CIMB Credit Card Review & Warning – You Better Pay Your Statement Balance Prior To the Due Date Or Else You Will Be Penalized, Not Once, Not Twice But Thrice If You Have Their Enrich Cards

Actually, the CIMB Enrich Platinum is pretty good simply because it is FREE FOR LIFE without any condition. FREE is the Best!

Check out the video below which I created for this post on the FREE FOR LIFE CIMB Enrich Platinum MasterCard which will tell you the Malaysia Airlines Golden Lounge you are entitled to enter for FREE plus latest TnC effective 1st August 2020. Please subscribe to my New Channel at YouTune and hopefully I create better videos, haha.

Take Note – Effective 1st August 2020, the Principal Cardholder of CIMB Enrich Platinum MasterCard will receive 1X lounge access per quarter with minimum quarterly spend of RM3,000, capped at 3X lounge access per Principal Cardholder.

On the other hand, you need to pay annual fees for the CIMB Enrich World MasterCard and Elite World MasterCard but you will earn more Enrich Miles for every Ringgit Spent. However, there is a monthly quota on how much Enrich Miles you can earn before you are converted to 1 Enrich Mile for every RM4 spent just like the FREE FOR LIFE CIMB Enrich Platinum. You go read yourself on this at CIMB website.

Click here to read my recent Live Travel Report At Malaysia Airlines Golden Lounge KLIA February 2020 – It Is Way Better Then Plaza Premium Lounge.

Now the reason I am writing this article is to warn you of CIMB TnC which you may not be aware off. This CIMB is damn “tricky” and will penalize you even if you have set in your CIMB Clicks that payment shall be made on the Due Date.

Here is the story:

One of my follower has set in his HLB Connect that all his credit cards Statement Balance shall be paid on the Due Date. So everything is automatic and he has no issues with HLB Connect.

So in February, he set in his CIMB Clicks that payments shall be made on the Due Date to all his CIMB Credit Cards. So happened that time his his Enrich Credit Card Due Date was the 3rd of March.

So sometime in mid April he Log In to his CIMB Clicks and was shock that he was penalized 3 times for making Late Payment! Remember, as mentioned above, he has set that payments shall be made on the Due Date. You see, in April, his Due Date was on the 2nd!!! Whereas CIMB Clicks has set all his payments on 3rd!!!

Penalty No.1 – Late Payment Fee of RM100.

Penalty No.2 – he was charged interest for the 20 days interest free period based on 15% pa!

Penalty No.3 – he was not entitled to any Bonus Miles for a month!

You see, the CIMB Clicks system has set that payments shall be made to his credit cards on every 3rd of the month instead of on the Due Date as instructed!!! Get it?

As many of you are aware, with 20 days FREE interest period from the Statement Date to make payment, the Due Date can change especially if our Statement Date falls after 10th of each month.

But luckily it was not his fault that payment was made after the Due Date (it was CIMB’s own fault where their system is so stupid) and therefore CIMB waived all the penalties mentioned above.

So let us touch on the above said Penalties.

Penalty No.1 – Late Payment Fee. Below is taken from CIMB TnC for credit cards:

From the above, you will be charged 1% subject to a minimum of RM10 or max RM100! 1% x 12 months = 12%!!!

Moreover, it is stated we MAY give 4 days to pay if the payment falls on a weekend or a public holiday. MAY does not mean it is automatic. Some people may buta-buta pay the Late Payment Fee if they are not aware of this clause.

Penalty No.2 – Finance Charges

So from the above, you will be imposed minimum 15% pa interest calculated daily from the date of your transactions posted if you failed to pay on or prior to the Due Date!

Penalty No.3 – To make it even worst, you will not be entitled for any Bonus Miles!

So not only you have to pay exorbitant penalties to CIMB in the event you made payment late but you will be penalized further where you will not earn any Bonus Miles!!! Take note, imagine you transact RM5K for a new Samsung Ultra 20+ with your CIMB Enirch Platinum or RM150K with your CIMB Enrich World MasterCard for a new Honda or Toyota or RM1.8M with your CIMB Elite WMC for a new Bentley or Ferrari and earn nothing!!!

CONCLUSION

Oh, one more Bro worst still, he told me he forgot to pay his CIMB Enrich credit card Statement Balance before the Due Date and CIMB forfeited all his Bonus Miles!!! However, I can’t verify this as he did not sent to me his statement.

Always pay your CIMB Credit Card prior to the Due Date. If you want to set payment at your CiMB Clicks, make sure you take note of the earliest date you have to make payment, i.e. you can easily check your past 12 months statements.