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10 Best Cashback Credit Cards in Singapore

best cashback credit card singapore
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Everyone knows cashback credit cards as “miles cards” in the last two decades. Businessmen worldwide frequently used these cards to check into hotels, buy food, and on other expenses. As a result, their cards had “miles” points that gave them a free round-trip ticket for their next destination.

A modern credit card can have its miles points systems or use a cashback system instead. Wise Singaporean travelers use cashback credit cards because they return cash once you meet the card’s spending minimum on a particular category. Thus, Singaporean consumers have higher returns the more they spend.

Singapore banks and financial institutions introduce a new cashback credit card regularly. As a result, the best cashback credit card listing changes almost annually. We’ve listed the best cashback credit cards in Singapore below for those in the country familiar with cashback cards.

If not, we’ve got you covered in the next section.

 

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 10 Best Cashback Credit Card Singapore (2022)

Here are ten cash credit cards that give you excellent rebates for various activities. Keep this list handy once you’ve decided to get a card.

Cashback Rate Minimum Monthly Spending
UOB Absolute Cashback 1.7% S $0
Citi Cash Bank and Card 1.6% S $0
Standard Chartered Unlimited Cashback Card Up to 1.5% S $0
UOB One Card 10% S $2,000
HSBC Visa Platinum 5% S $600
DBS Live Fresh 5% S $600
POSB Everyday Card Up to 8% S $800
CIMB Visa Infinite 2% S $2,000
OCBC Frank Card 6% S $600
Maybank Family and Friends Card 8%/5% S $800/S $500

 

Let’s discuss each of these cards below.

 

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.

  • Cashback Rate: 1.7%
  • Cashback Cap: No cashback caps
  • Charges and 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
  • Added Perks
    • Zero minimum spending.
    • 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

Singaporeans still love the Citi Cashback + Card combo despite UOB’s attractive offers because Citi Cash Back gives you a limited-time 4.5% cashback with a cashback cap of S $5,000 for your card’s first three months. Plus, this forever promotion is above your cashback’s unlimited cashback at a rate of 1.6%. We highly advise that you use Citi’s Cash Back on high-ticket spending that earns you the highest cash rebate possible.

  • Cashback Rate: Get 1.6% cashback on all purchases from every possible category.
  • Cashback Cap: Unlimited
  • Charges and 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%
  • Added Perks
    • 25-day interest-free period
    • 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 spending. 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

  • Cashback Rate: 1.5% on all categories
  • Cashback Cap: Unlimited
  • Charges and Fees:
    • APR: 26.9%
    • Yearly Fee: S $192.60
    • Monthly Repayment: 1% or S$50 (whichever is greater)
    • Foreign currency transaction fees: 3.5%
  • Added Perks
    • Interest-Free Period: 22 Days
    • No annual fees for 2 years
    • Zero supplementary card fees
    • The Good Life privileges
    • Unlimited$aver account cash deposit grants 3% accelerated cashback bonus

 

online shopping with credit card

 

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

  • Cashback Rate: 10%
  • Cashback Cap: S $300 per quarter
  • Charges and 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)
  • Added 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.

  • Cashback Rate: 5% on dining, grocery, and petrol spending
  • Cashback Cap: S $250 per quarter
  • Charges and Fees:
    • APR: 25.9%
    • Annual Fee: S $193
    • Monthly Interest Payment: 3% or S $50 (whichever is higher)
  • Added 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.

  • Cashback Rate: 5% on specified eco-businesses, groceries, electric vehicle charging, online spend purchases, and Visa contactless spending.
  • Cashback Cap: S $20-S $75
  • Charges and Fees
    • APR: 26.8%
    • Annual Fee: S $192.60
    • Supplementary Card Fee: S $96.30
    • Monthly Dues: 3% or S $50 (whichever is higher)
  • Added 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.

  • Cashback Rate
    • 5% Sheng Siong Cashback
    • 3% Watsons and Pet Lovers Center
    • 1% utility bill cashback spending
    • 10% food delivery (S $800 monthly minimum spending)
    • 5% online spend purchases (S $800 monthly minimum spend)
    • 3% dining (S $800 monthly minimum spend)
    • 0.3% POSB Daily$ spending for anything
  • Cashback Cap: Unlimited
  • Charges and 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)
  • Added 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.

  • Cashback Rate
    • 2% on travel purchases (S $2,000 minimum spend monthly)
    • 2% on overseas spending (S $2,000 minimum spend monthly)
    • 2% foreign currency spending in online shopping. (S $2,000 minimum monthly spending)
    • 1% unlimited cashback on all other spends
  • Cashback Cap: Unlimited
  • Charges and Fees
    • APR: 25.90%
    • Minimum Monthly Repayment: 3% or S$50 (whichever is higher)
  • Added 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 that we’ll detail below.

  • Cashback Rate
    • 6% cashback on online shopping spending
    • 6% cashback on contactless payments using your mobile app (Apple Pay, Samsung Pay, Google Pay, Fitbit Pay, Garmin Pay)
  • Cashback Cap: S$75 cap monthly. $25 per subcategory we’ve listed above
  • Charges and Fees
    • APR: 26.88%
    • Yearly Fee: S$80
    • Supplementary Annual Fee: S$40
  • Minimum Monthly Repayment: 3% or S$50 (whichever is higher)
  • Added 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.

  • Cashback Rate
    • 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 0.3% cash rebate on all other spendings with no cap on cash rebates
  • Cashback Cap: S $80
  • Charges and Fees
    • APR: 25.90%
    • Annual Fee: S$180
    • Minimum Monthly Repayment: 3% or S$20 (whichever is higher)
  • Added Perks
  • 20-day interest-free period
  • No supplementary card fees

 

lady paying with best cashback credit card singapore

 

Which Cashback Credit Card is the Best?

Each card has exceptional features that make them the best in the following areas:

Dining

  • POSB Everyday Card: 3% dining rebates
  • HSBC Visa Platinum: 5% dining rebates
  • Maybank Family and Friends: 8% dining rebates

Groceries

  • HSBC Visa Platinum: 5% grocery rebates
  • DBS Live Fresh: 5% eco-grocery rebates
  • Maybank Family and Friends: 8% grocery rebates

Transportation

  • Maybank Family and Friends: 8% transportation expense rebates
  • CIMB Visa Infinite: 2% on travel purchases (S $2,000 minimum spend monthly)

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 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.

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.

 

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.

 

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.

 

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.

 

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.

 

In Summary

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

Read more for How to Avoid Credit Card Frauds.

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