CIMB CASH REBATE PLATINUM MASTERCARD

CIMB Cash Rebate Platinum MasterCard Review

The CIMB Cash Rebate Platinum MasterCard is designed for users who want to maximize cashback on essential everyday spending categories such as groceries, petrol, and utilities. This card offers a straightforward cashback program with higher rewards for specific categories when users hit higher spending thresholds. It is an excellent option for those who are looking for a simple way to earn cashback without complex reward tiers or point systems. However, its limitations in certain categories like dining and e-wallet transactions may not appeal to all users.

Key Features of the CIMB Cash Rebate Platinum MasterCard

1. Tiered Cashback Structure

The CIMB Cash Rebate Platinum MasterCard offers a tiered cashback structure based on your monthly spending amount. The card differentiates between users who spend less than RM3,000 and those who spend more, rewarding the latter with higher cashback percentages. Here’s a breakdown:

For spending below RM3,000:

• 2% cashback on food and groceries: This category includes your regular grocery shopping, making it a highly beneficial cashback option for families or individuals who spend regularly on groceries.
• 2% cashback on petrol: The card is ideal for drivers who spend a significant amount on fuel, offering a solid cashback rate on petrol purchases.
• 2% cashback on utilities: Whether you’re paying for electricity, water, or internet services, the card provides 2% cashback on your utility bills, making it great for individuals who want to reduce their living expenses.
• 0.2% cashback on other categories such as dining, travel, online shopping, and insurance.

The cashback for this tier is capped at RM30 per month for each of the main categories: food and groceries, petrol, and utilities.

For spending above RM3,000:

• 5% cashback on food and groceries: Once your monthly spending exceeds RM3,000, the cashback on groceries increases to 5%, allowing you to earn even more on your essential purchases.
• 5% cashback on petrol: The same rate applies to petrol spending above RM3,000, making it a strong option for heavy drivers or those with higher monthly fuel expenses.
• 5% cashback on utilities: This rate also applies to utility bills, providing further savings for users with significant utility expenses.

For users who spend more than RM3,000 monthly, the cashback cap remains RM30 per month for each of the main categories: groceries, petrol, and utilities.

2. Cashback Caps and Flexibility

While the cashback rates are attractive, the card imposes a monthly cashback cap of RM30 for each main category (food and groceries, petrol, and utilities). This cap might limit the total rewards for users who spend significantly more in these categories. The overall cashback potential is moderate, but the clear structure and consistent rewards make it easier to understand and maximize.

3. No Cashback for E-wallet Transactions and Government Payments

The card does not provide cashback for e-wallet transactions, which can be a disadvantage for users who rely on digital wallets for their day-to-day payments. Additionally, government-related payments (such as taxes or fines) are excluded from earning cashback, which may limit its appeal for certain users.

4. Shariah-Compliant Option

For Muslim users, the CIMB Cash Rebate Platinum MasterCard is available as a Shariah-compliant version, ensuring that all transactions align with Islamic banking principles. This feature is essential for individuals who prioritize ethical financial products in line with their religious beliefs.

Pros of the CIMB Cash Rebate Platinum MasterCard

1. High Cashback on Essential Categories: The card offers up to 5% cashback on groceries, petrol, and utilities for users who spend more than RM3,000 per month, making it an excellent choice for those who spend heavily in these areas.
2. Simple and Transparent Cashback Structure: The card’s tiered structure is easy to understand, with clear distinctions between spending tiers. Users who spend less than RM3,000 still benefit from 2% cashback, while those who spend more enjoy a higher 5% cashback.
3. Shariah-Compliant Option: The availability of a Shariah-compliant version makes the card suitable for Muslim users who want to ensure their financial products align with Islamic principles.
4. No Complex Rewards Systems: Unlike point-based rewards cards, the CIMB Cash Rebate Platinum MasterCard offers straightforward cashback, making it easier to track and understand how much you’re earning.

Cons of the CIMB Cash Rebate Platinum MasterCard

1. Low Cashback for Dining and Other Categories: The card offers only 0.2% cashback for dining, travel, online shopping, and insurance, which may not be competitive compared to other cards that offer higher rewards for these categories.
2. Cashback Cap of RM30: The monthly cashback cap of RM30 per category limits the total potential earnings. This may be a disadvantage for users who spend heavily on groceries, petrol, or utilities and would prefer a higher cashback limit.
3. No Cashback for E-wallet and Government Transactions: The exclusion of e-wallet and government payments from earning cashback is a significant drawback for users who frequently use these payment methods.
4. Limited Appeal for Low Spenders: Users who do not spend significantly on groceries, petrol, or utilities may find it difficult to maximize the cashback benefits. The card’s rewards are geared toward high spenders in these categories.

Who Should Consider the CIMB Cash Rebate Platinum MasterCard?

This card is best suited for:

• Families and individuals who spend heavily on groceries and utilities: The 5% cashback on food, petrol, and utilities makes this card ideal for users who prioritize these expenses in their monthly budgets.
• Drivers with high petrol expenses: Users who spend a significant amount on fuel each month will benefit from the 2% to 5% cashback on petrol, especially when spending exceeds RM3,000 per month.
• Shariah-compliant card users: Muslim users who want a cashback card that aligns with Islamic banking principles will appreciate the availability of the Shariah-compliant version.
• Simple cashback seekers: If you prefer a straightforward cashback system with no points or tiers to track, this card’s structure is easy to understand and offers consistent rewards for essential spending categories.

Final Thoughts

The CIMB Cash Rebate Platinum MasterCard is an excellent option for users who want to earn cashback on groceries, petrol, and utilities—categories that make up a large portion of monthly expenses for most households. With up to 5% cashback for high spenders in these categories, the card is ideal for families, drivers, and individuals who want to maximize rewards on essential purchases.

However, the RM30 monthly cap per category limits the total cashback earnings, and the 0.2% cashback rate for dining, travel, and other categories may not appeal to users who spend more in those areas. Additionally, the exclusion of e-wallet and government payments is a notable drawback.

Overall, the CIMB Cash Rebate Platinum MasterCard is a strong contender for users seeking a simple and effective way to earn cashback on everyday essentials, especially those who consistently spend more than RM3,000 per month.