Monday, September 29, 2014

CIMB Visa Signature: New Rebate Kid On The Block?

I saw this when I was checking out and comparing the new fixed deposit offered by SCB with CIMB. SCB is offering a pretty decent rate of 1.55% 2 year annualized returns. Comparing this to CIMB, their step-up FD for 1 year is 1.05% and for the 5 year it is 1.57%. Consider SCB if you are looking for a decent fixed deposit to park your cash!

Anyway, I digress. Let's go back to the CIMB Visa Signature card that I want to talk about.

Looking at the summary of the benefits, I picked out the key things that caught my eye:

  • Local Dining - 3.8%
  • Local Entertainment - 3.8%
  • Online Shopping - 3.8%
  • Visa Paywave - 3.8%
  • Everything else - 0.5%
  • No rebate cap
  • Rebate immediately offset in current bill
  • No annual fees for life
The catch 
- Min spend of $500 for 3.8% rebate
- Min 3 transactions of min $500 for 3.8% rebate
- Online shopping must be in foreign currency for 3.8% rebate

Honestly? This card looks like it is the BOMB! I have done a review before for the CIMB Mastercard, and this new Visa credit card just blows that card totally out of the water. The CIMB Mastercard has the 4 benefits bolded on the bottom, but now if the Visa version offers all of that, on top of additional rebates? Wow, don't even need to compare.

Now, what about the OCBC 365 or the OCBC Frank cards? While both are great and offer large rebates, I think the CIMB Visa Signature fills up a very needed missing product gap between the no-frills (POSB Go! and CIMB Mastercard) and the heavy rebates (OCBC 365 and UOB One). This card offers higher rebates than the no-frills cards if you can hit the minimum speed, but there is no pressure since the 0.5% base rebate is for sure. It is still a very decent amount.

Personally, I still use my OCBC Frank card because it is my very convenient EZ link card. I also push all my daily expenses to this card so that I can qualify for the additional 1% interest rate from the OCBC360 bank account.

However, if I wasn't so self-absorbed in the whole OCBC thing, I think that this card honestly sounds awesome. Decent sized benefits with not much commitment. Sounds good! I will going checking them out at one of their promo roadshows that is happening from Oct-Nov. Who knows what other extra stuff they might throw in to "convince" me to sign up. I am already convinced! Haha!

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