CIMB To Terminate Bonus Point Redemption For Cashback, Remove Credit Card Benefits For DuitNow QR
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CIMB has announced that effective 1 September 2023, it will be terminating the redemption of Bonus Points for cashback under its Member Rewards Programme, which essentially means that credit cardholders will no longer be able to use their Bonus Points (BP) to redeem cashback. Additionally, DuitNow QR transactions performed using CIMB credit cards will no longer earn any cash rebate, rewards, or Bonus Points.

At present, all cardholders who earn Bonus Points via their credit cards have the option of using these points to redeem RM50 or RM100 cashback at the rate of 500 BP = RM1, as you can see here:

Come September, however, these cashback redemptions will be removed from the Member Rewards Catalogue, and you will only be able to use your earned Bonus Points to redeem other rewards – such as miles points, vouchers, gifts, annual fees, and service tax – or Pay With Points for selected cards. This revision is set to impact all of CIMB’s rewards points cards, including the CIMB Travel credit cards, the CIMB e Credit Card, the CIMB Platinum/-i credit card, as well as the CIMB Visa Infinite and Visa Signature credit cards.

Aside from that, CIMB also said that all DuitNow QR transactions performed using the bank’s credit cards will no longer be entitled to any rewards, cash rebates, and Bonus Points – impacting all of CIMB’s cashback and rewards points credit cards. Specifically, this will affect those who prefer to link their cards to payment apps or e-wallets for convenient QR payments to merchants; for example, you have the option to link your credit card to DuitNow QR on the CIMB Clicks and CIMB Octo app.

This revision comes at the heels of another recent revision that removed all rewards or Bonus Points earnings for e-wallet transactions performed using CIMB cards (with the exception of the CIMB e Card) – which was made just last month. This previous update was also accompanied by an adjustment to the conversion rate for its Pay With Points feature, revised from 400BP = RM1 to 500BP = RM1. This took effect since 8 August 2023.

Given that there is still some time before these latest updates come into effect, CIMB cardholders who have sufficient Bonus Points can quickly use their existing points to redeem their preferred amount of cashback – if they wish to. The cashback redeemed can be used to settle the cardholder’s credit card outstanding balance, or be credited into their savings account (depending on the cashback amount and which channel/platform that you use to make your redemption).

To make your redemptions, head on over to the CIMB Clicks online banking website. Alternatively, you can do so over the CIMB Clicks or CIMB Octo mobile banking app.

(Source: CIMB)

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