Yahoo Finance 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.
The CIMB World MasterCard used to offer unlimited cashback of up to 2% with no minimum spending requirement.
But that has since changed as they decided to implement a minimum spending requirement of $1,000 last year. Bummer!
Let’s find out why if the card is still worth your time.
Contents
1. CIMB World Mastercard Review
The CIMB World Mastercard is a cashback card that offers unlimited cashback of up to 2% when you spend money on dining, online food delivery, movies, digital entertainment, taxi rides, ride-hailing,, automobile and luxury goods.
That’s not all. The card doesn’t charge any annual fees. So even if you one day decide it’s nothing more than a useless piece of plastic, you can continue holding on to it for free.
MoneySmart Exclusive
CIMB World Mastercard
MoneySmart Exclusive:
Sign up for a CIMB Credit Card and spend up to S$988 to receive a free a Sony WF-1000XM4 Noise Canceling True Wireless Earbuds (worth S$379) or Titan V1 7 Speed Foldable Bike (worth S$399) or $250 Cash via PayNow. T&Cs apply.
Valid until 30 Sep 2022
More Details
Key Features
Complimentary Travel Insurance up to S$1,000,000
Access to Over 1,000 Airport Lounges via Mastercard® Airport Experiences Provided by LoungeKey
50% Off Green Fees at golf courses around Asia by Mastercard®
No annual fees for life
Apply for up to 4 supplementary cards and have annual fees waived for all supplementary cards
Access to over 1,000 regional deals with discounts up to 50%
2. CIMB World Mastercard Terms and Conditions
CIMB World Mastercard is an entry level credit card, meaning you can sign up for it once you’ve snagged your first job, provided it pays you at least $30,000 per annum.
CIMB World Mastercard | |
Annual Fee | – |
Annual Fee Waiver | – |
Supplementary Card Annual Fee | – |
Interest Fee 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 (minimum chare of $15) |
Overlimit Fee | – |
Minimum Income | $30,000 (Singaporean / PR) |
Card Association | Mastercard |
Contactless Payment | Mastercard PayPass |
3. CIMB World Mastercard Cashback
The CIMB World Mastercard gives you the chance to earn up to 2% cashback when you spend locally or overseas in the following categories:
Dining – Most eateries except wedding banquets or hotels
Online food delivery – Only Deliveroo, Foodpanda, GrabFood, WhyQ and AirAsia Food
Movies
Digital entertainment – audiovisual media, games and other digital goods
Taxi rides
Ride-hailing
Automobile – automotive repair and service shops, vehicle sales and supply stores
Luxury goods – stores classified as selling precious stones and metals, watches, jewellery, clocks, silverware, leather goods, luggage
To clinch the maximum cashback of 2%, you must satisfy the minimum spending requirement of $1,000 in a statement month.
If you fail to hit the minimum spending requirement, your cashback in eligible categories will fall to 1%.
The good news is that there is no cashback cap. So, if you are a big spender or have a big purchase coming up, such as a luxury watch costing $50,000, you can earn 2% cashback on the full sum.
CIMB claims that the card is the most generated unlimited cashback card in Singapore. That’s a half-truth. It’s true that the next-best unlimited cashback cards only offer 1.5% to 1.7% of cashback.
However, these “lesser” cards offer unlimited cashback on everything with no minimum spending requirement, while the CIMB World Mastercard only offers cashback in certain spending categories, and requires you to hit their $1,000 minimum spending requirement to qualify for the full 2% cashback.
4. CIMB World Mastercard Lounge Access
CIMB World Mastercard holders get access to over 1,000 airport lounges in over 60 airports globally. So, you’ll have free food and a place to relax and charge your phone when you’re waiting for your flights.
To claim your lounge access, you’ll need to download the Mastercard Airport Experiences app and register with your card.
5. CIMB World Mastercard Golf Privileges
Cardholders get 50% off green fees at 42 golf courses in Asia, as well as 50% off golf lessons at the Golf Performance 360 Golf Academy in Singapore.
Participating clubs include local ones like Sentosa, Warren and Sembawang Clubs, as well as various golf courses in Indonesia, Malaysia, Thailand, Myanmar, Vietnam, the Philippines, Taiwan, China and Korea.
6. How to maximise my CIMB World Mastercard?
To maximise the card on a monthly basis, always try to hit the $1,000 spending requirement so you can give your cashback a boost from 1% to 2%.
As the 2% cashback is unlimited, the card is ideal when you make big purchases—for instance, that $20,000 Rolex watch (luxury goods), or an overhaul of your car (automobile).
7. CIMB World Mastercard Promotion
Apply for the CIMB World Mastercard and get a $188 welcome gift when you spend at least $988 within the first 30 days after card approval.
If you can’t spend that much but still manage to spend at least $108 within 30 days after card approval, you’ll qualify for a $88 welcome gift.
8. Should I get the CIMB World Mastercard?
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. The categories in which you could potentially spend a ton include luxury goods and automobile, so don’t forget to use the card the next time you treat yourself to a Louis Vuitton suitcase or decide to pimp your ride.
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 really decide to buy a $20,000 Hermes handbag someday.
MoneySmart Exclusive
CIMB World Mastercard
MoneySmart Exclusive:
Sign up for a CIMB Credit Card and spend up to S$988 to receive a free a Sony WF-1000XM4 Noise Canceling True Wireless Earbuds (worth S$379) or Titan V1 7 Speed Foldable Bike (worth S$399) or $250 Cash via PayNow. T&Cs apply.
Valid until 30 Sep 2022
More Details
Key Features
Complimentary Travel Insurance up to S$1,000,000
Access to Over 1,000 Airport Lounges via Mastercard® Airport Experiences Provided by LoungeKey
50% Off Green Fees at golf courses around Asia by Mastercard®
No annual fees for life
Apply for up to 4 supplementary cards and have annual fees waived for all supplementary cards
Access to over 1,000 regional deals with discounts up to 50%
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.
Citi Cash Back+ Mastercard®
More Details
Key Features
1.6% cashback on your spend
No minimum spend required and no cap on cash back earned
Cash back earned does not expire
Redeem your cash back instantly on-the-go with Pay with Points or for cash rebate via SMS
With Citi PayAll, you can earn and accumulate Citi Miles, Citi ThankYou PointsSM or Cash Back quickly when you pay your big-ticket bills such as rent, insurance premiums, education expenses, taxes, utilities and more
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+.
MoneySmart Exclusive
Standard Chartered Unlimited Cashback Credit Card
MoneySmart Exclusive:
Apply and spend S$250 to get an Apple AirPods Gen 3 (worth S$269) or Nintendo Switch Lite (worth S$279) or S$250 Cash via PayNow. T&Cs apply.
Valid until 30 Sep 2022
More Details
Key Features
Flat 1.5% cashback rate for all eligible purchases
No cashback cap and no minimum spend
2 year annual fee waiver
Up to 22.61% fuel savings at Caltex
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 Absolute Cashback Card
More Details
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