Best credit card for Shopee Spending

When it comes to e-commerce shopping, most Malaysians who shop online are familiar with Shopee, the country's most popular e-commerce platform. While searching for rebate vouchers, free shipping vouchers, coin cashbacks, and other ways to save money, an important decision for Shopee spending is choosing the right payment method. Using the right credit card can save you extra money through credit card cashbacks, air miles rewards, or even Shopee coins. In this article, we explore several categories of credit cards that can maximize your Shopee spending experience.

Maybank Shopee Visa Platinum Credit Card

The Maybank Shopee Visa Platinum Credit Card is a co-branded card between Maybank and Shopee, targeting shoppers who spend significantly on Shopee. Each calendar month, Shopee divides the days into Normal Days and Special Days. Special Days are defined as days when Shopee runs special campaigns, such as Pay Day Sales on the 28th of every month, festival sales like Chinese New Year, Hari Raya, and single-day sales like 11.11, 1.1, 2.2, etc. Spending on Shopee during Special Days using the Maybank Shopee Visa Platinum credit card earns you 5 Shopee coins per Ringgit. For non-Shopee spending on Special Days, dining, entertainment, and other contactless transactions earn you 4 Shopee coins per Ringgit.

On Normal Days, Shopee spending, dining, entertainment, and other contactless transactions all earn 2 Shopee coins per Ringgit. For all other transactions not mentioned above, you get 1 Shopee coin per Ringgit spent. So how much is the Shopee coin worth? Each Shopee coin is worth RM0.01, so spending on Shopee during Special Days gives you a decent 5% cashback in the form of Shopee coins. Note that Shopee spending includes not just e-commerce purchases but also other services Shopee provides, such as Shopee Food, prepaid and bill payments, and many more.

The main drawback of this card is that the rewards are in the form of Shopee coins, which cannot be exchanged for cash but must be used on Shopee, but to continue spending it in Shopee. So, if you spend significantly on Shopee every month, this card can help you save more. However, if you prefer other forms of rewards, such as cashbacks or air miles, there are other credit cards to consider.

Other E-commerce and Online reward spending credit cards

Using the Duithub credit card explorer and reward estimations, we can identify some credit cards that provide decent rewards for online e-commerce spending. Let's start by looking at cashback credit cards. Although cards like the AEON Platinum Visa/Mastercard and CIMB Petronas Visa Infinite credit card offer cashback exceeding RM100 per month, they are primarily focused on food, groceries, and petrol spending.

To simplify the search for the best online e-commerce cashback card, we input RM3,000 spending into the Duithub reward estimator. The top card on the list is the Maybank Visa Signature credit card, which offers 5% cashback capped at RM88 per month for all categories except e-wallets, utilities, and government spending (so Shopee Pay reloads don’t qualify, but other Shopee spending does). The flexibility and cashback rate of the Maybank Visa Signature credit card make it a standout choice compared to most other general spending credit cards.

Another noteworthy card is the Alliance Bank Visa Signature credit card, a general spending card that includes e-wallet and utilities spending. The cashback rate depends on the total monthly spend. For example, spending below RM1,000 earns only 0.05% cashback, resulting in RM0.50. However, spending between RM2,000 and RM3,000 earns 5% cashback on the RM1,000 within that range, yielding RM50. Summarizing the total spending from each tier, RM3,000 monthly spending on Shopee earns you RM55.50 cashback.

What if you are a small spender, spending RM1,000 or less per month? Inputting RM1,000 into the Duithub reward estimator reveals four Maybank credit cards at the top of the list: Maybank Islamic American Express Platinum credit card, Maybank Visa Signature credit card, Maybank 2 Gold credit cards, and Maybank 2 Platinum credit cards, all offering 5% cashback, resulting in RM50 per month for RM1,000 spending.

Comparing the rewards from the co-branded card versus online spending credit cards, the choice is clear. If you spend primarily on Shopee Special Days, the Maybank Shopee Visa Platinum credit card, offering 5% Shopee coins without any cap, is the best choice. If you spend around RM1,000 monthly on Shopee and also shop on other online merchants, a card with 5% cashback is a better option, as it provides similar value in cash rather than Shopee coins. However, for spending RM3,000 or more, the typical cashback card’s monthly cap, usually less than RM100, limits the cashback you can earn.

Airmiles Rewards

For air miles rewards, using the Duithub reward estimator with RM3,000 spending on Shopee and optimizing for Malaysia Airlines Enrich Points, the top card is the UOB World Credit card, which rewards you with 2,400 miles points. Valuing Enrich points at RM0.087 per point, this equates to a 7% cashback in terms of reward value. Note that full redemption of miles is in units of 1,000 miles, so the calculation is an example to show that a good reward credit card can offer more than a cashback credit card with a good strategy.

Summary

This article presents a few credit cards that can help you save more on your Shopee spending. The best card for Shopee spending depends on your total spending amount and the type of rewards you prefer. Heavy Shopee spenders should opt for the Maybank Shopee Visa Platinum credit card, while other online spending credit cards offer decent cashbacks or air miles.