Maybank Horizon Visa Signature Card: All you need to know

The Maybank Horizon Visa Signature Card was awarded “Best Air Miles Credit Card” in 2017 by HerWorld NuYou Credit Card Awards. And with the easy way that miles can start to pile up with this credit card, you can understand why.

But, with this credit card, things are not completely what they seem. It is true you can get points towards miles with every purchase, but you will also need to hit the spend minimums to be able to benefit from them. Plus, with fees on foreign transactions, cash advances, and high-interest rates, your trips abroad can easily get more expensive than you expected.

How does the Maybank Horizon Visa Signature Card work

The Maybank Horizon Visa Signature Card works like a standard credit card, where you’re given a credit line depending on your application. You can then charge purchases, wherever Visa is accepted, that you then pay back monthly. If you aren’t able to cover the full balance, you are then charged with an interest rate on the amount. But as you’ll see below, it gets a bit more expensive than that. There are fees for everything from just having the card (though it can be waived) to withdrawing cash and doing foreign transactions. Take a look at the breakdown of the fees.¹

Annual fee

There is an annual fee of SGD 180 for the principal cardholder. It is waived for the first 3 years and can continue to be waived as long as SGD 18,000 is spent on the card every year. All supplementary cards don’t have annual fees.

Annual interest rate

The annual interest rate is 25.9% per annum.

Late payment fee

If you happen to miss your monthly minimum payment, you will be automatically charged SGD 80 or 5% of the minimum amount due, if it is larger than SGD 80, as a late payment fee.

Minimum monthly repayment

Speaking of minimum monthly payments, it is set by looking at the greater of either SGD 20 or 3% of your balance. If you have any other fees or outstanding amounts, it will be added on top of this minimum.

Foreign currency transaction fee

Similar to many other credit cards, any purchases using your Maybank Horizon Visa Signature card made in non-SGD currencies are first converted into USD from the original currency. From the USD converted amount, it is then converted into SGD. The exchange rate on these conversions is set by Visa itself and isn’t the mid-market rate the banks or companies use themselves. And in that difference, Visa is able to hide a fee that eats into your wallet.

Now, let’s look at the fees. For foreign transactions, you will be charged an administrative fee of 1.75%, plus a transaction fee of 1%. That means every purchase you charge to your card abroad gets an automatic additional fee totaling 2.75%.

This also goes for any online shopping you do on foreign shop sites, even if you are in Singapore. But you will also be hit with an additional fee of up to 1% on top of the 2.75% for any transactions in SGD but processed overseas.

Cash advance transaction fee

You can access cash using your Maybank Horizon Visa Signature Card with the cash advance feature. But be fully aware of the charges it comes with. You will be charged a fee of either SGD 15 or 5% of the amount you take out- whichever is more. There is also a transaction fee of SGD 5 if you use a non-Maybank ATM, but if you use one of the Maybank ATM’s it’s free.

Overlimit fee

There is no fee for going over your limit, but you will need to pay the full amount above your credit limit in your next minimum monthly payment.

What is the eligibility for Maybank Horizon Visa Signature Card?

To be able to apply for this credit card, you must be at least 21 years old and meet the minimum income requirements below.

If you are a Malaysian citizen or considered a Foreigner, you need to have been employed in Singapore for at least 1 year.

You can apply for the card online through the Maybank website or at a nearby branch. Make sure to have copies of your NRIC, and income proofs. You can find more details of the exact documents that you’ll need on their website.²

What can I do with Maybank Horizon Visa Signature Card?

The Maybank Horizon Visa Signature Card is all about spending while making travel easier with air miles. The more you spend using the card, the more rewards and benefits you get. You can use the card for regular purchases around Singapore and abroad, but watch the fees with foreign transactions. As you’ll see, you can earn extra points and miles by using the card around Singapore.

Maybank Horizon Visa Signature Card air miles

Air miles are one of the biggest draws for this credit card. With almost every purchase you make, you can accumulate TREATS Points that can be converted into air miles. But to earn the most from this card you will have to spend a minimum of SGD 300 in a calendar month, every month.

On top of the minimum spend necessary, there is also a conversion fee for anytime you want to convert TREATS Points to air miles.³

Maybank Horizon Visa Signature Card travel insurance

One perk of holding the Maybank Horizon Visa Signature Card is the ability to get free travel insurance. The insurance covers travel accident insurance, missed flight connections, luggage delay and loss. The coverage can be up to SGD 1,000,000. To take advantage of this, you will need to charge the full amount of your travel fare to the card.⁴

Maybank Horizon Visa Signature Card lounge access

If you spend at least SGD 1,000 on a single purchase using your Maybank Horizon Visa Signature Card within 12 weeks before your travel date, you can take advantage of certain VIP airport lounges in Changi, Kuala Lumpur International and the Plaza Premium Lounge in Hong Kong. If you are traveling with guests, they will be given a 20% discount on the normal lounge fees. But again, you would’ve needed to meet the spend amounts.⁵

Overseas spend with Maybank Horizon Visa Signature Card

The Maybank Horizon Visa Signature card is made to rack up air miles, but it sure is expensive if you are actually traveling overseas. On top of meeting the minimums to take advantage of the bonus air miles per purchase, you then have to pay conversion fees, exchange rate fees and foreign transaction fees on every purchase. That’s an additional minimum of 2.75% on every card swipe.

You wouldn’t be blamed for scratching your head on how a travel credit card actually charges you more when you travel. That’s why it could be time to get a truly global travel card that means no foreign transaction fees, or no cash withdrawal fees up to SGD 350 every month wherever you are, and lets you spend in over 150+ currencies. It could be time for the Wise borderless Mastercard.

Get your Wise borderless card - a multi-currency account that is on average 7 times cheaper than banks

TheWise borderless card was made for a globe-trotting lifestyle. You can load up your card with 40+ currencies all at the mid-market exchange rate, and use it to shop, eat, and make memories abroad. There are no minimum spends or annual fees and it is free to sign up. You just pay one low conversion fee when you switch out of Singapore dollars and that’s it. It is how Wise is 7x cheaper than the banks.

And you can use the Wise borderless account to shop online, without any additional fees, on Alibaba, Amazon, Qoo10, and Grab. And you’ll be able to keep track of your spending with push notifications that will let you know exactly how much was spent. So leave all those fees behind, and keep more money in your wallet for what really matters with Wise’s borderless card.