I use the eCosway Alliance Bank credit card. Why?
The rebate is really high, can get 2-10% rebate from the amount I spent.

To get 1 point (they call it 1 CVP), I need to charge RM100 to the credit card. The CVP point is used to bid for items at CVP auction at www.ecosway.com
Recently, I bidded a RM60 Nando’s cash voucher with 10 CVP ( equals to RM1000 charged to the credit card).

RM60/RM1000= 0.06. That is 6% rebate.
Wow! I only need to spend RM1000 using the credit card, and get RM60 Nando’s cash voucher free!

The only disadvantage is that the auction is only available 4 times a year. (every quarterly)
The application for ecosway member costs one time fees of RM100 only. No need to renew. Currently Alliance bank is giving the card free for 3 years.

UPDATE 16 October 2013

Alliance Bank no longer work with eCosway for this deal. But my credit card is switched to the Alliance Platinum Cash Back card that also give cash rebate for purchase up to RM5000/month. The rebate is slightly more than 1%. Further more, you still get all the reward points and it can be redeemed for shopping voucher such as AEON retail store. The value is about 0.5% of the total value spent. It is still one of the credit cards I own. I use it mostly for the recurring household expenses such as insurance premium, TNB bill etc.

UPDATE 23 Jan 2015

I still own this card and use it for some fixed monthly expenses such as utilities bills and insurance premium. It still provide maximum RM68 rebate per month, on a RM5000 expenses (slightly more than 1% cash rebate). The points system still provide 1 reward point for every ringgit spent. For redemption of points, the value is about 0.5%. As a conclusion, it is still a good credit card that I will keep. Furthermore, the annual fee is automatically waived, no need to call in like other banks that are trickier.

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Personal finance author and trainer

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