CIMB World Mastercard – MoneySmart Review 2022

CIMB World Mastercard – MoneySmart Review 2022

Cashback credit cards are some of the most worthwhile cards to sign up for because they’re essentially giving you free money. Seeing as even McDonald’s charges for sauce these days, we’ll take whatever free stuff we can get.

But most cashback cards require you to satisfy minimum spending requirements and impose a cap on the amount of cashback you can earn each month — meaning you have to work for that “free” money.

Not so for CIMB World MasterCard, which professes to offer unlimited cashback of up to 2%.

CIMB logo
MoneySmart Exclusive
Up to 2%* Unlimited Cashback on the following categories (Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, Luxury Goods)
Up to 2%*
Min. spend per month
S$0
Cash Rebate cap
Unlimited
MoneySmart Exclusive:

Get a Sennheiser CX Earbuds (Worth $199) or $130 Cash via PayNow when you apply and spend on your card!

Valid until 31 Oct 2021

But is it really as good as it sounds? Let’s find out.

CIMB World Mastercard terms & conditions

CIMB World Mastercard

Annual fee & waiver

Free

Supplementary annual fee

Free

Interest free period

23 days

Annual interest rate

25.9%

Late payment fee

$100

Minimum monthly repayment

3% or $50, whichever is higher

Foreign currency transaction fee

3%

Cash advance transaction fee

6% or $15, whichever is higher

Overlimit fee

$50 or 5% of excess, whichever is higher

Minimum income

$30,000

Card association

MasterCard

Wireless payment

MasterCard PayPass

How the CIMB World Mastercard works

CIMB World Mastercard has declared itself the most generous unlimited cashback card in Singapore, offering cashback of 2%, with no minimum spending requirement and no cashback cap.

2% is certainly generous when you consider that the next best unlimited cashback cards are only offering 1.5% to 1.7% cashback. But alas, reality doesn’t quite match up to the advertising.

First of all, unlimited cashback cards in Singapore usually offer cashback on all spending. By contrast, the CIMB World Mastercard only offers 2% cashback on spending in certain categories, namely: drinking, dining and online food delivery, movies and digital entertainment, taxis and automobile and luxury goods.

There is another catch. You only qualify for the 2% cashback on these spending categories when you spend $1,000 and above in a statement month. If you don’t manage to spend $1,000, you get only 1% cashback.

What about miscellaneous spending outside of these above-mentioned categories? You can get 1% cashback… but only if you spend at least $500 in a statement month.

Who is the CIMB World Mastercard best for?

Unlimited cashback cards tend to be useful because they let you spend on those big-ticket, miscellaneous purchases that no other card will be able to reward you adequately for. Things like wedding dinners and home renovations.

But you wouldn’t be able to do that with the CIMB World Mastercard, which limits the 2% cashback to a few categories.

Those who can benefit most from this card are high spenders who have no problem hitting at least $1,000 a month in the eligible categories.

The problem is that some of these categories like dining and/or transport already enjoy more generous cashback through other cards like Citi Cash Back Card and CIMB’s own Visa Signature Card, with less onerous minimum spending requirements.

So, in the end, people who would truly benefit from this card would probably be high rollers who have busted the cashback caps on their other cards and are looking for an alternative way to earn cashback on spending in the eligible categories… and who are still able to meet the card’s $1,000 spending requirement.

For instance, if you’re looking to buy a $20,000 Hermes handbag, you could get 2% cashback or $400 back by using the card to pay, since one of the eligible categories is luxury goods. In this case, it’d be hard to find another card that would be willing to pay $400 worth of cashback in a single month.

What’s the card’s biggest plus? It is free for life. So, there’s no harm in just applying for it and keeping it on hand in case you, too, decide to buy a $20,000 Hermes handbag someday.

CIMB logo
MoneySmart Exclusive
Up to 2%* Unlimited Cashback on the following categories (Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, Luxury Goods)
Up to 2%*
Min. spend per month
S$0
Cash Rebate cap
Unlimited
MoneySmart Exclusive:

Get a Sennheiser CX Earbuds (Worth $199) or $130 Cash via PayNow when you apply and spend on your card!

Valid until 31 Oct 2021

Other unlimited cashback cards to consider

Truth be told, the newly-revamped CIMB World Mastercard isn’t for everyone. It’s really for a specific kind of person who spends a lot on drinking, dining and luxury shopping. That probably applies to a significant chunk of Singaporeans, though.

However, if this credit card unfortunately doesn’t suit you, there are plenty of other unlimited cashback cards to choose from. Here are some of the best.

Citi Cash Back+ Card – 1.6% cashback on all spending, with no cashback cap and no minimum spend. What’s more, in your first 3 months with the card, you get 4.5% cashback on up to $5,000 worth of spending.

Sponsored
Citibank logo
MoneySmart Exclusive
No Expiry on Cash Back Earned
Cash Back on Eligible Spend
1.6%
Min. Spend per month
S$0
Cash Back Cap
Unlimited
MoneySmart Exclusive:

Apply and spend $200 to get: $300 Cash OR Beats Studio Buds RED + $100 Cash (worth $319)

OR

Apply and spend $500 to get MORE:  $350 Cash OR the NEW 10.2-inch Apple iPad Wi-Fi 64GB (worth $499) OR Beats Studio Buds RED + $100 Cash (worth $319)!

Valid until 19 Oct 2021

Standard Chartered Unlimited Cashback Card – 1.5% cashback on all spending, with no cashback cap and no minimum spend. New sign-ups get cashback upon hitting the minimum spend requirement and 6 free months of Disney+.

Standard Chartered logo
MoneySmart Exclusive
With 3-month Disney+ Subscription
Cash Back on eligible spend
Up to 1.5%
Min. Spend per month
S$0
Cash Back Cap
Unlimited
MoneySmart Exclusive:

Apply and spend $200 to get: $200 Cash OR Samsung Galaxy A7 Tab Lite Wi-Fi (worth $228)

OR

Apply and spend $300 to get MORE: $250 Cash OR a Ergotune Ergonomic Classic Chair (worth $399) OR Samsung Galaxy A7 Tab Lite Wi-Fi (worth $228)!

Valid until 31 Oct 2021

UOB Absolute Cashback Card – 1.7% cashback on all spending, with no cashback cap and no minimum spend. Just note that it’s an American Express card and some merchants don’t accept it.

UOB logo
Online Promo
Cash Back on Eligible Spend
1.7%
Min. Spend per month
$0
Spend Exclusions
No
Online Promo:
Get the latest smartphone with S$1,299 Singtel vouchers or S$300 cash credit when you apply for a UOB Absolute Cashback Card. TNCs Apply
Valid until 31 Oct 2021

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