HSBC Amanah MPower Platinum Credit Card-i Review: Is the Hype Well Deserved?

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HSBC Amanah MPower Platinum Credit Card-i

The HSBC Amanah MPower Platinum Card is touted as one of the best cashback credit cards in Malaysia. It offers a high rate of cashback on your essential expenses such as petrol and groceries.

But does it truly deliver on its promise or is it just a hype? Let’s take a closer look at what the card offers and how you stand to benefit from it.

What can you actually earn?

The HSBC Amanah MPower Platinum Credit Card-i offers cashback on petrol, groceries and all other local retail expenses as you can see in the image below.

HSBC Amanah MPower Platinum Credit Card-i

Source: HSBC

Petrol – You can earn a cashback of 8% on petrol expenses charged to the card.

Groceries – You can earn a cashback of 8% on grocery expenses charged to the card.

All other categories – You can earn a cashback of 0.2% on all other local retail expenses charged to the card.

What’s the fine print?

For starters, the card requires you to meet a minimum monthly spend of RM2,000 in order to get the 8% cashback. The 8% cashback on both, groceries and petrol is also capped to a combined maximum of RM50. If you fail to rack up a monthly bill of RM2,000 on your card, the card will only earn a cashback of 2% on groceries and petrol.

To add to the catch, only grocery expenses incurred at participating stores such as at Giant, Tesco, AEON Big and Mydin qualify for the 8% cashback. Any amount charged on groceries at other stores do not qualify for the 8% cashback but will instead only earn a meagre 0.2% cashback.

The same goes with petrol. Only petrol expenses incurred at Shell, Caltex, and Petronas fuel stations qualify for the 8% cashback.

How it stacks up against the competition

The Citi Cash Back Platinum Card comes a close second to the HSBC card in terms of features and cashback.

The Citi Cash Back Platinum Card gives you 5% cashback on petrol, 2% on groceries, 2% on telco bills, and 2% on pharmaceutical expenses along with the same 0.2% cashback on all other retail spends. However, the card does have a limit on how much cashback you can earn on petrol and groceries. The card also has an upper limit on how much you can spend on petrol and groceries. When you exceed this limit of RM400 on petrol and RM3,000 on groceries, the card stops earning cashback.

Related: Citi Cash Back Card Review: Should You be Getting this Cashback Card?

To the 5% cashback on petrol is capped at RM20 and is limited to a spend of RM400 on petrol. You can earn cashback on a spend of up to RM3,000 in a billing month on groceries to get the 2% cashback which is capped to RM60.

Let us compare the two cards with the following illustration.

Category of expenses

Amount charged per category

Citibank Cash Back Card

HSBC Amanah M-Power Platinum Credit Card-i

Cashback rate offered per category

Cashback earned

Cashback rate offered per category

Cashback earned

Petrol

RM500

5%

RM20 (capped to RM20 for Petrol)

8%

RM50 (capped for both categories)

Groceries

RM750

2%

RM15

8%

Telco

RM300

2%

RM6

0.2%

RM0.6

Miscellaneous expenses

RM550

0.2%

RM1.1

0.2%

RM1.1

Total monthly spend: RM2,100

Total cashback earned: RM42.1

Total cashback earned: RM51.7

 

As we can see the MPower card comes on top with a higher cashback earned.

The verdict

The HSBC Amanah MPower Platinum Credit Card-i clearly comes out on top thanks largely due to the 8% cashback on petrol and groceries. Even with a RM50 cap on the highest earning categories, the card still manages to give you a decent amount of cashback.

The biggest advantage of the card is that if you fail to meet the monthly spend requirement of RM2,000, the earned on petrol and groceries is still relatively higher at 2%.

Related: 6 Common Biases That Hurt Your Investment Decisions and How to Overcome Them

As far as cashback cards go, the MPower Platinum Card definitely manages to hold its own and is deserving of the title of being one of the more popular cashback cards in town. The fact that the cashback has a monthly spend requirement and not individual requirements gives you room to spend on other categories and still earn a pretty high rate of cashback.

If you are someone who finds yourself constantly filling up at petrol bunks or walking down aisles of grocery stores, then you’d definitely benefit from having this card in your wallet.

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