When someone says travel credit card we wouldn’t blame you for thinking of a card that gives you air miles each time you use it. But did you ever think that a cashback card would make a good travel credit card too?
Well, we’re here to tell you that CIMB’s Platinum Mastercard is a great card to use for travel and more since the cashback is not just for travel spends but it is extended to transport and wellness as well!
Don’t believe us? Well, all you sceptics (and believers) read on.
Features of the CIMB Platinum Mastercard
Get 10% cashback on travel and transport and petrol spends
It goes without saying that for a frequent traveller, this card is nothing short of a godsend. You get 10% cashback on your travel spends (which includes transactions made at travel agencies, airlines, hotels, cruises, and railways).
Transport transactions include:
- Bus rides
- Train rides
- Hired vehicles
- All spends made at petrol kiosks
10% cashback on health, beauty, and wellness spends too
While the card is a great card for frequent travellers (and we would recommend you make space in your wallet for this card), a notable feature of this card is the 10% cashback you get on health and wellness spends. Currently, there are hardly any credit cards in Singapore that offer a high cashback rate for this category of spends specifically.
So, all payments made at hospitals, nursing facilities, personal care facilities and pharmacies are eligible for bonus cashback. You also get 10% cashback for the following wellness transactions:
- Cosmetic stores (not including department stores)
- Massage parlours
- Health and beauty spas
What you need to keep in mind about the 10% cashback
As mentioned earlier, to earn the 10% cashback you need to spend a minimum of S$600 each statement month and the cashback you earn is capped at S$100 per statement period and S$50 per category.
What does this translate to?
To maximise the S$100 cashback, you need to spend a maximum of S$1,000 per statement period. And seeing the categories on which you can spend, this shouldn’t be too much of a problem.
But, here’s the catch. Each bonus cashback category is capped at S$50. The S$600 minimum spend to earn the 10% cashback needs to be divided among different categories if you truly want to maximise the cashback you earn. This is because 10% of the minimum spend amount is S$60, which is S$10 over the cap for each category.
So, while it is okay to spend S$500 on travel each statement month, the remaining S$100 should be spent on any of the other two categories.
Assuming you spend the S$100 on wellness, here’s how much cashback you will end up earning:
- 10% cashback on S$500 spent on travel: S$50
- 10% cashback on S$100 spent on wellness: S$10
If you end up spending the S$100 on travel itself or on a category that isn’t eligible for 10% cashback, you earn only 0.2% cashback or S$0.2.
So, monitoring your spends may be a little cumbersome, but the end result is a cool S$100 in the form of cashback instead of a lower amount.
You can either spend a maximum of S$500 on any 2 of the 3 categories or S$333.30 per category.
Suggested reading: Best Cashback Credit Cards in Singapore
No annual fee for life!
You heard that right! Once you qualify for this card, you don’t have to pay any annual fees. Ever. All you need to do is make space for it in your wallet. Which, let’s be honest, isn’t too much of a problem!
It isn’t just the principal cardholder that gets this benefit because you can apply for a maximum of 4 supplementary cards. And they’re free for life too!
What else do you get with the CIMB Platinum Mastercard?
1. Up to USD200 e-commerce purchase protection
If you, like us, love shopping online but live in perpetual fear of getting a product that is damaged and can’t be returned, then you’re in luck!
CIMB Platinum Mastercard offers complimentary e-commerce purchase protection up to USD200 per cardholder.
Read also: Best Credit Cards for Online Shopping
2. Stand a chance to win an Audi A5 Coupé or S$100,000 cash credit!
From now until 28 February 2019, you stand a chance to win an Audi A5 Coupé or S$100,000 cash credit. All you need to do is charge S$20 to your card and enrol to participate in the competition.
Every S$20 you charge during the weekday gives you 1 chance to win and weekend spends give you 5 chances to win!
If you don’t have the card yet and plan to apply for one, you get 10 chances once your application is approved and your card is activated. And if the wait for the grand prize is getting a bit too much, then worry not because each month up to 5 customers get the chance to win S$1,000 cash credit.
Interested? You can enrol for the competition here.
Where does the CIMB Platinum Mastercard stand in comparison to other cards?
CIMB’s Platinum Mastercard Credit Card is great for someone who likes to travel, but it isn’t for someone who is looking for the perks and benefits (complimentary travel insurance and airport lounge access among others) that generally come with travel credit cards. Especially, travel cards with the same income requirement (S$30,000 p.a.).
Read also: Best Credit Cards for Travel Benefits 2019
In terms of the cashback offered, there is hardly any credit card in Singapore that offers 10% cashback. So, this card is already winning there. Where it might flounder is that this bonus cashback is offered only on selected categories. So, unless you frequently spend on those categories, you don’t stand to earn the 10% cashback. In such cases, you would be better off with a credit card that rewards your spending pattern.
Moreover, even when it comes to beauty and wellness products, department store spends and online spends are not counted towards the 10% cashback. These spends earn only 0.2% cashback.
That being said, this card probably is the best card out there for your medical spends.
Here’s our verdict
CIMB’s Platinum Mastercard is a great credit card for the average spender who likes travelling but is okay with not having enhanced travel card perks like lounge access and complimentary travel insurance coverage. This is true as you can actually save on your travel and transportation costs with the 10% cashback.
It’s also great for people who have regular spa and beauty treatments. And no matter how well to do you may be, you will visit a doctor or two in your lifetime, so why not save some money while you are at it, right? This is something you can do (and do well) with the CIMB Platinum Mastercard.
So, do we recommend this card? We do! We surely do!
It’s a card that offers the average Singaporean the chance to pamper and take care of themselves without having to worry about a hefty price tag (and an annual fee in this case)!
Want more options? Check out our reviews of other popular credit cards in Singapore: