CIMB World Mastercard: All you need to know

Aman Saxena

The CIMB World Mastercard is a credit card with easy cashback on purchases. But with high fees and a minimum income requirement that is higher than most, it may not be a good fit for everyone. Especially since the fees can eat into any cashback you get. Read on to learn more about the CIMB World Mastercard.

And if you want a card that you can use around the world with 7x fewer fees than banks like CIMB, check out Wise’s multi-currency card
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How does the CIMB World Mastercard work?

The bank CIMB offers the CIMB World Mastercard. At its core, it works like a normal credit card but with cashback and privileges.

Once you are approved, you will be given a credit line and a card to make your purchases wherever Mastercard is accepted. Then after each statement cycle, you will receive a bill with how much you need to pay back. Anything you don’t pay back in full will be carried over with an interest rate.

But there are fees that come attached to this card. Take a look below at the major fees and charges associated with the CIMB World Mastercard. And if you are looking for a card that makes it cheaper to shop wherever you are in the world, take a look at Wise’s borderless account.

Fees and charges

CIMB World Mastercard¹Wise borderless card
Annual feeNoneNone
Annual interest rate25.9%None
Overseas exchange rateSet by MastercardThe mid-market exchange rate
Late payment feeS$ 100None
Minimum monthly repayment3% of the balance, with a minimum of S$ 50None
Foreign currency transaction fee3%None
Cash advance transaction fee6% of the amount withdrawn with a minimum of S$ 15.None
Overlimit fee5% of the amount over the limit, with a minimum of S$ 50None

Who is eligible for the CIMB World Mastercard?

To be eligible for the CIMB World Mastercard you have to be a Singapore citizen or Permanent Resident in Singapore. The minimum age is 21 years old and there is an income requirement of S$ 50,000.

If you are not able to meet the income requirement, you can put down a fixed deposit collateral of S$ 50,000. To apply, you will need to submit your NRIC documents as well as proof of income. You can apply directly from the CIMB website or at your nearest branch.²

What can I do with the CIMB World Mastercard?

The CIMB World Mastercard can be used anywhere Mastercard is accepted, in Singapore, around the world and online. But you do get certain perks and privileges for using your card for qualifying purchases. Read on to learn a few of the perks of carrying the CIMB World Mastercard. But as always, keep an eye out for any strings attached.

CIMB World Mastercard cashback

The cashback offers on purchases for the CIMB World Mastercard can make this an attractive choice. Unlike other cashback cards, there is no minimum spending necessary or maximum cap you can get.

How it works is that you get 1.5% cashback on all purchases made with the card, even overseas. But if you make qualifying transactions in Dining, Entertainment, Automobile or at Duty-Free, you get an extra .5% cashback for a total of 2%.³

CIMB World Mastercard travel insurance

If you put your travel fare on your CIMB World Mastercard, you will be eligible for free travel insurance. The coverage is up to S$ 1 million for personal accident and medical emergencies. But you also get coverage for baggage loss, flight delays or missed connecting flights.⁴

CIMB World Mastercard lounge access

As a Mastercard holder, you get access to LoungeKey through Mastercard’s Airport Experiences app. Once you have downloaded the app and registered, you can head to one of the participating lounges and show your card and boarding pass. Some lounges still may have fees, so check the app before entering.⁵

Overseas spend with CIMB World Mastercard

The CIMB World Mastercard can be used overseas, but that doesn’t mean it comes cheap. The card has a foreign transaction fee of 2.8% on any purchase done in non-Singapore dollars. Which automatically eats into the cashback you get from the purchase, with at least .8% still remaining to be paid.

Second, you get an exchange rate set by Mastercard that makes it more expensive to use the card. The exchange rate is set weaker than the rate Mastercard uses, which allows them to take a slice off of every conversion into Singapore dollars. So anytime you use your card for a purchase abroad, a slice of that transaction is getting taken as profit - on top of the foreign transaction fee. Why not get a card that uses the same rate that the banks use themselves? Wise uses the transparent mid-market exchange rate so you save money on every conversion.

Get your Wise borderless card - a multi-currency account that is on average 7 times cheaper than banks

Save money and get a Wise multi-currency card, where you can hold more than 40+ global currencies in one account and use the card locally as you travel. All you have to pay is one conversion fee of .35-1% anytime you convert money, and that’s it. Pair that with the mid-market exchange rate, and Wise’s borderless card makes online shopping on Alibaba, Amazon or globally a breeze.

You also get free cash withdrawals of up to S$ 350 per month anywhere in the world. And with magic push notifications, you can keep track of your spending on the Wise award-winning app. So instead of getting cash back on purchases that are just eaten up by fees, get Wise and save real money with every swipe.

Sources used for this article:

  1. Fees & Charges
  2. Eligibility
  3. Cash back
  4. Travel insurance
  5. Lounge access

All sources updated as of 2 March, 2020

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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