Grab, Maybank Team Up to Launch Mastercard Credit Card

Malayan Banking Bhd (Maybank) has partnered with ride-hailing and payments solution giant Grab, as well as global payment provider Mastercard, to launch the Maybank Grab Mastercard Platinum credit card in Malaysia.

The launching of a new co-branded financial product comes at a crucial time in history. In particular, Maybank’s approach comes as studies show a significant increase in Malaysian online activities, including online shopping, food deliveries, and news consumption, reports The Star.

The co-branded card aims to give individuals points with every spending. Rewards points can reportedly be used to redeem Grab vouchers, as well as vouchers from partner merchants, states The Edge Markets. Likewise, the new offering allows users to make payments and to offset bills.

Grab, Maybank Launch Mastercard Credit Card

Coming in a dual-faced offering, the new card is considered the first of its kind in the whole of Malaysia. In accordance with its latest financial product, the Edge Markets reports that Maybank has released a new digital application process on its website to facilitate easier applications and approvals.

Individuals holding an annual income of at least RM36,000 are eligible to obtain the card, with same-day approval and instant card issuance available for applicants, notes The Star.

For every RM1 spent using the co-branded financial offering, cardholders are entitled to get five times the rewards points on services such as food deliveries, rides, wallet top-ups, and in-store purchases.

Overseas transactions and e-commerce spend will allow the cardholder to get twice the rewards points for every RM1 spent, while all other transactions will garner 1 point for every RM3 spent.

In a statement via its press release, Managing Director of GrabPay, Ooi Huey Tyng said, “As the economy reopens with an emphasis on cashless payments as a convenient and hygienic alternative form of payment and coupled with the attractive benefits that [come] with the Maybank Grab Mastercard Platinum credit card, we are optimistic of the uptake for it.”

Tyng also said that with a unique offering and the first of its kind in the country, Grab is at the forefront of elevating and driving the need to adopt a cashless system in the whole of Malaysia.

RELATED ARTICLES

Program for an Electric Vehicle Tax Credit for Union-Built Vehicles
Credit

Program for an Electric Vehicle Tax Credit for Union-Built Vehicles Faces Obstacle

House Democrats' plan to provide customers with an additional option to encourage union-built vehicles has sparked controversy and discussion among legislators, manufacturers, and other parties. The House Ways and Means Committee last week cleared the tax breaks for consideration in the Democrats' $3.5 trillion budget bill measure, despite vocal objections...
Williams-Sonoma Key Rewards Credit Card Program
Credit

Williams-Sonoma and Capital One Introduce The Key Rewards Credit Card Program

Williams-Sonoma, Inc., a leading American home retail company, revealed that it has partnered with bank holding company Capital One to introduce the Key Rewards Credit Card Program. The company’s top-level Key Rewards program is upgraded with new credit cards. Cardholders can accumulate rewards when they shop at Williams Sonoma, Inc....
Federal Bank Credit Cards In Partnership With Visa
Credit

Federal Bank Introduces Credit Cards In Partnership With Visa

Federal Bank has announced the introduction of its credit card in India. To offer credit cards to its current clients, the private banking company has collaborated with Visa, the worldwide financial services corporation. As per Shyam Srinivasan, Managing Director and CEO of Federal Bank, the issuance of the card would...
Wells Fargo Personal Credit Lines Closure Plan
Credit

Wells Fargo Drops Personal Credit Lines Closure Plan

Wells Fargo & Co. sparked a public outcry when it announced plans to phase down personal lines of credit in July, but the firm will reverse direction on August 18, 2021. Customers who have been using their personal credit lines have just received notice from the San Francisco-based lender...
Universal Credit Human Rights Legislation
Credit

The Reduction in Universal Credit Violates Human Rights Legislation

According to the UN's poverty expert, reducing universal credit by £20 per week is an "unjustifiable" decision that violates human rights law and would certainly lead to an expansion of poverty. The retreat of the £1,000-a-year uplift from next month, according to Olivier De Schutter, the UN-appointed chair of the...
Credit Cards Dark Web Data Leak
Credit

Hackers Leak 1M Credit Cards on the Dark Web

One million stolen credit cards have been posted by hackers on the Dark Web through AllWorld.Cards. The act was reportedly done by cybercriminals in an attempt to promote their activities and operations, as well as make their organization known. The leaked credit card information was discovered by cybersecurity researchers from...
Carter’s Child Tax Credit May Boost Children’s Apparel Business
Credit

Carter’s Says Child Tax Credit May Boost Children’s Apparel Business

Carter’s, an American retailer for children’s apparel, says that with the new child tax credit rolling out across the United States, and as the usual shopping for back-to-school resumes, the company is confident about its opportunities. To meet the consumers’ demand, the company is being compelled to pay extra to...
Younited Credit Yields Million in Fund
Credit

Younited Credit Yields $170 Million in Fund Round

Younited Credit, a France-based company, has secured $170 million in fund round. Consumers in Europe can choose from a variety of credit options offered by the startup. It also employs a multi-distribution method. The funding round, which is led by Goldman Sachs, has participants including existing investors such as Bpifrance,...
Sterling Construction Modifies Credit Agreement
Credit

Sterling Construction Modifies Credit Agreement with BMO Harris Bank

Sterling Construction Company, Inc. has modified its current credit agreement with BMO Harris Bank, its lending group. It has revealed that numerous terms of the agreement are revised. Two of the terms include lowering the existing credit agreement borrowing interest rate by 2% points and reducing the credit agreement's future...