Malaysian banks tell you how fast you collect points. Almost none tell you what one is worth. This guide prices every Malaysian points currency we could verify against the issuer's own documents, shows the arithmetic, and says plainly where the data runs out.
How much coverage this guide actually has
Five Malaysian points programmes publish a cash-equivalent redemption floor we could quote from an issuer document. Those five are the only ones priced in sen below. Two more — Maybank and Malaysia Airlines Enrich — publish transfer or purchase prices we can use without inventing a cash rate. Every other programme we looked at is either login-walled, silent on value, or states no figure at all.
That is not a complete picture of the Malaysian market and we are not going to present it as one. Where a number does not exist in an issuer document, this guide says so instead of estimating.
Where these numbers come from
Every figure on this page was taken from a bank's or programme operator's own published material — rewards catalogues, fee schedules and notices of change — not from comparison sites. Each table states its source and the date we captured it. Where an issuer states an effective date, we give it; where the source carries no date, we say that too rather than implying freshness we cannot support.
The five programmes that publish a cash floor
The cash-equivalent floor is the cheapest thing a programme lets you turn points into: a statement rebate, a cash voucher, or the equivalent. It is the one number that puts a hard bottom under a point.
| Currency (and tier where it differs) | Published floor | Value per point |
|---|---|---|
| BonusLink | 100 points = RM1 (best case — see below) | 1.000 sen |
| CIMB Bonus Points | 500 points = RM1 | 0.200 sen |
| Hong Leong | 500 points = RM1 | 0.200 sen |
| HSBC Premier Rewards | 500 points = RM1 | 0.200 sen |
| HSBC Rewards | 660 points = RM1 | 0.152 sen |
BonusLink's 1 sen is the best case, not the rate
100 points = RM1 holds on 40 of the 46 BonusLink items that print a ringgit face value in the name. The rest cost more for the same ringgit: Parkson vouchers run 103 points per RM1, and Steam Wallet reaches 136 — 36% worse than the headline. Pricing is merchant-specific, so read the item you actually want rather than the best number in the catalogue. This is the same trap as HSBC's tier-restricted pricing, appearing here as merchant-restricted pricing.
A later capture found more floors than this table carries
This table reflects what we had verified on 31 July 2026. A follow-up capture on 1 August 2026 established published floors for Public Bank (620 VIP Points = RM1, 0.161 sen) and AEON (200 Points = RM1), among others. Those are not folded into the table above yet, because adding them means re-deriving every comparison on this page, and we would rather show you a dated, honest table than a silently-patched one. The newer figures are in our source register and will be merged in a single dated revision.
One warning that comes with them: AEON's 200-points-to-RM1 rate is not the win it looks like. AEON halved its earn rate and its redemption rate together in October 2024, so the change was value-neutral. A redemption rate means nothing without the earn rate beside it, which is exactly why this page refuses to rank issuers on sen-per-point.
Floors quoted from issuer documents; captured 30 July 2026. HSBC is a special case: Reward Points cannot be turned into cash as such, only into Reward Items and Rewards Cash, so the figure above is the cash-equivalent rate rather than a withdrawal.
Do not read this table as a card ranking
BonusLink's point looks five times better than CIMB's. That tells you almost nothing about which card to carry, because the two programmes hand out points at completely different rates per ringgit you spend. A programme that gives you one point per RM1 at 1.000 sen and a programme that gives you five points per RM1 at 0.200 sen land in exactly the same place.
Ranking cards on earning needs per-card earn rates, and no Malaysian rewards programme publishes those in its terms except CIMB — they are scattered across roughly 150 to 200 separate card PDFs. Until that denominator exists, any issuer-versus-issuer points ranking is comparing numerators. This guide prices a point you already hold. That is a different question, and it is one the published data can answer.
What an Enrich Point really costs you
CIMB and Public Bank are the only Malaysian programmes where the whole chain is published, so they are the only two we can walk end to end. CIMB is shown here because it is the more widely held; Public Bank's equivalent works out at 2.016 sen per Enrich Point.
- You spendRinggit on the card
- Bank pointsCIMB Bonus Points
- Airline pointsEnrich Points
- An award seatWhat you actually wanted
Two figures, both from CIMB's own material:
- 500 Bonus Points = RM1.00 of cash rebate. Corroborated inside CIMB's own catalogue, which prices a RM10 charity donation at 5,000 Bonus Points — the identical rate.
- 62,500 Bonus Points = 5,000 Enrich Points. Transfers move in blocks of 5,000, principal cardholder only.
Put them together. 62,500 Bonus Points is RM125 of rebate you chose not to take. It buys 5,000 Enrich Points.
One Enrich Point costs a CIMB cardholder 2.5 sen of forgone rebate.
No estimate, no opinion, no fare assumption. Two published numbers and a division, and you can check both yourself.
Every CIMB transfer partner, priced in sen
The same arithmetic applies to all fifteen of CIMB's partners. This is what each one costs in real money, and to our knowledge it has not been published anywhere in Malaysia.
airasia rewards is CIMB's cheapest partner by some distance — 1.6 sen a point against 3.0 sen for most of the airline list. Accor is the most expensive thing in the catalogue at 5.0 sen, more than three times the airasia rate.
The hurdle: transfer, or take the cash?
Once a point has a price, every award seat becomes a simple question. Malaysia Airlines publishes a fixed Enrich Saver award chart, so the points side is exact. Multiply the points by 2.5 sen and you get the cash rebate a CIMB cardholder gives up to take that seat.
| Seat, one way from KL | Enrich Points | Rebate you give up |
|---|---|---|
| London, Business | 108,000 | RM2,700 |
| Paris, Business | 165,200 | RM4,130 |
| Doha, Business | 175,100 | RM4,378 |
| Melbourne or Sydney, Business | 75,000 | RM1,875 |
| Tokyo Narita, Business | 50,000 | RM1,250 |
| Bangkok, Economy | 7,200 | RM180 |
| Singapore, Economy | 5,400 | RM135 |
| Kota Kinabalu, Economy | 4,600 | RM115 |
| Penang, Economy | 2,300 | RM57.50 (RM125 after block rounding) |
Enrich Saver award chart, captured 30 July 2026. Malaysia Airlines states no effective date on it, so we do not imply one. Saver is the cheapest award tier — MAS also sells award seats above it at variable pricing. All figures one way.
The finding, and it cuts against everything the category tells you: long-haul premium clears the hurdle comfortably. A KL–London Business fare runs far above RM2,700, so transferring is clearly right. But short-haul economy usually fails it — and fails it harder than the table shows.
The table is a floor — CIMB moves in blocks of 5,000
Every figure above is the award level times 2.5 sen, which assumes you can transfer exactly the points a seat needs. You cannot. CIMB transfers in blocks of 5,000 Enrich Points, minimum one block, so you round up to the next 5,000 every time.
KL–Penang economy needs 2,300 points and costs one whole block — RM125, not RM57.50. KL–Singapore economy needs 5,400, which is two blocks: RM250, not RM135. Only awards landing on an exact multiple of 5,000 cost what the table says. The surplus points stay in your Enrich account on a fresh three-year clock.
This makes the short-haul conclusion stronger, not weaker.
The honest Malaysian headline is not "collect miles". It is points-to-miles pays on premium long-haul, and for domestic and regional economy you are usually better off taking the cash. No affiliate-funded comparison table is ever going to say that.
One thing this table does not include
Award seats carry cash fuel surcharges and taxes on top of the points, and on some routes they are large enough to flip the answer. The proper formula is (cash price − cash you still pay) ÷ points required. The points side above is exact; the surcharge side is not yet captured per route, so treat these hurdles as the points half of the calculation and check the cash component on the specific booking in front of you before deciding.
What it costs to buy the same point
Malaysia Airlines sells Enrich Points directly at RM0.055 to RM0.085 each — the only published ringgit price for any Malaysian loyalty currency. So for an Enrich Point there are two sourced acquisition routes:
- 2.5 sen — transferring CIMB Bonus Points, measured as rebate forgone.
- 5.5 to 8.5 sen — buying them from MAS outright.
Transferring is between 2.2 and 3.4 times cheaper than buying. That is a genuinely useful band, and both ends of it come from a published document.
What the buy-points price is not
It is tempting to read RM0.085 as a ceiling — "no redemption can be worth more than what MAS will sell you the points for". That is wrong, and we want to be explicit about it because an earlier version of our own travel-cards guide said it before we caught it.
The buy-points price is an acquisition cost: a third route to the same seat, and what it costs to top up a shortfall. It does not cap the value a redemption delivers. If a one-way Business seat prices at RM15,000 in cash and the points cost you RM2,700 of forgone rebate, your realised value per point is far above 8.5 sen — and buying points at 8.5 sen to reach that seat is a profitable move, not an irrational one.
The defensible version is narrower: if you can always buy a point at 8.5 sen, you should never pay more than that to acquire one. That bounds what you pay. It says nothing about what a seat is worth.
Maybank: the ratios are public, the value is not
Maybank is Malaysia's biggest card issuer and the most-discussed programme online, so this section matters more than its length suggests.
We do not price a TreatsPoint in sen, and here is why. The ringgit figures shown next to items in the myTREATS store are not an independent valuation — they are the points price divided by 500, on every item. Deriving "value per point" from them returns exactly 0.200 sen for everything, forever, by construction. That is a tautology dressed up as a measurement, and we will not publish it as a rate. Maybank publishes no cash-redemption floor we could verify in a document.
What Maybank does publish is its air-miles conversion schedule, and the single most important thing about it is that there is no one Maybank ratio. It depends which card you hold.
| Card | Points per 1,000 Enrich / KrisFlyer / Cathay |
|---|---|
| Visa Infinite, World Elite, Mercedes-Benz, 2 Cards Premier, Manchester United | 12,500 TreatsPoints |
| Amex Platinum Credit, Amex Charge, Amex Gold Charge | 12,500 Membership Rewards |
| Amex Platinum Charge | 7,000 Membership Rewards |
| All other Classic, Gold, Platinum and Visa Signature | 20,000 TreatsPoints |
Maybank air-miles conversion schedule, "last updated 1 March 2026". The 12,500 rates took effect 22 February 2025, raised from 10,000. Captured 30 July 2026.
The bottom row is the one that matters to most people. If you hold an ordinary Maybank card, your rate is 20,000 — not the 12,500 that gets quoted in coverage of the 2025 change, and not the 7,000 shown in the store. Those three figures circulate as if they contradict each other. They do not. They are three different card tiers.
Two more rates from the same schedule, which apply across the range: 7,000 TreatsPoints per 1,000 airasia points on any Maybank credit card, and 5,600 Membership Rewards per 1,000 on any Amex credit or charge card. Conversions are capped at 250,000 air miles per campaign and 2,000,000 per customer per calendar year.
An unresolved discrepancy we are not papering over
The myTREATS storefront prices "1000 Enrich Miles" at a flat 7,000 points with identical pricing across all eight card options, which contradicts the tier-dependent schedule above for every tier except the Amex Platinum Charge. The fee schedule is the official document and the later one, so it is what we publish. We do not know why the storefront disagrees, and we would rather tell you that than pick whichever number reads better.
Points get devalued, and nobody here writes it down
A value in sen is a snapshot. The thing that actually determines what your balance is worth is how often the issuer moves the goalposts — and Malaysian publishers do not track this at all.
HSBC's April 2018 repricing is the sharpest documented example. One notice, one day, these increases in the number of points required:
Airline transfers took the worst of it — an Asia Mile went from 7,000 HSBC points to 15,000 overnight. But note the three voucher rows: they rose 4.7%, 39.3% and 44.4%. Anyone citing only the 4.7% figure makes the "airlines were hit far harder than vouchers" contrast look much sharper than the document actually supports.
A second dated notice continued the trend. Effective 1 August 2022, the Enrich conversion moved from 18,000 to 21,000 HSBC Reward Points per 1,000 Enrich Points, and from 13,000 to 15,000 on Premier World Rewards.
Why we stop short of pricing HSBC's Enrich rate
Those are the rates as they changed on those dates, taken from HSBC's own notices. They are not confirmed current rates — a later notice we have not found could supersede them, and we would rather flag that than let a 2022 figure read as today's.
There is a second reason we do not convert HSBC into a sen-per-Enrich-Point figure the way we did for CIMB. HSBC's per-point value varies by nearly two times depending on card tier, with the restriction buried in free-text item descriptions — the same Shopee voucher appears at 35,000 and 67,000 points, the cheaper one marked "applicable for Visa Signature Credit Card ONLY". Any single HSBC rate is therefore a range, not a point estimate, and quoting the best one as though it were universal would err in exactly the flattering direction we are trying to avoid.
When your points die
Every comparison site says "three years". Three years measured from what is the part that actually bites, and it differs by programme.
| Programme | Expiry clock |
|---|---|
| CIMB Bonus Points | 3 years, expiring at the end of the quarter they were earned in |
| HSBC Reward Points | 3 years from the date earned |
| Enrich Points | 3 years from the month credited; never expire at Enrich Platinum tier; extendable 12 months at RM0.085 per point |
Two people who spend identically in the same month can hold points that expire months apart, purely because of where the clock is anchored. Check your own programme's anchor rather than a general rule.
One more limit worth knowing: HSBC caps additional Reward Points at 15,000 per merchant category per cardholder per month. Bonus-category earning is not unlimited, and the cap is not usually in the headline.
How we did this
The method is deliberately boring, because boring is what makes it checkable.
Every number starts at an issuer document. A figure only appears in a table on this page if we have the source URL, the date we captured it, and the effective date where the source states one. Anything failing those three stays out — which is why several well-known Malaysian programmes are absent rather than estimated.
We test ringgit fields before trusting them. The trap that catches naive analysis is a store showing a RM price next to a points price where the RM figure is just the points figure divided by a constant. Maybank's is points ÷ 500 and BonusLink's is ÷ 100 — confirmed on all 282 items in BonusLink's catalogue. Both return a fixed "value per point" for every item, which measures nothing. We exclude any RM field that fails that test, and we excluded both of these.
Failing that test is not the end of the enquiry, and the two programmes end differently. A circular RM field only means that field is worthless; a floor can still be established another way. For BonusLink it can, by two independent routes: the face value printed in the item name (an Adidas RM50 voucher costs 5,000 points, which is a real RM50, not a restatement) gives 100 points per RM1 on 40 of the 46 items that carry one, and BonusLink's own membership terms state it verbatim — "Redemption can only be made in blocks of 100 Points, being equivalent to RM1." Two primary sources, eight years apart, agreeing. Maybank has neither: no voucher face values to read and no clause stating a cash rate anywhere. That is why BonusLink appears in the table below and Maybank does not — not the circularity test, which both failed.
We treat card tier as part of the unit. The right unit of analysis is currency × card tier, not issuer. HSBC alone runs four combinations with three different cash floors, and the best price is usually restricted to one tier with the restriction written in prose rather than in a table. A scrape that misses this always errs in the generous direction.
We publish a band where we have two ends, and one number where we have one. This follows Point Hacks in Australia, whose published method — a redemption basket, a trimmed mean, and a stated qualitative overlay — is the best in the business. Point Hacks also handed its valuation to a non-commercial third party to remove its own affiliate conflict. This page carries no affiliate links at all, which is our version of the same idea.
We do not promise a refresh cadence. Cadence promises are easy to make and easy to break. Instead every figure carries its own capture date, so you can see exactly how old each one is rather than trusting a single "last updated" stamp at the top of the page.
What we could not verify
- Several programmes publish no usable value figure. UOB's own programme page states neither an earn rate nor a ringgit value, and quotes 12,000 UNIRinggit per 1,000 air miles without naming the airline. Hong Leong publishes a 500-point floor but not its Enrich ratio.
- Standard Chartered's floor was not missed — it was abolished. Standard Chartered withdrew points-to-cash on 3 June 2021 by its own announcement, so no cash-anchored valuation of 360° Rewards is possible at all. Its catalogue is separately login-walled.
- Earn rates are missing across the board. This is the single biggest gap in Malaysian rewards data and the reason this guide values points rather than ranking cards.
- Fuel surcharges are not yet captured per route, and on some routes they are large enough to change the transfer decision.
- The Enrich Saver chart carries no effective date. We publish it as captured on 30 July 2026 and will not invent one.
- A widely repeated figure, "5,700 BonusLink Points = RM50", appears in no issuer document we could find. We do not carry it, and neither should anyone else without a source.
The bottom line
- If you hold points and want to know what they are worth: start with your programme's cash floor. It is the guaranteed worst case, and beating it is the only reason to do anything more complicated.
- If you are deciding between cashback and a transfer: the hurdle is the number that matters. Long-haul Business clears it easily. Domestic and regional economy usually does not.
- If someone shows you a table ranking Malaysian cards by points value: ask where the earn rates came from. They are not published. Without them the ranking is arithmetic on half the fraction.
Figures on this page come from the Malaysia Airlines Enrich Saver award chart and buy-points price table, the CIMB Member Rewards Catalogue (redemption period 1 April 2026 to 30 April 2027), Maybank's air-miles conversion fee schedule (last updated 1 March 2026), and HSBC Malaysia's dated notices of change from 29 March 2018 and 25 May 2022 — the issuers' and programme operator's own published documents, not comparison portals. Conversion ratios, cash floors, expiry rules and caps change periodically, and several of the source documents carry no effective date. Always confirm current terms directly with your issuer before acting. money.com.my is not a licensed financial adviser; this guide is informational only and does not constitute financial advice.
This guide carries no affiliate links and we are paid nothing by any issuer named on it. It is AI-assisted with editorial review. Every factual claim is checked against primary sources before publication, and where a figure cannot be verified against one we say so rather than estimating. If you find an error, email editorial@money.com.my — corrections are published with a dated amendment note.