Maybank will discontinue its Grab co-branded credit card on 7 September and move existing users to a new cashback card.
The decision follows the end of its co-brand partnership with Grab.
Customers will begin receiving their replacement cards from 12 September, with deliveries continuing through October. The cards will be provided at no additional cost.
Until then, customers can keep using their current physical and digital cards without interruption.
The new cashback structure will also apply to transactions made with the current card during the transition.
Transactions posted before the effective date will still earn GrabCoins.
New Cashback and Overseas Spending Benefits
Under the new structure, cardholders who spend at least RM1,500 a month can earn 8% cashback on e-hailing, online groceries, dining, online food delivery and online entertainment.
Cashback is capped at RM18 for each of the three categories per month, with no further rewards after the limit is reached.
Those who fall below the spending threshold will receive 0.2% cashback instead. This rate also applies without a cap to other eligible retail purchases.
Maybank will waive its overseas transaction conversion fee for in-person payments in Singapore, Thailand, Japan, South Korea and Indonesia.
Standard charges remain for card-not-present purchases and transactions elsewhere.
The existing 16-digit number will be retained, allowing auto-billing and recurring payments to continue as usual.
Once the replacement is activated, its new CVV and expiry date must be updated in e-wallets and shopping apps.
There is no annual fee, although the RM25 service tax per card still applies each year.
Previously earned GrabCoins will remain in the Grab app and expire six months from the date they were earned.
Customers should check that their registered mailing address is correct as branch collection is unavailable.
Those seeking different benefits can apply separately for another Maybank credit card.
Featured image: Edited by Fintech News Malaysia, based on image by Magnific
