Maybank Horizon Visa Signature offering 3.2 mpd on Asian FCY spend

In September 2023, the Maybank Horizon Visa Signature card got a new lease of life as a fee-free option for general spending, boasting one standout feature – an unlimited earn rate of 2.8 mpd on foreign currency transactions, provided you spend at least S$800 on the card within the same calendar month.

Although this change replaced the previous 3.2 mpd rate on dining, petrol, taxis and hotel bookings through Agoda, it certainly simplified the card’s bonus structure. The refreshed benefits also include a 2.8 miles per dollar earn rate on air tickets with any airline, capped at S$10,000 per month.

Maybank has periodically boosted that FCY rate to 3.2 mpd since then, most recently between April and June 2026, and the same deal is now back for the year-end travel season.

This can be a very useful miles boost for those already maxing out 4 mpd bonus cards each month, thanks to the uncapped nature of Maybank’s offer, and the generous eligible spend list including the likes of overseas education fees and medical bills.

3.2 mpd from November 2026 to January 2027

Maybank is once again offering its Horizon Visa Signature cardholders an upsized 3.2 mpd earn rate on FCY spend, uncapped, for transactions made in the following eight currencies:

• Chinese Renminbi (RMB)
• Hong Kong Dollar (HKD)
• Indonesia Rupiah (IDR)
• Japanese Yen (JPY)
• Malaysian Ringgit (MYR)
• New Taiwan Dollar (TWD)
• South Korean Won (KRW)
• Thai Baht (THB)

The boosted earn rate is subject to a minimum spend of S$800 on the card (in any currency) in the same calendar month – the same threshold that unlocks the card’s regular 2.8 mpd FCY rate – and there’s no need to register.

FCY spend in all other currencies continues to earn the usual uncapped 2.8 mpd once you hit that S$800 threshold. Unlike the November 2024 – January 2025 promotion, which boosted all FCY spend and air tickets to 3.2 mpd, this one is limited to the eight Asian currencies, just as it was earlier this year.

This promotion includes the festive school holidays, and so it should time nicely with many readers taking year-end trips to these destinations, including Japan during ski season. Chinese New Year falls on 6th February 2027 though, just after the promotion ends.

FCY spending applies to both in-person and online transactions, so you can still take advantage of this offer even if you don’t have a trip planned during the next three months, for example with Japanese or Korean online retailers, or school fees charged in one of these currencies.

Here’s how the deal is structured, for both existing and new-to-card customers.

	Upsized Bonus Miles
Spend Period	1 Nov 2026 to 31 Jan 2027
Min. monthly spend	S$800
Selected FCY Spend (uncapped)	2.8 mpd 3.2 mpd

For both existing and new cardholders, the deal is for a fixed three-month period from 1st November 2026 to 31st January 2027.

The Maybank Horizon Visa Signature (see our updated review) comes with an annual fee waiver for the first three years of card membership, subsequently waived from year four onwards with S$18,000+ spend in the previous membership year.

Regular earn rates

The Maybank Horizon Visa Signature card earns miles at three basic rates, if your total spend on the card is less than S$800 in the same calendar month.

Less than S$800 total spend
in same calendar month

Spend Type	Spend Category	Earn Rate
Local	Education Insurance Medical Rentals Professional Services	0.16 mpd
	Dining Food Delivery Supermarkets Transport Petrol Department Stores Selected Retail Stores Air Tickets Hotels Cruises Travel Packages	1.2 mpd
	All other Local Spend	0.4 mpd
FCY	All FCY Spend	1.2 mpd

Not much to write home about here for low spenders – you can be earning at least these rates or far more with other general and bonus spend cards on the market in Singapore.

On the plus side, the Maybank Horizon Visa Signature card is one of the few on the market in Singapore offering miles on spend categories such as Insurance, Private Hospitals, Education, Rentals and Professional Services (e.g. CardUp), though only at 0.16 mpd, on up to S$3,000 of spend per calendar month.

Local retail spend that earns 1.2 mpd with this card must fall under one of the following specific Merchant Category Codes (MCCs).

Bonus earn rates

The key to this card is unlocking its bonus earn rate of 2.8 mpd on all FCY spend (completely uncapped) and on air tickets charged in Singapore Dollars (up to S$10,000 per calendar month), and it’s the FCY rate that’s hiked to 3.2 mpd for the eight Asian currencies during this three-month promotion.

To do so, you’ll need to spend S$800 or more on the card (excluding spend in the 0.16 mpd categories), but if you’re looking to benefit from the uncapped FCY spend bonus, hitting the minimum spend is likely to be no issue.

S$800+ total spend
in same calendar month

Spend Type	Spend Category	Earn Rate
Local	Education Insurance Medical Rentals Professional Services	0.16 mpd
	Dining Food Delivery Supermarkets Transport Petrol Department Stores Selected Retail Stores Hotels Cruises Travel Packages	1.2 mpd
	All other Local Spend	0.4 mpd
FCY	FCY Spend	2.8 mpd
FCY	FCY Spend (selected countries)	2.8 mpd 3.2 mpd
Local	Air Tickets	2.8 mpd*

* Capped at S$10,000 spend per calendar month, thereafter 1.2 mpd

As you can see it’s the S$800+ spend cardholders that pick up the perks in general with this card, and that’s the focus of this promotion, with FCY spend in the selected currencies at a very nice uncapped 3.2 mpd.

Note that Maybank only treats air tickets charged in Singapore Dollars as “Spend on Air Tickets”. Fares charged in foreign currency count as FCY spend instead, so a Thai Airways ticket billed in Baht, for example, earns the promotional 3.2 mpd, with no S$10,000 cap.

How the 3.2 mpd works

Maybank’s T&Cs break the 8X TREATS Points down into three parts, with each TREATS Point worth 0.4 miles:

• 3X base TREATS Points (1.2 mpd) on all FCY spend
• 4X bonus TREATS Points (1.6 mpd) on FCY spend, once you’ve spent S$800 in the calendar month
• 1X additional bonus TREATS Point (0.4 mpd) on spend in the eight Asian currencies during the promotion

The first two are simply the card’s usual 2.8 mpd FCY rate, so the promotion itself is worth an extra 0.4 mpd on top. The 3X base points are credited as each transaction posts, with the bonus points following in a lump sum on the 7th day of the following month.

There are a few things to note:

• The extra bonus applies to transactions posted in these currencies within the promotion period, so anything charged in late January 2027 that only posts in February could miss out on the extra 0.4 mpd.
• Always pay in the local currency. If a merchant or terminal offers to convert your bill to Singapore Dollars (dynamic currency conversion), decline, since the transaction would post in SGD and miss out on both the 2.8 mpd and 3.2 mpd FCY rates.
• TREATS Points are calculated per transaction in blocks of S$5, rounded down, so a S$9.90 purchase only earns miles on S$5. That’s not a big issue for larger transactions, but it can add up if you’re making lots of small ones.

Eligible spend

To unlock this 3.2 mpd bonus earning deal, you’ll have to make S$800 of eligible spend with the card during the same calendar month – and spend in the 0.16 mpd categories (insurance, medical, education, rentals and professional services) doesn’t count towards it.

Maybank maintains a list of spend which will not earn TREATS Points and will also not count towards the minimum S$800 monthly spend to unlock the enhanced 3.2 mpd earn rate during this offer (or the 2.8 mpd earn rate once this offer is finished).

Some of the most important exclusion categories are:

• Utilities, parking and charitable donations
• NETS and eNETS transactions
• Government or government-related payments
• Betting or gambling transactions
• Grab mobile wallet top-ups and other stored value card purchases or top-ups
• Transactions made via AXS or SAM machines
• Payment of funds to prepaid accounts like EZ-Link and YouTrip

Note that retail transactions charged to the card within a calendar month that are successfully posted to the card account prior to the 6th day of the following calendar month will be counted towards the minimum spend of the month that the transactions are made.

Retail transactions charged to the card which are made within a calendar month that are only posted to the card account after the 6th day of the following month will be counted towards the following month’s minimum spend.

Terms and conditions

The promotion is listed on Maybank’s Horizon Visa Signature landing page, with the terms and conditions in a separate PDF.

8X TREATS Points in 8 Asian Currencies T&Cs

The uncapped FCY benefit

The main draw for this card is its uncapped 2.8 mpd for all spend in foreign currency, either at point-of-sale (physical) or online, and for this three-month period that’s hiked to 3.2 mpd in eight Asian currencies.

This gives the Maybank Horizon Visa Signature card the highest uncapped FCY earn rate of any S$30,000 minimum income card for spend in these currencies during this promotion.

Factoring in Maybank’s 3.25% FCY fee, plus a typical 0.30% spread over money changer rates, you’re effectively ‘buying’ miles at 1.07 cents each at the 3.2 mpd rate.

FCY spend on education and medical bills also qualifies, which could be very useful for things like college and university fees – though utilities bills are excluded in any currency. FCY insurance premiums are more of a grey area, since insurance (MCC 6300) is on Maybank’s general exclusion list and the card’s insurance earning exemption only mentions local transactions.

Here’s how the promotional rate compares to other cards on the market with uncapped FCY earning of more than 2 mpd.

Uncapped FCY earn rates
(1 Nov 2026 – 31 Jan 2027)

Card	FCY Earn Rate
Maybank Horizon VS	3.2 mpd**
SCVI	3.0 mpd*
UOB PRVI Miles (IDR, MYR, THB, VND)	3.0 mpd
BOC EM	2.8 mpd
UOB PRVI Miles (other currencies)	2.4 mpd
HSBC T1	2.4 mpd
Citi PremierMiles	2.2 mpd
DBS Altitude	2.2 mpd
DBS Vantage	2.2 mpd
OCBC Voyage	2.2 mpd
OCBC 90oN	2.1 mpd

* Subject to spending S$2,000+ (any spend) in the same statement month, otherwise 1 mpd
** In RMB, HKD, IDR, JPY, MYR, TWD, KRW and THB, subject to spending S$800+ (eligible spend) in the same calendar month during this promotion, otherwise 2.8 mpd, or 1.2 mpd without the minimum spend

The next best option overall is the Standard Chartered Visa Infinite (SCVI) card, earning 3 mpd for FCY transactions, but that requires a minimum spend of S$2,000 (across all spend) in the same statement cycle, significantly higher than the Horizon Visa Signature’s S$800 minimum spend.

The SCVI card (see our recent review) also has a high income requirement of S$150k and an annual fee of S$600, pinning it in a different category to the Horizon Visa Signature’s S$30k income threshold and fee-free for the first three years offering.

For spend in Indonesia, Malaysia and Thailand, the UOB PRVI Miles card earns 3 mpd under its regional earn rate, with no minimum spend, though only 2.4 mpd in the other five currencies covered by Maybank’s promotion.

Meanwhile the BOC Elite Miles card (see our review) earns 2.8 mpd on all FCY spend, again with no minimum spend, and a slightly lower 3% FCY fee.

Both work out at around 1.14 cents per mile, compared to 1.07 cents with the Horizon Visa Signature during this promotion, though only if you’re hitting the S$800 minimum spend each month.

Of course it’s worth bearing in mind that many 4 mpd cards on the market in Singapore earn at their bonus rates for FCY spend as well as for local spend, so you should be exhausting these first where possible, subject to their spend categories and monthly caps.

For example, online spend in FCY with the DBS WWMC card earns 4 mpd, capped at S$1,000 per month.

The Maybank Horizon Visa Signature card is offering new and existing cardholders an uncapped 3.2 mpd on foreign currency transactions in eight Asian currencies over the next three months, provided you spend at least S$800 on the card in the same calendar month.

The deal runs between 1st November 2026 and 31st January 2027, instead of the regular 2.8 mpd, nicely covering the year-end holiday season.

That’s a great selling point for those who regularly max out bonus earn rates of up to 4 mpd with other cards on the market, or for large transactions like tuition fees in FCY.

The card benefits from being fee-free for the first three years (and probably thereafter for most), but do be aware of lacklustre local earn rates and 12-15 month points expiry – all covered in our review of the card.

(Cover Photo: Shutterstock)