Wine. Dine. Shop. Repeat.
Who wouldn’t want this to sound like a typical day in their life? But don’t worry. Here’s a credit card to help you save each time you spend on the good life!
Thanks to a revision in its existing terms and conditions, CIMB’s Visa Signature Card now lets you earn 10% cashback on dining expenses, grocery, and online spends. All this along with a host of other benefits.
So, let’s dig deeper and see if this credit card is the one you have been waiting for!
What do you get with the CIMB Visa Signature Card?
|Get 10% cashback on:
Local and overseas dining
Deals and discounts at over 1,000 dining, retail, and lifestyle partners in Indonesia and Malaysia
Up to S$500,000 complimentary travel insurance.
No annual fees for life!
24/7 access to Visa Signature Concierge.
|Minimum spend per statement month is S$600.
10% cashback is capped at S$100 per statement period and S$50 per category.
Cashback is awarded in two steps:
Base cashback rate is 0.2%
1. 10% cashback on dining and grocery spends
Whether you like eating out or cooking up a storm at home, this credit card will help you save each time you spend on food or groceries!
At present, it offers one of the highest cashbacks on dining and grocery in Singapore. In fact, you can earn up to S$50 cashback per category. Even though you have to spend a minimum of S$600 to avail this offer, meeting this requirement isn’t too difficult if you use it for grocery and dining spends regularly.
This card is by far, one of the best cashback cards for these spends (and we have gone through all the cashback cards available in Singapore, so we are quite a bit sure about our claim!).
Check out: Best Credit Cards for Dining in Singapore
Other cards that come close (but not close enough) for dining spends are:
- OCBC 365 Credit Card: 6% cashback with a minimum spend of S$800.
- Citi Cash Back Card: 8% cash back with a minimum spend of S$888.
- UOB YOLO: 8% cashback on weekend dining with a minimum spend of S$600.
- BOC Family Card: 10% cashback with a minimum spend of S$700.
Other cards that come close (once again, not close enough) for grocery spends are:
- BOC Sheng Siong Card: 10% cash rebate on grocery spends at Sheng Siong. 7% cash rebate is on the first S$1,000. 3% additional cash rebate is with a minimum out-store spend of S$400.
- Citi Cash Back Card: 8% cash back with a minimum spend of S$888.
- OCBC 365 Card: 3% cash back with a minimum spend of S$800.
- HSBC Visa Platinum Credit Card: 5% cash rebate with a minimum spend of S$600 every month for a quarter.
It goes without saying that CIMB’s Visa Signature Card’s rewards are higher and the minimum spend is on par or lower than most other cards that offer cashback for the same categories.
2. 10% cashback on online spends
If you love the ease and convenience of making your purchases online- — from booking tickets for a holiday or the latest movie to shopping — this is the cashback card you should definitely be using so that you can indulge guilt free! With 10% cashback on your online expenditure, you can save each time you buy something.
Of course, you earn cashback only on eligible retail spends. EZ-Link transactions, insurance payments, and all other standard exclusions hold good for this card as well.
Suggested reading: The Best Credit Cards for Online Shopping in Singapore
What about overlapping spends?
With almost everything available online, there will be situations wherein you may make a grocery or dining transaction online. In such cases, the cashback you earn will be based on the Merchant Category Code (MCC).
Why is this information important?
Well, let’s say that you have reached the S$50 cap on your grocery spends and so you decide to buy groceries online. You spend S$70 hoping to get the 10% cashback (S$7) for online spends. But when you receive your statement, you see that you have received 0.2% cashback (S$0.14). This is probably because the site from which you ordered groceries is classified under ‘grocery’ and doesn’t come under the category that covers online spending.
A good rule of thumb if you are ever confused, is to check out the merchant category code before making a transaction.
What you need to know about the 10% cashback
In order to earn the bonus cashback, you need to spend a minimum of S$600 each statement month and the cashback is capped at S$100 per statement period and S$50 per category.
Essentially, this means that in order to earn the maximum cashback you need to spend a total of S$1,000.
Just like every good thing comes with a price; you see, the catch here is that each category that earns bonus cashback has a cap of S$50. So, you need to ensure that your spending is spread among the three categories. This includes the minimum spend amount. Confusing? Let’s simplify.
Let’s say you spend S$600 on groceries. You will earn 10% cashback on S$500 and 0.2% cashback on the remaining S$100. This is a total cashback of S$50.02.
If, however, you spend S$500 on groceries and S$100 on online shopping, you could earn a total cashback of S$60!
So, while it does take a little effort on your part to track your spending, it does go a long way since you can maximise the cashback you earn!
3. Annual fee perpetually waived!
Like all CIMB credit cards, this one too is free for life. Once your application is approved, you only have to use the card because there is no annual fee for life!
You can also apply for up to 4 supplementary cards and not pay annual fees for any of them!
What else do you get with this card?
- Up to S$500,000 complimentary travel insurance for you and your family (spouse and dependent child)
- Enjoy peace of mind by having all of your needs taken care of by the Visa Signature Concierge service
- Get exclusive dining, retail, and lifestyle discounts across 1,000 partners in Malaysia and Indonesia
- Charge just S$20 to your card and stand a chance to win an Audi A5 Coupé or a S$100,000 cash credit. S$20 charged on weekdays increases your chance of winning by 1, while weekend spending increases your chance of winning by 5! You could also be one of the 5 lucky winners each month to earn a cash credit of S$1,000. So, indulge! Since this offer is valid only until 28 February 2019.
Read also: Best Credit Cards for Travel Benefits 2019
Here’s what we think about the CIMB Visa Signature Card
Apart from the rather low base cashback rate, we would recommend you get the CIMB Visa Signature Card. You will be hard pressed to find a card that will offer you 10% cashback on grocery spends, online shopping, and dining spends.
Yes, you will have to track your spending, but you could always use an app such as the Spending Tracker App (available on Android and iOS) or the Credit Card Manager App (available only on iOS devices). Once you meet the cashback cap for a particular category, you could always switch cards to earn more rewards.
If you tend to spend on multiple things in a statement period where a majority of your income is divided among grocery, dining, and online spends, then you should definitely consider getting the CIMB Visa Signature Card.
With this card in hand, go ahead, wine, dine, shop, and repeat!
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