Overview of CIMB Credit Cards
Commerce International Merchant Bankers (CIMB) Malaysia, is a widely known and trusted banking entity. CIMB offers a great range of retail finance products to choose from. Credit cards from CIMB are one of the most popular products. These cards offer excellent features and benefits for customers and are aimed at fulfilling the credit requirement of customers from a broad spectrum of background.
CIMB group is the biggest investment bank in the Asia-Pacific region and operates under many corporate bodies. The group majorly deals in Corporate Banking, Investment Banking, Personal Banking and Wealth Management. CIMB group has several partnerships all around the globe to help them spread and propagate their products and services. Apart from regular banking, CIMB specializes in Islamic banking and offers Shariah-compliant financial solutions too, to the customers. Malaysia has around 8 million CIMB customers and over 300 CIMB branches with over 25, 000 CIMB employees.
Why choose CIMB Bank
One of the biggest advantages of taking a credit card from CIMB is the sheer number of cards that are available. These cards don’t just provide the obvious advantages of a credit card but also provide features like travel insurance and special discounts that make them the ideal card for both shoppers and travellers. In addition to this, some of the cards offered are also compliant with Islamic banking which makes them a preferred choice for those who are particular about their banking services.
Features and benefits of CIMB credit cards
CIMB credit cards are loaded with excellent features and benefits that are aimed at fulfilling the credit demand of most customers in Malaysia. Following are some of the most prominent traits of CIMB credit cards which make this financial product so popular among customers in Malaysia.
- CIMB credit cards are available in various variants which make these credit cards truly flexible and easy to choose from. Specific cards are available for travel privileges, dining deals and shopping offers. This makes it easy for customers to choose their credit card based on their lifestyle.
- CIMB credit cards also segregated based on the annual fee that they levy. This makes it easier for customers who are ready to pay a fee to avail several benefits and rewards as well as for those who just want a basic credit card to meet their regular day-to-day credit needs.
- Reward points and cash backs are one of the primary features of CIMB credit cards. These benefits ensure that you not only fulfill your credit needs but enjoy a host of exciting advantages that make your CIMB credit card cool to own.
- Application process of CIMB credit cards is easy and simple; the documentation required is minimum and the turn-around time is really quick.
- A robust customer support center takes care of all your queries and concerns. Separate hotlines are available for premium cardholders.
- Avail balance transfer facility with all the credit cards offered by CIMB
CIMB Credit Card Eligibility Criteria
You need to fulfill certain eligibility parameters in order to avail a credit card from CIMB. Specific eligibility criteria differs for different credit card variants and hence a few generic eligibility guidelines for CIMB credit cards are listed below.
- Applicant needs to be at least 21 years of age
- Applicant needs to be a Malaysian citizen
- Secondary cardholder should be at least 18 years of age
- A certain minimum monthly salary is required to be eligible for CIMB credit cards. However, the exact income required varies for different credit cards
CIMB Credit Card Application
Application process of CIMB credit cards is easy and simple; the documentation required is minimum and the turn-around time is really quick. In order to apply for CIMB credit card, customers can either visit their nearest bank branch or use online banking channel to apply. Alternatively, bank's hotline number can be called up to know about the credit card application process.
CIMB Credit Card Documentation
The credit cards offered by CIMB have a degree of customization. They are tailored for specific benefits which make choosing the cards easier as the customer can choose the benefit that suits them best. If the customer meets the eligibility requirements of age and annual income, they can submit their application forms along with the required documents corroborating their eligibility.
The list of documents required at the time of submission of an application varies on the type of applicant.
If the applicant is an employee of a government body or an MNC or is drawing a regular salary from a public listed company, then the documents required are
- Latest pay slips dating back to a minimum of 1 month.
- Latest EPF statement containing a record of at least 6 months.
- Bank statements of the applicant where the salary is being credited.
- If the salaried applicant has a variable income based on incentives, then the salary slips need to date back at least 3 months.
If the applicant is self-employed, be it sole proprietorship or partnership or if the company is a private limited company, then the documents required are
- Copy of the registration of the business.
- Bank statement of the applicant dating back to at least 6 months and the latest form B with tax payment receipts.
CIMB Credit Card Balance Transfer
Transfer your debt to CIMB credit card via the CIMB credit card balance transfer scheme. Enjoy low and lucrative rates of interest as well as zero processing fees. Following are some of the most prominent features of balance transfer scheme by CIMB -
- Interest rate starts from 5.99%
- No early termination fee for settlement of outstanding amount
- Up to 12 months of tenure
- No documentation required
- Choice of up to 20 cards of CIMB
- No set-up fee
- Choice of minimum payment per month which is just 5% of the amount
- Cancellation of balance transfer plan can only be done within 24 hours of availing the same
|Read More on CIMB Balance Transfer|
CIMB Credit Card Cash Rebates
Apart from offering various credit cards to suit credit demands of customers from a wide array of financial status, CIMB offers a few cards that have the most unique cash rebate feature. These credit cards offer amazing cash rebates on interest rates, purchases, cash spends and more. Rebate is offered to customers on shopping expenses, petrol expenses, groceries as well as other utility payments.
Click here for all CIMB Credit Card Promotions
CIMB Credit Card Rewards Redemption
CIMB credit cards come in a variety of types and variants. Cards are available for frequent travelers, for luxury lovers as well as for those who wish to draw the minimum basic credit benefit from these cards. All these cards offer reward points or air miles that can be redeemed at various outlets. Air miles are essentially redeemable with enrich miles and can be used to buy air tickets at discounted rates. Other reward points can be redeemed at outlets which are reward partners with CIMB.
CIMB Credit Card Centre and Customer Service
- CIMB card service centre helpline– 03 6204 7788
- email – firstname.lastname@example.org
CIMB Supplementary Cards
CIMB allows credit cardholders to share the benefits of their credit card with their loved ones by offering supplementary cards.
|Read More on CIMB Supplementary Cards|
CIMB Credit Card Value Added Services
Apart from the credit card offered by CIMB, they also offer other value added services. The value added services are as follows:
- Touch ‘n Go Zing Card
- Credit protector plus
- Balance transfer
- 0% Easy pay
|Read More on CIMB Credit Card Value Added Services|
CIMB Credit Cards – FAQ’s
Q. What is the interest rate charged on these cards?
A. The interest rate charged on these cards ranges from 15% per annum to 18% per annum based on the payment behaviour of the cardholder.
Q. Is there a joining fee for a card?
A. There may be a joining fee applicable for the cards but in some cases it may be waived off.
Q. Are there any penalties for making the payments after the due date?
A. The penalty for late payments is generally 1% of the total outstanding balance. It is subject to a minimum of RM 10 and a maximum of RM 100.
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