Yahoo Finance Maybank Horizon Visa Signature Card – MoneySmart Review 2022
Maybank doesn’t advertise its cards aggressively like its competitors do. They’re relatively low-key, but those who pay attention to them are often rewarded.
Take the Maybank Horizon Visa Signature Card, for instance. This unassuming air miles card actually gives you up to 3.2 miles per $1 spent. Plus, the annual fee is waived for 3 years, which is an eternity in the credit card world.
Let’s see if this card is really all that.
Contents
1. Maybank Horizon Visa Signature Review
The Maybank Horizon Visa Signature is an air miles credit card. That means you earn air miles as you spend. These miles can then be converted to KrisFlyer miles and credited to your account, and eventually exchanged for free air tickets.
The card distinguishes itself with a pretty attractive earn rate of up to 3.2 miles for every dollar spent. The 3.2 = $1 earn rate can be had on restaurant dining, petrol, public transport (including Grab and taxi rides) and hotel bookings at Agoda.com/horizon.
You can also earn 2 air miles per dollar spent on air tickets, travel packages, cruise packages and foreign currency transactions, whether online or overseas.
MoneySmart Exclusive
Maybank Horizon Visa Signature
MoneySmart Exclusive:
Apply and spend S$350 monthly for 2 consecutive months to get a Jabra Elite 3 True Wireless Earphone (worth $128) PLUS receive a Samsonite Harts Spinner 68/25 worth S$550 (First 4,500 applicants) or S$100 Cash Credit (4,501 applicant onwards). T&Cs Apply.
Valid until 03 Oct 2022
More Details
Key Features
Earn 3.2 air miles (8X TREATS Points) for every S$1 spent on dining, petrol, taxi fares and hotel bookings at Agoda.com/horizon
Earn 2 air miles (5X TREATS Points) for every S$1 spent on air tickets, travel packages and foreign currency transactions
Complimentary lounge access with minimum spend of S$1,000 in a single transaction on a retail purchase
Complimentary Travel Insurance up to S$1,000,000
3 years annual fee waived
2. Maybank Horizon Visa Annual Fee, Minimum Income
The Maybank Horizon Visa Signature Card is an entry-level card, which means Singaporeans and PRs can apply for it with a minimum income of $30,000.
Maybank Horizon Visa Signature Card | |
Annual Fee | $180 |
Annual Fee Waiver | 3 years, waived subsequently with yearly spend of $18,000 |
Supplementary Card Annual Fee | Free |
Interest Free Period | 20 days |
Annual Interest Rate | 26.9% |
Late Payment Fee | 5% or $100, whichever is higher |
Minimum Monthly Repayment | 3% or $20, whichever is higher |
Foreign Currency Transaction Fee | 3.25% |
Cash Advance Transaction Fee | 6% or $15, whichever is higher |
Overlimit Fee | 3% or $10, whichever is higher |
Minimum Income | $30,000 (Singaporean/PR), $45,000 (Malaysian employed for at least one year), $60,000 (Foreigner employed for at least one year |
Card Association | Visa |
Contactless Payment | Visa Contactless, Samsung Pay, Apple Pay |
3. Maybank Horizon Visa Signature Miles & Expiry
Here’s a cheat sheet for how to earn air miles with the Maybank Horizon Visa Signature Card:
3.2 miles = $1 (8X TREATS points) on dining, petrol, public transport (including Grab and taxi rides) and hotel bookings at Agoda.com/horizon
2 miles = $1 (5X TREATS points) on air tickets, travel packages, cruise packages and foreign currency transactions, whether online or overseas.
0.4 miles = $1 (1X TREATS points) on other spending
To earn the 5X and 8X bonus TREATS points, you need to spend at least $300 in a calendar month. Otherwise, you just earn points at the measly 1X TREATS points earn rate, which translates to a pathetic 0.4 miles per $1 spent.
You are also entitled to a maximum of 30,000 Bonus TREATS points per calendar month. Bonus points are any points above the usual 1X TREATS points earn rate. If you only spend on stuff that can earn you 5X or 8X TREATS points, that translates to about $4,286 to $7,500 worth of spending, which is plenty, so unless you’re a real high roller or spending on something huge in a particular month there’s not much need to worry about hitting the cap.
The bad news is that TREATS points expire in one year from the quarterly period in which they were earned. So don’t forget to convert them to miles before you lose them.
4. Maybank Horizon Visa Signature Lounge Access
In theory, the card entitles you to complimentary lounge access at the following places:
Ambassador Transit Lounge at Singapore Changi Airport
Plaza Premium Lounge at Singapore Changi Airport
Kuala Lumpur International Airport
Hong Kong International Airport
But in practice, many cardholders will never qualify for these elusive passes.
That’s because to receive one lounge pass, you must spent at least $1,000 in a single retail transaction within 3 months prior to the date of lounge access. In other words, you must make one single purchase costing at least $1,000. And you’re limited to one lounge pass per 3 month period.
5. Maybank Horizon vs AMEX KrisFlyer
The AMEX KrisFlyer Credit Card is another entry-level air mile credit card. Can’t decide between the two? Here are the key differences.
Amex KrisFlyer | Maybank Horizon | |
Base Air Miles | 1.1 miles = $1 | 0.4 miles = $1 |
Bonus Air Miles | 0.9 miles = $1 / 2 miles = $1 | 1.6 miles = $1 / 2.8 miles = $1 |
Bonus Categories | Overseas spending / Grab | Air tickets, travel packages, cruise packages and foreign currency transactions / Restaurant dining, petrol, transport and Agoda hotel bookings |
Annual Income | $30,000 (Singaporean/PR) / $45,000 (non-Singaporean) | $30,000 (Singaporean/PR) / $45,000 (Malaysian employed for one year) / $60,000 (Foreigner employed for one year) |
Welcome bonus | 5,000 miles + 5,000 miles + 14,800 miles (new to Amex) | Samsonite Harts 68/25 Spinner worth S$550 |
When it comes to bonus miles, the Maybank Horizon Visa Signature is more generous than the AMEX KrisFlyer, and also lets you earn them on a wider range of spending categories.
However, one of the AMEX KrisFlyer’s biggest advantages is its attractive welcome bonus. To qualify for the full welcome bonus, you need to spend at least $2,000 in the 3 months.
By contrast, the Maybank Horizon Visa Signature offers a free Samsonite suitcase. You need to spend $300 for the first two months consecutively in order to qualify. Sure, it’s worth $550, but if you don’t actually need a new suitcase, it could just end up being another useless item taking up space in your home.
MoneySmart Exclusive
Convenience & Perks for Frequent Flyers
American Express Singapore Airlines KrisFlyer Credit Card
Get up to 22,000 worth of KrisFlyer Miles (worth a return trip to Bali via Singapore Airlines) from Amex when you apply. Min. spends of S$2,000 within the first 3 months of Card Approval required. T&Cs Apply.
Valid until 31 Oct 2022
More Details
Key Features
Earn 2 KrisFlyer miles for every S$1 equivalent in foreign currency on eligible purchases during June and December each year, with no cap.
S$1 = 3.1 KrisFlyer miles for Grab Singapore transactions, capped at S$200 per month
First Year Fee Waiver of S$176.55
Receive 5,000 KrisFlyer miles upon first spend on card
Eligible with Apple Pay, Google Pay, Samsung Pay
6. How to maximise my Maybank Horizon Visa Signature Card?
To maximise your air miles earning power, you want to use your card whenever you can qualify for the 3.2 miles = $1 earn rate. That means hooking up your card to ride sharing apps and SimplyGo for bus and MRT rides, and always using the card when you eat out or pump petrol.
You should also use it for your travel expenses, from flight reservations to spending money at your holiday destination. Another thing you can use the card for is online shopping, just remember to select the foreign currency option instead of SGD.
7. Maybank Horizon Visa Signature Promotion
Sign up for the card now, spend $300 for the next two consecutive months and you get a Samsonite Harts 68/25 Spinner suitcase worth $550.
The promotion is limited to the first 4,500 new-to-Maybank applicants.
If you don’t make it into the first 4,500 applicants, you receive $100 cash credit.
8. Should I get the Maybank Horizon Visa Signature?
The Maybank Horizon Visa Signature is an entry level air miles card with a decent bonus miles earn rate.
If you’re a big spender, this is a good card to have, especially as there are many ways to earn the bonus miles other than just overseas spending. In particular, if you eat out a lot or spend a lot on transportation, you’ll be able to really max out your air miles.
However, if you’re just looking for a card with a generous welcome bonus, you might better off with a card like the AMEX KrisFlyer.
Still shopping for an air miles credit card? Consider starting with the DBS Altitude card!
Earn Miles That Never Expire
DBS Altitude Visa Signature Card
More Details
Key Features
Base earn rate: 1.2 air miles per S$1 local spend
Base earn rate: 2 air miles per S$1 overseas spend charged in foreign currency
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