S$300 minimum spend on dining, despite the fact I’m on a long business trip and eating out every meal of the day.
I believe I just barely made the S$300 mark but simply can’t see myself hitting this in subsequent months when I don’t travel for work- I certainly spend more than S$300 on dining in a month but the majority of that will go on the UOB PPA/PPV/ OCBC Titanium Rewards before the Maybank Horizon sees any action.
That’s why I’m feeling a bit silly now that I have just under 1,000 orphan miles (TREATS points, rather) lying in my Maybank account, with no idea how I’m going to reach a sufficient critical mass to cash out. I don’t use any other Maybank cards so it’s not like I could even top it up slowly through a general spending card.
Let me reiterate- this is by no means a problem with the Maybank Horizon card per se, it’s purely a strategy issue. I could easily see someone who spends a lot on petrol, dining and overseas spending having a field day with this card. I could even see someone who does their general spending with UOB/DBS incorporating a Maybank card into their portfolio and doing well for themselves.
In my particular case I’ve just spread myself way, way too thin, and now I need to admit defeat and gracefully end my experiment with the Horizon card. Anyone has any idea what to do with some orphaned TREATS points?