Here’s our review of the Maybank XL card issued in Singapore. It forms part of our series of credit card reviews, which are all summarised on our dedicated Credit Cards page.

Dollar amounts refer to SGD, and ‘miles’ refer to KrisFlyer miles, except where stated. This review was updated on 26th November 2025.

With two-year fee waiver and an extensive list of 4 mpd categories – including all FCY spend – the Maybank XL Rewards Card is well worth a spot in your wallet, so long as you put S$500 – S$1,000 a month on it… and you haven’t hit 40 yet!

Pros	Cons
Broad bonus coverage (4 mpd for most daily spend) 4 mpd on FCY spend, including education, hospitals Amaze integration for reduced FCY fees	21-39 age restriction excludes many potential cardholders S$500 minimum monthly spend for bonus miles 12 – 15 month points expiry Limited transfer partners

The Maybank XL Rewards cards come in two varieties – the Maybank XL Rewards Card offering 4 mpd on a wide range of spend capped at S$1,000 per month, and the Maybank XL Cashback Card offering up to 5% cashback.

This review only covers the Maybank XL Rewards Card, thanks to its 4 mpd bonus earn rate.

• Minimum Age: 21
• Maximum Age: 39 (at time of application)
• Minimum Income (Singaporean / PR): $30,000/yr
• Minimum Income (Non-Singaporean / PR): $60,000/yr

The Maybank XL Rewards Card has an annual income requirement of $30,000 for most applicants, an accessible entry-level threshold for Singaporeans and Permanent Residents.

That would make it widely accessible, but as you can see the card also comes with a controversial catch – you must be under 40 to apply.

• Annual Fee (principal): $87.20 (first two years free)
• Annual Fee (supplementary): Free (up to 2 cards)

The Maybank XL Rewards Card has an annual fee of $87.20, though this waived for the first two years, and in subsequent years with a minimum spend of S$6,000 met in the previous membership year.

Up to two supplementary cards are free of charge.

Other fees and interest rates for the Maybank XL Rewards Card include:

• EIR: 27.9%
• Minimum payment: 3% (or current balance if < $20)
• Late payment fee: 5% of the minimum payment or (minimum $100)
• Cash advance fee: 8% (minimum $15)
• Overlimit fee: $40

Full details can be found at the Maybank credit cards page.

The current sign-up bonus for new-to-bank customers taking out the Maybank XL Rewards Card is S$10 cashback, credited to your card account on making your first purchase with the card.

The Maybank XL Rewards Card earns:

• 0.4 mpd for general local and overseas spend

That’s obviously very poor and to be avoided wherever possible, since the true benefit of this card lies in its bonus earn rate.

The Maybank XL Rewards Card earns:

• 4 mpd for dining, shopping, travel and entertainment spend in selected MCCs
• 4 mpd for all FCY spend

This bonus earn rate is subject to a S$500 monthly minimum spend across bonus and non-bonus categories, and is capped at S$1,000 monthly spend in the bonus categories.

Fall short, even by spending S$499, and you’ll earn just 0.4 mpd (base rate) for everything – a brutal clawback that definitely means this isn’t a card to ‘almost use’!

Maybank has a list of merchants and / or MCC codes which will not earn TREATS Points here (see Section 2.2).

Some of the most important exclusion categories, which apply to this card whether you’re making transactions at the 0.4 mpd or what you think should be the 4 mpd rates, are:

Payment Networks:

• NETS and eNETS transactions
• AXS or SAM payments

Government, Financial & Services:

• Government payments (taxes, fines, postal services, parking)
• Insurance premium payments
• Stock / brokerage transactions
• Charitable, religious, and political donations
• Utilities payments (from December 2025)

Wallet Top-ups & Prepaid Cards:

• EZ-Link (all variants)
• TransitLink / Flashpay
• Grab wallet top-ups
• YouTrip top-ups

Other Exclusions:

• Gambling transactions
• Cryptocurrency purchases

The XL Rewards Card earns 4 mpd across five broad categories that cover most daily spending, as outlined below.

Dining Restaurants and caterers, fast food outlets, food delivery services, bakeries
Eligible MCCs				Example Merchants
5811	5812	5814	5462	Brewerkz Hai Di Lao KFC Deliveroo foodpanda Paris Baguette
Shopping Online marketplaces, department stores and discount stores, clothing and apparel stores, sporting goods stores
Eligible MCCs				Example Merchants
5262 5399 5655 5941	5310 5621 5661	5311 5631 5691	5331 5651 5699	Lazada Shopee Birkenstock Decathlon Takashimaya Zara
Travel Airlines and flight bookings, travel agencies and OTAs, hotels and lodging
Eligible MCCs				Example Merchants
3000-3299 4311 7011		3300-3308 4722		Singapore Airlines Agoda Airbnb Booking.com JW Marriott Klook Pelago
Play Bars and entertainment venues, streaming services, cinemas and theatres, gaming and arcade venues
Eligible MCCs				Example Merchants
4899 7993	5813 7994	5815	7832	Harry’s Disney+ Netflix Spotify Golden Village Shaw Theatres
FCY Spend
Eligible MCCs				Example Merchants
All, subject to usual card exclusions				All overseas spend and online foreign currency transactions earn 4 mpd, regardless of merchant category

One of the key advantages of Maybank’s cards is their relatively short list of exclusion categories, compared to the restrictive policies adopted by most banks.

For example, transactions for education and hospitals continue to accrue rewards – spending that is usually carved out from miles accrual with other banks. When charged in foreign currency, these payments will earn you 4 mpd with the XL Rewards Card, for the first S$1,000 monthly spend.

The Maybank XL Rewards Card tracks your spending by transaction date for all practical purposes. Transactions made during a calendar month are counted towards that month’s spend requirements and bonus caps, as long as they actually post to your account the same month, or within the first 10 days of the subsequent month.

This means you can confidently make purchases right up to the last day of the month without worrying about them counting towards the following month’s totals. With a 10-day posting window, even slower merchants will typically process transactions in time for them to be attributed to the correct monthly spend period.

Another option with the Maybank XL Rewards Card – since it’s a Mastercard – is to pair it with a free Amaze card by Instarem.

While this isn’t of any use for SGD spend – since Amaze will add a 1% fee (minimum $0.50) while your Maybank XL Rewards Card charges nothing extra – a benefit comes into play for FCY transactions.

Overseas (non-SGD) spend using the Amaze card remains fee-free – a no brainer because relatively competitive exchange rates and a lower FCY fee are offered.

Overseas, and for online FCY spend, you can therefore use the Amaze card paired with your XL Rewards Card to reduce the 3.25% FCY fee to around 2%, and still earn 4 mpd for the transaction, provided it’s still within your monthly S$1,000 bonus spend cap.

At 4 mpd, the reduced ~2% Amaze fee is equivalent to ‘buying’ miles at around 0.5 cents each rather than over 0.8 cents at the regular 3.25% fee – an excellent trade if you value KrisFlyer miles at 1.5 cents or more.

No, rather than being credited miles directly you’ll accrue ‘TREATS Points’ for your spending on this card. These transfer to KrisFlyer miles at a 2.5:1 ratio.

The various accrual rates are:

• 1 TREATS Point per $1 spent (0.4 mpd) – for non-bonus category spend, excess of bonus limit spend, or all spend if the bonus was not triggered (min S$500 monthly transactions)
• 10 TREATS Points per $1 spent (4 mpd) – for bonus category spend, capped at 10,000 bonus TREATS Points per month

Maybank won’t actually credit any TREATS Points to your account as you spend with the card, instead you’ll receive:

• 1 TREATS Point per $1 spent (0.4 mpd) – for non-bonus category spend; or
• 10 TREATS Points per $1 spent (4 mpd) – for bonus category spend

Paid in one lump sum by the end of the month following the month of the spend being made (typically credited mid-month).

That’s different to most bonus miles cards, which give you the 0.4 mpd element regardless within a few days of each transaction, then the bonus top-up (if applicable) the following month.

Maybank allows TREATS Points transfers to four frequent flyer programmes.

Frequent Flyer Programme	Transfer Blocks (TREATS Points Miles)
Singapore Airlines KrisFlyer	25,000 10,000
Cathay Pacific Asia Miles	12,500 5,000
Malaysia Airlines Enrich	12,500 5,000
Air Asia BIG	4,000 2,000

Our advice? Avoid Air Asia BIG Points, which are only worth about $0.0034 each (0.34 cents), or about a fifth of the value we put on KrisFlyer miles or Asia Miles.

Maybank’s partner set is relatively weak in comparison to the likes of Amex, Citi and HSBC, as you can see in our comprehensive guide.

The minimum quantity of TREATS Points you can convert into KrisFlyer miles is 25,000 (giving you 10,000 miles), while for Asia Miles and Malaysia Enrich smaller 12,500 Points to 5,000 miles blocks are available.

It means, for example, if you have 49,999 TREATS Points, you’ll only be able to transfer 25,000 points across to KrisFlyer (10,000 miles). You will then be left with 24,999 TREATS Points in your rewards account.

As we reported back in April 2021, to get the usual 2.5:1 ratio when transferring Maybank TREATS Points to KrisFlyer miles, you now need to use the bank’s TREATS SG app.

If you don’t have the app already, you can download it at the links below.

Otherwise you end up with fewer miles, when using the online portal and the manual methods.

This doesn’t apply for transfers to other programmes, but do be careful not to use a method giving you fewer miles when transferring to KrisFlyer.

Your TREATS Points balance is shared across all eligible Maybank cards in your name. For instance, if you’ve accumulated 15,000 points on your XL Rewards Card and another 8,000 points on a Maybank Horizon Platinum Visa, your total redeemable balance stands at 23,000 TREATS Points.

This pooling system offers useful flexibility: closing one card won’t forfeit your points, provided you maintain at least one other TREATS-earning card with Maybank. Your accumulated balance simply remains accessible through your remaining card(s).

Maybank charges a $27.25 fee for each transfer from TREATS Points to airline miles, regardless of the number of transfer blocks, with the exception of transfers to AirAsia BIG Points, which are free (but terrible value).

The official line from Maybank is “7 to 14 business days”.

Actual data points show that in reality points transfer within one or two days – which is relatively quick and good news if you need a KrisFlyer miles top-up quickly.

Unfortunately back in November 2022 Maybank moved to the UOB-style $5 earning block rounding for points accrual, which means no points or miles for smaller transactions of up to $4.99 when using its cards.

Maybank told us the XL Rewards Card is sadly no exception, with TREATS points accrued as follows:

• Each transaction is rounded down to the next S$5 block (so S$27.15 becomes S$25, S$354.89 becomes S$350, etc.)
• TREATS Points are then applied on that rounded amount
  Base: 1 TREATS point per S$1
  Bonus: 9 TREATS points per S$1

For small transactions, this policy adversely affects the earn rate when you fall just below a S$5 spend threshold, and that’s not easy to predict when you’re spending in FCY, since the rounding is applied after conversion to SGD.

Since any amount in Singapore dollars is first rounded down to the next S$5 denomination, S$5.00 is the minimum transaction amount to earn TREATS Points (and therefore miles) using the Maybank XL Rewards Card.

Smaller transactions, including those converted from foreign currency into SGD which are subsequently charged to your card account at less than S$5, will not earn any points.

For sub-S$5 transactions, consider the DBS Altitude card (see our review) with a S$1.54 minimum spend to earn miles, or the Citi PremierMiles card (see our review) with a S$1 minimum spend.

Yes, a big downside of TREATS Points is that they are only valid for one year after the end of the quarterly period in which they are earned. Typically this gives you just over a year to redeem in most cases, with the expiry structure working as shown in the example below.

Points Earned Between	Expire On
1 Jan – 31 Mar 2025	31 Mar 2026
1 Apr – 30 Jun 2025	30 Jun 2026
1 Jul – 30 Sep 2025	30 Sep 2026
1 Oct – 31 Dec 2025	31 Dec 2026

There is an exception however, called ‘Rewards Infinite’.

If you charge at least S$24,000 to your Maybank Horizon Visa Signature card in the preceding year you will be eligible to join (or retain) Rewards Infinite status. Your TREATS points will then never expire, provided you continue to be eligible for and maintain Rewards Infinite under the same terms (i.e. S$24k+ per annum of spending).

If you earn then subsequently lose Rewards Infinite status your TREATS points will expire at the end of the calendar quarter following the lapsed membership, plus one year. The table below illustrates this.

Lapsed RI Membership	Points Expire On
1 Jan – 31 Mar 2025	30 Jun 2026
1 Apr – 30 Jun 2025	30 Sep 2026
1 Jul – 30 Sep 2025	31 Dec 2026
1 Oct – 31 Dec 2025	31 Mar 2027

Maybank Visa Infinite, World Mastercard and Catholic High Alumni Platinum Associates cardholders are automatically enrolled into the Rewards Infinite programme, so their pooled TREATS Points across all cards (including the Horizon Visa Signature) do not expire.

Remember once your points are transferred into KrisFlyer they will then have a further validity of three years from that month, while Asia miles never expire provided you earn or redeem at least one mile in the programme every 18 months.

The Maybank XL Rewards Card has a 3.25% foreign currency transaction fee, sadly pretty standard now in Singapore with very few cards offering lower rates.

At the 4 mpd bonus rate though, which applies to this card for all FCY spend provided it’s within the S$1,000 combined monthly bonus cap and you have also met the S$500 minimum spend threshold, it’s quite competitive.

Here’s how that cost per mile compares to other credit cards in Singapore offering 4 mpd for at least some form of eligible transactions in foreign currency.

Cost per mile on overseas credit card transactions (4 mpd cards)
(Best to worst, November 2025)

Card	Fee	Mpd	Cost per mile
HSBC Revo	3.25%	4.0	0.86¢
UOB PPV	3.25%	4.0	0.86¢
DBS WWMC	3.25%	4.0	0.86¢
Citi Rewards	3.25%	4.0	0.86¢
Maybank XL	3.25%	4.0	0.86¢
UOB VS	3.25%	4.0	0.86¢
OCBC TR	3.25%	4.0	0.86¢

Cost per mile also accounts for an additional 0.3% ‘spread’ over money changer currency rates, though this doesn’t apply to all banks and all foreign currencies, so is a worst-case scenario.

As you can see the XL Rewards Card comes in at a very competitive cost of 0.86 cents per mile, like practically all 4 mpd cards do when used overseas, so you should definitely be using this card for online transactions in FCY, subject to the monthly cap.

Once again, this is where the Amaze Card pairing mentioned earlier comes into play, with its reduced ~2% fee it’s equivalent to ‘buying’ miles at around 0.5 cents each, rather than over 0.8 cents at the regular 3.25% fee – worth the effort if you are using this card for significant FCY spend.

The elephant in the room: Maybank restricts applications for the XL card to those aged 21 – 39. This unprecedented age cap for a mainstream credit card in Singapore sparked considerable debate when the card was first launched. Once approved, cardholders can keep the card beyond age 40, but cannot reapply if they later cancel.

This policy targets younger demographics, but excludes what many would consider the prime earning years of 40 and above.

To be clear, in Singapore there is no law that prevents restricting eligibility by age for a credit card, as long as MAS rules (minimum age 21, income checks) are followed, so Maybank is doing nothing wrong.

However, it’s quite unlike the policies that would apply in other countries.

The 21 – 39 age limit would likely be unlawful in markets like the US, UK and Australia, due to various equal opportunity and age discrimination legislation, unless the bank could demonstrate that people outside the age range represent materially different risk levels – which doesn’t seem likely.

Maybank is breaking new ground here with the XL cards, though perhaps not in a good way!

In addition to miles conversion, TREATS Points can be used to redeem vouchers, products and other experiences, though as usual when choosing ‘cash out’ options like this the value is poor.

For example, a S$50 eVoucher for TANGS department store is currently priced at 17,680 TREATS Points, but that points level is good for over 7,000 KrisFlyer miles – worth at least S$120 against future flight redemptions when redeemed sensibly at 1.8+ cents per mile.

Stick to airline miles conversion, unless you are clearing out orphan points from the programme.

The Maybank XL Rewards card is a little thin on additional perks, but does offer complimentary travel insurance provided you are one of the first 15,000 cardholders.

This is a one-time 12-month policy and offers only basic coverage of up to S$5,000, for accidental injuries and illness during leisure trips.

Here are links to the full terms and conditions applicable to the Maybank XL Rewards Card.

 Maybank XL Rewards Card T&C
 Maybank TREATS Points T&C

The Maybank XL Rewards Card is a compelling proposition with its 4 mpd earn rate spanning most daily spending categories, including all foreign currency transactions. While the S$1,000 monthly bonus cap isn’t particularly generous, it matches what you’ll find with comparable cards like the Citi Rewards and DBS WWMC – essentially now the market standard.

For existing Maybank cardholders, there’s added appeal: combine this with a Horizon Visa Signature (or ideally a Visa Infinite / World Mastercard) and you’ll unlock Rewards Infinite status, which keeps your TREATS Points from expiring, a significant advantage given the otherwise restrictive 12–15 month validity period.

The catch? That infamous age ceiling. Applications close on your 40th birthday, making this perhaps Singapore’s most age-restrictive mainstream credit card. If you’re anywhere near that threshold, it’s worth applying now during the two-year fee waiver period. Once approved, you can hold the card indefinitely, but wait until 40 and it’s sadly too late.

The S$500 minimum monthly spend requirement to activate bonus earning is admittedly strict – miss it by even a dollar and you’ll drop to the anaemic 0.4 mpd base rate across all transactions. This isn’t a card to casually tuck into your wallet; it demands careful consistent use to justify its place.

Provided you can comfortably clear that threshold and fall within the age bracket, the XL Rewards Card earns its spot as a solid daily option for dining, shopping, travel and entertainment spend – particularly if you’re already accruing points with other Maybank cards.

Our Rating

4 / 5 among 4 mpd bonus cards

Maybank XL Rewards Card   APPLY HERE

How we rate credit cards Best in class: A must-have for the miles earner in Singapore Excellent: A leader in its category with few if any downsides Very good: Drawbacks largely outweighed by the positive aspects Good: Useful benefits despite some poor features vs. other cards Average: Worth considering but not an essential addition to your wallet Conflicted: Some benefits but much better cards exist in the same category Poor: Few benefits worth having Very poor: Almost no benefits, not recommended Awful: Not worth considering

Links on Mainly Miles may pay us an affiliate commission.

(Cover Photo: Shutterstock)