To add on to my other post about good credit cards and when to use them.
So my wife just signed up for this credit card. I can't sign up for it cos I'm not working currently.
I don't really use CIMB cards. They aren't particularly great.
But this promo is not too bad.
So this promo goes like this.
You sign up for 2 CIMB cards.
Then they give you SGD150. (SGD25 per month for 6 months)
So we will need to spend SGD300 per month on any of the CIMB cards and will get SGD25 rebate against the following month's bill.
The spending counts only on the first of the month following when you got the card.
So in this case, we will get the card sometime mid-Dec. But the promo doesn't start til 1 Jan.
So from 1 Jan to 31 Jan, we need to spend SGD300 on any card.
Then in the following bill, SGD25 will be knocked off the card.
In truth, this promo isn't really GIVING you a free SGD150.
It is pretty much a rebate.
So to me this rebate is 25/300 = 8.33%
which is much better than any other rebate card out there.
As mentioned in my previous post on credit cards, I use my UOB card as my primary card to spend SGD500 on each of our cards to obtain the bonus interest rates in the UOB One account AND the rebates on the UOB One Card.
After which, we will switch to the ANZ Optimum card to get 5% rebates on dining with no minimum spend as our main discretionary spending is on food. Which is our selected category on the ANZ card.
With this new CIMB promotion, I will be using the CIMB card as the secondary card for any discretionary spending for the next 6 months. The 8.33% rebate is better than any other card in the market currently. Citibank Cashback card comes close but you need SGD888 minimum spend.
Probably will be spending on the CIMB Visa Signature card.
10% cash rebate on wine and dine
Wine and Dine = Caterers, Bars, Lounges, Clubs, FastFood Restaurants, Eating Places & Other Restaurants only. Exclude wedding banquets, bar, lounge, club, restaurant, and other eating places within Hotels.
10% cash rebate capped at S$60 per statement month.
Base rebate of 0.2% will be credited in the same statement month, remaining 9.8% rebate will be credited in the following statement month.
Minimum spend of S$500 posted within the same statement month.
Minimum spend of 8 transactions of S$30 or more within the same statement month.
No annual fee for life (I take this as a con as I typically use the excuse of annual fee to cancel and apply again in 6 months to 1 year time to get other promos again.)
As you can see, if I just spend SGD300 in discretionary spending on this card, I get almost no rebates.
The only plus point is that I'm getting 8.33% "rebate" due to the promotion.
But there IS a chance I end up spending SGD500 an be eligible for the 10% rebate on F&B so I'll probably just put all my secondary spending on this card and not use the ANZ Optimum card for the time being.