Public Bank Visa credit card holders are now able to obtain cashback when they use their cards to pay the charging fee for their electric vehicles (EVs). To our best knowledge, this is the first time that the bank has come out with a financial offering that revolves around EVs.
Through the new promo which will last until the end of 2023, cardholders are able to obtain 30% cashback for EV charging. However, they first need to have a monthly accumulated spend of at least RM500 in order to be eligible for this promo.
This is what the calculation looks like:
Do note that the EV charging cashback promo is not automatically available to cardholders. Instead, customers have to sign up for it manually via SMS by sending PBEM<space>16-digit principal PB Visa Credit card number to 66300. For supplementary cardholders out there, the registration can only be done using the principle card number.
Furthermore, the amount of cashback that customers can obtain for EV charging is limited to RM30 per month. Public Bank has noted in the promo’s Terms and Conditions document that it has allocated RM20,000 per month to be distributed as cashback to customers on a first-come, first-served basis.
Interestingly enough, this promo seems to apply to all Charge Point Operators (CPOs). This is as long as the CPOs have been assigned with the Merchant Category Code (MCC) 5552 which is a global MCC category that is specifically reserved for EV charging services.
The cashback promo is also valid for CPOs that received MCC 7523 classification which is defined as Automobile Parking Lots and Garages. While Public Bank did not list down any names that correspond to these MCC, several CPO names including chargEV, JomCharge, GO TO-U, ChargeSini, EvGuru Malaysia, ChargeN’Go and Sime Darby Charging are featured in the marketing poster below:
Previously, CIMB has also offered EV charging cash rebates for the newly launched CIMB Petronas Visa Islamic credit cards. The scope of the cash rebate is much more limited though since it is tied to the Setel app which is limited to EV chargers that are under Gentari and JomCharge networks. However, the monthly cash rebate cap is higher up to RM60 per month for CIMB Petronas Visa Infinite-i.
Thanks to @KevinNgTK for the tips!
Related reading
- CIMB Petronas Visa Islamic credit cards are the first to offer cash rebates for EV charging
- CIMB’s EV financial solutions come with extra first-in-market perks including unlimited towing to EV charger
- Maybank offers Malaysia’s first integrated financing solution for EV and Hybrid buyers
- Must have EV Charging apps in Malaysia | SoyaCincau’s EV Buyer’s Guide
