WOW | Shocking Devaluation to AmBank Enrich Visa Infinite

It’s a double-whammy kind of day. Right after Alliance Bank’s brutal nerf to its Visa Infinite, AmBank has followed suit—swinging the axe on its AmBank Enrich Visa Infinite and Enrich Visa Platinum credit cards.

And let me be clear: this isn’t some light trimming. This is a full-blown 50% devaluation that leaves Enrich loyalists in dismay. To make matters worse, this comes as AmBank enforces its annual fee!

Source: AmBank

Let’s unpack the carnage.

AmBank Enrich Visa Infinite’s Massive 50% Devaluation

There’s no sugarcoating this one. The AmBank Enrich Visa Infinite has taken a brutal hit.

Previously one of the most accessible ways to earn 1 Enrich Mile per RM1 on overseas spend, the card now earns just 0.5 MPR on overseas transactions—a clean 50% haircut.

Local spend hasn’t been spared either, dropping to 0.16 MPR. And while you might have previously relied on this card for your airline-related spend across all carriers, that’s now history. Only spend on Malaysia Airlines will now earn 0.5 MPR.

Spend on other airlines? That’s treated as local spend—and gets you a measly 0.16 MPR.

But it gets worse.

Utilities, insurance, and local education spend are now explicitly capped. These transactions, previously lumped under “local spend” at a respectable 0.25 MPR with no caps, now earn 0.08 MPR, with a maximum of 8,000 Enrich Miles per statement cycle. That’s a multi-layered devaluation—slashing earn rates and introducing caps.

The AmBank Enrich Visa Platinum Isn’t Spared Either

As expected, the Enrich Visa Platinum also got dragged into the mess.

Local spend now earns just 0.14 MPR, while overseas spend drops to 0.33 MPR. Utilities, insurance, and education? Same 8,000 monthly cap, earning just 0.07 MPR.

While this card may not have been top-of-wallet for most Refined Points readers, the devaluation does cement its position as a niche use-case product going forward.

A Bigger Question: Is Enrich Culling Miles on Purpose?

This isn’t just about AmBank. With the Alliance Bank Visa Infinite nerfed earlier today and AmBank’s devaluation now live, one can’t help but wonder—is this a broader strategy by Enrich to clamp down on mile issuance?

It's not an unheard-of tactic. Back in 2018, American Airlines dramatically reduced earn rates for its co-branded cards after struggling with a glut of unredeemed miles—a move echoed by Qantas during the post-COVID recovery when redemptions outpaced flight supply.

In the case of Enrich, inflated redemption costs, declining airline experience, and high fuel surcharges have already undermined value.

But now, with major co-brand partners scaling back accrual rates, it points toward a deliberate effort to limit liabilities on the balance sheet. It’s a classic supply choke—a trick used by frequent flyer programs globally to quietly preserve mile value without touching redemption charts.

The Competition Is Now Laughing

Even before today’s announcement, AmBank’s Enrich cards were niche products. The MPRs were decent, yes, but they were never standout stars.

Their appeal mainly came from the complimentary Golden Lounge access and the Fast Track to Enrich status, which helped travellers get a taste of Oneworld status with fewer flights and sectors flown.

These were—and still are—exclusive benefits that other Malaysian credit cards can’t replicate.

But with earn rates now firmly in the basement, the cards have been pushed into a support role.

Meanwhile, CIMB, UOB, and Hong Leong Bank have stepped up big time:

CIMB Preferred Visa Infinite + Travel World Elite can net you 0.92 MPR on Dining, and 0.8 MPR on airlines and overseas spend.

UOB Visa Infinite + PRVI Miles Elite can pull off 1 MPR overseas, and 0.41 MPR on Dining.

Hong Leong Bank Visa Infinite offers a flat 1 MPR on dining—both local and overseas—with direct Enrich conversions, zero annual fees, and no hoops to jump through.

In short: AmBank’s no longer playing in the same league.

Final Thoughts

While Refined Points feels for Enrich Miles loyalists, I can't particularly say this was surprising. Just observing how AmBank manages it's cobrand with Enrich is a stark difference from how CIMB did previously.

The good old days!

Trusting AmBank to come up with a serious airline miles credit card is probably the most apparent mistake anyone can make!

Also, let’s call it like it is.

The AmBank Enrich Visa Infinite is now obsolete for serious miles chasers. While the Golden Lounge access and Fast Track to Enrich status remain nice-to-haves, they’re no longer enough to justify keeping this card in your top drawer—especially when compared to the far more rewarding CIMB, UOB, or Hong Leong Bank lineups.

However, the AmBank Enrich Visa Platinum might still hold some value—not in terms of MPR, which is now effectively irrelevant, but in offering a zero annual fee path to Enrich Silver, Gold or Platinum status. If you're someone who flies on Oneworld metal plentiful in a year, that benefit alone might be worth keeping the card around.

But for everyone else? It's time to move on. Better options exist, and they’re not hard to find.

As always, I’ll be exploring how these changes shift the Enrich strategy going forward—including whether Oneworld redemptions via Enrich are still worth it. Stay tuned.