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. American Express True Cashback Card

Key Features

• Unlimited 1.5% cashback on all purchases.
• Introductory offer of 3% cashback for the first S$5,000 spent in the first 6 months.
• No minimum spend is required to earn cashback.

Benefits

• Flexibility with no cap on cashback earned.
• Wide range of eligible purchases for cashback.
• Access to exclusive American Express offers and experiences.

Things to Take Note Of

• The higher cashback rate is limited to the first S$5,000 spent in the first 6 months.
• A foreign transaction fee of 2.5% applies to overseas spending.
• The annual fee is applicable from the second year onwards.

Best Suited For

The American Express True Cashback Card is ideal for those who value simplicity and efficiency in a credit card. With its straightforward 1.5% unlimited cashback on all purchases and no minimum spending requirements, it’s perfect for everyday use across a wide variety of spending categories.

The card’s introductory offer of 3% cashback on the first S$5,000 spent in the first 6 months is an excellent bonus for new cardholders. This card particularly appeals to those who prefer a no-fuss, easy-to-understand rewards structure, making it one of the best cashback credit cards in Singapore for general use.

2. Citi Cash Back Card

Key Features

• High cashback rates in key categories which are 8% on dining, groceries, and petrol.
• Cashback is capped at S$80 per category monthly.
• Requires S$800 minimum spend monthly to qualify for higher cashback rates.

Benefits

• Significant savings for frequent spenders in dining, groceries, and petrol.
• Access to Citi World Privileges, offering deals and discounts globally.
• Automatic cashback accumulation with no redemption required.

Things to Take Note Of

• The cashback rate drops to 0.25% for spending outside of the primary categories.
• The high cashback rate is contingent on meeting the S$800 monthly spend threshold.
• The annual fee is waived for the first year under specific spending conditions.

Best Suited For

The Citi Cash Back Card is best suited for individuals who have significant monthly expenditures in dining, groceries, and petrol, making it a top choice for those looking to maximize cashback in these specific categories. Its high cashback rate of 8% in these key areas, along with a generous cap of S$80 per category, makes it ideal for frequent spenders.

However, it requires a disciplined spending pattern to make the most of the benefits, particularly due to the S$800 monthly minimum spend requirement. The card is a great fit for those who can consistently meet this threshold and want to reap substantial rewards on their routine expenditures.

3. HSBC Visa Platinum Credit Card

Key Features

• 5% cashback on dining, groceries, and fuel.
• Quarterly cashback cap of S$120.
• Quarterly minimum spend of S$600.

Tiers of Cashback

• 5% cashback for dining, groceries, and fuel, up to a cap of S$120 per quarter.
• Other spends earn reward points instead of cashback.

Benefits

• High cashback rate in essential categories.
• Comprehensive benefits are suitable for family spending.
• Extended annual fee waiver for the first 2 years.

Things to Take Note Of

• Cashback is only awarded upon meeting the quarterly spending requirement.
• Limited to specific categories for high cashback rates.
• Reward points system for non-categorized spending.

Best Suited For

The HSBC Visa Platinum Credit Card is an excellent choice for families, making it a standout among the best cashback credit cards in Singapore for household expenses. The card focuses on the most common family-related expenses, offering a substantial 5% cashback on dining, groceries, and fuel.

This is particularly beneficial for those who manage family budgets and are consistent with their spending patterns. The requirement of a S$600 quarterly spend to earn cashback aligns well with regular family expenditures, making it a practical choice for everyday family needs. The additional two-year fee waiver and family-centric benefits further enhance its appeal.

4. CIMB Visa Signature Card

Key Features

• 10% cashback on dining, entertainment, online shopping, and more.
• Up to S$100 cashback cap per category per month.
• No annual fee for life.

Benefits

• High cashback rate in popular spending categories.
• Access to a wide range of lifestyle privileges.
• Complimentary travel insurance coverage.

Things to Take Note Of

• S$800 minimum spend across all retail spends to earn high cashback.
• Cashback categories are specific and require alignment with spending habits.
• Cashback cap of S$100 per category per month.

Best Suited For

The CIMB Visa Signature Card is ideally suited for individuals who frequently spend in its high cashback categories like online shopping, dining, and entertainment. Its standout feature is the high cashback rate of 10% in these selected categories, making it an excellent choice for those who align with these spending habits.

The requirement of a minimum spend of S$800 per month is something to consider, but for those who meet this threshold, the card offers substantial rewards. The absence of an annual fee adds to its appeal, making it a cost-effective option for maximizing returns on everyday expenses.

5. CIMB World Mastercard

Key Features

• 2% cashback on selected categories including wine & dine and entertainment.
• No cap on the cashback earned.
• No minimum spend is required to earn cashback.

Benefits

• Unlimited cashback with no cap.
• Complimentary travel and lifestyle benefits.
• No annual fee, increasing overall savings.

Things to Take Note Of

• The cashback rate is limited to specific spending categories.
• 3% foreign transaction fee on overseas spending.
• High-income requirement for eligibility.

Best Suited For

The CIMB World Mastercard is an excellent option for those with a lifestyle centered around dining, entertainment, and leisure. Its 2% cashback in these specific categories makes it a beneficial choice for individuals who frequently spend in these areas.

The card’s lack of a minimum spend requirement and no cashback cap offer flexibility and ease of use, appealing to those who want straightforward rewards without complex conditions. Additionally, the array of complimentary travel and lifestyle benefits, coupled with no annual fee, makes it a cost-effective choice for those meeting the income requirements. This card is particularly suited for high earners who enjoy dining out, entertainment, and leisure activities regularly.

6. Standard Chartered Simply Cash Credit Card

Key Features

• 1.5% cash back on all purchases.
• No cap on cashback earnings.
• No minimum spend is required to earn cashback.

Benefits

• Simplified cashback structure, suitable for all types of purchases.
• Ease of cashback redemption.
• Annual fee waiver for the first year.

Things to Take Note Of

• Flat cashback rate without any category-specific bonuses.
• Higher foreign transaction fees on overseas spending.
• Annual fee is applicable from the second year onwards.

Best Suited For

The Standard Chartered Simply Cash Credit Card is ideal for individuals who prefer a straightforward and easy-to-manage cashback program. Its uniform 1.5% cashback rate on all spends makes it a suitable choice for those who do not want to keep track of category-specific bonuses or minimum spend requirements.

This card is especially appealing to those who value simplicity in their financial products and make a variety of purchases. With no cashback cap and a simple redemption process, it’s an excellent choice for everyday use, appealing to a broad demographic of spenders.

7. UOB EVOL Card

Key Features

• High cashback rates for online and contactless payments.
• No cashback cap on general spending.
• Convenient contactless payment options.

Spending Illustration

Benefits

• High cashback rate in popular spending categories.
• Useful for frequent online shoppers and users of contactless payments.
• Access to UOB’s promotional offers and privileges.

Things to Take Note Of

• Cashback rate of 8% is contingent on meeting the S$600 monthly spend.
• Cashback is capped at S$60 per month.
• The annual fee is waived only for the first year.

Best Suited For

The UOB EVOL Card is particularly suited for tech-savvy individuals who prefer online shopping and the convenience of contactless payments. Its 8% cashback rate for online and contactless transactions makes it one of the best cashback credit cards in Singapore for digital and mobile-first users.

This card is ideal for those who consistently meet the S$600 monthly spending threshold and aim to maximize their cashback on everyday digital transactions. The UOB EVOL Card is a smart choice for modern consumers who are looking for a credit card that aligns with a fast-paced, technology-driven lifestyle.

8. UOB One Credit Card

Key Features

• Tiered cashback system with a maximum of 10% on selected spends.
• Higher cashback for consistent spending across three months.
• Rebates on utilities and telco bills.

Tiers of Cashback

Benefits

• High potential cashback for regular spenders.
• SMART$ rebates at numerous participating outlets.
• Flexibility in spending across various categories.

Things to Take Note Of

• Requires consistent spending over each quarter to earn maximum cashback.
• Cashback rates and caps depend on meeting specific spending tiers.
• Annual fee is applicable from the second year.

Best Suited For

The UOB One Credit Card is best suited for individuals with regular and consistent spending patterns. Its tiered cashback system, offering up to 10% on selected spends, is designed to reward those who can maintain a steady level of expenditure across various categories each quarter.

This card is ideal for disciplined spenders who can plan their expenses to meet the tiered requirements, maximizing their cashback potential. With additional SMART$ rebates and discounts at various merchants, it’s a great choice for those looking to optimize their savings on everyday transactions.

9. OCBC 365 Card

Key Features

• Up to 6% cashback on dining and online food delivery.
• Cashback on everyday categories like groceries and transport.
• Annual fee waived for the first two years.

Tiers of Cashback

Spending Category

Benefits

• High cashback on common spending categories.
• Broad range of eligible cashback categories.
• Fuel savings and additional insurance benefits.

Things to Take Note Of

• S$800 minimum spend required to qualify for higher cashback rates.
• Monthly cap of S$80 on cashback.
• Cashback rates vary significantly across different spending categories.

Best Suited For

The OCBC 365 Card is particularly well-suited for individuals who spend regularly across a variety of everyday categories. With its high cashback rate on dining and online food delivery, it appeals to those who frequently dine out or order in. The card is also beneficial for routine expenses like groceries and utilities, making it a strong all-rounder for day-to-day spending.

The requirement of a S$800 minimum monthly spend is key to maximizing its benefits, making it ideal for those with a consistent spending pattern. With additional perks like fuel savings and travel insurance, it’s a comprehensive choice for everyday use.

10. DBS Live Fresh Card

Key Features

• 5% cashback on online and Visa contactless transactions.
• Additional 5% Green Cashback on selected eco-friendly spends.
• Eco-conscious credit cards made from recycled materials.

Benefits

• Higher cashback rates for online and contactless payments.
• Supports environmentally friendly spending.
• Access to DBS lifestyle offers and privileges.

Things to Take Note Of

• Cashback caps in various categories.
• S$600 minimum spend required to qualify for higher cashback rates.
• Annual fee applicable from the second year.

Best Suited For

The DBS Live Fresh Card is an excellent choice for environmentally conscious individuals and digital natives. It offers a robust 5% cashback on online and Visa contactless transactions, aligning perfectly with the spending habits of tech-savvy consumers.

Additionally, its focus on sustainable spending with an additional 5% green cashback encourages eco-friendly purchases. The card’s design, made from recycled plastic, reflects its commitment to environmental sustainability. This card is best suited for those who are not only looking to maximize their rewards on digital and contactless payments but also wish to support eco-friendly initiatives in their daily transactions.

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.

Frequently Asked Questions

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.