Another Credit Card Review by GenX @ http://www.GenXGenYGenZ.com
Update April 2016 for CIMB Enrich World MasterCard – You can now earn UNLIMITED Enrich Miles, i.e. no more annual cap BUT CIMB then downgraded/penalized you where you will now only earn 1 Enrich Mile for every RM1.50 spent overseas versus previous 1 EM = RM1 spent overseas.
Below is the CIMB letter sent to me by one of my iFriends (i.e.readers) who forwarded it to me via Facebook Message for your benefit/info.
Update April 2016 for CIMB Enrich Elite World MasterCard – You can now also earn UNLIMITED Enrich Miles, i.e. no more 150K Enrich Miles annual cap BUT here is the bombshell – once you earned 150K Enrich Miles with the CIMB Enrich Elite WMC, you will only earn 1 Enrich Mile for every RM4.00 spent overseas or localally!!! I tell you, this CIMB Elite is targeted at big spenders, and if they are really smart, they will know that the card to go with is the fabulous Maybank 2 Cards Premier (as of date), haha.
INTRODUCTION
Back in 2012 when I published my article titled Premier Credit Cards – Privilege and Exclusive Credit Cards, I bestowed RHB Visa Infinite and CIMB Enrich World MasterCard the title of the most Prestigious Credit Cards in Malaysia. Back then, both these cards were by invitation only. In order to qualify for the RHB Visa Infinite, you had to have a net worth of minimum USD1M. And as for the CIMB World MasterCard, the annual fee was RM888 and in order to qualify for auto annual fee waiver, you had to spend RM500K with it. Well, that’s all history now.
Today, in order to qualify for the RHB Visa Infinite, you only need to have an annual income of RM150,000 and the CIMB Enrich World MasterCard is even less at RM100K. Therefore, with immediate effect, I shall revoke the title of the most Prestigious Credit Card in Malaysia bestowed onto both of these said cards. If you really must know which credit cards is the best for Bragging Rights Only in 2015 – click here and read my review of the OCBC Premier Voyage MasterCard made from Duralumin.
Effective 28th August 2015, CIMB revised the standard feature of their Enrich World MasterCard where they reduced the Principal Card’s annual fee to RM588 (reduction of RM300); and best of all, you can now earn 1 Enrich Mile for every Ringgit spent overseas (previously 1 EM for every RM2 spent overseas)!
CIMB Enrich World MasterCard’s 1 Enrich Miles for every RM1 spent overseas is really really good and is very competitive versus Maybank Visa Infinite’s 1 Enrich Miles for every RM0.954 spent overseas (including 6% GST which Maybank imposes on us!!!).
REVIEW AND BENEFITS OF CIMB ENRICH WORLD MASTERCARD
The main pros and benefits highlighted by CIMB for their Enrich World MasterCard are as follows:
- 1 Enrich Mile for every RM1 spent overseas.
- 1 Enrich Mile for every RM3 spent locally.
- 8X FREE access to Golden Lounge.
- Free green fees at golf clubs in Malaysia, Indonesia, Singapore and Thailand.
WOW! 8X FREE access to Malaysia Airlines Berhad’s Golden Lounge plus 1 EM for every RM1 spent overseas! Freaking good right? Well, after you finish reading this article, many of you would most probably take a miss on the CIMB World MasterCard; and, deep inside your heart thanking God that you have me here on earth where I would stupidly waste my time writing this article for your benefit and happily chain smoking while drafting this article thus ensuring myself of an early exit to the helluva hot and happening underworld, hahahaha.
So, before you head to CIMB to sign up for the CIMB Enrich World MasterCard, read this article in full š
1 ENRICH MILES FOR EVERY RM1 SPENT OVERSEAS
In actual fact, you don’t really earn Enrich Miles with the CIMB Enrich World MasterCard but 1 Bonus Mile for every RM1 spent overseas. In order to get Enrich Miles, you need to redeem 1,000 Enrich Miles with 1,000 Bonus Miles. So, it’s like equivalent to you earning 1 EM with every RM1 spent.
The Bonus Miles earned shall have a validity period of 3 years.
And now comes the shocker – THERE IS AN ANNUAL CAP AS TO HOW MANY BONUS MILES YOU ARE ENTITLED TO PER YEAR! CIMB Bank has capped the maximum Bonus Miles at 50,000 per year (based on your card anniversary date). Which means after you spend RM50K overseas with the CIMB Enrich World MasterCard, you’ll earn nothing from it until your next anniversary date!
And here’s another shocker – the 5,000 FREE Bonus Miles awarded to you when you sign up is part of the 50,000 annual cap! So, for the first year, the CIMB Enrich WMC is only good for RM45K overseas spending!
As for local spending, you earn 1 Bonus Mile with every RM3 spent. Please note that you earn nothing from pumping petrol with the CIMB Enrich World MasterCard.
And you are hereby warned that CIMB terms and conditions stipulates that NO BONUS MILE shall be awarded for BUSINESS EXPENSES!
YOU HAVE TO PAY THE ANNUAL FEE FOR THE PRINCIPAL CARD
Most credit card’s first year annual fee is waived but not the CIMB Enrich World MasterCard. But you do get 5,000 Bonus Miles (if you sign up before 31 December 2015) AND that is only if you are new-to-bank. If you are AN EXISTING CIMB CREDIT CARD HOLDER, you are then NOT ENTITLED to the FREE 5000 Bonus Miles.
The annual fee will be waived in full if you spend minimum RM500K. Therefore, you may have to beg for subsequent annual fees to be waived and I’ve got a strong feeling CIMB is not going to waive the annual fee because you’ll be getting another 8X FREE vouchers to Malaysia Airlines Berhad’s Golden Lounge.
8X ACCESS VOUCHERS TO GOLDEN LOUNGE
Well, the sad news is that you are not really getting the 8X access to Golden Lounge for FREE. You are actually paying for it!!! The reason is you have to pay the annual fee of RM588 in order to get the 8 vouchers. So, that works out to be RM73.50 per voucher. I tell you, with RM73.50, you can get a much better meal at the many restaurants outside compared to what you can get at Golden Lounge. However, if you are talking about FREE liquor, that’s another story and maybe the RM73.50 you pay each time to enter Golden Lounge may be worth it, hahahaha. But if you only enjoy cognac, FYI, when I was in KLIA Golden Lounge on September 2015, they only served Prince Polignac VSOP which tasted horrible to me.
Recently, Malaysia Airlines Berhad closed their Golden Lounges in Singapore, Perth and Sydney. So basically the 8X vouchers to Golden Lounges is kind of limited to KLIA and when you are overseas at Heathrow and Melbourne only.
FREE GREEN FEES AT GOLF CLUB
Some of you golfers may say that the CIMB Enrich World MasterCard (or even Citibank Elite Prestige MasterCard) which entitles you to FREE green fees at selected golf clubs is pretty good. Now, why the heck would you want to pay the RM588 annual fee when you can get the same benefit for FREE? Go get the CIMB World MasterCard instead where you are entitled to the same privilege, FREE FOR LIFE without any conditions!!! However, it seems that the CIMB Enrich World MasterCard grants you FREE green fees at selected golf clubs in Thailand whereas the CIMB World MasterCard doesn’t.
CIMB ENRICH WORLD MASTERCARD VERSUS MAYBANK VISA INFINITE
And now I shall compare the CIMB Enrich World MasterCard versus Maybank Visa Infinite for the benefit of the following people:
- You were holding a CIMB Enrich World MasterCard prior to 28th August 2015 (where the annual fee is waived with RM500K spending) which means you are a high net-worth individual who most probably fly First Class or Business Class. As such, the current offer of 8X access to Golden Lounge vouchers are of no use to you. And with the CIMB Enrich WMC now imposing a 50,000 Bonus Miles cap per year, you’ll be on the losing end once you hit this said cap.
- You have a child studying in Australia or United Kingdom where they accept tuition fee payments using credit cards without imposing any additional surcharge for the service. For USA, most universities accept credit cards but they will most likely impose additional surcharge for the service and as such, it may not be worth it.
- You are able to use credit cards for most of your expenses amounting to RM80K locally – for petrol, groceries, insurance premiums, TNB, Utilities, Telcos, Unifi, Quit Rent, Local Council Assessment, watches (all brands including Rolex with 0% instalment plans), shopping at malls, clubbing, entertaining clients, airline tickets (including Air Asia), tuition fees and etc.
- You need a card for your Business/Company expenses. Remember – I warned you earlier that CIMB has stipulated that Bonus Miles will not be awarded for business purposes. If you think I am joking, it is best that you go read the terms and conditions.
- You spend a lot of money overseas (online included).
If you are new to my blog, I strongly recommend that you read my previous articles (below links) before proceeding any further:
1. Comprehensive Review of the Maybank Visa Infinite (stand alone). You can skip this review if you are short of time but it is imperative that you read the article below as the Visa Infinite that is issued with the Maybank 2 Cards Premier have identical benefits to the stand alone Maybank Visa Infinite.
2. Comprehensive Review of the Maybank 2 Cards Premier (American Express Reserve and Visa Infinite). This combo has been awarded The Best Credit Card In The World by yours truly as you earn 1 Enrich Mile with every RM0.954 spent overseas and LOCALLY!
3. FREE Access To Airport Lounges Worldwide with Credit Cards.
I shall now present to you a table comparing CIMB Enrich World MasterCard versus Maybank Visa Infinite and also Maybank AMEX RESERVE based on the assumption that you spend RM80K a year locally on each card. Now, if the merchant accepts AMEX, use the Maybank 2 Cards AMEX RESERVE instead and earn more than double Enrich Miles compared to the Visa Infinite.
The table below is assuming you spend RM130K overseas annually (which is about the minimum amount you need to burn a year for a child studying in UK or Australia) comparing the CIMB Enrich World MasterCard versus Maybank 2 Cards Premier where both the Visa Infinite and AMEX Reserve earn you 5X Treats Points for overseas transactions including online.
From the above tables, it is no brainer that the Maybank 2 Cards Premier is much better compared to the CIMB Enrich World MasterCard as far as accumulating Enrich Miles is concerned.
If you are a follower of mine, you will know that redeeming your Enrich Miles for Economy Class ticket is not worth it. You will get way much better value if you use the Enrich Miles earned from your credit card(s) for upgrading or redeeming Business Class ticket(s).
Another thing that I would like to highlight is that the Maybank Visa Infinite grants you and your Supplementary Card(s) each 5 times a year FREE access to Plaza Premium Lounges nationwide. And for the Principal Card only, a Priority Pass Membership Card is issued and that allows you to enter 5X FREE access to airport lounges worldwide.
CONCLUSION
The CIMB Enrich World MasterCard (annual income requirement RM100K) is pretty good for accumulating Enrich Miles up to RM50K overseas spending IF you are willing to pay the annual fee of RM588 every year. For local spending, the Maybank Visa Infinite is better and the Maybank AMEX Reserve is way better.
Seriously, instead of getting the CIMB Enrich World MasterCard, you should be holding Maybank 2 Cards Premier AND CIMB World MasterCard. YES! You read it correctly, CIMB World MasterCard (without the Enrich logo). You see, the CIMB World MasterCard is FREE FOR LIFE!!! And you are also entitled to FREE green fees at selected golf clubs in Malaysia, Singapore and Indonesia. And until end of 2015, the CIMB World MasterCard also entitles you to 15% discount for liquor/spirits at Eraman Duty FREE š So, you Maybank 2 Cards Premier cardholders who have yet to have a CIMB credit card should go get the FREE FOR LIFE CIMB World MasterCard. See, I am very fair, I also promote CIMB credit cards for FREE too, hahaha.
If you are a regular reader of mine, you guys know me lah, damn “kedekut” (stingy) and not willing to pay a single sen for annual fees. Therefore, I will just stick with my fabulous Maybank 2 Cards Premier which earns me Enrich Miles faster than any other credit card on planet earth. So far, I have redeemed several return Business Class tickets to Europe and also upgraded Economy Class tickets to Business Class to/from Europe for my family members worth more than RM100K all thanks to Maybank š
I did go to London again in 2015 where I redeemed a full return Business Class ticket KL/London using 127,500 Enrich Miles earned from my Maybank credit cards (click here to my article titled My London Trip 2015 published at GenerationsXYZ Blogspot).Ā As usual, once out of the plane at KLIA, I headed straight to Eraman Duty Free and used my Eraman Privilege Card (click here to see it) where I get 5% discount for cigarettes and I paid for them using my Maybank 2 Cards Premier AMEX Reserve to earn myself more Enrich Miles. My uncle wanted to buy 2 bottles of the new Hennessy James Hennessy Cognac 1L (available at airports only) but he forgot to bring along his CIMB World MasterCard. So I offered to pay for the two bottles using my FREE FOR LIFE CIMB World MasterCard and got 15% discount (saving me RM180) and he got himself a free cabin bag too (need to buy 2 bottles amounting to RM1016 after 15% discount to get the FREE bag). I am considering of getting myself a bottle of the Hennessy James Hennessy when I fly back from Phuket soon (I don’t even need to fork out a sen for the FREE 3 nights Phuket holiday which includes the hotel room, air tickets and airport transfers for my wife and myself complimentary from Maybank!!! I was one of the lucky winners for being one of their top overseas spenders – paying for my second son’s mid term private high school tuition fee in Melbourne using Maybank Visa Infinite where his yearly tuition fee is close to earning me enough Treats Points to convert to Enrich Miles in order to redeem for a full FREE return Business Class ticket to London).
Now, if you cannot meet the minimum annual income of RM180K to be eligible for the Maybank 2 Cards Premier, you do have the option to pledge FD as mentioned in my Comprehensive Review of the Maybank 2 Cards Premier (click here to read it).
However, if you are not willing to pledge FD to get the fabulous Maybank 2 Cards Premier and are damn “kedekut” like me where I refuse to pay a single sen in annual fees, I suggest you get the following credit cards which are all FREE FOR LIFE and when combined together may be even better than the CIMB Enrich World MasterCard:
- AmBank World MasterCard also earns you 1 Enrich Mile for every RM1 spent overseas (excluding online). It also offers unlimited access to airport lounges subject that you use it 3X overseas before/after visiting the airport lounge including those overseas! Click here to read VergonDC’s review of the FREE FOR LIFE AmBank World MasterCard.
- My specially created FREE FOR LIFE Maybank 3 Cards GTR Gold or Platinum credit cards (Visa + MasterCard + AMEX) where you can earn more than RM600 in cash back per year from your expenses related to Petrol, Dining and Groceries. And the AMEX card earns you 1 Enrich Mile for every RM2.12 spent locally!!! Click here to read my creation – the FREE FOR LIFE Maybank 3 Cards GTR.
- CIMB World MasterCard – like I mentioned above, this card is FREE FOR LIFE and you get free green fees at golf clubs plus discount for liquor and chocolates at Eraman Duty Free.
- For online transactions, go check out Public Bank Visa Signature and CIMB Cash Rebate Platinum which are also FREE FOR LIFE.
Having said the above, if you have a child studying overseas and you are burning more than RM100K per year on his tuition fees and lodging (where you may also get to pay his rent using credit cards), I strongly suggest you go get the Maybank 2 Cards Premier (like I mentioned earlier, you can always pledge FD to get the cards if for whatever reasons you are unable to provide documentations that you earn more than RM180K/year). And by the time he/she graduates, you’ll have more than enough Treats Points to convert to Enrich Miles and redeem Business Class tickets to London/Melbourne/Sydney for you and your spouse to attend his/her convocation.
Below is what I told a guy who messaged me at Facebook who will be attending a university in UK:
Your parent only needs to pledge RM30K FD with Maybank to qualify for the Maybank 2 Cards and he/she will then get a credit limit of RM30K (same amount as FD pledged). I assume it would cost your parent about GBP8K (for half year tuition fee) or say RM56K (not including lodging which will need more). So, RM30K credit limit is not enough. So, all your parent needs to do is “pay in advance”, i.e. pay RM26K in advance into the credit card account and the credit limit in the account will “increase” to RM56K (RM30 actual credit plus RM26K “deposited into the account”).
Same goes for those of you who go clubbing spending thousands of Ringgit in a single night, or paying tens of thousands of Ringgit relating to your Business including paying for Airline Tickets, Quit Rents and Assessments, you should go get the Maybank 2 Cards Premier.
Once again, if you really want to accumulate Enrich Miles and fly Business Class for FREE, please click here to my Comprehensive Tutorial on Fastest Way To Earn Frequent Flyer Miles Using The Right Credit Cards. And if you did not know, you can also redeem for KrisFlyer Miles or Asia Miles (Cathay Pacific) with Maybank Treats Points. Not only that, you can also use your Enrich Miles to redeem air tickets under the One World umbrella which includes British Airways and Qantas. And if you do manage to redeem a Business Class ticket after reading my articles, you can always show your gratitude by buying me a cup of coffee at Starbucks, i.e. send me RM11.18 to my pal pal account š
CIMB ENRICH ELITE WORLDMASTER CARD MICRO REVIEW
Someone messaged me at Facebook to highlight that CIMB just launched on 1st October 2015 another Enrich card called Enrich Elite World MasterCard.
The annual fee of RM1,288 for the CIMB Enrich Elite World MasterCard is waived if you spend RM1,000,000.00!!! Spend less than RM500K you got to pay the annual fee in full!
As just like the lower level CIMB Enrich WMC, this Enrich Elite also earns you 1 Bonus Mile for every RM1 spent overseas. For local transactions, 1 Bonus Mile for every RM2 spent. 1000 Bonus Miles = 1000 Enrich Miles.
But it gives the cardholder unlimited access to Golden Lounge. However, I believe a person who holds this Elite WMC will be flying on Business Class or First Class; as such, this benefit is immaterial.
Now take note – for the CIMB Enrich Elite World MasterCard, the maximum Bonus Miles (Enrich Miles) you can earn is capped at 150,000 a year.
WTF! If a cardholder spends RM1,000,000 overseas a year, he only gets 150,000 Enrich Miles!!!
And this card does reward the cardholder 1 additional Bonus Miles for every Ringgit spent on MAB online booking. But with the 150,000 Bonus Miles cap, I guess this benefit is kind of useless for big spenders. But if a big spender wants a card to brag about, this CIMB Enrich Elite World MasterCard is definitely worth paying for, hahaha.
If you know someone holding the CIMB Enrich Elite World MasterCard and spends more than RM150K with it overseas, do him/her a favour by asking ask him/her to read this article; and hopefully he/she got the brains to go and apply for the Maybank 2 Cards Premier.
An article by GenX
GenX GenY GenZ 