The Hong Leong Bank Visa Infinite's Wasted Opportunities

When it comes to airline miles credit cards in Malaysia, Hong Leong Bank isn’t typically the first name that comes to mind. Yet, its portfolio is surprisingly decent—catering to both the mass market and the more affluent segment. The problem?

The bank simply isn't doing enough to remain competitive, especially at the top-tier level where other players (particularly Maybank) have shown signs of weakness.

Despite the Hong Leong Bank Visa Infinite card performing reasonably well (I have my sources!), its dated benefits and lack of innovation are glaring. In a market ripe with opportunities following recent devaluations by competitors like Maybank, Hong Leong Bank is missing a critical window to stand out.

From the perspective of Refined Points, much more could—and should—be done.

Hong Leong Bank’s Niche Market

To be fair, Hong Leong Bank has never claimed to be a digital-first or lifestyle-led bank. Its mobile app is functional but uninspired, and its digital banking initiatives tend to arrive later than others. However, what the bank lacks in tech appeal, it makes up for in its strong presence in a very specific niche—namely, Malaysia’s Chinese community, especially entrepreneurs and small business owners.

This stems from Hong Leong Bank’s success in the SME and commercial banking segments, which indirectly feeds a unique and valuable clientele into its consumer banking arm.

It’s no surprise that mass-market cards like the Hong Leong Bank Essential and Sutera perform well within this circle. The Hong Leong Bank Sutera Visa Platinum itself, is a huge gem for the mass market, although it had several key considerations to take note off.

Simply put, Hong Leong Bank had a pretty decent dual-credit card strategy that could potentially rival the likes of CIMB and UOB. But when it comes to premium offerings—particularly the Visa Infinite—the value proposition feels underwhelming for such an esteemed customer base.

What Does the Hong Leong Bank Visa Infinite Offer?

In terms of mileage accumulation, the HLB Visa Infinite does offer a market-leading 0.28 miles per Ringgit (MPR) on local spend for Enrich Miles. However, it falls short with an overseas MPR of just 0.45—disappointing in a category where travel-related benefits should be front and center.

Interestingly, it is the only card in Malaysia that offers direct conversion to Enrich Miles, unlike other banks which rely on intermediary rewards points. However, it stops short of being a full-fledged co-branded Enrich card like the AmBank Enrich Visa Infinite.

Other benefits include four complimentary Plaza Premium Lounge visits annually across Malaysia and Singapore. Beyond that, the rest—such as Visa concierge services and travel insurance—are standard perks found across most affluent-tier cards.

While the card’s zero annual fee may justify the bare-bones benefit structure, the lack of any aspirational features—particularly for overseas spend—keeps the HLB Visa Infinite firmly within its niche circle, unable to draw interest from the wider market.

Opportunities

The devaluation of the Maybank Visa Infinite in Q1 2024 should have been Hong Leong Bank’s golden opportunity.

Previously, Maybank’s Visa Infinite offered the same 0.28 MPR on local spend, and a higher 0.71 MPR for overseas spend, albeit with a hefty RM800 annual fee. After the devaluation, Maybank slashed its rates to 0.2 for local and 0.5 for overseas spend, effectively bringing it in line—or even slightly below—HLB’s Visa Infinite.

This gave Hong Leong Bank a competitive advantage: a superior local MPR and no annual fee. Had the bank taken this moment to slightly increase the overseas earn rate and introduce a modest, spend-waivable annual fee in return for better perks, it could have captured market share from disillusioned Maybank customers. After all, for Enrich loyalists, a direct conversion card is hard to beat.

That said, the direct Enrich-only conversion could also be a limiting factor. One reason why Maybank cardholders turned to CIMB post-devaluation was CIMB’s wide range of conversion partners, despite its weaker MPR. In today’s landscape, flexibility matters.

HLB Visa Infinite with the backdrop of the Plaza Premium Lounge at KLIA Terminal 1 [Note: AI generated]

As for lounge access, offering four complimentary visits is decent for a no-fee card. But considering Hong Leong Bank’s clientele often consists of younger professionals and family-oriented customers, adding supplementary lounge access would be a relevant and appealing upgrade.

Final Thoughts

The Hong Leong Bank Visa Infinite is a card with strong fundamentals but unfulfilled potential. It boasts one of the best local MPR rates, direct miles conversion to Enrich, and zero annual fees—all of which are great selling points. Yet, the card remains stuck in a safe, uninspired zone.

In a post-devaluation landscape, Hong Leong Bank had a clear opportunity to reposition itself as a serious player in the travel rewards space. A slight enhancement to the overseas MPR, the addition of family-friendly lounge perks, or a small annual fee tied to meaningful benefits could have made a significant impact.

For now, the HLB Visa Infinite continues to quietly serve its loyal niche. But with some thoughtful enhancements, it has the potential to break out and become a true contender in the premium credit card segment. Whether Hong Leong Bank will seize that opportunity remains to be seen.