Head-to-head: Maybank Horizon vs Maybank World Mastercard

If you’re someone who spends big in foreign currency (FCY), whether on holidays or from your computer, then surely the Maybank Horizon Visa Signature or Maybank World Mastercard would have crossed your mind.

While these can’t match the best-in-class 4 mpd that the UOB Visa Signature and other specialised spending cards offer, their strength lies not so much in power as endurance. The Maybank Horizon and Maybank World Mastercard earn up to 2.8 mpd and 3.2 mpd respectively on FCY spend- without cap, even on donations, education, hospitals and utilities.

So is it the simple case that the Maybank World Mastercard, having the higher earn rate, is the better option? Not quite! While it seems on the surface that both cards do the same thing, they’re actually quite different.

💳 Summary: Maybank Horizon vs Maybank World Mastercard
	Maybank Horizon	Maybank World Mastercard
Income Requirement	S$30K p.a.	S$80K p.a.
Annual Fee	S$196.20 (first 3 years free)	S$261.60 (first year free)
Min. Spend for AF Waiver	S$18,000	S$24,000
FCY Earn Rate	Up to 2.8 mpd	Up to 3.2 mpd
Other Bonus Categories	Air tickets	Petrol, speciality retail and dining
Points Expiry	12-15 months	No expiry
Conversion Fees	S$27.25	None
SaveUp Bonus Interest	Yes	No
Points Awarding (FCY)	1.2 mpd upfront 1.6 mpd next month	0.4 mpd upfront 2.4/2.8 mpd next month
Points Awarding (Other Bonus Categories)	1.2 mpd upfront 1.6 mpd next month	4 mpd upfront

Don’t forget that I’ve written full reviews of both cards, which you can refer to in the links below.

Review: Maybank Horizon Visa Signature Card

Review: Maybank World Mastercard

Income requirement & annual fee

	Maybank Horizon	Maybank World Mastercard
Income Requirement	S$30K p.a.	S$80K p.a.
Annual Fee	S$196.20 (first 3 years free)	S$261.60 (first year free)
Min. Spend for AF Waiver	S$18,000	S$24,000

The Maybank Horizon has a minimum income requirement of S$30,000 per annum, with an annual fee of S$196.20. This fee is waived for the first three years.

The Maybank World Mastercard has a higher minimum income requirement of S$80,000 per annum, with an annual fee of S$261.60. This fee is waived for the first year.

That said, it’s unclear how strict Maybank is about enforcing income requirements. My understanding is that they will accept applications for the Maybank World Mastercard from those earning less than S$80,000, so it doesn’t hurt to submit an application- the worst they can say is no.

As for annual fee waivers, the minimum spend required for an annual fee waiver after the free period is S$18,000 for the Maybank Horizon and S$24,000 for the Maybank World Mastercard. However, I’ve seen data points from customers of both cards who managed to get their fees waived despite not meeting that threshold.

Foreign currency spend

	Maybank Horizon	Maybank World Mastercard
Earn Rate for FCY	2.8 mpd	2.8 mpd or 3.2 mpd
Min. Spend	S$800 per c. month	S$800 per c. month (2.8 mpd)
		S$4K per c. month (3.2 mpd)
Cap	No cap	No cap
For avoidance of doubt, the minimum spend can be met by any retail transaction, whether in SGD or FCY.

Both the Maybank Horizon and Maybank World Mastercard earn an uncapped 2.8 mpd on FCY spend, with a minimum spend of S$800 per calendar month.

However, the Maybank World Mastercard goes even further. If cardholders spend at least S$4,000 per calendar month, the earn rate for FCY spend increases to an uncapped 3.2 mpd. 

For avoidance of doubt, the upsized earn rates apply from the very first dollar of spend. To illustrate:

• If I spend S$3,000 on the Maybank Horizon, I will earn 8,400 miles (S$3,000 @ 2.8 mpd)
• If I spend S$5,000 on the Maybank World Mastercard, I will earn 16,000 miles (S$5,000 @ 3.2 mpd)

Either way, you’re looking at the same 3.25% FCY fee for either card, and Visa/Mastercard rates tend to be very similar.

Other bonus categories

Air tickets

	Maybank Horizon
Earn Rate for Air Tickets	2.8 mpd
Min. Spend	S$800 per c. month
Cap	S$10,000 per c. month
For avoidance of doubt, the minimum spend can be met by any retail transaction, whether in SGD or FCY.

The Maybank Horizon earns 2.8 mpd on air tickets purchased in SGD, subject to a minimum spend of S$800 per calendar month and capped at S$10,000 per calendar month. If your air tickets are purchased in FCY, they fall under the FCY section, with no cap. 

Your air tickets must be purchased directly with the airline and fall under MCC 4511 or 3000-3350; any tickets purchased via OTAs or travel agencies will not count.

Petrol

	Maybank World Mastercard
Earn Rate for Petrol	4 mpd
Min. Spend	None
Cap	None

The Maybank World Mastercard earns 4 mpd on petrol purchases, with no minimum spend or cap. 

The bonus is only valid for petrol stations in Singapore, and is not valid for online transactions. This means you can’t pay with Kris+ (Esso) or CaltexGo (Caltex) apps if you want to earn the 4 mpd.

Specialty retail and dining

	Maybank World Mastercard
Earn Rate for Specialty Retail & Dining	4 mpd
Min. Spend	None
Cap	None (except Luxury Galleria at RWS, capped at 50,000 Treats Points per calendar month)

The Maybank World Mastercard earns an uncapped 4 mpd on specialty retail and dining, defined as the following: 

The bonus is only valid for in-person purchases.

Points expiry

	Maybank Horizon	Maybank World Mastercard
Points Expiry	12-15 months	No expiry

Points earned on the Maybank Horizon normally expire one year from the quarterly period in which they were earned (i.e. 12-15 months’ validity). For example:

However, cardholders who spend at least S$24,000 in a membership year will be upgraded to a Rewards Infinite (RI) membership, where points never expire. For avoidance of doubt, the enrolment takes place as soon as the S$24,000 is met; you don’t need to wait for the membership year to be over. 

Maybank World Mastercard cardholders are automatically enrolled into RI, with no minimum spend necessary. Therefore, their points will never expire by default.

Conversion costs

	Maybank Horizon	Maybank World Mastercard
Conversion Cost	S$27.25	Waived

Maybank Horizon cardholders will pay a S$27.25 fee every time they want to convert their points to miles. 

Maybank World Mastercard cardholders enjoy a waiver of this fee. 

SaveUp bonus interest

	Maybank Horizon	Maybank World Mastercard
Bonus Interest	Min. S$500 spend per c. month	N/A

If you have a Maybank SaveUp account, spending at least S$500 per calendar month on the Maybank Horizon (but not the Maybank World Mastercard) counts as one “product” for earning bonus interest.

As a reminder, the Maybank SaveUp account earns base interest of up to 0.25% p.a., and bonus interest according to the table below.

Other eligible products for bonus interest include:

• Save (min. S$300 GIRO or S$2,000 salary credit)
• Invest (min. S$30,000 structured deposits or S$25,000 unit trusts)
• Insure (min. S$5,000 in annual premium)
• Borrow (min. S$200,000 home loan, S$35,000 car loan, S$10,000 renovation loan, or S$10,000 education loan)

Points awarding

FCY spend

	Maybank Horizon	Maybank World Mastercard
Awarded Upfront	3X points (1.2 mpd)	1X points (0.4 mpd)
Awarded Later	4X points (1.6 mpd)	6X points (2.4 mpd) or 7X points (2.8 mpd)

When it comes to FCY spend, the Maybank Horizon earns 1.2 mpd upfront, with the remaining 1.6 mpd credited by the 8th day of the following calendar month if you meet the minimum spend of S$800.

On the other hand, the Maybank World Mastercard earns 0.4 mpd upfront, with the remaining 2.4 mpd or 2.8 mpd credited by the 7th day of the following calendar month if you meet the minimum spend of S$800 or S$4,000.

Now, even though the Maybank Horizon gets more of its points upfront, that also means you’re more affected by rounding. Recall the formulas:

Maybank Horizon

Maybank World Mastercard

With the Maybank Horizon, 3X points are subject to rounding down to the nearest S$5. For the Maybank World Mastercard, only 1X point is subject to rounding down to the nearest S$5. Maybank sums up the eligible spend to award the remaining 4X (Horizon) or 6/7X (World Mastercard), and does not round down this amount, so it’s safe from the impact. 

Other bonus categories

	Maybank Horizon	Maybank World Mastercard
Awarded Upfront	3X points (1.2 mpd)	10X points (4 mpd)
Awarded Later	4X points (1.6 mpd)	–

When it comes to other bonus categories, the Maybank Horizon earns 1.2 mpd upfront on air tickets, with the remaining 1.6 mpd credited the following month if you meet the minimum spend of S$800.

On the other hand, the Maybank World Mastercard earns 4 mpd upfront on petrol, and specialty dining & retail. Again turning to the formulas: 

Maybank Horizon

Maybank World Mastercard

In this case, the Maybank World Mastercard is more affected by rounding down to S$5, because the entire 10X is subject to it. 

Why not both?

But we’re not dealing with an either/or situation here. There’s nothing stopping you from getting both cards and enjoying the synergies:

• Use the Maybank Horizon for air tickets and bonus interest with SaveUp (provided you can fulfill the criteria for another two other products)
• Use the Maybank World Mastercard for FCY and petrol spend

I see no reason not to do this. The annual fees shouldn’t be a concern, given that the Maybank Horizon offers a waiver for three years, and the Maybank World Mastercard for one (and apparently Maybank isn’t very strict about waivers either).

Since points pool, orphan points are less of a concern. Plus, you can enjoy non-expiry on all your points, as well as free conversions thanks to the Maybank World Mastercard.

Conclusion

The Maybank Horizon and Maybank World Mastercard sound like they duplicate the same purpose, but there’s actually good reason to consider getting both cards.

By holding both cards, you’ll have an excellent strategy for FCY spend, petrol and air tickets, with no cap for the first two and a S$10,000 cap for the last. Yes, there are certainly better cards out there which will earn at least 4 mpd, but I’m assuming:

• you’re spending at a level that would bust those caps, or
• you’re spending on donations, education, hospitals and utilities which would normally be excluded by other cards

The main gripe I have about Maybank is their annoying mobile apps. You have to get one app for banking and another for rewards, and both refuse to work if you turn on developer mode on an Android phone.

Well, nothing’s perfect.