CIMB Visa Infinite Card Review: Free and Good?

Meiling Tan
Updated:
PROMO: Receive S$250 Cash via PayNow / AirPods Gen 3 + MagSafe (worth S$331)
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on CIMB's website

CIMB Visa Infinite Card

Apply Now
on CIMB's website
The CIMB Visa Infinite does have its merits as a no-fee credit card, but it needs a few more travel or luxury perks to entice its target demographic.

Pros

  • 2% unlimited cashback on travel-related and foreign transactions
  • No annual fees
  • Lower FX fees
  • Free lounge access and travel insurance

Cons

  • High minimum spend requirement
  • High income requirement
  • Lackluster perks
  • Limited luxury benefits for high earners

Current Promotion

Receive S$250 Cash via PayNow / AirPods Gen 3 + MagSafe (worth S$331) with a minimum spend of S$988 within the first 60 days of card approval. (Valid until 31 January 2023) Click to apply.

The CIMB Visa Infinite Card sounds like a dream for travellers.

2% cashback on travel and foreign transactions? And with no fees? Sounds hard to believe.

Still, every card has its pros and cons. It may sound good on the surface, but there are a few things you should know about it.

Today, we’ll review the CIMB Visa Infinite Card, examining:

Eligibility Requirements

Age21 and above for principal cardholders; 18 and above for supplementary cardholders
Income
  • S$120,000 and above for Singapore Citizens and PRs
  • Alternatively, S$50,000 in Fixed Deposit Collateral

The income requirement here already says a lot. If history repeats itself, CIMB is also strict about not accepting applicants below this income level.

But if you don’t have the requisite income, is it worth putting 50 grand into a CIMB Fixed Deposit to get this card? We’ll find out.

Fees and Charges

Annual FeesFree for life for all principal and supplementary cards
Effective Interest Rate25.9% (min. charge of S$2.50)
Interest Free Period23 days
Late Payment ChargesS$100
Minimum Monthly Payment3% of current balance or S$50, whichever is higher, plus any outstanding overdue amounts from previous statements
Overlimit FeeN/A
Cash Advance Fee6% of the amount drawn (minimum S$15)
Cash Advance Interest Rate28% (minimum S$2.50)
Foreign Currency Transaction Fee3%

No Fees For Life

One great thing about CIMB is their no-fee credit cards.

It’s also one of just two Visa Infinite cards in Singapore with no annual fees, if you count the OCBC Premier Visa Infinite Card (only available to OCBC Premier Banking clients).

One less thing to worry about, especially given that most Visa Infinite Cards are strict about not waiving annual fees.

Lower Foreign Transaction Fees

At 3%, this is lower than what you’ll find with most other cards. But the fee applies to just about everything you’d earn 2% unlimited cashback on.

If you were already prepared to pay the FX fee on a miles-focused credit card, this may not be a big deal. You’re basically paying 1% (plus any hidden markups in currency conversions) for the convenience of not having to monitor exchange rates and change your money before a trip.

But if getting the lowest possible fees is your goal, a multi-currency account may be more suitable instead. (Read also: Best Multi-Currency Accounts for Singapore)

Cashback, Discounts, and Other Perks

Cashback
  • Unlimited 2% cashback on travel, overseas, and online spend in foreign currencies
  • Unlimited 1% cashback on all other spend
Minimum SpendS$2,000 per statement month
Notable Exclusions for Cashback
  • Utilities
  • Payments to government institutions
  • Payments to insurance companies
  • Cash advances
Other Benefits
  • 3 complimentary global lounge access passes at over 1,000 airports per year
  • Up to 25% discount at selected dining outlets in airports worldwide
  • 5% off airport limousine transfers in 300 cities
  • 5% off Meet & Greet services in 120 airports
  • Complimentary travel insurance of up to S$1,000,000
  • Visa Infinite Concierge
  • Over 1,000 deals and discounts across Singapore, Malaysia, and Indonesia (including brands such as Zalora, Eu Yan Sang, and The Fullerton Spa)
Ongoing Promotions
  • Receive a a XiaoMi Mi Robot Vacuum-mop 2 (worth S$399) or S$250 cash upon minimum spend of S$988 within the first 60 days of card approval. (Valid until 8 January 2023) Click to apply.

Unlimited 2% Cashback…

The CIMB Visa Infinite Card has a very specific target user: travellers who like to splurge. You’ll get unlimited 2% cashback only on travel bookings, overseas spend, and online spend in foreign currencies. Every other expense (minus excluded categories) nets you just 1%.

You’ll have to spend at least S$2,000 in that statement month to qualify for the 2%, but that shouldn’t be an issue for those in this income bracket (and in the card’s target demographic).

If you’re not travelling that month, you’re better off with an alternative like the CIMB World Mastercard. This is the CIMB Visa Infinite’s local spending counterpart: you’ll get unlimited 2% cashback on everyday expenses like dining, food delivery, taxis, and digital entertainment – along with the not-so-everyday expense of luxury goods. (But hey, maybe it is for some!)

…But Limited Travel Perks

For a card targeting travellers, the perks it offers in this department are average at best. You only get three lounge access passes per year (other Visa Infinite Cards offer up to six) and free insurance coverage when you charge your airfare to the card.

And while the Visa Infinite Concierge offers to help with things like travel planning and dinner reservations, it makes no promises about scoring you a reservation at a Michelin-starred restaurant (like the UOB Visa Infinite Metal Card does).

Then again, this card is free, so perhaps we can’t ask for much here.

Whom This Card is Best For

You’ll benefit from this card if:

  • You already meet the income requirements and want a free unlimited cashback card for travel just in case. Miles cards aren’t the only route for travellers, and sometimes we just like to keep our options open.
  • You’re expecting a moderately large travel-related/foreign transaction soon (at least S$988). The CIMB Visa Infinite is currently offering S$188 cashback if you spend S$108 within the first month, and then increase spending to S$988 before the 60-day mark.

But to answer our earlier question: no, it doesn’t seem worth it to put S$50,000 into a CIMB Fixed Deposit just to get this card.