|Highlights||Credit Card Feature|
|Things We Like||Earn up to 10% cash rebates|
|Our Least Favourite||There's a cap on the 10% cash rebates|
|Our Verdict||Great card if you eat out frequently, enjoy social life, or love shopping online|
Not every Singaporean is a gourmet, but we all love to try different kinds of food and we love to eat out. You know what I'm talking about, just check out the queues outside the restaurants on any weekend!
We are also shopaholics. Malls keep sprouting up on this tiny island and never seem to be short of shoppers. The new generation also scours a myriad of shopping websites for the best deals that are not offered locally.
Now there's a no annual fee credit card which lets you earn 10% cash rebate when you use it at local restaurants, cafés, bars, fast food restaurants, and more. But that isn't all. If you like to shop online, the 10% cash rebate you earn for online shopping paid in foreign currencies (overseas stores) and the waiver of the 1.4% admin fee for foreign currency transactions might just be your dream come true.
With CIMB Visa Signature, you'll get all these privileges. But there are also limits on the amount of cashback you earn, and requirements you will have to fulfil in order to earn that amazing cashback. Let's take a look at what you can (or can't) do with this card.
|Credit Card||Features||Intro Interest p.a.||Standard Interest p.a.||Annual Fee||Minimum Income||We least like||Related links|
CIMB Visa Signature
|25.5% p.a.||No annual fee||Singaporean and Singapore PR: S$30,000||Related Links Read our review of CIMB Visa Signature or view more details of CIMB Visa Signature. See more CIMB credit cards.|
Things We Like About CIMB Visa Signature
Free for life. Not every card is free, certainly not in Singapore! But if you use CIMB Visa Signature, you won't be charged for an annual fee, ever! That means the cashback you earn is actually pure savings, because you don't need to subtract the cost of an annual fee from your profit. You can practically leave it in your wallet and use it only when you need to. No worries about being issued a letter a year later reminding you of the annual fee, even if you don't use it very often.
Earn 10% cash rebates for dining and entertainment. It may seem unreal, but this card lets you earn a huge 10% cash rebates on every dollar you charge to it for purchases at restaurants, fast food restaurants, bars, caterers, lounges, clubs, and eating places. But you will have to charge at least $500 monthly and make a minimum of 8 purchases worth $30 or more using your card each month to be eligible to earn this 10% cash rebates.
Earn 10% cash rebates for online spending in foreign currencies. This is one of the best cashback credit cards to use when you make online purchases from overseas merchants. Every time you spend money online in a foreign currency, for example when paying for a purchase from a UK merchant in pounds or an Italian merchant in euros, you will get 10% cash rebates!
The foreign currency admin fee is waived! This is one of the first cards we've reviewed that offers this perk here in Singapore, and we hope it's the start of a trend. When you use this card to pay for purchases in foreign currencies, when shopping online overseas for example, the administrative fee of 1.4% of each foreign currency transaction you make is waived. You will still pay the Visa foreign currency fee which is 0.8% when you shop at foreign merchants but don't leave Singapore (such as online spending) or 1% if you use your card outside of Singapore. But whether you shop online or travel out of the country, that admin fee waiver can save you a lot of money. Most cards have total foreign transaction fees of 2.4% to 2.8%, compared to the 0.8% to 1% you pay with this card. But there is a catch, because you receive the 1.4% savings in the form of cashback the month after you make the foreign currency purchase, so it isn't exactly an immediate discount. Still it's a great benefit.
Earn 0.2% cashback on all your spending. You can earn 0.2% cashback on any transaction, anywhere, whether it's local or overseas. And there's no minimum spending requirement or earning cap. That means you can earn 0.2% cashback each time you use this card, and the more you spend, the more cashback you earn. I know that 0.2% is not a lot, but hey, it's still savings, and there's no cap for your cashback earnings!
Extra privileges. CIMB regularly updates the offers and you can get a lot of great perks, like parking at Singapore Marriott Tang Plaza Hotel and complimentary cupcakes from Pique Nique.
Complimentary travel insurance. This is definitely something you will find useful. When you charge your full travel fares to this card, you and your family members will be automatically covered with up to US$500,000 travel insurance. It also provides coverage for travel inconveniences such as baggage delays and missed flight connections. Look at the dollar sign, that's a lot of coverage! And it's very convenient, you don't have to bother searching for an appropriate insurance plan each time you travel.
Our Least Favourite Things About CIMB Visa Signature
There's a minimum spending requirement. To get the additional rebate, you will have to make at least 8 transactions ($30 or more each) and meet a minimum spending requirement of $500 within the same statement month. Note that ez-link transactions do not count towards the minimum spend or transactions.
There's a cap on 10% cash rebates. The 10% cash rebates you earn for dining and online purchases in foreign currencies is capped at $60 per statement period. But if you compare that to the limits you get with many other cards, $60 cashback per month is still pretty sweet. You can spend $600 in these categories every month before you hit that cap, so that limit should suit the average spender nicely.
While The American Express® True Cashback Card lets you earn unlimited 1.5% cashback on all purchases, the flat rate of 0.2% on all purchases that comes with CIMB Visa Signature may seem pathetic. Although this card doesn't outperform as a general cashback card, the cashback you get for dining, entertainment and online foreign currency spending beats almost every other credit card in Singapore.
If you eat out frequently, enjoy social life, or love shopping online from merchants outside of Singapore, this is one of the most rewarding credit cards you could use. The waiver of the foreign currency transaction fee is not only a big saver for online shoppers, but also for travelers. The Visa Signature perks are a great plus both for everyday life and when you travel overseas.