If you’re looking for a credit card with high cashback rates and no annual fees, the CIMB Visa Signature card might be the right choice for you. This credit card has been around for a while and has undergone many changes, but its current incarnation offers some compelling features and benefits.
The CIMB Visa Signature card offers up to 10% cashback on a variety of expenses, including dining, groceries, and online shopping. It also offers cashback on other categories like pet shops, veterinary services, and even cruises. With no annual fees for both principal and supplementary cards, this credit card is an attractive option for those looking to save money.
Overall, the CIMB Visa Signature card is a great option for those looking for a high cashback credit card with no annual fees. It offers a variety of perks and benefits that can help you save money on your everyday expenses. If you’re interested in applying for this credit card, read on for more information on its key features, benefits, and eligibility requirements.
Key Takeaways
- The CIMB Visa Signature card offers up to 10% cashback on a variety of expenses, including dining, groceries, and online shopping.
- This credit card has no annual fees for both principal and supplementary cards, making it an attractive option for those looking to save money.
- The CIMB Visa Signature card offers a variety of additional perks and benefits, including travel insurance and exclusive promotions.
Key Features and Benefits
If you’re looking for a credit card that offers high cashback rates and exclusive promotions, the CIMB Visa Signature Card is definitely worth considering. Here are some of the key features and benefits that make this card stand out:
High Cashback Rates
With the CIMB Visa Signature Card, you can enjoy up to 10% cashback on a wide range of spending categories, including dining, groceries, and online shopping. This is one of the highest cashback rates available in Singapore, so you can be sure you’re getting a great deal.
No Annual Fee
Unlike many other credit cards, the CIMB Visa Signature Card has no annual fee, so you won’t have to worry about paying extra just to use the card. This makes it a great choice for anyone who wants to enjoy the benefits of a rewards card without any extra costs.
Exclusive Promotions
As a CIMB Visa Signature Cardholder, you’ll also be eligible for a range of exclusive promotions and offers. These could include discounts on dining, travel, and entertainment, as well as special deals on shopping and other lifestyle products.
Overall, the CIMB Visa Signature Card is a great choice for anyone who wants to enjoy high cashback rates, exclusive promotions, and no annual fee. Whether you’re a frequent shopper or just looking for a way to save money on everyday expenses, this card is definitely worth considering.
Earning and Maximising Cashback
If you’re considering the CIMB Visa Signature Card, you’re probably interested in earning as much cashback as possible. Here are some tips to help you maximise your cashback rewards.
Understanding Cashback Categories
The CIMB Visa Signature Card offers cashback rewards for a variety of spending categories, including groceries, dining, online shopping, beauty & wellness, and pet shops & veterinary services. Each category has a cashback rate of 10%, up to a maximum of $100 per month. It’s important to understand which categories are eligible for cashback and to plan your spending accordingly.
Meeting Minimum Spend Requirements
To be eligible for cashback rewards, you must meet the minimum spend requirement of $800 per month. This can be a challenge for some, but there are ways to meet the requirement without overspending. Consider using your card for everyday expenses like groceries and dining, and using it for larger purchases like electronics or travel.
Cashback Cap and Limitations
One limitation of the CIMB Visa Signature Card is the cashback cap of $20 per category per month. This means that once you reach $20 in cashback for a category, you won’t earn any more cashback for that category until the next month. Additionally, some categories have limitations on the types of transactions that qualify for cashback. For example, the pet shops & veterinary services category only applies to transactions made at specific merchants.
To maximise your cashback rewards, it’s important to plan your spending and take advantage of the categories that offer the most cashback. Keep track of your spending and make sure you meet the minimum spend requirement each month. With a little planning, you can earn significant cashback rewards with the CIMB Visa Signature Card.
Additional Perks and Features
As a CIMB Visa Signature cardholder, you can enjoy an array of additional perks and features. Here are some of the exciting benefits you can look forward to:
Travel Insurance Coverage
If you’re a frequent traveller, the CIMB Visa Signature card is an excellent choice for you. It comes with complimentary travel insurance coverage of up to $1 million when you charge your full travel fare to the card. The insurance covers you for accidents, medical emergencies, and travel inconveniences such as flight delays and baggage loss.
Supplementary Cards Benefits
As a CIMB Visa Signature cardholder, you can enjoy free supplementary cards for your loved ones. Your spouse, parents, or children above 16 years old can share the benefits of your primary card. The supplementary cards come with the same features as the primary card, including cashback rewards and exclusive privileges.
Exclusive Visa Signature Privileges
As a Visa Signature cardholder, you can enjoy exclusive privileges such as 24/7 concierge services, Visa Luxury Hotel Collection, and Visa Signature Dining. The concierge services can assist you with travel arrangements, restaurant reservations, and event tickets. The Visa Luxury Hotel Collection offers you benefits such as free breakfast, room upgrades, and late checkouts at over 900 luxury hotels worldwide. The Visa Signature Dining program gives you access to exclusive dining deals and experiences at top restaurants.
In summary, the CIMB Visa Signature card offers you more than just cashback rewards. You can enjoy travel insurance coverage, free supplementary cards, and exclusive Visa Signature privileges. These benefits make the card an excellent choice for frequent travellers and families who want to maximise their spending.
Fees and Charges
As with any credit card, it is important to understand the fee structure associated with the CIMB Visa Signature card. In this section, we will break down the fees and charges associated with this card, and provide tips on how to avoid common charges.
Understanding the Fee Structure
The CIMB Visa Signature card has no annual fee, making it an attractive option for those looking to save money. However, it is important to note that the card does come with a foreign currency transaction fee of 3%. This fee is charged whenever you make a purchase in a foreign currency, so be sure to factor it into your spending plans if you frequently travel abroad.
Additionally, if you miss a payment or make a late payment, you will be charged a late payment fee of $100. To avoid this charge, be sure to make your payments on time each month.
If you exceed your credit limit, you will not be charged an overlimit fee. However, it is important to note that exceeding your credit limit can negatively impact your credit score.
Finally, if you need to take out a cash advance, you will be charged a fee of 6% of the amount withdrawn (with a minimum charge of $15). We recommend avoiding cash advances whenever possible, as they are generally more expensive than simply using your credit card for purchases.
Avoiding Common Charges
To avoid common charges associated with the CIMB Visa Signature card, we recommend the following:
- Set up automatic payments to ensure that you never miss a payment or make a late payment.
- Monitor your credit limit closely to avoid exceeding it.
- Use your card for purchases whenever possible, rather than taking out cash advances.
- If you do need to make a purchase in a foreign currency, try to do so in advance so that you can plan for the 3% foreign currency transaction fee.
By following these tips, you can enjoy the benefits of the CIMB Visa Signature card without incurring unnecessary fees and charges.
Eligibility and Application
If you are interested in applying for the CIMB Visa Signature credit card, you need to meet certain qualification criteria. Here’s what you need to know:
Qualification Criteria
To apply for the CIMB Visa Signature card, you must be a Singapore citizen or Permanent Resident (PR). Foreign citizens or expats are not eligible for this card. Additionally, you must be at least 21 years old to be the principal cardholder.
The minimum income requirement for the CIMB Visa Signature card is $30,000 per annum. This income requirement is lower than some other high-end credit cards in Singapore, making this card accessible to a wider range of people.
Required Documents
To apply for the CIMB Visa Signature card, you will need to provide a few documents. These documents include your NRIC, latest payslip, and CPF statement. You may also be required to submit other supporting documents, such as your income tax statement or employment letter.
Application Process
The application process for the CIMB Visa Signature card is straightforward and can be completed online. Simply visit the CIMB website and fill out the online application form. Be sure to have all the required documents on hand before you start the application process.
Once your application has been submitted, it will be reviewed by CIMB. If your application is approved, you will receive your new credit card in the mail within a few days.
In summary, the CIMB Visa Signature credit card is an excellent option for those looking for a high cashback credit card with no annual fees. To apply for this card, you must be a Singapore citizen or PR, meet the minimum income requirement, and provide the required documents during the application process.
Frequently Asked Questions
What tantalising benefits can one expect from the CIMB Visa Signature card?
The CIMB Visa Signature card offers a wide range of benefits that are sure to excite you. You can earn up to 10% cashback on categories such as dining, groceries, and online shopping. Additionally, you can enjoy exclusive deals and discounts on travel, entertainment, and lifestyle products. The card also offers complimentary travel insurance coverage of up to $1 million, making it an ideal choice for frequent travellers.
How does the CIMB Visa Signature card stack up against the CIMB World Mastercard?
While both cards offer attractive benefits, the CIMB Visa Signature card has a slight edge over the CIMB World Mastercard. With the Visa Signature card, you can earn up to 10% cashback on a wider range of categories, including dining, groceries, and online shopping. Additionally, the Visa Signature card offers complimentary travel insurance coverage of up to $1 million and exclusive deals on travel, entertainment, and lifestyle products.
Could you highlight the minimum spend required for the CIMB Visa Signature card?
The minimum spend required for the CIMB Visa Signature card is $600 per statement month. This minimum spend requirement is relatively low compared to other cashback credit cards in Singapore, making it easier for you to earn cashback rewards.
In what ways does the CIMB Visa Signature card outshine its competitors?
The CIMB Visa Signature card stands out from its competitors in several ways. Firstly, it offers some of the highest cashback rates in Singapore, with up to 10% cashback on categories such as dining, groceries, and online shopping. Additionally, the card has no annual fees for both principal and supplementary cards, making it a cost-effective option. The card also offers exclusive deals and discounts on travel, entertainment, and lifestyle products, making it an ideal choice for those who enjoy the finer things in life.
What are the essential terms and conditions to be aware of for the CIMB Visa Signature card?
Before applying for the CIMB Visa Signature card, it is important to be aware of the essential terms and conditions. For example, the card has a minimum spend requirement of $600 per statement month, and cashback rewards are capped at $100 per statement month. Additionally, the card has an annual interest rate of 28%, which can be quite high if you do not pay your balance in full each month. It is also important to note that the card is only available to Singapore citizens and PRs.
Is obtaining a Visa Signature card a challenging endeavour?
Obtaining a CIMB Visa Signature card is a relatively straightforward process. To be eligible for the card, you must be a Singapore citizen or PR and meet the minimum income requirement of $30,000 per annum. You can apply for the card online or at any CIMB bank branch. Once your application is approved, you will receive your card within 7-10 working days.