Best Cashback Credit Card in Singapore

Choosing the best cashback credit card is crucial for those looking to maximize their savings in Singapore. We have researched numerous of the best cashback credit cards in Singapore, which aim to help Singaporeans make informed decisions by comparing various cards’ features, benefits, and limitations. Whether you’re a frequent shopper, a dining lover, or someone looking to optimize everyday expenses, our information will navigate you toward the best cashback credit card to suit your lifestyle.

Key Factors to Consider When Choosing a Cashback Card

• Cashback Rate and Cap: The primary feature of the best cashback credit card in Singapore is its cashback rate. Some cards offer higher rates for specific categories like dining or groceries. However, be aware of any caps on the cashback you can earn.
• Annual Fees: Consider whether the card’s benefits outweigh its annual fee. Some cards waive these fees for the first year or offer a waiver upon meeting certain spending thresholds.
• Additional Perks and Benefits: Beyond cashback, many cards offer perks like airport lounge access, dining discounts, or exclusive shopping deals. These can add significant value to the card.
• Foreign Transaction Fees: Check the card’s foreign transaction fees if you travel or shop online from international sites. Lower fees can lead to significant savings.
• Minimum Spend Requirements: Some cards require a minimum monthly spend to qualify for cashback. Ensure this aligns with your regular spending habits to maximize benefits.
• Ease of Cashback Redemption: The process of redeeming cashback varies. Some cards credit it automatically to your statement, while others may have a more complex process.
• Interest Rates: While not directly related to cashback, the card’s interest rates are crucial if you occasionally carry a balance. Lower rates can reduce the cost of borrowing.

Compare the Best Cashback Credit Cards in Singapore

1. HSBC Advance Credit Card

Key Features

• If you spend above S$2,000 monthly, you will earn 2.5% cashback on eligible purchases.
• It is also possible to earn 1.5% cashback on all eligible purchases, even without a minimum spend.
• There is a cashback cap of S$70 per calendar month on the base cashback.
• If you are a cardholder, you will enjoy complimentary travel insurance up to S$1 million HSBC Live+ Credit Card for flight inconvenience and personal accident coverage.
• It also grants access to the ENTERTAINER app, where you can enjoy exclusive 1-for-1 dining and lifestyle offers.
• There is no annual fee for the first year, providing a cost-effective option for those new to the card.
• If you use this card, you will earn cashback on both local and overseas purchases.

Benefits

• It rewards you with generous cashback on local and overseas purchases.
• There is travel insurance coverage for you and your family against flight inconveniences, which is a great benefit for frequent travelers.
• If you enjoy shopping, it provides shopping deals and offers for both online and in-store purchases.
• Also, it gives you complimentary purchase protection for any losses or damages while shopping online.
• If you dine out, you can take advantage of 1-for-1 dining deals via the ENTERTAINER app.
• It offers you exclusive deals and discounts as part of the Visa Signature program.
• There are supplementary cards available for free for you and your family.
• If you want flexibility, it provides flexible payment terms without the worry of an annual fee waiver after the first year for high spenders (S$12,500).

Things to Take Note of

• There is a cashback cap of S$70 per calendar month, so any extra cashback earned will not be credited.
• If you don’t meet the minimum spend requirement of S$2,000, you will earn 1.5% cashback instead of 2.5%.
• It is important to note that any purchases refunded or returned will result in the cashback being reversed.
• Also, it is crucial to keep in mind that not all purchases qualify for cashback. Only eligible purchases will earn cashback.
• There will be no additional cashback once you reach the S$70 cap.

Best Suited For

The HSBC Advance Credit Card is the best cashback credit card Singapore for high spenders looking for an easy way to earn cashback. You’ll get 2.5% cashback on all local and overseas spends as long as you spend above S$2,000 monthly. It rewards you for everything you buy and gives you free travel insurance for you and your family.

If you travel often, you’ll benefit from this insurance. If you enjoy dining out and shopping, the card offers you special discounts and exclusive offers in the ENTERTAINER app. If you just got your new card, the annual fee on the card is waived for the first year. Whether you want to earn rewards easily or just enjoy additional benefits from a credit card, the no minimum spend cashback card is ideal for you!

2. Standard Chartered Simply Cash Credit Card

Key Features

• It offers 1.5% uncapped cashback on all eligible purchases.
• There is no minimum spend requirement, allowing you to earn cashback on every purchase.
• It provides a first-year annual fee waiver, offering a cost-effective option for new cardholders.
• If you apply before 30 September 2025, you will receive S$710 worth of welcome gifts, including a S$610 Samsonite luggage and S$100 cashback.
• It allows you to earn S$30 Caltex vouchers for fuel purchases upon card approval.
• It offers a cash advance facility at a one-time processing fee with 0% interest.
• It provides the ability to convert retail transactions into interest-free installments through the EasyPay service.

Benefits

• It offers 1.5% cashback on all purchases, with no cap.
• There is no minimum spend requirement, allowing flexibility in earning cashback.
• If you apply and spend S$800 within 60 days of card approval, you will receive S$710 worth of welcome gifts.
• If you like fuel savings, it offers S$30 Caltex vouchers upon approval.
• It offers instant digital credit card issuance via MyInfo, so you can start spending right away.

Things to Take Note of

• There is no cashback cap, allowing you to earn unlimited cashback on all eligible purchases.
• It is important to note that the EZ-Link facility on the card will be discontinued.
• If you convert your purchases into installments, you may incur a processing fee, depending on the plan chosen.
• It is crucial to remember that cashback will be credited to your card in the next statement cycle after the purchase.

Best Suited For

The Standard Chartered Simply Cash Credit Card is the best cashback credit card for you if you are looking for a straightforward cashback card with no cashback tiers and complicated requirements. Anyone who wants cashback immediately can take advantage as the card does not require any minimum spending limit.

The card also provides rewards, which include S$710 worth of welcome gifts for new applicants, as well as travel and fuel savings. You will get plenty of perks, including the instant issuance of a digital card so you can start using it right away, as well as S$30 Caltex vouchers. This card offers no cap on cashback earnings and is easy to use with great flexibility.

3. Citi Cash Back Card

Key Features

• It offers 8% cashback on private commute and petrol spend worldwide.
• It gives 6% cashback on dining and groceries spent worldwide.
• You will earn 0.2% cashback on all other retail purchases if you don’t meet the minimum spend requirement.
• It comes with a S$80 cashback cap on qualifying retail spend per statement month.
• You can enjoy up to 23.64% fuel savings at Caltex, Esso, and Shell, which includes the 8% cashback.

Benefits

• You can redeem cashback directly to your Citi Cash Back Card account each month.
• It provides exclusive dining, grocery, and shopping deals for cardholders.
• You can refer a friend and be rewarded with S$150 cashback.
• It offers up to S$1 million travel insurance coverage when you charge travel tickets to your card.
• It provides access to Citi World Privileges for deals and discounts locally.
• You can split your purchases into manageable monthly payments with Citi PayLite.

Things to Take Note of

• It is only eligible for S$80 combined cashback per statement month across all qualifying purchases.
• You must meet the minimum spend of S$800 to earn bonus cashback on eligible purchases.
• It has an annual fee of S$196.20, which is waived for the first year.
• You will earn cashback on S$50 or more; cashback below that will roll over to the next month.

Best Suited For

The Citi Cash Back Card suits people looking for an easy way to earn cashback for daily spendings. This is the best cashback credit card Singapore for those with regular usage of private transport, dining out or ordering food, and daily grocery shopping. One can also enjoy 8% cashback on petrol and commute, 6% on dining and groceries.

This card has no minimum spend and your cashback earns from day one. The card offers a nice reward system and no limitations on the amount of cashback. This card is a wonderful choice for those who want simplicity and great value for money on purchases in cafes and restaurants.

4. HSBC Live+ Credit Card

Key Features

• It offers up to 8% cashback on dining, shopping, and entertainment purchases worldwide.
• There is an additional 5% cashback on petrol spend at Caltex and Shell stations in Singapore.
• It gives a base cashback of 5% for qualifying purchases, with an extra 3% for new cardholders in the first two quarters after card issuance.
• It provides a cashback cap of S$250 per calendar quarter.
• It includes a complimentary 1-for-1 dining deal through the ENTERTAINER app.

Benefits

• It provides instant access to the card through digital issuance, allowing you to use the card immediately.
• It offers complimentary travel insurance, covering flight inconvenience and personal accidents up to SGD1 million.
• It provides 15% discounts at over 200 restaurants across Asia.
• It gives access to exclusive Visa Signature deals and privileges.
• It has no annual fee in the first year, making it a great entry-level option for new cardholders.

Things to Take Note Of

• It has a cap of S$250 for cashback earned every calendar quarter, meaning once you reach that amount, no additional cashback will be awarded.
• It requires a minimum spend of S$600 per month for qualifying purchases to earn enhanced cashback rates.
• This card has a 3.25% fee on foreign transactions.
• It offers an additional 3% cashback for purchases at specified merchants, but only for the first two quarters of the cardholder’s card issuance date.
• It is a great card for high spenders but has a cap on the cashback earned each quarter, so keep track of your spending.

Best Suited For

The HSBC Live+ Credit Card is the best cashback credit card for those who often dine, shop and enjoy entertainment locally and overseas. It’s perfect for those who want to earn high cashback without the complicated tier structure.

Also, people who spend on petrol get additional cashback on fuel as well. This card is a great option if you are looking for one with simple rewards and perks while earning a decent cashback on your regular spending. It also provides travel benefits and exclusive offers.

5. DBS Live Fresh Card

Key Features

• It provides up to 6% cashback on shopping and daily transport, making it perfect for everyday spenders.
• There is an additional 5.7% cashback for shopping and transport spend, capped at S$50 and S$20 per calendar month, respectively.
• It gives unlimited cashback at 0.3% for all other eligible spend, with no minimum spend required.
• It offers zero foreign transaction fees on in-store overseas purchases, with cashback of 3.25% to offset FX fees, capped at S$50.
• It includes a 1-for-1 dining offer at over 200 restaurants and access to exclusive shopping deals through Visa Concierge.

Benefits

• It provides a sign-up bonus of S$300 cashback for new cardholders with promo code ‘LFC300’.
• It offers a simple payment plan option, allowing you to split purchases into 0% interest installments for up to 3 months.
• It provides exclusive discounts at top dining and shopping spots through Live Fresh Dining and Shopping Deals.
• It gives you access to Visa Signature benefits, which unlock additional deals and privileges worldwide.
• It offers complimentary travel insurance, covering a wide range of unexpected travel inconveniences.

Things to Take Note Of

• It has a monthly cashback cap of S$50 for shopping and transport spend, and S$50 for in-store overseas spend.
• It requires a minimum monthly spend of S$800 to unlock enhanced cashback rates of 6% on shopping and transport.
• It has a 3.25% foreign transaction fee on all overseas purchases, but offers cashback to offset FX costs.
• It has specific exclusions for some merchants and purchase categories, so make sure to check the list of eligible purchases.
• It offers cashback credits only for amounts over S$50, and cashback is credited in multiples of S$10.

Best Suited For

The DBS Live Fresh Card is ideal for those who like to shop, dine and travel locally and overseas. It is perfect for individuals who want to get maximum cashback on their daily spending, including fuel and transport, without foreign transaction fees.

The credit card has no minimum spend requirement while also offering unlimited cashback on all non-category purchases. As such, it’s perfect for anyone who wants a simple but rewarding credit card. This is especially beneficial to anyone who loves discounts on dining and other lifestyle perks.

6. UOB EVOL Card

Key Features

• It offers up to 10% cashback on local spend, including mobile contactless and online purchases.
• There is a 5% cashback on overseas foreign currency spend (till 31 Dec 2025).
• It has a 0% foreign transaction fee, making it perfect for overseas shopping and dining.
• It provides 1-for-1 dining offers at select restaurants and access to a variety of discounts across merchants.
• It offers up to S$100 cashback monthly, with categories like shopping, transport, and overseas purchases having specific caps.

Benefits

• It offers 1% cashback on overseas foreign currency spend, with no minimum spend required.
• It offers a flat 0.3% cashback on all other purchases, with no caps on general spending.
• It includes the SimplyGo benefit, giving you 10% cashback on bus and train rides.
• It provides discounts and perks via the UOB EVOL Card’s collaboration with various merchants, including eco-friendly initiatives like carbon footprint offset.

Things to Take Note Of

• It has a monthly cashback cap of S$100, split between different categories such as local spend, overseas spend, and transport.
• It requires a minimum monthly spend of S$800 to earn the full cashback benefits.
• It provides a limited-time bonus of up to S$350 cash credit when you apply and meet spending requirements.
• It has specific caps for cashback categories, including overseas foreign spend and transport purchases, so be aware of limits.
• It offers 0% FX fees on overseas spend, but cashback is capped at S$20 for foreign transactions per month.

Best Suited For

The UOB EVOL Card is the best cashback credit card Singapore for those who love to travel, shop online and spend on mobile contactless payments. This credit card is a great option for individuals looking to get higher cashback rates on local and overseas spend with no FTFs.

The card benefits anyone who supports environmental initiatives and who wants discounts at restaurants and merchants. This card’s simple rewards and assorted benefits will appeal to those who spend regularly across a wide range of categories.

7. CIMB World Mastercard

Key Features

• It offers unlimited 2% cashback on dining, online food delivery, movies, digital entertainment, taxi rides, ride-hailing, automobile, and luxury goods.
• There is an unlimited 1% cashback for all other eligible purchases.
• It provides cashback without a cap on the amount for most purchases, up to S$100 combined across all categories per statement month.
• It offers access to over 1,300 airport lounges worldwide, making it ideal for frequent travelers.
• It includes exclusive discounts through the Mastercard® Southeast Asia Golf Program.

Benefits

• There are no limits on cashback for eligible categories, making it great for those who spend regularly on dining, entertainment, and shopping.
• You can earn cashback for all foreign currency transactions, benefiting from 3.25% cashback (capped at S$50) for overseas purchases.
• There is access to exclusive travel privileges, including a wide array of dining, shopping, and golf discounts.
• You receive complimentary airport lounge access, offering comfort and convenience during your travels.
• There is a simple cashback redemption process, where cashback is automatically credited to your account and offsets your next statement.

Things to Take Note Of

• It has a cashback cap of S$100 combined across all categories, including dining, shopping, and transport spend.
• It requires a minimum spend of S$1,000 in a statement month to earn 2% cashback on eligible categories; less spending earns 1% cashback.
• It offers up to 3% cashback for eligible purchases at participating merchants under the Mastercard Southeast Asia Golf Program.
• It provides automatic cashback to your account, which is applied to your next credit card statement.

Best Suited For

The CIMB World Mastercard is most suitable for those who dine, shop and travel frequently. This is great for anyone who wants to earn high cashback on everyday expenses such as taxi rides, movie tickets and food delivery with no limit on how much can be earned in these categories.

If you’re a frequent traveler, this card is also a good option as it offers a range of travel privileges including access to airport lounges plus many more offers at golf courses. This card gives unlimited cashback and travel benefits which makes them perfect for anyone looking for convenience and value.

8. Citi Cash Back+ Card

Key Features

• There is unlimited 1.6% cashback on all retail purchases.
• You can earn up to 3.25% cashback on qualifying foreign currency spend at select overseas merchants.
• A special welcome gift of up to 8% cashback (capped at S$320) for new Citi cardholders.
• You can redeem cashback instantly via Citi Mobile® App or SMS for convenience.
• There is a bonus 0.4% cashback available for Citi Plus customers with a Citi Interest Booster Account.

Benefits

• There is unlimited cashback, with no minimum spend required to earn rewards.
• You can enjoy up to S$1 million in travel insurance coverage when you charge travel tickets to your Citi Cash Back+ Card.
• You get access to Citi World Privileges for exclusive deals and discounts on dining, retail, and travel.
• There are special offers and 1-for-1 dining deals available through the Citi Gourmet Pleasures program.
• Enjoy the ease of converting large purchases into small, manageable payments via Citi PayLite.

Things to Take Note of

• Cashback on foreign currency spend is capped at S$49.50 per month for qualifying purchases.
• To earn the higher cashback rates (up to 3.25%), a minimum spend of S$800 is required each month.
• Cashback is automatically credited to your card, but the total cashback for any statement month is capped at S$80 across all categories combined.
• The 8% cashback offer on foreign currency spend is limited to select countries and subject to T&Cs.

Best Suited For

The Citi Cash Back+ Card is perfectly suitable for those who wish to earn unlimited cashback on dining, shopping, entertainment and more! This is ideal for those who travel abroad often and wish to earn rewards while spending in foreign currency.

This card is also perfect for people who want a simple cashback and do not want to deal with spending limits or tiers. It offers cashback on every purchase. Anyone looking for unrestricted rewards will be pleased with this easy redemption system.

9. POSB Everyday Card

Key Features:

• It offers up to 10% cashback on a variety of categories, including dining, food delivery, shopping, and transport.
• If you love dining out or ordering in, you can enjoy 10% cashback on food delivery services like Deliveroo and Foodpanda, and 5% cashback on dining at participating restaurants islandwide.
• There is 5% cashback on online shopping at popular platforms such as Amazon, Lazada, Shopee, and more.
• It provides 10% cashback on bus and train rides through SimplyGo, making your daily commute even more affordable.
• If you travel to Malaysia often, you’ll get 10% cashback on in-store spend in Malaysian Ringgit, including dining, entertainment, and shopping.
• There is 6% cashback on fuel purchases at SPC, helping you save on your trips to the gas station.
• It earns 0.3% cashback on all other eligible purchases, ensuring that every dollar spent brings you a reward.
• If you’re new to the card, you can enjoy up to S$388 cashback with the limited-time sign-up bonus using the promo code ‘PED388.’

Benefits:

• It rewards you with Daily$. Every time you make a purchase you earn Daily$ which can be redeemed anytime since Daily$ do not expire.
• There are exclusive promotions and offers From 1-for-1 dining deals to discounts at local and Malaysian retailers you’ll always have something to look forward to.
• If you’re a frequent shopper you’ll enjoy special offers and discounts at various merchants which give you even more ways to save.
• It offers travel-related perks. You can take advantage of discounts and deals at select destinations which help you save on your travel expenses.

Things to Take Note Of:

• It’s important to note that cashback is capped at Daily$20 per category, including dining, shopping, and transport.
• If you want to unlock higher cashback rates, make sure you meet the minimum monthly spend of S$800.
• There is a 3.25% foreign transaction fee on overseas spending, so be mindful when using the card abroad.

Best Suited For

The POSB Everyday Card is perfect for those who want to earn meaningful cashback on the money spent on everyday activities such as dining, shopping, and transport. This is great for anyone looking for a simple cash back offer with no requirements or spending level.

This card may be ideal for anyone travelling to Malaysia repeatedly. It’s also the perfect card for those who enjoy exclusive dining and shopping deals. You can also enjoy cashback for purchasing goods overseas or locally making it a great value-for-money card if you’re seeking convenience with your everyday purchases.

10. OCBC 365 Credit Card

Key Features

• You earn up to 6% cashback on dining, online food delivery, EV charging, and 3% cashback on groceries.
• You receive up to 6% cashback on fuel spend at all petrol stations.
• You can enjoy 0.25% cashback for all other eligible spends if you don’t meet the minimum spend requirement.
• It provides exclusive travel benefits. You can receive up to S$1 million in travel insurance coverage when purchasing tickets with your OCBC 365 Credit Card.
• There’s a limited-time bonus cashback promotion. You can earn up to 3.25% cashback on qualifying foreign currency spend in select countries until December 2025.

Benefits:

• It rewards you daily.You can enjoy 2x more cashback with up to S$160 cashback in Tier 2 when you spend above S$1,600.
• It simplifies cashback earning. There’s no minimum spend for earning cashback on certain categories.
• It offers convenient redemption.The cashback can be redeemed instantly via the Citi Mobile® app or SMS.
• There are multiple merchant discounts. You can access exclusive deals through Citi World Privileges and various merchants.

Things to Take Note Of:

• Cashback is capped at S$160 per calendar month.
• A minimum spend of S$800 is required to unlock higher cashback rates.
• Cashback on petrol is capped at S$29.50 per month.
• It offers a special 2.88% cashback on marketing expenses without any minimum spend.

Best Suited For:

The OCBC 365 Credit Card is the best cashback credit card for individuals who want high cashback on their everyday spending like dining, grocery shopping and petrol. It’s ideal for people who travel a lot, shop online often or want a simple cashback option without too many levels.

The card is ideal for people who need simple, regular, rewards. Plus, there are things like travel insurance and other exclusive services too. This is a cashback credit card with decent cashback rates and simple earning capability that offers a good boost to your buying power with minimal effort.

11. Maybank Family & Friends Card

Key Features:

• It offers up to 8% cashback on selected categories like dining, shopping, groceries, petrol, and entertainment.
• There are flexible cashback categories, allowing you to pick categories that best suit your lifestyle, including dining, wellness, online shopping, and more.
• If you make purchases in Malaysian Ringgit (MYR) or Indonesian Rupiah (IDR), you can earn up to 8% cashback under the Bonus Category.
• It rewards you with a Samsonite luggage (worth S$520) if you spend a minimum of S$1,300 within the first two months of card approval.
• There is 8% cashback on fuel purchases at participating stations, like SPC, Shell, and Esso.
• If you’re a frequent online shopper, enjoy 5% cashback on purchases from platforms like Lazada, Shopee, Taobao, and others.

Benefits:

• It provides cashback on dining and food delivery, including services like GrabFood, Deliveroo, and more.
• There are cashback rewards for entertainment expenses like movie tickets, concerts, and other activities.
• If you like shopping online, you get 5% cashback on purchases from popular platforms such as Amazon, Lazada, and Shopee.
• It offers bonus cashback on groceries, making it ideal for everyday essentials, both locally and overseas.
• If you’re a pet owner, enjoy cashback on pet-related purchases from Pet Lovers Centre and other retailers.
• It offers exclusive regional travel deals and discounts on destinations across Malaysia and Indonesia.

Things to take note of:

• It requires a minimum monthly spend of S$800 to unlock the highest cashback rates, and you will earn 0.3% cashback for spending less than S$800.
• There is a cap on cashback: Up to S$125 per month for selected categories and S$25 for overseas spend in MYR/IDR.
• If you select categories like fuel, dining, or shopping, cashback is capped at S$25 per category each month.
• It excludes fast food restaurants from earning the 8% cashback rate in the dining category.

Best Suited For:

The Maybank Family and Friends Card is a great card for travellers that travel to Malaysia and Indonesia as it provides great benefits for purchases in MYR & IDR. It is ideal for those who prefer to select cashback categories based on lifestyle like dining, shopping entertainment among others. If you want to enjoy variations in cashback rates based on your spend, this card is a good option. When you make your purchases in Singapore, Malaysia, and Indonesia, you enjoy even more savings.

The card offers up to 8 percent cash back on dining, shopping, and fuel. New members receive a sign-up bonus and a free Samsonite luggage. It also gives you additional cashback on overseas spending in MYR and IDR, making it great for travelers.

What are Cashback Credit Cards?

Cashback credit cards are a type of financial product that rewards users with a percentage of their spending back in the form of cash. Unlike points or miles, cashback is straightforward to understand – you spend money, and a portion of that expenditure is returned to you. The cashback earned is typically credited to the cardholder’s account and can offset future purchases or be withdrawn, depending on the card’s terms.

These cards come with various cashback rates and structures. Some offer a flat rate on all purchases, while others provide higher rates in specific categories like dining, groceries, or fuel. Cashback credit cards are popular for their simplicity and practicality, as they effectively reduce the net cost of purchases made using the card.

However, they often come with caps on how much cashback can be earned and might require a minimum spend to qualify for the higher cashback rates. They are an excellent choice for those who prefer tangible rewards and want to earn money back on their everyday spending.

How do Cashback Credit Cards Work?

Cashback credit cards operate by offering cardholders a rebate, a portion of the amount spent on purchases, as a cash reward. This system is straightforward, when you use a cashback card for transactions, a certain percentage of the expenditure is returned to you. The mechanism of earning and redeeming cashback varies among different cards, but the fundamental concept remains consistent.

Key Terms Explained

• APR (Annual Percentage Rate): This is the yearly interest rate charged on outstanding balances if you don’t pay your card off in full each month. It’s crucial to understand APR as carrying a balance on a cashback card could negate the benefits of the cashback earned.
• Rewards Rate: This refers to the percentage of cashback you earn on purchases. It can be a flat rate across all purchases or vary by spending category (e.g., higher rates for grocery or dining expenses).
• Cashback Cap: Some cards limit the amount of cashback you can earn in a specific period or within certain categories.
• Minimum Spend Requirement: Certain cashback cards require you to spend a minimum amount either monthly or annually to qualify for the higher cashback rates.
• Redemption Options: This refers to how you can use your cashback. Options may include statement credits, direct deposits, or even purchasing gift cards.

Types of Cashback Credit Cards in Singapore

Cashback credit cards in Singapore come in various forms, each catering to different spending habits and preferences. Understanding the types can help you choose the one that aligns best with your lifestyle.

Each type of cashback credit card serves different spending behaviours. General cashback cards are straightforward and easy to manage, category-specific cards maximize rewards on particular types of spending, and tiered cashback cards benefit consistent spenders who can meet the spending thresholds regularly. Choosing the right type depends on your monthly expenditure patterns and financial habits.

To choose the right card for your spending style, explore our detailed guide in “Best Credit Cards in Singapore“. This article will help you sift through the options to find the card that best suits your financial needs.

How to Maximizing Your Cashback

Maximizing cashback from credit cards requires a strategic approach to spending, combining different cards, and diligent tracking of your expenditures and rewards. Here’s how you can make the most of your cashback credit cards:

1. Strategic Spending

Focus your spending on categories that offer the highest cashback rates. For example, if you have a card that offers higher cashback on groceries, use it exclusively for your supermarket purchases. Similarly, for dining or fuel expenses, use the card that provides the best cashback for those specific categories. Timing your purchases, especially for big-ticket items, to align with promotional periods or cashback offers can also significantly increase your rewards.

2. Combining Cards for Maximum Benefits

• How? 

Use different cards for their respective high-reward categories. For instance, one card may offer high cashback on dining, while another offers it on travel or online shopping. You maximise overall cashback by using each card for its best cashback category.

• What Not to Do? 

Avoid spreading out your expenses too thinly across multiple cards, especially if they have minimum spending requirements to qualify for higher cashback rates. Also, be wary of the potential for increased spending just to chase cashback rewards, as this can lead to financial strain.

3. Keeping Track of Spending and Rewards

Regularly monitor your credit card statements and track your spending in each category to ensure you are maximizing potential cashback. Many banks provide mobile apps or online platforms where you can check your spending and rewards in real time. Setting up alerts for when you’re close to reaching a cap or a required spend threshold can help you make informed spending decisions. Additionally, periodically review your card’s terms and conditions, as banks may change cashback rates or categories.

How to Apply for a Cashback Credit Card

Step 1: Check the eligibility requirements

• Income: Most credit cards in Singapore require a minimum annual income, which varies depending on the card and the bank. For Singaporeans and PRs, it typically ranges from S$30,000 to S$50,000, while it may be higher for foreigners.
• Age: Applicants must be at least 21 years old, though some cards have a minimum age of 18 for supplementary cardholders.
• Credit Score: A good credit score is crucial for approval. Banks will check your credit history to assess your creditworthiness.

Step 2: Select a reliable platform for the application

• Bank Websites: Applying directly through the bank’s website is a reliable option. Banks often have exclusive online sign-up promotions and offers.
• Financial Comparison Websites: Websites like MoneySmart, CompareAsiaGroup, or GoBear offer a platform to compare different credit cards and their benefits. They occasionally provide special deals or additional rewards for applying through their platform.
• Bank Branches: You can visit a bank branch for a more personal approach. This is useful if you have specific questions or prefer face-to-face assistance.

Details Application Process: Step-by-Step Guide 

1. Research and Compare: Start by comparing different cashback credit cards to find the one that best suits your spending habits and needs.
2. Check Eligibility: Ensure you meet the income, age, and credit score requirements for the card you choose.
3. Gather Necessary Documents: Typically, you’ll need proof of income (e.g., payslips, income tax return), proof of identity (e.g., NRIC or passport), and proof of address.
4. Fill Out the Application: Complete the application form, either online, in a bank branch, or through a financial comparison website. Provide accurate and complete information.
5. Submit Required Documents: Attach all necessary documents with your application. Online applications usually require digital copies, whereas in-person applications may require physical documents.
6. Wait for Approval: After submission, the bank will process your application. This can take from a few days to a couple of weeks. The bank might contact you if additional information is needed.
7. Receive Your Card: Once approved, your credit card will be mailed to you. Activate it according to the bank’s instructions.

Conclusion

The best cashback credit cards in Singapore offer a practical and rewarding way to manage everyday expenses, providing tangible returns in the form of cash rebates. When choosing a card, consider factors like cashback rates, spending categories, and any associated fees to align the card with your spending habits.

For maximum benefit, strategically use cards that offer high cashback in your most frequent spending categories and stay aware of any caps or minimum spend requirements. Remember, the key to making the most of a cashback credit card lies in disciplined spending and regular tracking of your expenditures and rewards. By doing so, you can turn routine purchases into smart savings.

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Disclaimer

This content is for informational purposes only and is not intended as financial advice. Please consult a financial professional before making any decisions based on this information. We do not guarantee the accuracy of the financial product information provided since the product information is kept updated.