Maybank Horizon Card
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Maybank Horizon Card Review (2024)

The Maybank Horizon Card is an entry-level credit card tailored for individuals seeking to accumulate travel miles with ease. Boasting a generous three-year fee waiver and complimentary supplementary cards, it offers enticing benefits for frequent travelers and everyday spenders alike.

Updated: 29 Feb 2024

Maybank Horizon Card

Pros:

  1. Free Travel Insurance Coverage: Cardholders enjoy complimentary travel insurance coverage of up to S$1,000,000, providing peace of mind during travels.
  2. Three-Year Annual Fee Waiver: With a three-year waiver on the annual fee for the principal card and complimentary supplementary cards, the Maybank Horizon Card offers exceptional value for new cardholders.
  3. Access to VIP Airport Lounges: Subject to terms and conditions, cardholders can access selected VIP airport lounges, enhancing the travel experience.
  4. Links to the Maybank SaveUp Programme: Cardmembers have the opportunity to participate in the Maybank SaveUp Programme, earning bonus interest on savings when linked to their Maybank Horizon Card.

Cons:

  1. Minimum Spend Requirement for Bonus TREATS Points: Cardholders need to meet a minimum spend of S$300 per month to earn bonus TREATS points, which may be challenging for some users.
  2. Conversion Fee for Maybank TREATS Points: There is a conversion fee of S$25 for converting Maybank TREATS points to miles, which adds to the cost of redeeming rewards.
  3. Lack of Reward Miles or Renewal Bonus: Unlike some other cards in the market, the Maybank Horizon Card does not offer additional reward miles as a welcome bonus or upon renewal.
  4. Low Foreign MPD Earn Rate: The card offers a relatively low miles-per-dollar earn rate for overseas spending compared to its local spend benefits.

Current Promotion:

New applicants stand to benefit from an enticing promotion, where the first 5,000 approved applicants (first-time cardholders) can choose between a pair of American Tourister luggage, AirPods, or S$200 cashback upon meeting the spending criteria.

For individuals seeking a credit card that prioritizes local spending rewards over overseas transactions, the Maybank Horizon Visa Signature Card presents an appealing option. With a focus on offering elevated miles-per-dollar rates for local expenditures, it caters to the needs of individuals who primarily spend within Singapore.

Eligibility Requirements:

Applicants must be at least 21 years old with a minimum annual income of S$30,000 for Singaporeans and Permanent Residents, S$45,000 for Malaysian Citizens, and S$60,000 for Foreigners. Applications can be submitted conveniently via the Maybank website or other online channels.

Fees and Charges:

The Maybank Horizon Card carries an annual fee of S$180 for the principal card, with a three-year fee waiver. Supplementary cards are provided free of charge. Additional charges such as late payment fees, conversion fees, and foreign currency transaction fees apply as per standard credit card terms.

Features and Benefits:

Key features of the Maybank Horizon Visa Signature Card include:

  1. Elevated MPD Rates for Local Spending: Cardholders earn 3.2 miles per dollar for local dining, public transport, Grab and taxi rides, and petrol expenses, offering one of the highest MPD rates for local spend in the market.
  2. Travel Privileges: While the card’s benefits are predominantly geared towards local spending, cardholders still enjoy travel perks such as free travel insurance coverage and access to selected VIP airport lounges.
  3. Bonus Interest with the Maybank SaveUp Programme: By linking the Maybank Horizon Card to the Maybank SaveUp Programme and meeting the qualifying criteria, cardmembers can earn up to 3% annual interest on their savings.

Downsides of the Maybank Horizon Visa Signature Card:

Despite its numerous merits, there are some drawbacks to consider:

  1. Minimum Spend Requirement: Cardholders need to maintain a minimum monthly spend of S$300 to qualify for bonus TREATS points, which may not be feasible for all users.
  2. TREATS Points Cap and Expiry: Maybank TREATS points earned have a cap and expiry date, potentially limiting their utility for cardholders who accrue large amounts of points.
  3. Absence of Additional Reward Miles or Renewal Bonus: Unlike some competing cards, the Maybank Horizon Card does not offer additional reward miles as a welcome bonus or upon card renewal.

Comparison of MPD Rates:

When compared to other entry-level miles cards, the Maybank Horizon Visa Signature Card stands out for its competitive local spend rates. While it may not offer as high MPD rates for overseas transactions, it excels in rewarding local expenditures, making it an ideal choice for individuals seeking to maximize miles accumulation within Singapore.

Who Would Benefit the Most From This Card?

The Maybank Horizon Visa Signature Card is best suited for:

  • Young adults seeking an entry-level miles card for occasional holiday travel.
  • Individuals who can maximize MPD rates with significant local spending, particularly in categories such as dining, Grab/taxi rides, and public transport.
  • Car owners looking to accrue miles through petrol expenditures.

In conclusion, the Maybank Horizon Card presents a compelling option for individuals seeking to optimize their miles accumulation with a focus on local spending rewards and valuable travel benefits.

Remember also to check out 2024 Best Miles Cards in Singapore

Frequently Asked Questions

Who is eligible for the Maybank Horizon Visa Signature Card?

Applicants must be at least 21 years old with a minimum annual income of S$30,000 for Singaporeans and Permanent Residents, S$45,000 for Malaysian Citizens, and S$60,000 for Foreigners.

How can I apply for the Maybank Horizon Card?

You can apply for the Maybank Horizon Card via the Maybank website or other online channels. Singaporeans and PRs can conveniently use Singpass MyInfo for a streamlined application process.

What are the fees and charges associated with the Maybank Horizon Card?

The card carries an annual fee of S$180 for the principal card, with a three-year fee waiver. Supplementary cards are provided free of charge. Additional charges such as late payment fees, conversion fees, and foreign currency transaction fees apply as per standard credit card terms.

What are the key features and benefits of the Maybank Horizon Visa Signature Card?

The Maybank Horizon Card offers elevated miles-per-dollar rates for local spending, free travel insurance coverage, access to selected VIP airport lounges, and bonus interest opportunities through the Maybank SaveUp Programme.

What are the downsides of the Maybank Horizon Card?

While the card offers numerous benefits, users should consider factors such as the minimum spend requirement, conversion fees for TREATS points, absence of additional reward miles or renewal bonus, and lower miles-per-dollar earn rate for overseas transactions.

How does the miles-per-dollar (MPD) rate of the Maybank Horizon Card compare to other cards?

The Maybank Horizon Card excels in offering competitive MPD rates for local spending, making it an attractive choice for individuals seeking to maximize miles accumulation within Singapore. However, its MPD rates for overseas transactions may be lower compared to other cards.

Who would benefit the most from the Maybank Horizon Visa Signature Card?

The Maybank Horizon Card is ideal for young adults, frequent travelers, and individuals who prioritize local spending rewards. Car owners can also benefit from the elevated MPD rates for petrol expenditures offered by the card.

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