The best part about many cashback credit cards is that it’s plain and simple in the way it works. Unlike reward points and air miles that can at times get confusing to understand and utilise, cashbacks work like pre-determined discounts on whatever you spend.
And the Hong Leong WISE Visa Gold Credit Card’s cashback programme is no different.
Except that it is also different among most other cashback cards. How so? Let’s dig deeper.
Hong Leong WISE Visa Gold Credit Card — Top features and benefits
Earn cashback on chosen spends throughout the year
With the Hong Leong WISE Visa Gold Credit Card, you can earn a high cashback rate of 10% on 2 spending categories that you choose. All you need to do is to just pick the right cashback category according to your lifestyle requirements and spending patterns, and you’re good to go!
Here are some important details of this Hong Leong credit card’s Cashback Programme
- Earn 10% cashback on your chosen spending category throughout the year capped at RM100 a month
- To be eligible for 10% cashback, you’ll need to spend at least RM2,000 on eligible retail transactions in a month
- Choose 2 from 9 spending categories like dining, departmental stores, petrol etc.
- Earn rebates on “mobile payments” as a bonus category in addition to your two chosen categories
- Switch over to other spending categories according to your lifestyle needs any time of the year and earn the same cashback rate after paying a one-time maintenance service fee of RM10 for each switch
- The annual fee for the principal card is RM250, while it’s RM80 for the supplementary card
So, what are the categories under which you can earn cashback?
Here’s a list to illustrate all the current spending categories. Remember, you can only choose 2 categories:
|No.||Spend Categories||Merchants / Merchant Category Code (MCC)|
|1.||Pharmacies||Guardian, Watsons, Caring and Eu Yan Sang outlets|
|2.||Groceries||All grocery stores eg: Giant, Tesco, AEON Big (MCC 5411)|
|3.||Petrol||Automated fuel dispensers at all petrol stations (MCC 5542)|
|4.||Dining||All dining outlets (MCC 5811, 5812, 5814)|
|5.||Departmental Stores||Parkson, AEON, Isetan, Metrojaya, Robinsons, Tangs, GAMA and Sogo outlets|
|6.||Book Stores||MPH, Popular, Borders, Kinokuniya, Times, Smart and BookXcess stores|
|7.||Utilities||Electricity and Water (MCC 4900)|
|8.||Entertainment||All cinemas (MCC 7832), Ticket Charge, Ticketpro, Red Box and Neway|
|9.||Travel||All airlines (MCC 3000-3299, 4511), hotels (MCC 3501-3999, 7011), tour packages (MCC 4722, 4723)|
|No.||Bonus Category||Merchants / Merchant Category Code (MCC)|
|1.||Mobile||Maxis, Celcom, Digi, U Mobile and YES|
A few things to note:
- All local, overseas, and online retail spends made using the card will qualify for rebates as long as the partnering merchant comes under the purview of a predefined category code.
- Cash-type transactions, instalment conversion transactions, disputed transactions, fund transfers, and government agency transactions aren’t eligible for any kind of rebate
Other features and benefits of this card that you should know
Apart from the cashback benefits on offer, the Hong Leong WISE Visa Gold Credit Card does come with its fair share of additional features.
1. Hong Leong Flexi Payment Plan (FPP)
You can convert eligible retail transactions charged to this card into affordable monthly payments with the Hong Leong Flexi Payment Plan facility. You can even choose from flexible repayment tenures that go up to 3 years.
|Repayment period||Applicable Interest Rate||Minimum transaction amount||Effective Interest Rate|
|6 months||8.99% p.a.||RM500||15.25% p.a.|
|12 months||RM1,000||16.20% p.a.|
|18 months||RM1,000||16.40% p.a.|
|24 months||RM2,000||16.41% p.a.|
|36 months||RM2,000||16.23% p.a.|
2. Hong Leong Call-For-Cash Plus (CFC+)
Another useful feature of the Hong Leong WISE Visa Gold Credit Card is the Call-For-Cash Plus facility. When you’re in times of need, you don’t need to go around asking for money. Just use your Hong Leong credit card to get extra funds.
You can choose to withdraw anywhere between a minimum of RM1,500 and up to 90% of your existing credit limit.
|Available Tenure Options||Applicable Interest Rate||Approved CFC+ Amount||Effective Interest Rate|
|12, 18, 24, 36, 48, and 60 months||9.88% p.a.||RM1,500 – RM10,000||17.09% – 17.96% p.a.|
|8.38% p.a.||RM10,001 – RM24,999||14.73% – 15.34% p.a.|
|6.38% p.a.||RM25,000 or more||11.48% – 11.81% p.a.|
3. Balance Transfer
If you use it right, your Hong Leong WISE Visa Gold Credit Card can be a good option for credit card debt consolidation. With the balance transfer feature, you can transfer any outstanding balance that you have on another bank’s credit card to your Hong Leong card. You can then pay back the transferred outstanding at more affordable interest rates over flexible repayment periods.
That’s not all. If you’re getting a Hong Leong credit card for the first time, you can get the balance transfer facility for interest rates as low as 4.99% along with a lifetime repayment option.
|Balance Transfer Tenure||Applicable Interest Rate||Eligibility Criteria|
|Lifetime repayment||4.99% p.a.||New-to-bank customer/Never had a Hong Leong credit card before|
|6 or 12 months||6.99% p.a.||Existing Hong Leong credit cardholder|
What we don’t like about the Hong Leong WISE Visa Gold Credit Card
- The best effective cashback percentage you’re getting is 5% since you need to spend RM2,000 for a maximum cashback of RM100
- Paying an annual fee of RM250, which cannot be waived off, further reduces your effective savings
- Each category change is chargeable at RM10
- Supplementary cards are not free
- Apart from earning cashback on categories you enrol for and the bonus category decided by the bank, you don’t earn additional rebates for any other spends
Measuring it up against other cashback credit cards
There’s been plenty of talk about the Hong Leong WISE Visa Gold Credit Card up until this point. But, for it to truly excel as a cashback credit card, it needs to provide more bang for the buck when compared to the competition.
For this comparison, let’s consider another card that’s very appealing for its cashback benefits – the Standard Chartered JustOne Platinum Mastercard Credit Card. To begin with, let’s ease in and compare both cards:
|Name of the Card||Cashback Benefits||Minimum Monthly Spend Criteria||Monthly Limit on Cashback||Annual Income Requirement||Annual Fees|
|Hong Leong WISE Visa Gold Credit Card||10% cashback on selected spends throughout the year||RM2,000 or more||RM100||RM24,000||RM250 (with 0% GST)|
|Standard Chartered JustOne Platinum Mastercard Credit Card||Up to 15% cashback on auto bill payments, online spends, and petrol transactions.
0.2% unlimited cashback on all other retail spends
|RM2,500 or more||RM85||RM24,000||RM250 (with 0% GST)|
As you can see, both cards pretty much match up to each other when it comes to the annual fees and minimum income criteria. Where they truly differ is the total amount of cashback on offer and the minimum monthly spending requirement.
For instance, consider the Hong Leong WISE Visa Gold Credit Card. You can earn 10% of what you spend on selected categories as a rebate. You have the freedom of choosing cashback categories that are in line with your spending pattern. In addition, the monthly rebate is capped at RM100. To earn the rebate, all you have to do is spend at least RM2,000 in a month.
On the other hand, the Standard Chartered JustOne Platinum Mastercard Credit Card seems limited in the sense that you get to earn rebates on predefined categories (auto-bill payments, online spends, petrol purchases) that may or may not be suitable for your lifestyle habits.
Moreover, the Standard Chartered credit card has a comparatively lower cashback limit (RM85) for higher minimum spending criteria (RM2,500 and more)
The Standard Chartered credit card does, however, have an advantage – 0.2% unlimited cashback on other retail spends. In comparison, the Hong Leong credit card doesn’t offer any other rebate apart from what you get with the selected and bonus categories.
As with most cashback cards, the more flexibility you get, the lower your cashback earnings. The Hong Leong WISE Visa Gold Credit Card is a prime example.
By being focused on just two categories (which is more than some of its competitors) and spending more than RM2,000 a month, the bank rewards you with a decent amount of cashback (up to RM100 monthly).
The trick to maximizing your cashback is to get this credit card only if you know you have consistently high spending in two categories, or switching categories when you foresee a large expenditure. For example, you can switch to the travel category when you’re going to book a vacation for your family.
A little strategy and forward planning will be very useful for users of the Hong Leong WISE Visa Gold Credit Card.
You may also like:
- 7 Credit Cards That Help You Save More on Grocery Spends
- Citi PremierMiles Visa Credit Card Review: An Ideal Partner for Travel Buffs?
- Watch: Why You Shouldn’t Stress Anymore over Choosing the Right Credit Card for Yourself
All information provided in this article/blog, published on this website is strictly for general information purpose only. BBazaar does not provide any warranty about the authenticity and accuracy of such information. BBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Please visit the websites of respective banks/financial institutions for more details about products.