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:
|Age||21 and above for principal cardholders; 18 and above for supplementary cardholders|
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 Fees||Free for life for all principal and supplementary cards|
|Effective Interest Rate||25.9% (min. charge of S$2.50)|
|Interest Free Period||23 days|
|Late Payment Charges||S$100|
|Minimum Monthly Payment||3% of current balance or S$50, whichever is higher, plus any outstanding overdue amounts from previous statements|
|Cash Advance Fee||6% of the amount drawn (minimum S$15)|
|Cash Advance Interest Rate||28% (minimum S$2.50)|
|Foreign Currency Transaction Fee||3%|
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
|Minimum Spend||S$2,000 per statement month|
|Notable Exclusions for Cashback|
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.