Malaysia Airlines has launched a new Visa prepaid card within its Enrich programme, EnrichMoney card.
Just like AirAsia’s BigPay, EnrichMoney’s card is tied to the balance in the e-wallet that one will need to sign up for on the app, and it offers competitive exchange rates for travellers to spend overseas directly using the card.
The Visa prepaid card is powered by Merchantrade Asia and includes a multi-currency e-wallet where one can buy, sell, and hold up to 20 different currencies. Malaysia Airlines promises that the card will offer the best exchange rates with no fees on overseas transactions, alongside the ability to lock or limit spending for security and impulse control.
To get the card, you’ll need to download the EnrichMoney app and sign up using an Enrich account, which you can register for if you don’t already have one. You’ll then have to verify yourself using your IC or passport and a selfie.
There is a minimum reload amount of USD 22.58 when one first signs up, although a USD 2.26 issuance fee and USD 4.52 refundable deposit (which one will get back if he cancels the card) will be deducted from the balance, leaving him with USD 15.81.
Initially, users are limited to a total cumulative value of USD 2258 on their e-wallet, but the limit can be increased in the settings if the user has at least six months of active transactions and an average balance of USD 112. To top-up, one can use online banking, debit card, Maybank cash deposit machines, or even go through Merchantrade branches.
If there isn’t enough balance for the currency that you want to use during your transaction, it will automatically deduct the balance from the other currencies in your e-wallet at the conversion rate set by Visa. To withdraw cash, one can go to Merchantrade branches or use any ATM with the Visa Plus logo.
Card users can earn EnrichMoney Points when they spend a minimum of USD 5.52 using the card for qualifying retail and online purchases (not including in-app spending) that can be redeemed for a purchase post-transaction. One can also convert Enrich Points to EnrichMoney Points but unfortunately, can’t do it the other way around.
To commemorate the launch, the first 10,000 members to successfully sign up for EnrichMoney will receive a welcome reward of 1,000 Enrich Points and a complimentary Malaysia Airlines Golden Lounge Access e-Voucher. On top of that, the first 1,000 users who spend a minimum of USD 677 will receive a USD 11.26 MHgiftcard, while the top three spenders will each win 50,000 Bonus Enrich Points.
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