CIMB Stops Issuing New Prepaid Cards From 1 July, Discontinues Kwik Account and Lazada Prepaid Mastercard
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CIMB has announced that it will stop issuing new prepaid cards starting from today, 1 July 2022. As such, the bank is also terminating two related products, the CIMB Kwik Account (which gives you the option to get a prepaid card) and the CIMB Lazada Prepaid Mastercard card. 

In its announcement, CIMB stated that customers should take note that both the CIMB Kwik Account and CIMB Lazada Prepaid Mastercard card will cease to be valid upon the expiry of their accounts or on 30 November 2022, whichever is earlier. In the meantime, cardholders may still continue to use their cards until the stipulated date. 

CIMB also clarified that customers will not need to manually cancel or close their accounts as the process will be automatically carried out once the accounts expire – or on 30 November 2022. However, those who wish to close their accounts ahead of either date may do so online via CIMB Clicks. 

Aside from that, cardholders who still have any credit balance in their CIMB Kwik Account or CIMB Lazada Prepaid Mastercard card can also transfer all the balance to their preferred savings account, following these steps:

  • Step 1: Log in to CIMB Clicks
  • Step 2: Click on Pay & Transfer
  • Step 3: Select DuitNow/Transfer Money
  • Step 4: Transfer all the available balance to your preferred savings account
  • Step 5: Confirm the details and complete the transaction

Meanwhile, if you do not manage to transfer the available balance to your savings account before the account closure, you may contact CIMB’s customer resolution unit for refund purposes.

In its FAQ, CIMB also shared additional info on how it will treat the cash rebates and cashback amount that are to be awarded to its CIMB Lazada Prepaid Mastercard cardholders. Specifically, those with accounts that close on 26 November onwards will receive their last cash rebate for their previous month’s spending on 25 November. Meanwhile, for those whose accounts close on or before the 25th, the last cash rebate will be on the 25th of the previous month, for the previous month’s spending. 

For context, CIMB Lazada Prepaid Mastercard cardholders are eligible for cash rebates for transactions that are charged to their cards (capped at RM25 per card). In the original arrangement, all cash rebates earned were scheduled to be credited to the cardholders on the 25th day of the following month. 

Finally, CIMB commented that cardholders who wish to substitute their soon-to-be-discontinued prepaid cards may apply for CIMB Octosavers Account-i (with a debit card) as an alternative. They may also consider signing up for the CIMB e Credit Card to take advantage of the various deals offered to the cardholders. 

(Source: CIMB [1, 2])

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