CIMB dangles hefty 10% cash rebates on selected categories

It’s planning to acquire 270,000 customers in three years.

The Kuala Lumpur-based bank has upped the ante for its cards business in Singapore as it refreshes the cash rebate programme for its Visa Signature and Platinum MasterCard.

According to a press release by CIMB, with the strategy, the bank is targeting to register S$1b in annual card billings and acquire a further 270,000 customers in the next three years.

The press release said the strategy capitalises on the recent trend where credit card holders prefer cash rebates and cashback as opposed to a rewards or points scheme.

“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,” said Srihari Sikhakollu, head of credit cards & personal financing at CIMB Bank Singapore.

With the enhanced cash rebate programme, CIMB says card members will receive up to S$60 per month with a minimum spend of S$500 and a minimum of eight transactions of S$30 or more each month.