CIMB has announced that it will be discontinuing the CIMB Tesco Platinum credit card following “a strategic review between CIMB and Tesco Stores Malaysia Sdn Bhd”. However, the bank has yet to reveal the effective date of the discontinuation, stating instead that it will inform cardholders in a later notification.
The CIMB Tesco Platinum credit card provides up to 5% cashback when you spend at Tesco (capped at RM50), depending on your minimum monthly expenditure. It also lets you earn extra Tesco Clubcard points, even for non-Tesco retail expenses. The earning of these points is set at the rate of 1 Clubcard point for every RM2 (Tesco spend) or every RM4 (other retail spend).
In its announcement, CIMB also clarified that it will issue a new replacement card for affected cardholders, allowing them to enjoy similar benefits and features based on their eligibility. The bank will replace the CIMB Tesco Platinum credit card with the CIMB Cash Rebate Platinum credit card.
Depending on your minimum spend, the CIMB Cash Rebate Platinum card lets you enjoy either 2% or 5% cashback on cinema, petrol, groceries, and standing instructions on mobile phone and utility bills – capped at RM30 in total each month. Meanwhile, other retail or online spend will earn you unlimited 0.2% cashback.
Aside from that, CIMB said that any outstanding balances, auto billing, standing instructions, and other relevant transactions on the CIMB Tesco Platinum credit card will also be automatically transferred to the replacement card once it is successfully activated.
However, if the cardholder already has an existing CIMB Cash Rebate Platinum credit card, no replacement cards will be sent. In this case, the bank advises cardholders to transfer all auto billing, standing instructions, and other obligations to another valid card prior to the cancellation of the CIMB Tesco Platinum credit card.
In the meantime, cardholders can still use their CIMB Tesco Platinum credit card without interruption until the effective discontinuation date. In fact, you will continue to earn Tesco Clubcard points as you spend on the card during the transition period. The accumulated points will be transferred to your Tesco Clubcard on a monthly basis.
For more information about the discontinuation of the CIMB Tesco Platinum credit card, you can head on over to CIMB’s website. Alternatively, you can also contact the bank’s contact centre at 03-62047788.