The last update to the CIMB Bank Platinum Mastercard was in 2016 Jan, when there was a major revamp to the card, requiring at least 8 transactions per month, each of minimum $30 in order to qualify for 10% cashback on travel, health, beauty and wellness. There was also a minimum spend of $500 which made this card very difficult to qualify for cashback, as well as a $60 cap on rebates. As for the Visa Signature card, there is 10% cashback on dining and online spend in foreign currency. However, the minimum transactions, minimum spend as well as the cap also apply to this credit card.
Come 23 Nov 2018, a major revamp is happening to both of these credit cards.
- New categories
As can be seen in the table above, the Visa Signature has a new category for grocery and online transaction in local currency. For the Platinum Mastercard, there is a new category for Transport and Petrol. More choices will definitely be welcomed!
2. No minimum 8 transactions
Importantly, the pesky 8 minimum transactions of $30 each has been waived. However, instead of a $500 spend per month, a $600 minimum is now imposed, and cashback limit has been increased to $100 per statement month, with a cap of $50 per category, thus allowing one to spend more in one category.
3. No more foreign currency transaction waiver
With effect from 1 January 2019, administrative fee waivers on your transactions in foreign currencies will no longer apply. An administrative fee of 2% will be levied on all transactions in foreign currencies.
Overall, this seems like an improved package compared to the past given the removal of the 8 minimum transactions per month. Afterall, the cash rebate of 10% is the highest that one can find amongst the cash rebate credit cards. However, the minimum spend of $600 is rather high, and each card only has 3 categories with a cap of $500 in each individual category, so one has to be prudent when spending in order not to hit the cap.
Full T&C available here