CIMB Platinum MasterCard Credit Card: Should You Apply?

CIMB Platinum Mastercard
CIMB Platinum Mastercard

CIMB Platinum MasterCard Credit Card: Should You Apply?

No-Fee Cashback for Medical, Transport and Dining

Good for

  • Consumers seeking cashback for global transport
  • People with regular medical expenses
  • Overseas travellers who prefer cashback to miles

Bad for

  • People seeking cashback on everyday essentials
  • Retail shoppers who mostly buy online
  • Consumers who prefer miles & travel perks

Editor's Rating

4.0/5.0

CIMB Platinum MasterCard is a stand-out option, allowing consumers to easily maximise cashback–even at relatively low spend levels–on medical, transport & petrol, dining, overseas travel, and electronics & furnishings expenditures. Each of these categories earns 10% rebate, which is quite remarkable, given few cards reward spend on health or home improvement at all. After S$800 minimum spend, cardholders have the potential to earn up to S$100/month, which is quite high as per market standards. Finally, there's no annual fee, so CIMB Platinum MasterCard can easily be paired with a flat rebate or everyday card for broader coverage.

ProsCons
  • No annual fee for life
  • 10% on health & medical spend
  • 10% cashback on transport (inc. Grab) and petrol
  • 10% cashback on dining, locally and overseas
  • 10% cashback on travel transactions in foreign currency
  • 10% on select local electronics & furnishings vendors
  • CIMB 0% i.Pay Plan (continued cashback, flexible payment schedules, interest free payments)
Promotions:
  • Up to 10% off bookings with Expedia & Booking, 8% with Agoda
  • Cashback capped at just S$20 per category
  • Base rate of 0.2% for general spend is relatively low
  • Several exclusions limit rewards categories
  • No travel perks

What Makes CIMB Platinum MasterCard Stand Out

CIMB Platinum MasterCard is one of the best options on the market for medical and transport spend, especially if you're looking for a low-maintenance or supplementary card. In addition to these categories, cardholders earn a 10% rebate on global dining, travel transactions in foreign currency, and purchases with select electronics & furnishing vendors. In fact, cardholders can earn up to S$100/month, one of the highest rewards potentials on the market.

Rewards categories are also quite comprehensive, allowing CIMB Platinum MC to outshine competitors. While few credit cards reward spend on health at all, CIMB Platinum MC provides cashback on everything from doctors visits to personal care facilities. In addition, cardholders earn on transport and petrol worldwide (at market-leading rates, nonetheless). These categories do come with a few exclusions, however, that may limit earnings for consumers with certain spending habits.

CategoryEligible TransactionsRebate RateCategory CapTotal Cap
Transport & PetrolBuses, trains, private hires, taxicabs, limos, ferries, petrol kiosks (excludes EZ-Link & Transitlink)10%S$20S$100/mo
TravelIn Foreign Currency Only: Airlines, hotels, travel agencies, railways (excludes cruise lines)10%S$20
MedicalNursing & personal care facilities, doctors, dentists, optometrists, opticians, chiropractors (excludes government hospitals, polyclinics)10%S$20
DiningCaterers, bars, lounges, clubs, fast-food outlets, eating places (excludes food delivery, ie. foodpanda, Deliveroo)10%S$20
Electronics, FurnishingsSelect Local Vendors: Harvey Norman, Best Denki, Challenger, IKEA, Courts, Parisilk10%S$20
Transactions are eligible both locally and overseas, unless otherwise stipulated

CIMB Platinum MasterCard also may be limiting to those with unbalanced or higher budgets. Each of its 5 spend categories' rewards are individually capped at just S$20/month, which is quite low. In fact, spending just S$200 on any one area will max out that category cap. In addition, consumers who don't spend at least S$200 on each of the 5 categories won't be able to reach the S$100/month rewards potential. As a result, those with higher or more focused spend might earn more with alternative cards with less-restrictive caps.

Nonetheless, these low caps aren't detrimental to all consumers. In fact, cardholders with smaller budgets can take advantage of CIMB Platinum MC's market-leading rates and make more of their moderate-to-low category expenditures. Alternative cards may have higher caps, but offer lower rates, decreasing potential earnings per S$1 spend.

Differences in Spend by Category Budget (Dining)

CIMB Plat MCCiti Cash BackCIMB Plat MCCiti Cash Back
Spend LevelS$200S$200S$325S$325
Rewards Rate10%8%10%8%
Category CapS$20S$25S$20S$25
Rewards EarnedS$20S$16S$20S$25

Finally, CIMB Platinum MC can be extraordinary even if you're an irregular spender. There's no annual fee, so owning the card is both low-risk and low-maintenance. Every charge you make within the categories is essentially a 10% discount, whether it's on a restaurant bill or doctor's fee, and there's no need to worry about extra bank fees. There is an S$800 minimum spend requirement to access these rates, but given the categories, this may not be especially difficult. And, if you have a large enough budget to reach another minimum spend, you may want to consider pairing CIMB Platinum MC with a flat rebate credit card to broaden your coverage.

How Does CIMB Platinum MasterCard Rebate Program Work?

Use our quick and easy-to-read guide below to learn how you can redeem CIMB Platinum MasterCard rewards.

  • Every 1 dollar of cashback earned is equal to S$1
  • Cashback is credited to the cardholder's account monthly
  • Cashback is automatically forfeited and is non-transferable when an account is closed

CIMB Platinum MasterCard Rewards Exclusions

Some credit card expenditures are ineligible for cash back or rebate. We identify these exclusions in the table below.

Exclusion CategoryDescription
Bank FeesInterest charges, late payment charges, cash advances, quasi-cash transactions, balance and/or funds transfers to or from the Card Account, any credit card transaction that was subsequently cancelled, voided or reversed for any reason, any fees payable to the Bank (or any other third party) for transfer of any debit balance on any other credit card to a Card, any other interest/fees/charges (including without limitation, cash advance, annual or monthly fees or charges) imposed by the Bank from time to time, and any other transactions that may be prescribed by the Bank
Transfers & Bill PaymentsAny payments for utilities (this includes but is not limited to electric, gas, heating oil, sanitary and water utility bill payments), payments done via any AXS network
Institutional PaymentsPayments to government institutions (this includes but is not limited to government services, government related postal services, government related purchases, court costs, fines, bail and bond payments and tax payments), insurance companies, and donations or payments to non-profit organisations (this includes but is not limited to religious and charitable organizations and social services)
Betting or GamblingAny gambling-related transactions

CIMB Platinum MasterCard's Features and Benefits:

CIMB Platinum Mastercard
CIMB Platinum Mastercard
Details & Benefits
Annual FeeS$0.0, Perpetual waiver
Annual Income Requirement
  • Singaporean & Singapore PR: S$30,000
  • Singaporean & Singapore PR, aged 55 years and above: S$15,000
  • Applicants who do not meet the minimum income requirement can submit a minimum Fixed Deposit Collateral of S$10,000
Card Details
  • No annual fee for life
  • 10% on health & medical spend (exc. government hospitals & polyclinics)
  • 10% cashback on transport & petrol (exc. EZ-Link & Transitllink)
  • 10% cashback on dining, locally and overseas (exc. food delivery)
  • 10% cashback on travel transactions in foreign currency (exc. cruise lines)
  • 10% on select local electronics & furnishings vendors (Harvey Norman, Best Denki, Challenger, IKEA, Courts, Parisilk)
  • 0.2% cashback on all other spend, unlimited, no minimum spend
  • S$800 monthly spend requirement to qualify for 10% cashback rate
  • Each category eligible for 10% cashback rate is capped at S$20 cashback per month
  • Total cashback at 10% rate is capped at S$100 per month
  • Cashback earned beyond cap accrued at 0.2% rate and is unlimited
  • CIMB 0% i.Pay Plan (continued cashback, flexible payment schedules, interest free payments)
Promotions:
  • Up to 10% off bookings with Expedia & Booking, 8% with Agoda

How does CIMB Platinum MasterCard Compare Against Other Cards?

Read our comparisons of CIMB Platinum MasterCard with other cards and learn what makes each card unique in their own way. We compare and contrast each card to highlight its uniqueness to help you identify the card that you need.

CIMB Platinum MasterCard performs well above the market average for value-to-consumer after two years, based on an average monthly spend of S$2,000

CIMB Platinum MasterCard v. CIMB Visa Signature

CIMB Visa Signature
CIMB Visa Signature

Consider this if you prefer a no-fee card for beauty and online spend

Annual Income Requirement Singaporean & Singapore PR: S$30,000. Singaporean & Singapore PR, aged 55 years and above: S$15,000. Applicants who do not meet the minimum income requirement can submit a minimum Fixed Deposit Collateral of S$10,000
Foreigner Income Requirement N/A

CIMB Visa Signature Card is a great no-fee cashback card for consumers who buy groceries and have high discretionary spend. Cardholders receive a 10% rebate on groceries, beauty, online retail shopping, pet care, and cruise lines, up to S$20/month each. This adds up to a potential S$100/month, which is quite high by market standards. However, this card isn't especially functional and benefits a very specific kind of consumer–one who has pets, goes on cruises and regularly spends on leisure. More functional consumers can earn cashback in more common categories with CIMB Platinum MasterCard.

CIMB Platinum MasterCard v. Citi Cash Back Card

Consider this if you spend primarily on food as well as petrol

Annual Income Requirement S$30,000
Foreigner Income Requirement S$42,000

Citi Cash Back Card is great for consumers seeking cashback rewards for spend on food and petrol. The average spender can unlock rates of 8% cashback on dining, groceries, and petrol after a moderate monthly minimum spend of S$888. While this qualifying spend is accessible to consumers with a monthly budget of S$2k, consumers also need to pay an annual fee of S$192.60, waived only the first year. Citi Cash Back is a great fit for average spenders looking for high cashback on essentials, but those who prefer no-fee cards and prioritize travel and health, CIMB Platinum MasterCard is a strong alternative.

CIMB Platinum MasterCard v. POSB Everyday Card

POSB Everyday Card
POSB Everyday Card

Consider this if you are a busy homemaker who want to maximise savings on groceries, utilities, personal care, and petrol

Annual Income Requirement S$30,000
Foreigner Income Requirement S$45,000

Moms and families who primarily spend on everyday essentials can maximise their cashback with POSB Everyday Card. Voted Singapore's most owned and utilised credit card in 2017, POSB Everyday offers rebates of up to 20% for dining, groceries, recurring telco and utilities bills, personal care, and petrol. The annual fee of S$192.60 is only waived the first year, however. Consumers who prefer a no-fee option and who spend on overseas travel might consider the CIMB Platinum MasterCard instead.

CIMB Platinum MasterCard v. CIMB Visa Infinite Card

CIMB Visa Infinite Card
CIMB Visa Infinite Card

Consider this if you are a frequent traveller who prefers no-fee cashback to miles

Annual Income Requirement Singaporean & Singapore PR: S$120,000 . Applicants who do not meet the minimum requirement can submit a minimum Fixed Deposit Collateral of S$50,000
Foreigner Income Requirement N/A

If you are an average or above average spender who travels frequently and prefers no-fee cashback to mile rewards, CIMB Visa Infinite Card might be a fit for you. The card stands out by appealing to travellers with 2% unlimited cashback on all travel, overseas, and online foreign transactions (1% on all other retail) instead of offering miles. There's no annual fee and cardholders receive travel perks like lounge access and dining discounts. However, the minimum qualifying spend to unlock the 2% rate is a hefty S$2,000, which isn't accessible for everyone. Consumers who spend mostly on travel and can hit this monthly minimum stand to benefit a great deal from CIMB Visa Infinite. Those who travel and spend a bit less per month and also spend on dining and transport might prefer CIMB Platinum MasterCard.

CIMB Platinum MasterCard v. CIMB World MasterCard

CIMB World Mastercard
CIMB World Mastercard

Consider this if you prefer a no-fee card and enjoy golfing across SE Asia

Annual Income Requirement Singaporean & Singapore PR: S$50,000. Applicants who do not meet the minimum requirement can submit a minimum Fixed Deposit Collateral of S$50,000
Foreigner Income Requirement N/A

CIMB World MasterCard is a great no-fee cashback card for individuals who enjoy golfing throughout SE Asia. Beyond discounts on green fees across 40 golf courses in 7 countries, CIMB World MasterCard also offers unlimited 1.5% cashback on general spend and 2% on dining, entertainment, recreation, automobile, petrol and duty-free purchases–all with no minimum spend requirement. Cardholders also enjoy regional dining and lifestyle privileges, plus discounted access to airport lounges worldwide. While this is a great card for golfers, frequent travellers might prefer CIMB Platinum MasterCard.

Comments and Questions

{"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis.","version":"sidebar"}