CIMB Bank S'pore eyes RM3 bln in annual card billings

The bank expects to achieve the target with its latest strategy of granting 10 per cent cash rebates on selected spend categories and 0 per cent administrative fee for overseas and online transactions for its Visa Signature and Platinum MasterCard Cardmembers.

"We are confident of expanding the relationship with our existing customers as well as reaching out to new ones," Head of Credit Cards & Personal Financing Srihari G. Sikhakollu said in a statement here.

"For the cards business to succeed here, the product propositions must resonate with consumers and their lifestyles, and the latest rebate enhancement was devised after extensive surveys with our customers," he said, adding the cash rebates and cashback features have been well-received.

"By pegging the latest cash rebate enhancement to the popular spend categories of consumers, we are rewarding consumers more easily based on their lifestyle habits," he said.

With this enhanced cash rebate programme, CIMB Visa Signature and CIMB Platinum MasterCard cardmembers will receive up to S$60 cash back per month with a minimum spend of S$500 and a minimum eight transactions of S$30 or more on each statement month.

The 10 per cent cash rebate will be awarded based on the corresponding spend categories namely 'Wine and Dine; Online spend in foreign currencies' with CIMB Visa Signature Card or 'Travel; Health, Beauty & Wellness' with CIMB Platinum MasterCard.

Further bolstering the value proposition to cardmembers, the CIMB Visa Signature and CIMB Platinum MasterCard will also offer the lowest credit card foreign currency exchange for online and overseas transactions as the bank will be waiving the 1.4 per cent administrative fee for foreign currency transactions.

Since the bank's foray into the card business here in 2009, CIMB Bank Singapore has increased its Cardmember base by 24-fold.