Upgraded: Maybank World Mastercard now offers uncapped 3.2 mpd on FCY spend

Maybank has been making a concerted effort to improve its miles cards of late, with the Maybank Horizon Visa Signature and Maybank Visa Infinite both getting buffs to their foreign currency (FCY) earn rates.

Now it’s the Maybank World Mastercard’s turn to get a refresh, giving cardholders an uncapped 3.2 mpd on FCY spending, alongside existing benefits like an uncapped 4 mpd on petrol, and selected dining & retail merchants.

While there are cards with higher earn rates on FCY spending, there’s always a bonus cap to consider. The fact that Maybank has not imposed a cap on this — and continues to reward even education, donations, utilities and hospital spend — is a strong reason to consider adding this card to your line-up.

Details: Maybank World Mastercard revamp

Maybank World Mastercard
Apply
T&Cs
Income Req.	S$80,000 p.a.	Points Validity	No expiry
Annual Fee	S$261.60 (FYF)	Min. Transfer	25,000 points (10,000 miles)*
Miles with Annual Fee	N/A	Transfer Partners	4
FCY Fee	3.25%	Transfer Fee	N/A
Local Earn	0.4 mpd	Points Pool?	Yes
FCY Earn	Up to 3.2 mpd	Lounge Access?	No
Special Earn	4 mpd on petrol and selected dining & retail	Airport Limo?	No
Cardholder Terms and Conditions
*For KrisFlyer; 5,000 miles for Cathay and Malaysia Airlines, 2,000 points for Air Asia

By way of recap, the Maybank World Mastercard has a minimum income requirement of S$80,000 p.a., and an annual fee of S$261.60. The annual fee is waived for the first year, and will be waived in subsequent years if you spend at least S$24,000 in a membership year.

I don’t have any personal experience with the card, so I can’t say how strict Maybank is with the income requirement or annual fee waivers in situations where the minimum is not met.

General spending

The Maybank World Mastercard now earns 0.4 mpd on local general spending, and up to 3.2 mpd on FCY general spending, per the table shown below. The rates apply to both online and offline spending. 

The upsized earn rates apply from the very first S$1 of spend (well, technically S$5 since Maybank has S$5 earning blocks), and not just the incremental spending above. For example:

• A cardholder who spends S$1,000 in FCY would earn 2,800 miles (S$1,000 @2.8 mpd)
• A cardholder who spends S$5,000 in FCY would earn 16,000 miles (S$5,000 @ 3.2 mpd)

While you will need to spend at least S$800/S$4,000 per calendar month to unlock the 2.8 mpd/3.2 mpd rates, there is no cap on the maximum miles you can earn. And if the uncapped feature is what attracts you to this card, then it’s safe to say the minimum spend won’t be an issue.

While the Maybank Visa Infinite and Maybank Horizon Visa Signature have offered an uncapped 3.2 mpd on FCY spend on a promotional basis, the Maybank World Mastercard is adding this as a permanent feature. This makes it one of the best FCY general spending cards on the market, as shown in the table below. 

💳 FCY Earn Rates by Card (For general spending cards with uncapped earn rates only)
Card	Earn Rate	Remarks
Maybank World MC Apply	3.2 mpd	Min. S$4K spend per c. month
	2.8 mpd	Min. S$800 spend per c. month
StanChart Visa Infinite Apply	3 mpd	Min. S$2K spend per s. month Review
Maybank Horizon Apply	2.8 mpd	Min. S$800 spend per c. month Review
UOB PRVI Miles Apply	2.4 mpd	Review
HSBC TravelOne Apply	2.4 mpd	Review
OCBC VOYAGE (Premier, PPC, BOS) Apply	2.3 mpd	Review
OCBC Premier Visa Infinite Apply	2.24 mpd
Citi PremierMiles Card Apply	2.2 mpd	Review
DBS Vantage Apply	2.2 mpd	Review
OCBC VOYAGE Apply	2.2 mpd	Review
OCBC 90°N Card Apply	2.1 mpd	Review
All other options earn 2 mpd or less

The Maybank World Mastercard has an FCY fee of 3.25%, so using it overseas represents buying miles at around 1.02 cents (3.2 mpd) or 1.16 cents (2.8 mpd) apiece, which is very decent in my book.

Obviously, my first choices for FCY general spending will still be:

Card	FCY Earn	FCY Fee	CPM
UOB Visa Signature Apply	4 mpd*	3.25%	0.81¢
Amaze + Citi Rewards Apply	4 mpd^	2%#	0.50¢
*Min. spend S$1,000 per statement month, capped at S$2,000 per statement month ^Capped at S$1,000 per statement month, excludes travel #Amaze has no explicit FCY fee, but its rates are ~2% over Mastercard

But these have their caps and limitations (e.g. no bonuses for travel spend with the Citi Rewards), and if these are exhausted, or if I’m spending on a category they exclude, then the Maybank World Mastercard fits in perfectly.

Remember: one of the best things about Maybank cards is that they still award points for charitable donations, education, hospitals and utilities. And if you pay these in FCY, you get the upsized earn rate too!

Category spending

The Maybank World Mastercard continues to earn an uncapped 4 mpd on the following categories of spend and specific merchants. Do note that online transactions are ineligible for the bonus. 

It’s good to see that these are not being sacrificed with the revamp, and while I didn’t see the point of getting a Maybank World Mastercard just for petrol, now I might as well use it. This would then free me to switch one of my UOB Lady’s Solitaire Card bonus categories out from Transport.

What can you do with TREATS Points?

TREATS Points can be transferred to four different airline partners at the following ratios:

Frequent Flyer Programme	Conversion Ratio (TREATS Points: Partner)
	25,000 : 10,000*
	12,500 : 5,000
	12,500 : 5,000
	4,000 : 2,000
*You must convert KrisFlyer miles via the TREATS SG app (Android | iOS) to enjoy this rate. Manual conversion receive an inferior rate of 30,000 points = 10,000 miles

Malaysia Airlines Enrich and airasia rewards are close to worthless in my opinion, so that leaves Asia Miles and KrisFlyer as the only realistic options.

Maybank World Mastercard cardholders are automatically enrolled into the Rewards Infinite (RI) programme, so their points never expire. All conversion fees are waived for Maybank World Mastercard (and Maybank Visa Infinite) cardholders.

The best part? Since TREATS Points pool, the no expiry policy and free conversion benefit also extends to other Maybank cards like the Maybank Horizon Visa Signature!

Welcome offers: Samsonite luggage or S$200 cashback

Maybank World Mastercard

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Maybank is currently offering a welcome gift of either a Samsonite ENOW SPINNER 69/25 (worth S$570) or S$200 cashback for new-to-bank customers who apply for a Maybank credit card and spend at least S$1,300 within the first two months of approval. 

New-to-bank customers are defined as those who:

• 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 9 months

The T&Cs of this offer can be found here.

In my experience, Maybank is extremely fast with the gift fulfilment, and I received mine within days of meeting the minimum spend.  

Conclusion

Maybank World Mastercard cardholders now enjoy an uncapped FCY earn rate of up to 3.2 mpd, which applies even to education, charitable donations, hospital bills and utilities.

While you will need to spend at least S$4,000 per month to unlock the 3.2 mpd rate, you’ll still earn a respectable 2.8 mpd so long as you spend at least S$800 per month, and really- if you’re looking for an uncapped FCY spending card, then a minimum spend should be the least of your worries. 

Evergreen benefits like an uncapped 4 mpd on petrol continue to be offered, and with non-expiring points and free points conversions, this is a card I’d happily add to my wallet.

What do you make of the Maybank World Mastercard’s changes?