Cashback credit cards are one of the best types of rewards for customers. All you need to do is charge you spend on your credit cards and you will automatically receive a rebate on all the purchases you make.
Credit card cashback rate range from 1.5% to 8% based on the eligible purchases. Rebate apply to specific purchases including transport, online shopping and groceries. So the first thing you need to know before choosing your credit card id your monthly spending habits.
How Do Cashback Credit Cards Work?
Cashback credit cards earn Singaporean dollars each time you spend on a particular category using your cashback card.
For example, a cashback credit card gives you 1.5% monthly cashback rates for a total purchase of S $200. Therefore, you’ll get S $3 cashback per month. If you spend S $5,000 per month, you get S $75 cashback on your card.
A high cashback credit card gives you the biggest returns. However, most high-rate cashback credit cards have equally high minimum spending and annual fees.
In addition, cashback credit cards cater to specific categories. For example, some cards will give you higher cashbacks on travel and shopping spending. On the other hand, a bank’s cashback credit card gives you cash rebates for online shopping, online TV streaming, or foreign currency spending or conversion.
The 15 Best Cashback Credit Cards in Singapore (2022)
Here are fifteen cash credit cards that give you excellent rebates for various activities. Keep this list handy once you’ve decided to get a card.
Here is a look at 15 of the best credit cards in Singapore you can choose from in detail:
| Cashback Rate | Minimum Monthly Spending | |
|---|---|---|
|
UOB Absolute Cashback |
1.7% |
S$0 |
|
Citi Cash Bank and Card |
8% |
S$800 |
|
Standard Chartered Unlimited Cashback Card |
Up to 1.5% |
S$0 |
|
UOB One Card |
10% |
S$500 |
|
HSBC Visa Platinum |
5% |
S$600 |
|
DBS Live Fresh |
5% |
S$600 |
|
POSB Everyday Card |
Up to 10% |
S$800 |
|
CIMB Visa Infinite |
2% |
S$2,000 |
|
OCBC Frank Card |
6% |
S$600 |
|
Maybank Family and Friends Card |
8% |
S$800 |
|
Citi Cash Back + Credit Card |
1.6% |
S$0 |
|
OCBC 365 Card |
Up to 6% |
S$800 |
|
UOB Evol |
8% |
S$600 |
|
American Express True Cashback Card |
1.5% |
S$5,000 for the first 3 months |
|
CIMB World MasterCard: Best Leisure Lovers |
2% |
S$1,000 |
1. UOB Absolute Cashback: The Best Well-Balanced Card
The UOB Absolute Cashback secures the bank’s presence as an excellent cashback credit card with excellent cash rebates. UOB now works with American Express to provide you with a high 1.7% cash rebate rate. Plus, UOB Absolute Cashback gives you cash rebates for bills, insurance premium payments, and every category possible.
Key Features:
Pros
- Great for cashback stacking with grab pay
- 1.7% cashback on different services, including insurance, hospital bills, and school fees
Cons
- A high minimum annual income of $80,000
Fees
- 3% of the current balance or S $50 (whichever is higher) for outstanding amounts
- S $100 late payment penalty
- 26.90% APR
- 28% APR for cash advances
- 3.25% foreign currency transaction fees
Rewards and Perks
- Zero minimum monthly spend
- 15% off petrol in SPC and Shell gas stations
- American Express Card Privileges and a FoundersCard membership (requires registration)
2. Citi Cash Back Card: The Second Best All-Around Credit Card
Citi cashback card comes with an 8% cash back at almost every shop you may decide to shop in. You can use it anywhere from your neighborhood supermarket to your petro kiosk. It also offers a 6% cashback on dining at restaurants, food eateries, cafes, and caterers. It, however, has a high minimum spend of S$800 per month.
It also caps its cashback at S$80 per month on groceries, dining, and petrol.
Key Features:
Pros
- S$0 minimum monthly spend
- Unlimited cashback
- 8% cash back on almost every shop
Cons
- A high minimum spend of S$800
Fees
- APR: 26.90%
- Annual Fee: S $192.60
- Supplementary Card Annual Fee: S $96.30
- Interest: (added together) 1% current balance, 1% outstanding unpaid installment amounts, interest charge, and possible late payment charge or S $50 (whichever is higher)
- Foreign Currency Transaction Fees: 3.2%
Rewards and Perks
- 1-year annual fee-free
- Cashback does not expire
- 14% discount at Esso and Shell Gas Stations
- Great exclusive offers from select affiliates
3. Standard Chartered Unlimited Cashback Card: Well-Balanced Card For General Spending
Standard Chartered’s Unlimited Cashback Card gives you 1.5% cashback on all category spending with no cashback cap and minimum monthly spend. It sits as third from UOB and Citi because of its lower 1.5% cashback. However, it has many amazing perks, such as zero annual fees for 2 years, 5 supplementary cards, and 5% cashback for 90 days up to S $5,000
Key Features:
Pros
- No cash back cap
- No minimum spending
Cons
- Lower cash back rate
Fees
- APR: 26.9%
- Yearly Fee: S $192.60
- Monthly Repayment: 1% or S$50 (whichever is greater)
- Foreign currency spend fees: 3.5%
Rewards and Perks
- Interest-Free Period: 22 Days
- No annual fees for 2 years
- Zero supplementary card fees
- The Good Life privileges
- Unlimited$aver account cash deposit grants 3% accelerated cashback bonus
4. UOB One Card: Complex But Rewarding
Many Singaporeans complain about UOB One Card’s complex cash rebate system. It gives you 5% cashback for retail spending after you’ve spent S $2,000 for three consecutive months. Fortunately, you’ll get your cash rebate in a lump sum payment of up to S $300. Here’s everything that Singaporeans can get with the UOB One Card
Key Features:
Pros
- A high cashback rate of 10%
- Quaterly rebates
Cons
- High minimum spend
Fees
- APR: 25.9%
- Annual Fee: S $192.60
- Supplementary Card Fees: Only the first supplementary card is free. S $96.30 yearly per new card.
- Monthly Payment Requirements: 3% of loan amount or S $50 J(whichever is greater)
Rewards and Perks
- 21-day interest-free purchasing
- 5% bonus cashback on online spend transactions at Shopee, Cold Storage, Giant, Guardian, 7-Eleven, Marketplace, Jasons and Jasons Daily, Grab (10%), and UOB Travel purchases
- 1% Singapore Power utility bills spending cashback
5. HSBC Visa Platinum: If You’re Always Dining Out and Driving
HSBC’s cashback card is an excellent card that falls a bit short when it comes to categories and benefits. HSBC’s card allows you to get a 5% cash rebate on select categories and spend a S $600 minimum per month for all three months to qualify for its rebate. Plus, you can only receive up to S $250 on cash rebates every quarter.
Key Features:
Pros
- High rebates quaterly of S$ 250
- Cash bank rate of 5%
Cons
- High minimum spend S$600
Fees:
- APR: 25.9%
- Annual Fee: S $193
- Monthly Interest Payment: 3% or S $50 (whichever is higher)
Rewards and Perks
- Zero supplementary card fees
- 20-day interest-free period
6. DBS Live Fresh: Eco-Oriented Credit Card for Fresh Produce Shoppers
Live Fresh supports eco-businesses because card holders get 5% cashback from their credit card bill from Open Farm Community and The Summerhouse. Plus, you get the same cashback each time you purchase from all-natural grocery stores like Supernature if you can meet its S $600 minimum spending. Here are some more great benefits you can get by using DBS Live Fresh.
Key Features:
Pros
- High cash back rate 5%
- High rewards for both local and overseas shopping
Cons
- Not ideal for low income earners
- S$20 cash back cap
Fees
- APR: 26.8%
- Annual Fee: S $192.60
- Supplementary Card Fee: S $96.30
- Monthly Dues: 3% or S $50 (whichever is higher)
Rewards and Perks
- 25-day interest-free period
- No annual fees on the first year
- 0.3% cashback on other spending
7. POSB Everyday Card: Daily Spending That’s Rewarding
POSB focuses on everyday life with its cashback card that provides you with 5% cashback for special purchases and 0.3% for everything else. You can get 5% cashback by buying at Sheng Siong and 3% cashback from Watsons and Pet Lovers Center. Plus, using your POSB Everyday Card to pay for bills, you can get 1%. Here are all its features in full detail.
Key Features:
Pros
- 5% rebate at Sheng Siong
- 10% cash rebates on foodpanda, Deliveroo and WhyQ spend; 3% cash rebates on other dining spend apart from fast food
- 3% cashback on Watson’s
Cons
- S$800 minimum monthly spend which is quite high
- Online shopping capped at S$15 per month
- Sheng Sion capped at S$30 per month
Fees
- APR: 26.8%
- Annual Fee: S $192.60
- Supplementary Card Fee: S $96.30
- Monthly Payment Requirements: 3% or S $50 (whichever is higher)
Rewards and Perks
- 20.1% discount at SPC
- First-year annual fee waived
- 25-day interest-free period
8. CIMB Visa Infinite: Get Rewards For Traveling All The Time
CIMB’s Visa Infinite isn’t the most practical card you can use to get high rebates. However, it’s one of the best for travelers after these trying times. You can get a high unlimited cash rebate for travel, overseas spending, online shopping in foreign currency, and unlimited cashback on other expenses. We’ll get into more detail about these features below.
Key Features:
Pros
- Ideal for monthly budgets above S$ 2000
- Unlimited 2% cash back on overseas travel and online shopping
- No annual fee credit
Cons
- Not ideal for local spenders
- Not ideal for specialized budgets such as dining
Fees
- APR: 25.90%
- Minimum Monthly Repayment: 3% or S$50 (whichever is higher)
Rewards and Perks
- No annual fee
- No supplementary card fees
- 23-day interest-free period.
9. OCBC Frank Card: The Online Spender’s Best Friend
Online shoppers will love the OCBC Frank Card because of its 6% cashback for all kinds of online shopping spending. Any Netflix online tv streaming user will get the best returns with this card. Frank gives you a wide variety of benefits including:6% cashback on online shopping spending and 6% cashback on contactless payments using your mobile app (Apple Pay, Samsung Pay, Google Pay, Fitbit Pay, Garmin Pay).
Key Features:
Pros
- 6% rebate on FX spend and online shopping
- Fee waiver with S$ 10,000 annual spend
Cons
- Annual fee after 2 years
- Only 0.3% on general purchases
- Cashback capped at S$75
Fees
- APR: 26.88%
- Yearly Fee: S$80
- Supplementary Annual Fee: S$40
- Minimum Monthly Repayment: 3% or S$50 (whichever is higher)
Rewards and Perks
- 23-day interest-free period
- 6% Rebate on FX Spending
- 2 years fee waived.
- S $10,000 minimum spending yearly waives the yearly fee
10. Maybank Family and Friends Card: For Those With or Without Kids
Families will find the Maybank Family and Friends Card one of the best ways to maximize cash rebate amounts. Parents can get 8% cashback on both online and offline grocery purchases, dining, food delivery, and public transport usage. Plus, you get rebates for paying your online TV subscriptions with this card. Toys and other retail spending have their respective cashback details that we’ll share below.
Key Features:
Pros
- 3 year annual waiver
- Great for S$800 monthly budget
- 8% cashback 5 categories of your choice
Cons
- Does not have travel or miles perks
- Merchant restrictions
Fees
- APR: 25.90%
- Annual Fee: S$180
- Minimum Monthly Repayment: 3% or S$20 (whichever is higher)
Rewards and Perks
- 20-day interest-free period
- No supplementary card fees
11. Citi Cash Back + Card: Best for all types of spending
Not to be confused with the Citi Cash Back Credit Card, the Citi Cash Back+ Card was recently launched and offers a 1.6% cashback on all spends. It is a great option for Citi customers who want a card they can earn cashbacks on multiple transactions.
Key Features:
Pros
- Ideal for all types of spending
- No minimum spend
- Cashback is earned on your bank statement making it easy to track your transactions.
Cons
- Low cash back rate
Fees
- Annual principal fee- S$192.60
- Foreign currency transaction fee: 3.25%
- Supplementary annual fee: S$96.30
- Fee waiver: first year annual fee waiver
Rewards and Perks
- No cashback cap
- 1.6% on all eligible spend
12. OCBC 365: Best for General Savings and Dining
OCBC 365 Card stands out from the crowd for its all-round saving features. You will get a 6% cashback on dining and online food delivery through the week and 3% cashback on land transport, groceries, online travel, and utilities.
The card also offers a 5% on fuel cashbacks and also petrol service stations and up to 23% savings on Caltex. OCBC 365, however, requires a monthly minimum spend of S$800. If you do not hit the minimum spend, you will get a 0.3% cash back on your spending.
Key Features:
Pros
- 6% rebate on online food delivery and dining
- 3% cashback on land transport, online travel, and utilities
- Covers worldwide transactions
Cons
- Monthly cashback cap of S$80
- Monthly minimum spend of S$800
Fees
- Annual fee and Waiver S$192.60 (Waived for the first 2 years)
- Supplementary annual fee S$96.30 (waived for the first 2 years
- Annual interest rate 26.88%
- Cash advance transaction: 6% or S$15 whichever is higher
Rewards and Perks
- 6% on dining including food delivery
- 3% on online grocery shopping
- 3% on telco bills including Singtel, Starhub and M1
- 3% on recurring electricity bills
- 3% in online travel bookings
13. UOB EVOL Card: Best for Mobile Contactless Shoppers
UOB EVOL card is great for the cashless lifestyle. It is for anyone who loves shopping online and loves making mobile payments like Samsung Pay, Apply Pay, and Fitbit Pay. With an 8% cashback rebate, the card offers the most generous cashbacks on this list.
Key Features:
Pro
- 8% cashback on online spends
- 8% rebate on mobile contact less spend including, Samsung, Apply, and Fitbit Pay.
Cons
- A high monthly minimum spend of S$600
- Monthly cashback cap of S$60
Fees
- Annual fee: S$192.60
- Cash Advance transaction fee: S$15 or 8%
- Foreign currency spend fee: 3.25%
- Annual interest rate: 26.90%
Rewards and Perks
- 8% on online spend
- 8% on mobile contactless payments including Samsung pay, Apple Pay, Mighty Pay, and Google Pay
- 0.3% on other spends like phone bills and gym memberships
14. American Express True Cashback Card: Best for Usual Spend
American Express True Cash back card was on the first credit card to be launched in Singapore. It offers a 1.5% on all send with no monthly minimum spend and no cashback cap. Your accruing cashback will be used to offset your monthly statement.
It also offers a 3% cashback in all spends of up to S$5,000 on the first 3 months, which equates to a maximum cashback of S$150.
Key Features:
Pros
- Straightforward and easy to use
- Great perks
Cons
- Not ideal for a low budget household
- Rewards are spending only
Fees
- Annual fee and waiver :171.20, which is waived for the first year
- Late payment fee of S$90
- Cash advance transaction fee of 5%
- Supplementary annual fee: free for the first 2 supplementary cards and the subsequent $85.60
Rewards and Perks
- 1.5% cashback on all spending
- S$171.20 annual fee with the first year waived
- Double cashback of 3% for the first S$5,000 spend within the first 6 months
- Free travel insurance of up to S$350,000 when you buy your travel ticket with the card
15. CIMB World MasterCard: Best Leisure Lovers
CIMB World MasterCard offers an unlimited 2% cashback on dining, online food deliver, digital entertainment, taxis, and luxury goods transactions. It requires a minimum spend of S$1,000 within the same statement month. You will also earn a 1% cashback on a monthly minimum spend of S$500 posted on the same month.
Key Features:
Pros
- Cash rebate potential of a lifetime of annual fee waiver and CIMB deals program
- Golfers get up to 50 off green fees at golf course across Asia
- Cashback claims on all luxury goods
- Access to CIMB 0% interest
Cons
- Does not cover general spending
- Minimum spend of S$1,000
- Travelers do not get perks within airlines of hotels
Fees
- Annual fee: Free
- Supplementary card cannula fee: does not apply
- Interest charges: 25.9%
- Over limit Fee: S$50 or 5% of your excess or whichever is higher
- Late payment charges: S$100
Rewards and Perks
- Unlimited cashback
- Great for travelers
- Green fee discounts for gold lovers
- Exclusive rewards for new customers who can claim S$150 Pay Now cash credit welcome gift
Which Cashback Credit Card is the Best?
Each card has exceptional features that make them the best in the following areas:
1. Dining
- POSB Everyday Card: 3% dining rebates
- HSBC Visa Platinum: 5% dining rebates
- Maybank Family and Friends: 8% dining rebates
2. Groceries
- HSBC Visa Platinum: 5% grocery rebates
- DBS Live Fresh: 5% eco-grocery rebates
- Maybank Family and Friends: 8% grocery rebates
3. Transportation
- Maybank Family and Friends: 8% transportation expense rebates
- CIMB Visa Infinite: 2% on travel purchases (S $2,000 minimum spend monthly)
4. Retail
- UOB One Card: 10% cashback on Grab 5% bonus cashback on online spend transactions at Shopee, Cold Storage, Giant, Guardian, 7-Eleven, Marketplace, Jasons, and Jasons Daily, and UOB Travel purchases
- Maybank Family and Friends:
- Up to 8% cash rebate on groceries, dining, transport, and petrol spend in Singapore and Malaysia
- Up to 8% cash rebate on shopping and data communication & online TV streaming
- 8% or 5% cash rebate with lowered minimum spend of S$800/S$500 per month, respectively. Cash rebate cap at S$80 per month
- Get a 0.3% cash rebate on all other spending with no cap on cash rebates.
How Can You Find The Best Cashback Credit Cards?
Wise Singaporean shoppers can quickly find the best cashback credit cards by looking at the following:
1. Cashback Rates
A good and simple rule of thumb is to always get a high cashback rate. However, cashback rates vary with every spending category. Therefore, it’s best to use cards with high cashback rates for your preferred spending category.
We’ve listed the best card for each type of credit card spending category above for your easy reference. Each card can provide you with high-quality returns each time you purchase them for dining, groceries, transportation needs, or general shopping. If you are still looking for what is the best credit for you, go through our best credit card comparison list.
2. Cashback Cap for Your Preferred Spending Category
Credit cards can have a high cashback rate. However, some credit cards in Singapore have cashback limits. Therefore, you can spend so much on your card but get low cashback returns after you hit the minimum.
These criteria allowed us to find a credit card with no cashback limitations. We’ve crowned UOB Absolute Cashback and Citi Cash Back and Card as the top cards for any consumer to own for this reason. Both cards have zero cashback cap in exchange for an average cashback rate.
3. Minimum Spend
Credit card companies and banks earn by urging customers to spend through bonuses. Thus, some cards will have minimum spends to give high cashback returns. For example, Standard Chartered, UOB, and HSBC have cards that require minimum regular spending to provide cashback returns.
With this in mind, we highly advise customers to choose a credit card that suits their lifestyle. For example, Citi Cash Back is perfect for customers already working with Citi, uses their card for both their needs and desired items, and can pay their total bill in full monthly.
As a result, these customers get satisfactory to huge returns from the cashbacks they receive.
4. Regular Cashback Rates
All cards can give you a smaller regular cashback rate for any purchase you make. For example, a card can give you 5% cashback rates for shopping and dining expenses plus 0.3% cashback rates for purchases outside this category.
However, most cards have a category-only cashback perk. Therefore, we still encourage customers to use cards that are in line with their lifestyle purchases. We recommend Maybank Family and Friends for most Singaporeans because of its needs-oriented perks for this reason.
5. Cashback Tracking Ease
Most bank and credit card account mobile applications can update you on how much cash rebate you’re already earning. Moreover, many cashback credit cards have apps that track your points in all cashback categories. However, some banks still have zero cashback tracking features.
With this in mind, we advise customers to maintain a list of purchases and possible rebates if they wish to work with banks that have no cashback tracking features.
6. Annual Fees
Annual fees are a great credit card contention point. High annual fees will force you to pay for it using the cashback your credit card earned. Fortunately, some cards have an annual fee waiver that comes in effect after you reach a minimum yearly spending requirement.
Most cards will waive your annual fees during the first year or the first two years. Plus, you won’t have to worry about high interest on your monthly bill because some credit card companies provide you with zero interest for 20 days to a month on average.
Frequently Asked Questions (FAQs)
1. Can Anyone Apply For a Cashback Credit Card?
Unfortunately, no. Customers with a high credit score are the ones with the best chance to have card approval. As a result, customers with a bad credit score should improve their spending habits to use cashback cards or reward points cards.
2. Can I Use Cashback Credit Cards Anywhere in the World?
Yes and no. Some cards earn cashback from foreign currency spending online. On the other hand, some encourage local retail spend by giving customers the opportunity to earn unlimited cashback for online purchases, Grab rides, or any local spend activities.
For example, the Maybank credit card we’ve featured isn’t useful for foreign exchange expenses. However, they have great eligible spend for groceries, online food delivery, dinners, and family-oriented spending.
3. Do Cashback Credit Card Rates Change?
Cashback rates change depending on many factors that include the bank’s promotion spending capabilities, Monetary Authority Singapore base interest rates, and economic factors.
It’s highly unlikely that you’ll miss any news about cashback credit card changes because banks often announce their lowest-interest credit cards and other promotions.
4. Can Cashback Card Users Improve Credit Scores With Cashback Spending?
Cashback spending isn’t the key to recovering your credit scores. However, fully paying your credit card purchases will give help you recover your credit score plus earn cashback if you comply with the card’s minimum spend requirements.
Keep in mind that using multiple credit cards to speed up your credit recovery is a slow and risky strategy because new cards will easily neutralize your credit scores.
Alternatively, responsible management and full repayment of a single, long-term personal loan or mortgage will immensely increase your credit score.
Conclusion
Here are the best cards per category. Use this as a handy reference before choosing to earn cashback through any credit card.
Dining
- POSB Everyday Card
- HSBC Visa Platinum
- Maybank Family and Friends
Groceries
- HSBC Visa Platinum
- DBS Live Fresh
- Maybank Family and Friends
Transportation
- Maybank Family and Friends
- CIMB Visa Infinite
Retail
- UOB One Card
- Maybank Family and Friends
Luxury
- CIMB World MasterCard
Read more for How to Avoid Credit Card Frauds.
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