CIMB Bank launches the CIMB SME BusinessCard in partnership with Mastercard, offering unlimited cash rebates and 50-day interest-free period

01 November 2023

Offering the best-in-class cash rebate in the market of up to 1.25%, the CIMB SME BusinessCard is the ultimate companion for SME owners to manage their business expenses and during travel

Kuala Lumpur: CIMB Bank Berhad (“CIMB” or “the Bank”) has launched its CIMB SME BusinessCard (the “Card”), with unlimited cash rebates of up to 1.25%* for both local and overseas spend. Tailored exclusively for small and medium enterprises (“SMEs”), the Card aims to simplify business expense management whilst elevating their prospective business travel experience through its offering of premium travel benefits and rewards as well as exclusive dining and shopping privileges.

Currently offering the best-in-class cash rebate in the market, customers can enjoy unlimited cash rebates of up to 1.25% for all overseas retail transactions and up to 0.5% cash rebate for all local retail transactions. On top of that, there is no annual fee required for the card and SMEs will enjoy an interest-free period of 50 days, allowing them the flexibility to effectively manage and optimise their cash flow.

The card is also designed to elevate the business traveller by offering a wide array of special benefits. These include up to 4X complimentary annual access to Plaza Premium Lounges worldwide, ensuring travellers enjoy a comfortable travel experience. Additionally, cardholders can receive up to RM30 in cash rebates for in-flight Wi-Fi services, enabling them to stay connected and attend to business matters whilst in transit to their destinations. 

The Card is also bundled with comprehensive coverage such as personal accident insurance of up to RM1 million, as well as compensation of up to RM1,000 for missed flight departures and connections, flight delays, luggage delays and losses, car rental excess due to accidents and protection against the loss of personal funds and documents due to theft. These features offer customers a worry-free travel experience with enhanced peace of mind.

Furthermore, CIMB has also established partnerships with leaders of the card payment processing industry who can process credit card transactions on behalf of businesses, particularly merchants that typically do not accept card payments. In essence, CIMB SME BusinessCard cardholders will now be able to pay for expenses to businesses that may not be a conventional card-accepting merchant, increasing the flexibility and convenience of using the Card for various types of transactions.

Lawrence Loh, Co-CEO of Group Commercial and Transaction Banking of CIMB Group said, “As a financial intermediary, CIMB remains committed to playing a catalytic role in helping our economy grow by supporting businesses to strengthen their capabilities through innovative propositions aimed at enhancing their financial operations and sustainability. We are pleased to introduce the CIMB SME BusinessCard, an essential companion for the modern business owner. As the global marketplace continues to expand, we understand that SMEs are navigating a rapidly changing landscape, filled with opportunities that extend beyond borders. Our focus is to simplify business expenses and empower the growth of SMEs with value-added solutions that streamline operations, enhance financial efficiency, and foster sustainable success. At the same time, this is an opportunity to encourage SMEs to digitalise their transactions and business purchases, enabling them to have better visibility on their expenses while making it rewarding.”

Beena Pothen, Country Manager, Malaysia and Brunei, Mastercard, said, "Mastercard is pleased to partner with CIMB, providing technology and solutions, as part of a shared mission to continue supporting inclusive economic growth in Malaysia. The CIMB SME BusinessCard has been designed to timely address the opportunities and challenges faced by small business owners, empowering them to prioritise growth over resource constraints with a range of benefits tailored to assist SMEs in managing cash flow, coupled with travel benefits for a seamless experience. This partnership underscores Mastercard's commitment to supporting SMEs through tangible benefits to help navigate the changing business landscape."

To complement customers during their business travels, the CIMB SME BusinessCard is also equipped with an exclusive selection of dining and shopping privileges. On top of existing Mastercard offers, cardholders can obtain attractive cashback rewards and save further on dining, fuel, hotels as well as other business services at over 45,000 merchants worldwide. Besides attractive rebates, cardholders who require more payment flexibility can enjoy 0% instalment payments up to 36 months with CIMB’s Easy Payment Plan.

As part of the Bank’s broader sustainability commitments, the CIMB SME BusinessCard is made from bio-sourced polylactic acid derived from non-edible corn, a sustainable alternative to plastic. This initiative also makes it easier for customers who are consciously looking to lower the environmental impact of their collective business’ consumption.

The CIMB SME BusinessCard is eligible to a diverse range of businesses, encompassing private limited companies, limited liability partnerships, sole proprietorships, and partnerships alike.

For more information about the new CIMB SME BusinessCard card and how to apply, please visit www.cimb.com.my/SMECC

*Terms and conditions apply