Wondering which card is better for overseas use - Trust card vs YouTrip? We compared the fees and exchange rates and also included an alternative option Wise
The CIMB Platinum Mastercard is a CIMB credit card that you can use globally and offers cashback promotions on purchases. But that doesn’t mean it comes cheap. With fees for international purchases, a high-interest rate, and cash advance charges, it can actually make your trips more expensive.
|If you are looking for a truly global account with transparent exchange rates, free cash withdrawals and only one low fee on conversions, look no further than Wise’s multi-currency card|
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The CIMB Platinum Mastercard works like a normal credit card – once you have been approved, you are provided a credit line that you can make purchases against. Then, once a month you will receive a bill for your purchases to be paid. If you don’t pay the spend back in full you will be charged an interest rate on your balance.
But the CIMB Platinum Mastercard has its perks and drawbacks. It is possible to enjoy cashback on your spending, but the rates and fees can really add up. The major fees are broken down below, and those for Wise’s multi-currency account too¹. As you’ll see there is a big difference in fees and charges between the two. If you are tired of fees and like saving money as you travel, Wise can make globetrotting easier on your wallet.
|CIMB Platinum Mastercard||Wise borderless card|
|Annual fee||Free||S$ 0|
|Annual interest rate||25.9%||S$ 0|
|Overseas exchange rate||Set by CIMB||Mid-market exchange rate|
|Late payment fee||S$ 100||S$ 0|
|Minimum monthly repayment||S$ 50 or 3% of the balance, whichever is higher||S$ 0|
|Foreign currency transaction fee||3%; 1% by Mastercard + 2% by CIMB||One low conversion fee|
|Cash advance transaction fee||6% of the amount taken as cash; min. S$ 15||S$ 0|
|Overlimit fee||S$ 50 or 5% of the amount over the limit||S$ 0|
The CIMB Platinum Mastercard is available for Singaporean citizens and Singaporean Permanent Residents. The Principal cardholder must be at least 21 years old and meet the income requirements:
Singaporean citizens and PR: S$ 30,000
Singaporean citizens and PR who are 55 years old and above: S$ 15,000
If you don’t meet the income requirement, you can still apply for the card by depositing a minimum of S$ 10,000 as fixed deposit collateral. In all cases, you will need to show proof of income and NRIC documents.²
On top of normal spending, the CIMB Platinum Mastercard offers promotions to incentivize customers to use the card for dining out, travel and transportation. Instead of air miles, travel insurance or lounge access, the CIMB Platinum Mastercard focuses mainly on cashback offers. While the offers can look attractive, it’s good to keep an eye on if the benefits outweigh the costs.
The cashback offers for this card make up most of the rewards it offers. You can get 10% cashback on restaurants, nightlife, petrol, health and medical costs, foreign currency transactions and electronics– although some restrictions do apply. Beyond that, you get 0.2% cashback on any purchase with no minimum spend.³
The CIMB Platinum Mastercard offers users cashback on travel spend and promotions, but the credit card can actually make your trips more expensive than you realize. The card has a steep interest rate, plus a 3% charge on every travel purchase in a foreign currency- whether its a coffee or a hotel stay.
On top of that, you are charged an exchange rate that is weaker than the one the banks use themselves. While the banks use the mid-market exchange rate, which is the same rate you see on Google and Reuters, CIMB will give you a different rate and take a hidden fee in the difference. And then there are additional charges for getting cash from your account at local ATMs.
Why spend more on your holidays than you have to? Check out Wise’s multi-currency account that exchanges at the mid-market rate gives you free cash withdrawals globally up to S$ 350 and is 7x cheaper than the banks.
Get your Wise borderless card - a multi-currency account that is on average 7 times cheaper than banks
Travel has changed so isn’t it about time to get a travel account that has too? Wise’s multi-currency account lets you spend locally in up to 150 currencies with no annual fee or interest rate. You just load up your account through the easy to use app and you can convert your money with just one low conversion fee.
An independent research study found Wise’s borderless account to be 7x cheaper than banks, like CIMB, in Singapore. This is because you always get the same exchange rate you see on Google and can make free cash withdrawals up to S$ 350 every month. Wise makes online shopping even easier and cheaper globally as you can buy from Qoo10, Alibaba, and Amazon using the same card. Plus, you can keep track of your spending with magic push notifications as you travel.
So leave high fees and cashback promotions in the past, and get the travel card that really lets you save money and roam freely. Check out the Wise borderless card to see how you can save money on your next international purchases.**Sources used for this article:**
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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