Overview of CIMB credit cards
Commerce International Merchant Bankers (CIMB) Malaysia provides great credit cards with many benefits. CIMB provides a wide range of credit cards. You can choose from normal banking and Islamic banking systems.
Features and Benefits of CIMB Credit Cards
Let us take a look at the features and benefits of CIMB credit cards:
- Most CIMB cards are offered with a waiver of the annual fee.
- Some of the CIMB credit cards come with cash rebates.
- These cards come with ‘Pin and pay’ feature to maintain security.
- You can use the tap and pay feature to enjoy contactless payments.
- Some of the premiere CIMB credit cards will give you lounge vouchers, bonus miles, golf privileges, and promotions on air tickets.
- You do not have to pay any administrative fees on transactions made with foreign currency when you use certain CIMB credit cards.
- CIMB promotes cross-border transactions by giving you discounts on purchases made in Singapore, Thailand, Indonesia, and Malaysia.
Why choose Credit Cards from CIMB?
Let us discuss why you should choose a credit card from CIMB:
- CIMB offers credit cards that are compliant with the Sharia law.
- CIMB card will allow you to enter exotic lounges of airports throughout the year.
- You will get cash rebates when you use your CIMB card for groceries, petrol, and utility bills.
- Some cards will give you travel insurance when you use your CIMB card for all your vacation expenses.
- You will receive complimentary green fees for every golf course at famous golf lounges.
- When you spend overseas, you will earn cashback.
Types of CIMB Credit Cards
These are the types of CIMB credit cards:
- CIMB Visa Signature
- CIMB Cash Rebate Gold
- CIMB Islamic PETRONAS MasterCard
- CIMB World MasterCard
- CIMB Cash Rebate Platinum
- CIMB Enrich Platinum
- CIMB Enrich Gold
- CIMB Enrich World
- CIMB PETRONAS Platinum
- CIMB PETRONAS Gold
- CIMB Platinum Business
- CIMB Platinum Business
- CIMB Tesco Platinum MasterCard
CIMB Supplementary Cards
CIMB offers amazing supplementary cards to principal credit cardholders. You can share the great features and benefits of your CIMB primary card with your near and dear ones. You can apply for a supplementary card by downloading the application form from the official website of CIMB. You can fill this form and submit a copy of the supplementary applicant’s NRIC (with 2 sides). You can then fax, mail, or email it to the correct address of the bank.
Prepaid Cards from CIMB
CIMB offers great prepaid cards. They include Kwik Prepaid MasterCard and Tune Money Prepaid Card. Let us take a look at the features of these cards:
1. Kwik Prepaid MasterCard
CIMB Bank has a new-age account known as Kwik account. You can create your Kwik account online without visiting any CIMB bank branch. With your Kwik account, you will get a KWIK Prepaid MasterCard. This card will provide you with many unique benefits and privileges on different segments. The segments include food and beverages, dining, retail transactions, golf privileges, and lifestyle benefits.
2. Tune Money Prepaid Card
These are the key features of Tune Money Prepaid Card:
- CIMB Bank has introduced a prepaid card known as Tune Money Prepaid Card for its patrons.
- It is a Visa prepaid card brought to you by Tune Money Berhad.
- It works just like a credit card. However, your spending limit will be determined by the money that is there in your prepaid account.
- You can use this card to purchase goods and services at all outlets that approve Visa.
- It is neither a debit card nor a credit card.
- It comes with an automatic feature through which you can recharge your account once your balance goes below a certain limit.
Fees and Charges of CIMB Credit Cards
These are the fees and charges for CIMB cards:
- The annual fee is waived for most of the CIMB credit cards.
- The finance charge for cash transactions is 18% p.a. or 1.5% per month for most CIMB credit cards.
- You will need to pay a minimum of 5% of your outstanding amount every month.
- You will have to pay a cash advance fee of 5% of the amount that has been advanced to you.
- You will not be required to pay any interest for 20 days from the date of your statement. This is applicable only if you are making a complete payment on your former statement balance.
- When you are late in making repayments, you will need to pay 1% of your entire outstanding balance as on the date of your statement or at least RM10, whichever is higher.
These are the eligibility criteria for CIMB credit cards:
- You need to be a Malaysian citizen.
- Your age should be at least 21 years old for a primary card and you should be at least 18 years to apply for a supplementary card.
- Different CIMB credit cards have different minimum income requirement.
These are the documents required to apply for a CIMB credit card:
- For salaried people working in an MNC, PLC, or a GLC:
Your most recent payslip for 1 month including basic salary and most recent payslips for 3 months including basic salary and allowances OR the most recent EPF statement with a record of at least 6 months
- For salaried people (others):
Your most recent payslips for 3 months and most recent salary crediting bank statements for 3 months OR the most recent EPF statement with a record of at least 6 months
- For self-employed individuals:
Your most recent company bank statement for 6 months OR your most recent Form B and acknowledgment receipt of e-filing OR your most recent Form B and payment receipt of LHDN
You can move all your credit card balances from other banks to CIMB Bank and save up to 67%. You can enjoy flexible monthly repayments without providing any supporting documents. You do not have to pay any processing fees.
CIMB Credit Card Reward Redemption
You will earn many points with your CIMB card and you can redeem them online by choosing any category of rewards. You need to enter your bonus points and catalogue. You can redeem your reward points on the official website of the bank.
How to report a lost CIMB Bank Credit Card
You can report a lost CIMB Bank credit card by calling +603 6204 7788 for instant support.
How to apply for a CIMB Bank Credit Card
You can choose any of the following options:
- You can apply for the credit card by visiting your nearest CIMB branch.
- You can fill an online application form.
- You can call the customer care centre.
CIMB Bank Credit Card Hotline Number
Preferred call centre
1 300 885 300 (Local)
+603 2295 6888 (Overseas)
FAQ’s of CIMB Credit Cards
1. What is the interest rate that is levied on CIMB cards?
The interest rate usually ranges from 15% p.a. to 18% p.a.
2. Do I have to pay Goods & Services Tax (GST) on a credit card from CIMB?
Yes, GST has been made effective from April 1, 2015.
3. How much do I have to pay to replace my CIMB credit card?
You will have to pay RM10 for the first time and RM50 after that.
4. Can I enjoy an interest-free period when I make a partial repayment on my former statement balance?
No, you need to make a full payment on your balance to enjoy interest-free period for your new retail transactions.
|Read More on CIMB Credit Card Value Added Services|
Other Products offered by CIMB:
Apart from offering credit cards, CIMB offers other products and services which include:
- Cash vs Cards Payments Malaysia
- How to Find the Perfect Credit Card in Malaysia
- How to Improve your Credit Rating in Malaysia
- How to Increase Credit Limit in Your Credit Card
- How to Pick an Emergency Credit Card
- Student Credit Cards in Malaysia
- Supplementary Credit Cards in Malaysia
- When to Use Credit over Cash
- Shed the Excess Interest Rates
- Protecting One’s Credit Card While Travelling
- Defaulting Your Credit Card Bills in Malaysia?
- Top 5 Reasons Why Owning a Credit Card is Good for You
- How to improve your chances of having a credit card approved
- Credit Card fraud: Are you aware of it?
- Understand Credit Card interest free period
- Reward Credit cards Malaysia
- Best Cash Back Credit Cards in Malaysia
- Best Zero Annual Fee Credit Cards in Malaysia
- Personal Loan Against Credit Card
- How to Maximise Your Credit Card Benefits
- Popular Credit Card Fees and Charges in Malaysia
- How to Apply for Credit Cards in Malaysia for Foreigners
- Top 10 Credit Cards in Malaysia 2016
- Best Low Interest Rate Credit Cards in Malaysia
- What charges do you pay for when you swipe your card overseas
- Best Petrol Credit Cards In Malaysia
- Credit Cards for Employees in Malaysia
- Common Mistakes to Avoid While Applying for a Credit Card
News About CIMB Credit Card
New lifestyle mobile app launched by CIMB
CIMB announced the launch of CIMB Pay, which is a new lifestyle mobile application which combines secured cashless payments, offers, and deals. This will enable the customers to experience secure and faster payments. The payments can be made at over 1,800 contactless terminals in Malaysia. This app lets the customers park all their debit, MasterCard credit cards, and Visa credit cards in their mobile phone. The users can just tap the phone at the contactless terminals to make the payments. The app will send notifications and alerts to the customers about the closest contactless terminals and about any flash deals.
21st December 2016
CIMB’s third quarter net profit is 27% higher
The CIMB’s net profit for the third quarter rose by 27.3% to RM1.02 billion. The group saw 3.5% expansion in 9 month operating income. This brought about 5.8% year-on-year improvement in the net profit. There has been a strong performance in the consumer banking in Malaysia, Thailand, and Indonesia. The group efficiently managed the cost and this brought an improvement in the cost-to-income rate to 53.2%. The net earnings per share stood at 31.4 sen and the annualised net return for the period was 8.5%.
23rd November 2016
CIMB gets licence for Vietnam subsidiary
Vietnam’s Central Bank granted the Malaysia’s second largest bank, CIMB Bank Berhad a licence to open a 100% foreign own bank in Vietnam. The Central bank also said that the new bank will have a registered capital of 3.2 trillion don and it can operate for 99 years.
13th October 2016
CIMB and Sabah to offer JomPAY
CIMB has teamed up with Sabah local authorities to offer JomPAY electronic payment that will be used to pay the assessment fees. The partnership involves 23 local authorities in the state. The state local authorities want to improve their services by providing e-payment facilities and encourage innovation and creativity. This facility is being offered to develop e-payment and infrastructure that enhances safety, efficiency, and reliability of the financial system in Malaysia. CIMB will be launching a 6 month campaign to promote awareness and adoption of JomPAY to Sabahans starting from 1st October.
3rd October 2016
Malaysia’s first global sukuk fund launched by CIMB
CIMB Principal Islamic Asset Management obtained approval from the Ireland’s Central Bank to launch its Sukuk UCTIS Fund. CIMB Principal Islamic Asset Management will act as the master distributor and the investment manager of the fund. The fund will appeal to those investors that are looking for ethical investments that offer stable returns in the major currencies. The investor will be benefits with lower volatility and lower correlation to fixed income and conventional equities. Investor can access global investment opportunities efficiently. This fund is the affirmation of developing Malaysia as the hub for Finance products.
21st September 2016
CIMB Bank of Malaysia Alliances with Dubai Fund for Sales
Malaysia's second-largest CIMB Bank, which is so considered so through it’s lending by assets, has announced their partnership with Fajr Capital a private equity fund, a Dubai-based company to cross-sell products. This is a part of the initiative by the bank narrow down their push for enhancing profitability as well as cost efficiency.
The alliance includes "multiple levels of collaboration," as mentioned in their statements, in a joint press release on Thursday, which include cross-marketing as well as the distribution of their products along with services.
CIMB has currently completed half of their three-year plan for restructuring also known as "T18,". This plan is said to achieve a 15% return on equity. It is also supposed to bring down the bank's cost-to-income ratio under 50% within a couple of years.
2nd August 2016
CIMB on track for earnings recovery
Affin Hwang Capital Research believes that CIMB Group will remain on track for an earnings recovery for 2016. The downside risk will be limited with the share price trading at distressed level. The report believes that the maintain buy in CIMB will be priced at RM5. With the surprise cut in the overnight policy rate by Bank Negara Malaysia, the CIMB Group raised its base rate by 10bps. CIMB’s operating cost will trend down while the asset quality holds up. This will positively impact the cost savings from Mutual Separation Scheme which was implemented last year.
27th July 2016
CIMB Group to reduce interest rates by cutting BR by 20bps.
Considering the recent cut of Overnight Policy Rate (OPR) by Bank of Negara Malaysia, the CIMB Group decides to reduce its interest rates on lending. The group has tied up with Bank Simpanan Nasional and Malayan Banking Berhad to implement the same. The CIMB group decides to lower base rate for loans and other financial products by 20 basis points. This came after Bank of Negara reduced its OPR by 25 basis points.
Going forward, it is expected that CIMB would reduce its BR to 3.9% from its previous rate of 4.1% per annum. Likewise, the group’s base financing rate would be reduced to 6.75% from its previous rate of 6.95%. The changed rates are going to be effective from 22nd July, 2016. The group will also adjust the interest rates on all financial products pegged to BR, BLR and BFR. After the CIMB Group, Maybank also decides to reduce its annual BR and BLR from 3.2% per to 3% and from 6.85% to 6.65% respectively.
21st July 2016
CIMB’s net profit will lower by 5% for Financial Year 2017 due to the OPR cut
CIMB said that their 2017 financial year net profit will fall by about 5% due to the 25 basis point cut in the Overnight Policy Rate. The OPR was cut to 3% from 3.25% because of the slower global economic growth concern. The OPR rate cut will catalyse the bank’s loan growth. The rate on the fixed deposits will be cut as well. The rate cut primary goal was to revive the bank’s loan growth. The magnitude of the cut is uncertain on the lending and FD rates, but the banks will try and minimise the margin contraction.
15th July 2016
CIMB Bank Berhad launches Corporate Credit Card Solutions
CIMB Bank Berhad had recently launched Corporate Credit Card Solutions. These newly offered solutions are expected to receive significant growth momentum given that the corporate section of the bank has been receiving higher demand from consumers. Besides, a lot of banks in the UAE has stopped offering these corporate solutions. So, these new solutions are expected to work as a game changer in the financial market in the UAE. The CIMB Corporate Card Solutions come with corporate card, purchasing card and virtual cards, and offer customized solutions for companies in collaboration with MasterCard. It takes care of setting spending limits, customizing merchant categories keeping in mind employees’ entertainment and travel expenditure. The purchasing card takes care of a company’s procurement process by capturing card transactions in real time. These corporate credit cards come with a lot flexibilities as well. Companies can choose customized billing circles such as a 45 day or 60 day billing period with interest free payment.
With virtual card solutions, companies can randomly generate a 16-digit virtual card number for a particular payment which is securely transmitted to a specific supplier for making payment. The bank comes up with these unique corporate solutions to help optimize cash flow and reduce the usage of cheques in the UAE. The CIMB Corporate Card Solutions mainly target the government and state agencies, corporate sectors and small and medium enterprises. The bank's’ Corporate Card Solutions are a part of its digital marketing initiative. CIMB takes this move in response to Bank Negara Malaysia’s call for a reduction in the usage of cheques to 100 million by 2020 from 207 million in 2011.
1st June 2016