CIMB Platinum MasterCard Credit Card: Should You Apply?

CIMB Platinum MasterCard Credit Card: Should You Apply?

No-Fee Cashback for Travel, Wellness and Transport

Good for

  • Frequent travellers who prefer earning cashback to miles
  • Consumers who often indulge in beauty & spa treatments
  • Those seeking cashback on medical expenses
  • People who want a no-fee annual credit card

Bad for

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

Editor's Rating

4.0/5.0

If you frequently enjoy vacations, beauty & spa treatments, or simply want cashback on transport or health expenses, CIMB Platinum MasterCard is the best option on the market. Cardholders earn a market-leading 10% cashback on travel, transport (including Grab), and petrol worldwide. Cardholders also earn 10% on beauty (hairdressers, spas & more) and health (hospitals, dentists, pharmacies & more)–unparalleled by any other card. Even more, consumers can earn up to S$100/month, and never have to pay an annual fee. For those seeking easy cashback in any of these categories, CIMB Platinum MasterCard is the absolute best card on the market.

ProsCons
  • No annual fee for life
  • 10% cashback on travel transactions
  • 10% cashback on health, beauty and wellness transactions (excluding department stores)
  • 10% cashback on transport and petrol
  • CIMB 0% i.Pay Plan (continued cashback, flexible payment schedules, interest free payments)
  • e-Commerce Purchase Protection
Promotions:
  • Up to S$40 rebate w/ S$500 monthly spend for 3 months total
  • Cashback rewards non-essential spending rather than everyday purchases
  • Base rate of 0.2% for general spend is relatively low
  • Transit costs are not eligible for cashback
  • No travel perks

What Makes CIMB Platinum MasterCard Stand Out

CIMB Platinum MasterCard is a great no-fee cashback card for consumers who regularly spend on leisure activities like travel and wellness. The card stands out for offering cashback rather than miles despite its travel-oriented rewards structure. After reaching a minimum qualifying spend of S$600 per month (quite accessible to an average consumer spending S$2k per month), cardholders enjoy 10% cashback on travel expenses, transport, and petrol. While there aren't any travel perks, there also isn't an annual fee. This offers average spenders who travel frequently an alternative to pricier travel cards that earns cashback with no maintenance.

CIMB Platinum MasterCard also offers 10% cashback for health, beauty and wellness transactions after a S$600 minimum qualifying spend. Individuals who frequently treat themselves to indulgent activities like massages and spa treatments stand to gain from their wellness routine. Even people with recurring medical costs can benefit as the 10% rate also covers hospitals, doctors and pharmacies.

10% Cashback Qualifying Transactions, Local and Overseas
TravelAirlines, Hotels (excluding transactions made for wedding banquets), Travel Agencies, Cruise Lines and Railways
Health, Beauty and WellnessHospitals, Nursing and Personal Care Facilities, Doctors, Dentists, Optometrists, Opticians, Chiropractors, Pharmacies, Cosmetic Stores (excluding department stores), Hairdressers, Massage Parlours, Health and Beauty Spas
Transport and PetrolBy way of Bus, Train, Private Hires, Taxicabs and Limousines, Ferries as well as transactions made at Petrol Kiosks

However, CIMB Platinum MasterCard is better suited to average spenders than to business travellers or affluent jet-setters. In addition to lacking travel perks and foregoing miles for cashback, CIMB Platinum MasterCard also has a monthly total cap of S$1,000 at the 10% rate and a S$50 cap for each individual category. While this is quite generous for the average consumer, affluent spenders and business travellers might quickly eclipse these caps, especially within the travel category. Such consumers can instead avoid caps and earn unlimited miles with pricier travel cards, as long as they can afford often non-waivable annual fees of S$200 to S$600.

Overall, CIMB Platinum MasterCard is a great no-fee card for average spenders who significantly spend on travel, wellness, and transport every month and prefer cashback to miles. Affluent consumers who can afford higher annual fees and seek miles rewards for frequent travel and luxury treatments would be better served by pricier travel cards. Still, for consumers in a household with monthly spend of S$2k or less, CIMB Platinum MasterCard could be a great supplementary card to a no-fee card offering cashback on everyday purchases for dining and groceries, such as CIMB Visa Signature Card).

How Does CIMB Platinum MasterCard Rebate Program Work?

Use our quick and easy-to-read guide below to learn how you 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:

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% cashback on travel transactions
  • 10% cashback on health, beauty and wellness transactions (excluding department stores)
  • 10% cashback on transport and petrol
  • 0.2% cashback on all other spend, unlimited, no minimum spend
  • S$600 monthly spend requirement to qualify for 10% cashback rate
  • Each category eligible for 10% cashback rate is capped at S$50 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)
  • e-Commerce Purchase Protection
Promotions:
  • Up to S$40 rebate w/ S$500 monthly spend for 3 months total

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 and spend primarily on dining, groceries and online shopping

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 one of the best no-fee cashback cards for average consumers who primarily spend on dining, groceries and online shopping. With 10% rebates on food after a qualifying spend of S$600 per month, consumers are rewarded for both dining out as well as buying groceries to eat at home. CIMB Visa Signature also awards online spend at 10% cashback, including travel bookings, which adds flexibility in earning cashback. Consumers who prioritize no-fee cashback and spend on food and online shopping are a great fit for CIMB Visa Signature. Those who still prefer no-fee and cashback but spend a sizeable amount on monthly travel and regular wellness routines would benefit more from CIMB Platinum MasterCard. Individuals or couples who spend at least S$2.5k per month might consider maximising cashback by using both cards conjointly, assuming they can hit both minimum spends (S$600 per card) and frequently make purchases across all eligible rewards categories (dining, groceries, online spend, travel, wellness, transport).

CIMB Platinum MasterCard v. Citi Cash Back Card

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

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, Grab 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 wellness, 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 mostly spend on travel and wellness rather than everyday essentials might consider the CIMB Platinum MasterCard instead.

CIMB Platinum MasterCard v. 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 wellness and transport might prefer CIMB Platinum MasterCard.

CIMB Platinum MasterCard v. 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

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