Collecting air miles for your jet setting lifestyle sounds sexier than trying to scrounge for cash rebates, but if you’re still one of those people who believe that cash is king, getting card benefits in cold, hard cash is just as appealing.
You literally get free money when you use a cashback card, and given that’s there’s no free lunch in Singapore, there’s no way we’re saying no to that.
So let’s see which are some of the best cash back credit cards in Singapore.
Here are our top picks for cashback cards with the highest cashback rates.
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Move over, Citibank, because the new best cashback card on the market is UOB’s Absolute Cashback card. This card takes all the good things about Citi’s Cash Back+ card and adds another percentage point to its rebates — at 1.7%. The only downside? It’s an Amex card, which means that it might be a challenge to find smaller merchants that accept it.
If you do stick to large merchants and put all your spending there, as well as bills, insurance premiums, school tuition fees, and the like, you’ll be able to get more mileage than the cards listed below.
3. Citi Cash Back+ Card
Citi Cash Back+ Mastercard®
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Key Features
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1.6% cashback on your spend
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No minimum spend required and no cap on cash back earned
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Cash back earned does not expire
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Redeem your cash back instantly on-the-go with Pay with Points or for cash rebate via SMS
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With Citi PayAll, you can earn and accumulate Citi Miles, Citi ThankYou PointsSM or Cash Back quickly when you pay your big-ticket bills such as rent, insurance premiums, education expenses, taxes, utilities and more
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Unlike some cards whose benefits require a PhD to figure out, anyone with half a brain can successfully earn cashback on the Citi Cash Back+ Card.
Unlimited cashback cards like Citi Cash Back+ give you a flat cashback rate on everything with no cap. This makes them ideal for big-ticket spending like wedding dinners or home renovations, which would bust the cashback cap on most cards.
The Citi Cash Back+ Card currently plays second fiddle to UOB’s Absolute Cashback card offering 1.6% cashback on all spending. With no minimum spending or cashback cap, there’s virtually nothing that would disqualify you from the 1.6% cashback.
To sweeten the deal, you can get 10% cashback on up to $3,000 (capped at $252) in your first 3 months with the card until 31 October 2022.
4. Standard Chartered Unlimited Cashback Card
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Standard Chartered Unlimited Cashback Credit Card
MoneySmart Exclusive:
Apply and spend S$250 to get an Apple AirPods Gen 3 (worth S$269) or Nintendo Switch Lite (worth S$279) or S$250 Cash via PayNow. T&Cs apply.
Valid until 30 Sep 2022
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Key Features
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Flat 1.5% cashback rate for all eligible purchases
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No cashback cap and no minimum spend
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2 year annual fee waiver
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Up to 22.61% fuel savings at Caltex
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The Standard Chartered Unlimited Cashback Card is a nice-but-not-the-best-in-the-world cashback card. The card gives you 1.5% cashback on all spending with no cashback cap and no minimum spending.
Despite a slightly lower cashback rate than the Citi Cash Back+ Card, the Stanchart Unlimited Cashback Card has some advantages: for instance, its annual fee is waived for 2 years and you get up to 5 free supplementary cards.
5. American Express True Cashback Card
Online Promo
Unlimited Cashback
American Express True Cashback Card
Online Promo:
Receive S$80 CapitaVoucher with minimum spending of S$250 in the first month. For new to American Express Members only. Valid until 30 September 2022. T&Cs apply.
Valid until 30 Sep 2022
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Key Features
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2.5% Cashback on foreign currency spend (1.5% + extra 1.0%).
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Unlimited Cashback – No min spend & no cap
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3% Cashback for the first 6 months up to S$5,000 spend, 1.5% Cashback on any purchase you make thereafter
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The Amex True Cashback Card is one of the longest-standing unlimited cashback cards around. It doles out 1.5% cashback on all spending with no minimum spending requirement and no cashback cap.
You can also get $80 CapitaVouchers iff you spend a minimum of S$250 in the first month.
The card also offers 3% cashback on up to $5,000 worth of spending in your first 6 months of use. Not as generous as the Citi Cash Back+ sign up bonuses, but lasts longer.
6. UOB One Card
UOB One Card
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Key Features
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Up to 10% rebate at Dairy Farm Group merchants (Cold Storage, Giant, 7-Eleven, Guardian and more)
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Up to 10% rebate on Grab, SP utilities bills and UOB Travel spend
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Up to 5% cash rebate on all retail spend for spend such as home furnishings, electronics & bill payment
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Up to 24% savings on fuel purchases at SPC and 20.8% at Shell Stations
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1 year annual fee waiver of S$192.60 (First year annual fee waiver)
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The UOB One card offers some of the most generous cashback rates out there, but is reviled for its complex as hell mechanism. Suitable only for those who like a challenge.
The card gives you up to 3.33% on all retail spending. But in order to earn that amount, you need to spend $2,000 each month (at least 5 transactions) for 3 months consecutively. The cashback will then be paid out in a lump sum of $200 at the end of the quarter. That also means that spending more than $2,000 in any given month will lower your cashback percentage.
Can’t spend that much? If you spend $2,000/$1,000/$500 per month for 3 consecutive months you get $200/$100/$50 cashback, which works out in both cases to up to 3.33% cashback.
If you qualify for any of the cashback tiers, you can also earn an additional 5% bonus cashback at Shopee, Cold Storage, Giant, Guardian, 7-Eleven, Marketplace, Jasons and Jasons Daily, as well as Grab and UOB Travel. In the same vein, you can also get a bonus 1% cashback on your Singapore Power utilities bills.
The UOB One card is indeed generous but once you hit the minimum spending requirements, it is a waste to spend more. So, you’ll need to monitor your spending on the card.
7. Maybank Family & Friends Card
The Maybank Family & Friends Card is the ideal card to use if you spend your time feeding hungry kids or comparison shopping at NTUC FairPrice.
You get 8% cashback on 5 out of the 10 cashback category options offered by Maybank. This includes groceries (including online grocery delivery), dining and food delivery, transport includes bus, train, ride hailing and petrol, and data communication/online TV streaming bills including the local telcos, Netflix and Disney+.
The 8% rebate also applies to a random retail category which includes pet and vet services, online shopping, entertainment, pharmaceutical, beauty and wellness, and sports and sports apparel.
To qualify for the 8% cashback, which is capped at $125 per month and $25 per category, you have to spend at least $800 in a calendar month. Otherwise, the base interest rate is 0.3%.
8. Citi Cash Back Card
Citi Cash Back Card
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Key Features
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6% cashback on dining, 8% cashback on groceries, petrol and 0.25% cash back for other retail purchases
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Cash back is capped at S$80/month with min. spend of S$800/month
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Up to 20.88% savings at Esso and Shell, and 8% cash back at other petrol stations
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For retail spend less than S$800, 0.25% cash back is awarded for all categories of spend, no cap on cash back earned
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With Citi PayAll, you can earn and accumulate Citi Miles, Citi ThankYou PointsSM or Cash Back quickly when you pay your big-ticket bills such as rent, insurance premiums, education expenses, taxes, utilities and more
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Not to be confused with the Citi Cash Back+ Card, the Citi Cash Back Card without-a-plus gives you 8% cashback on groceries and petrol and 6% cashback on dining, provided you meet the minimum spending requirement of $800 in a month.
The total amount of cashback you can earn is capped at $80 each month, which means it’s only worth spending $1,200 to $1,440 to earn maximum cashback.
9. DBS Live Fresh Card
Online & Visa Contactless Spend
DBS Live Fresh Card
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Key Features
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Earn up to 5% cashback on Online & Visa contactless spend with a minimum spend of S$600 per calendar month
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Earn 0.3% cashback on all other spend
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All-in-one card: Use the same card for your bus and train rides, and ATM withdrawals
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Enjoy 1-year annual fee waiver
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DBS Live Fresh has rebranded itself as Singapore’s first eco-friendly card and now offers 5% cashback at certain eco-businesses. Participating merchants include eateries like Just Dabao, Open Farm Community and The Summerhouse, grocery stores like Little Farms and Scoop Wholefoods, and transport services like SG Bike, BlueSG and electric vehicle charging.
Ignoring that greenwashing, the card’s true benefit is actually 5% cashback on online and Visa contactless spending, capped at $20 per month respectively.
This card is most useful for online shopping or to pay for electric car charging or rental, so long as you can meet the minimum spending of $600.
10. OCBC FRANK Credit Card
OCBC Frank Card
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Key Features
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Minimum Total of $600 Spend
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Up to 6% Cashback for Mobile Payments
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6% Rebate on FX Spending
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S$75 Cap Monthly with $25 per Sub Category as per TNCs
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2 Years Fee Waiver for Principal Card, Subsequent Years Waived with Min. Spend of S$10,000 p.a.
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Don’t be fooled by the OCBC Frank Credit Card’s rather fluffy branding. It is actually one of the more solid online shopping credit cards out there, offering 6% cashback on all types of online spending, whether for clothes shopping, grocery purchases or your Netflix subscription.
You also get 6% cashback whenever you pay with your smartphone via Apple Pay, Samsung Pay, Google Pay, Fitbit Pay or Garmin Pay.
The minimum spending requirement is $600 in a month. You’re entitled to up to $25 cashback on online spending, $25 on in-store spending (mobile payments) and $25 on all other spend — that means you can earn up to $75 cashback altogether.
11. Citi SMRT Card
No Minimum Spend for Cashback
Citibank SMRT Card
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Key Features
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No monthly rebates cap, although rebates are capped at 600 SMRT$ per year
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Minimum spend of S$500 per statement month to earn maximum rebates across groceries, online shopping, taxi rides (including private hire operators such as Grab and Gojek), EZ-Link Auto Top-up and SimplyGo transactions.
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Earn up to 5% SMRT$ on groceries [0.3% (base rate) + 4.7% (bonus rate)]
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Earn up to 5% SMRT$ on online shopping [0.3% (base rate) + 4.7% (bonus rate)]
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Earn up to 5% on taxis and private hire cars [0.3% (base rate) + 4.7% (bonus rate)]
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Earn up to 5% SMRT$ for EZ-Reload and SimplyGo transactions [0.3% (base rate) + 4.7% (bonus rate)]
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Earn 0.3% SMRT$ on all other retail spends
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Every S$1 spent gives you 1 SMRT$. Redeem your Citi SMRT$ Rewards for cash rebates and vouchers via Citibank Online
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2 years fee waiver for principal cardholder and 2 supplementary cards
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To apply for EZ-Reload Auto Top-up facility, please download the EZ-Link mobile app and register your card.
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The Citi SMRT Card has all the glamour of an Ezlink card, but who cares when it’s giving you a generous 5% cash back on groceries, public transportation and online shopping if you meet the minimum spend of $500 a month. Otherwise, it’s a paltry 0.3% base interest rate.
Total cashback is capped at $600 every 12 months, which works out to $12,000 worth of spending per year. If you’re new to Citibank credit cards and are thinking of signing up for the Citi SMRT Card, you can qualify for the ongoing welcome promo. Get $300 cashback when you spend $1,000 in the first calendar month. The promotion ends 31 October 2022.
12. POSB Everyday Card
Earn Cash Rebates that Never Expire
POSB Everyday Card
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Key Features
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No minimum spend
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Base cashback rate: 0.3% POSB Daily$ rebate for all purchases
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Activate SimplyGo to use your card as an EZ-Link card. SimplyGo charges MRT and bus fares to your credit card, eliminating the need for auto top-ups
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Link the POSB Everyday Card to your DBS or POSB Savings or Current account to use card at ATM
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The POSB Everyday Card doesn’t look very alluring, but it’s good enough for life’s basic needs. There is no minimum spending requirement for you to earn 7% cashback at Sheng Siong, 5% cashback at Redmart, 3% at Watsons and Pet Lovers Centre and up to 5% on SP utility bills (if you spend above $800 on this card per month).
If you drive, it also gets you 20.1% savings at SPC — everyone’s favourite cheap petrol kiosk.
On top of that, if you do spend at least $800 a month, you can unlock rebates of 10% on foodpanda and Deliveroo delivery, 8% on selected online shopping merchants such as Amazon.sg, Lazada, Shopee, RedMart, and iHerb, and 3% on dining.
13. How do cashback credit cards work?
Before you get too excited about that hefty bonus cash rebate, remember that banks aren’t charities. They have to impose minimum spend requirements and cashback caps, or else they’ll just bleed money. So don’t get led astray by big fat cashback promises — the important details are usually in the T&Cs.
Here’s how they work:
How do Cashback Credit Cards work? Cashback cards reward you for spending money . When you spend money, you get a fraction back as a Cash Rebate . (Effectively a discount off your credit card bill.) Basic Cashback A simple percentage (e.g. 1%) that applies to all spend. Bonus Cashback Rewards spending on certain merchants. Minimum Spend The minimum you have to spend in order to receive the cash rebate. Cashback Cap The maximum amount of cash rebate you can get. Types of Cashback Cards Restrictions to look out for Basic Cashback A simple percentage (e.g. 1%) that applies to all spend. Bonus Cashback Rewards spending on certain merchants.
Want to find out more about the best cash back credit cards in Singapore? Compare and apply at MoneySmart!
The post 11 Best Cashback Credit Cards in Singapore (2022) appeared first on the MoneySmart blog.
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Original article: 11 Best Cashback Credit Cards in Singapore (2022).
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