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Malaysia Best Cash Back Credit Cards 2018 – Lesson No.5
Before you read the contents of this review, it is imperative you start from the very beginning, i.e. take My FREE Credit Card Tutorial 2018 followed by Lesson No.1 to No.4 listed in my CASH BACK Page.
If you fail/refuse to follow the above recommendation, you may be blur as to what I am about to present below.
CIMB Cash Rebate Platinum MasterCard Review
To qualify for this card, all you need is an income of minimum RM24K p.a. WOW! One can get a Platinum credit card from CIMB with income less than RM30K p.a. but that’s not the case with Maybank where one can’t even qualify for an Entry Level Gold Card.
Anyway, the labels Gold, Platinum, Visa Signature, Visa Infinite or World MasterCard Elite are for those who shiok sendiri, to the extend some are willing to pay the annual fees. The smart ones, like you and I, don’t give a damn if a credit card is labeled as Gold or Platinum or whatever, more importantly is that the card must be FREE FOR LIFE and earn us maximum FREE Pocket Money or fastest way to accumulate Airmiles.
Of course, it is better still if our FREE FOR LIFE credit cards offer FREE entries to airport lounges without us spending a sen with the card (this will be covered in your next coming Lesson No.6 & 7).
But, before we jump the gun, today I will present to you another FREE FOR LIFE without any conditions credit card that may be an excellent Standby Credit Card – CIMB Cash Rebate Platinum MasterCard.
Below contents were copied from CIMB website:
- 5% Cash Rebate for statement balance RM3,000 and above. 2% Cash Rebate for statement balance below RM3,000. Cash rebate is capped at RM30 per month per card.
- 2% Cash rebate is capped at RM30 per month per card.
- Unlimited cash rebate on other retail and online spend.
- Mobile and Utility Bill Payment via Standing Instruction only.
This card is basically useless as it earns us a miserable 0.2% cash back except for transactions related to Cinema, Petrol, Groceries, Mobile, Utilities and Overseas.
5% cash back is capped at RM30. But, we need to spend RM3K to qualify for the 5% cash back. Let’s see, if I spend RM3K and I get back RM30, isn’t that equivalent to 1%??? What bull shit is this? We shall forget about this 5% cash back thingy.
2% cash back for Cinema, Petrol, Groceries, Utilities, Mobile and Foreign Currency is also capped at RM30. Or in other words, good for up to RM1,500 spending in these said categories.
So from the above, basically the CIMB Cash Rebate is a pretty good card for overseas face to face and online transactions, i.e. non Ringgit Malaysia transactions; BUT good for up to RM1,500 after conversion.
Talking about MYR, sometimes when we are overseas, we are able to convert the payment to Ringgit Malaysia, I would suggest you choose the currency of the country you are in instead of MYR.
So, is the CIMB Cash Rebate any good? Well, i did start my comment off by saying this card is useless BUT then again it is FREE FOR LIFE without any conditions. And if you have been a Follower of mine for years, you know lah my motto – FREE IS THE BEST!
In the previous Lessons No. 3 & 4, I have mentioned that you should hold ALL the Entry Level cards reviewed prior to now, i.e. Maybank 2 Gold/Platinum Cards, Maybank Ikhwan Petronas Gold/Platinum, Maybank Ikhwan MasterCard Gold/Platinum and Public Bank Quantum Visa and MasterCard; because based on these said cards, you should be able to earn 5% cash back from your related essential expenses required for survival. And you can’t go wrong with any of them as they are FREE FOR LIFE without any conditions.
So if you want a standby FREE FOR LIFE Credit Card with perpetual annual fee waiver where you do not need to spend a sen with it, then the CIMB Cash Rebate Credit Card is very good, especially the 2% cash back for foreign currency transactions. OR if you want to shiok sendiri by holding a Platinum credit card, the CIMB Cash Rebate is a fantastic opportunity to brag to your friends, hahaha.
Now, for those of you earning less than RM30K p.a. or even RM36K p.a., it means you can’t qualify for any Maybank credit card and the Public Bank Quantum Card respectively. This CIMB Cash Rebate may or may not be the best credit card for you. You can consider the CIMB Petronas credit card which offers 3% cash back for petrol. Check out my next Lesson No.6 on AEON Big Gold Visa credit card where I will also touch on the AEON Big Classic credit card which may be a better alternative to the CIMB Cash Rebate MasterCard.
Another Personal Financial Tutorial by GenX