CIMB To Remove Credit Card Benefits For E-Wallet Transactions, Revise Pay With Points Conversion Rate

Alex Cheong Pui Yin

4th July 2023 - 3 min read

CIMB Bank has announced that starting from 8 August, all e-wallet transactions performed using CIMB credit cards will no longer be eligible for any cash rebate, rewards, or bonus points – with the exception of the CIMB e Card. Additionally, the bank is also revising its Pay With Bonus Points (BP) conversion rate, increasing it from 400 BP for RM1 to 500 BP for RM1.

Following this latest update, a majority of CIMB credit cardholders using e-wallets will be affected as they are bound to the terms and conditions of CIMB’s Member Rewards Programme – which essentially means that they can no longer double dip into their credit card and e-wallet perks. Some cards that will be affected include the new CIMB Travel cards, which have been immensely popular as they offer up to 10 BP for selected spend, including local online spend (currently inclusive of e-wallet as well).

Here’s the full list of cards that will be impacted by this revision:

CIMB Petronas Visa Infinite-i
CIMB Petronas Visa Platinum-i
CIMB Travel World Elite
CIMB Travel World
CIMB Travel Platinum
CIMB Platinum/-i
CIMB Cash Rebate Platinum
CIMB World Mastercard
CIMB Visa Signature
CIMB Visa Infinite/-i
CIMB Preferred Visa Infinite/-i
CIMB Petronas Mastercard Platinum/-i

The one exception to this revision is the CIMB eCredit Card, which will continue to earn you up to 12x BP on e-payments, including e-wallets. Specifically, the CIMB eCard allows cardholders to earn 12x BP for online shopping, food deliveries, e-wallet payments, auto-billing, and in-store contactless transactions on every 28^th of the month (referred to as eDay). Outside of eDay, you’ll earn 3x BP on similar transactions. Meanwhile, all in-store PIN purchases will net you 1x BP, regardless of whether it is eDay or not.

Aside from announcing the revision on e-wallet transactions, CIMB also said that starting from 8 August, the conversion rate for its Pay With BP feature will be revised upward, where you’ll need 500BP in order to redeem RM1. At present, you only need 400BP to redeem the same value.

In line with this revision, CIMB stated that its Member Rewards Catalogue for 1 April 2023 to 30 April 2024 (and gifts offered for redemption) will only be valid until 7 August 2023. After that, a new Member Rewards Catalogue for 8 August 2023 to 30 April will apply.

Given that there’s still some time before this update takes place, CIMB customers can quickly redeem their BP with participating Pay With BP merchants at the existing rate. Some brands and merchants that you can consider checking out include Cold Storage, Giant, Baskin Robbins, Machines, and Harvey Norman. Here’s the full list of participating merchants for your convenience as well.

(Source: CIMB [1, 2])

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Daeng D

9 months ago

I guess, if no points at all given for ewallet usages, people might as well just use debit card/fpx to topup their ewallets.

Whats the point keeping so many credit cards right? Especially now that ewallet payment is everywhere. Capping would have been better instead of totally removing it. Oh well, what do i know ~