Sunday, April 13, 2014

Possible 2nd Credit Card?

I found this Singaporean blog very very very useful! The author is an expert on credit cards and all the promotions related to them. He is also quite well versed in the different bank promotions too. You should definitely check it out if you're living in Singapore. He highlights so many good deals!

Anyway, after reading through some of his posts, I am thinking of getting a 2nd credit card to supplement my OCBC Frank card. I am thinking of the CIMB Platinum MasterCard.


Firstly, it is a MasterCard, while my OCBC Frank is in Visa.

Secondly, it gives you a immediate direct 0.5% cash rebate on any spending, with no monthly spending or rebate cap. (same as OCBC)

Thirdly, there is also a 1% cash rebate for overseas spending. This is useful, especially since overseas merchants will have no tie-ups or promotions with almost any other card.

Fourth, the rebates are immediately used to offset the current month's spending. Therefore you are saving in real-time, not one month in the future.

Fifth, the card has no annual fees, so there is no yearly hassle of needing to waive fees.

Lastly, as a bonus, a 3.3% bonus rebate (cap at $50 rebate per month) will be given to big-ticket spending items under Insurance, Education or Home Furnishing and Appliances if the transaction is more than $500. This means any transaction between $500 and $1500 will qualify for the 3.3% bonus rebate, while transactions over $1500 will hit the monthly $50 cap.

The appeal of this card to me is essentially it's fuss free disposition. I wonder if I can get approved for the card and use it when I go to HK later this month. I shall think about it tomorrow!

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