CIMB targets millenials with new credit card

It will encourage 'prudent' spending habits with a $500 cap.

CIMB Bank Singapore (CIMB) rolls out AWSM credit card specifically eyeing young adults and first-time employees, an announcement revealed.

Cardmembers will be entitled to a 1% unlimited cashback on dining and entertainment deals, online shopping purchases, and telco transactions. CIMB AWSM also supports Mastercard Tap & GoTM payment for convenient and contactless transactions and purchases.

“It (CIMB AWSM) is intended to reflect their individual sense of style and stature as trendsetters when they first enter the workforce whilst they are rewarded with cashback when they spend,” CIMB Bank Singapore country head and CEO Mak Lye Mun said.

CIMB will implement a lifetime card fee waiver for the new card. In addition, card privileges are can be utilised with over 1,000 regional deals and discounts for members across Singapore, Malaysia and Indonesia.

Singaporeans and Singapore permanent residents aged 18 to 29 that do not have an existing CIMB credit card are eligible to get AWSM credit card. Those below 35 with annual income of minimum $18,000, as well as those aged 35 and above with annual income of minimum $30,000 are also eligible to apply.

“With the lower minimum income requirement, it allows these millennials to take their first step towards building a good credit history,” Mak commented.

He added that they also want to encourage younger cardholders to be prudent in spending habits through the $500 cap of the card.