CIMB AWSM Credit Card Review 2024: A Savvy Choice for Singapore’s Young Adults
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In Singapore’s dynamic world of personal finance, finding a credit card that meets the unique needs of young adults can be challenging.
The CIMB AWSM card is specifically designed for the financial habits and lifestyle preferences of Singapore’s young professionals and students.
With no annual fees and a straightforward cashback program, it remains an attractive option for those looking for their first credit card or a budget-friendly financial tool.
TL;DR: CIMB AWSM Card Review (2024)
It offers 1% unlimited cashback on dining, entertainment, online shopping, and telco without minimum spending requirements, making it ideal for users with variable expenses. It features no annual fee, adding to its appeal for cost-conscious individuals:
CIMB AWSM Card Key Features
Unlimited 1% Cashback
Cardholders earn unlimited 1% cashback on categories like Dining & Entertainment, Online Shopping, and Telco expenses, applicable from the first dollar spent with no cashback caps.
This makes it especially beneficial for those who regularly dine out, shop online, or have recurring telco bills.
Travel Benefits
The card now includes Mastercard Travel Rewards, offering exclusive savings at participating overseas merchants, which could be a significant perk for young adults looking to travel.
Local and Regional Deals
Access to over 1,000 CIMB Deals & Discounts across dining, retail, and lifestyle in Singapore, Malaysia, and Indonesia enhances its value proposition.
SimplyGo Functionality
Allows for easy transit payments on buses and trains in Singapore by simply tapping the credit card, streamlining the commute process.
Read More: Best $500 Credit Card For NSFs, Students And Non-Working Adults
CIMB AWSM Card Fees & Charges
Interest Rates
The effective interest rate for purchases is 28% per annum if balances are not paid in full, and the rate can increase to 29.9% per annum for late payments.
Cash Advance Fees
8% of the amount withdrawn, indicating that cash advances are a costly feature of this card.
Foreign Transaction Fees
Transactions in foreign currencies are subject to a total fee of about 3% (1% by Mastercard and an additional 2% administrative fee by CIMB), which is fairly standard among Singapore credit cards.
CIMB AWSM Card Eligibility
For students and NSFs
Available to individuals aged 18 to 29 years old, catering specifically to students and National Servicemen, which is somewhat unique among credit cards in Singapore.
For salaried employees
The income requirement is relatively accessible, starting at $18,000 annually for those below 35 years old.
CIM AWSM Card Pros and Cons
Pros:
- No annual fee: This makes it cost-effective for all cardholders.
- Broad cashback categories: Ensures that everyday spending is rewarded.
- Inclusive travel and shopping benefits: Enhances the overall value for users who travel or shop across borders.
Cons:
- Low 1% cashback rate: This may not match the premium benefits of other cards geared towards extensive travellers or high spenders.
Speaking of which, here’s how the CIMB AWSM card compares to its competitors
CIMB AWSM Card Comparison
When comparing the CIMB AWSM card to other popular cashback cards in Singapore, like the DBS Live Fresh and OCBC FRANK cards, here are some detailed insights based on their latest offerings:
CIMB AWSM Card
- Cashback:
It offers a straightforward 1% unlimited cashback on dining, entertainment, online shopping, and telco bills without a minimum spending requirement. - Fees:
No annual fee, making it cost-effective for all cardholders. - Additional Benefits:
It includes travel perks like Mastercard Travel Rewards, which offer exclusive savings to participating overseas merchants.
DBS Live Fresh Card
- Cashback:
It provides up to 6% cashback on online and Visa contactless spending, including shopping and transport categories. However, it requires a minimum monthly spend of $800, with a total monthly cashback cap of $70. - Fees:
The annual fee is $196.20, but it’s waived for the first year. This card might suit those who consistently meet the minimum spend threshold.
OCBC FRANK Card
- Cashback:
This card offers up to 10% cashback on online, mobile contactless, and foreign currency spending, which is among the highest rates available. The minimum monthly spend is high at $800, and the cashback is capped at $100, split into categories with each capped at $25. - Fees:
An annual fee of $196.20 is waived for the first two years. After that, the fee can be waived with a minimum annual spend of $10,000.
Overall Comparison
- Flexibility:
The CIMB AWSM card stands out for its no minimum spend requirement, making it accessible for users with lower or varied monthly expenditures. - Reward Potential:
The OCBC FRANK card may offer higher potential earnings for those who spend heavily online or via mobile contactless payments, but it comes with a higher minimum spend. The DBS Live Fresh card also offers substantial cashback but requires consistent spending to maximize benefits. - Cost-effectiveness:
All three cards have their own fee waiver conditions, but the CIMB AWSM card is particularly appealing because it has a permanent no-annual-fee policy.
These cards have distinct advantages depending on spending habits and financial goals. The CIMB AWSM card is especially suitable for individuals looking for simplicity and ease without worrying about hitting minimum spend thresholds each month. Conversely, the OCBC FRANK and DBS Live Fresh cards might benefit those who consistently meet higher spending requirements to maximize their cashback earnings.
Conclusion
The CIMB AWSM card is a solid choice for young adults in Singapore in 2024, particularly appealing for its simplicity and the direct benefits it offers in cashback, travel savings, and regional discounts. Its updated features make it suitable for everyday use and occasional travel, offering a balanced approach for those starting their financial journey.
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