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5 Best Grocery Credit Cards in Singapore

best grocery credit card singapore
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Doing grocery and owning a credit card are two things you can expect from your average Singaporean. Thus, it’s an excellent decision to use grocery credit cards that give you returns for regular grocery shopping with rebates at Sheng Siong, Cold Storage, or Giant.

The current market situation won’t give frequent flyers their usual enormous miles points sum. However, the market rewards everyday spenders with excellent offline or online shopping rebates in select categories.

Customers who can comply with these cards’ average minimum monthly spend will reap enormous benefits by doing groceries. Here’s a list of the best grocery credit cards in Singapore.

 

5 Best Grocery Credit Card Singapore

Credit Card Grocery Benefits Promotions
Maybank Family and Friends Cold Storage 8% cashback on groceries for a S $800 minimum spend Occasionally, new Maybank members can get S $100 cash credit by applying to a participating branch

0.3% cashback on everything else.

HSBC Visa Platinum Giant 5% cashback on groceries for a S $600 minimum spend quarterly Zero supplementary card fees

2-year annual fee waiver

OCBC NTUC Plus NTUC FairPrice 12% cashback on any NTUC FairPrice or NTUC online purchases worth S $400 minimum spend monthly. 20.3% Esso Discount

20% Caltex Discount

BOC Sheng Siong Card Sheng Siong 12% cashback for Sheng Siong purchases with a minimum spend of S$600 monthly 1.6% cash rebate on overseas spending including online purchases

0.3% cashback on everything else

CIMB Visa Signature Online Groceries 10% cashback on groceries and everything else 0.2% cashback on everything else

 

1. Maybank Family and Friends: Best For Cold Storage

The Maybank Family and Friends card isn’t the best cashback credit card going up against POSB Everyday Card or the Citi Cash Back Card. However, it rewards you handsomely for shopping at Cold Storage’s fine selection.

This credit card is notable for its 8% cashback on a wide variety of online and offline purchases. Here’s a convenient list of Maybank Family and Friends card cashbacks for your reference:

  • 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 spend with no cap on cash rebates

Take note that Maybank Family and Friends has a cashback cap of S $125 per month and S $25 per category.

Here are more crucial details about Maybank Family and Friends:

  • Annual Interest: 25.90%
  • Annual Fee: S$180
  • Minimum Monthly Repayment: 3% or S$20 (whichever is higher)
  • Minimum Income Requirements: S $30,000 annual income

 

2. HSBC Visa Platinum: Best For Giant Grocery Spend Cash Credit

HSBC’s grocery shopping credit card doesn’t have the widest span versus the best cards in the market (such as Citi Cash Back Card or UOB Absolute Cashback). However, it has a big cash credit of 5% for any grocery spend at Giant.

Dedicated HSBC savers can use this credit card to earn grocery cashback by going above the S $600 minimum monthly spend requirement. In addition, HSBC Visa Platinum card holders who often dine outside can get 5% rebates.

Card holders must remember that HSBC Visa Platinum has a S $250 quarterly cashback limit. Therefore, spend above the minimum and don’t go overboard!

Here are some more details about this card.

  • Annual Interest: 25.9%
  • Fees
    • Annual Fee: S $193
    • Monthly Interest Payment: 3% or S $50 (whichever is higher)
  • Minimum Income Requirements: S $30,000 annual income.

 

3. OCBC NTUC Plus

Frequent grocery shoppers at FairPrice, Unity, and Warehouse Club are going to love OCBC NTUC Plus. OCBC’s NTUC-dedicated credit card for groceries has a minimum monthly qualifying spend of S $400 per month. However, you get the following perks for your continuous patronage to these three:

  • Up to 12% off in-store purchases at FairPrice, Unity, and Warehouse Club stores
  • Up to 8% off on online purchases at FairPrice
  • Up to 20.3% fuel savings from Esso
  • Up to 20% fuel savings from Caltex

In addition, it can give you 3% price discounts at Popular and Cheers and Singtel, M1, and Starhub Linkpoints.

Here are a few more details about NTUC Plus

  • Annual Interest: 26.76%
  • Fees
    • Monthly Interest Payment: 3% or S $50 (whichever is higher)
    • Annual Fee: S $0
  • Minimum Income Requirements: S $30,000

 

4. BOC Sheng Siong Card

We might as well call Bank of China’s Sheng Siong Card the unofficial grocery membership card. Applicants who get card approval can frequently shop in Sheng Siong and get a boatload of cash rebates. They’re many to mention, so we’ve made a list below.

  • Enjoy up to 12% cash rebate at Sheng Siong for a min spend of S $600
  • Additional 6% cash rebate on your Sheng Siong purchases when you use the card elsewhere
  • 1.6% unlimited cash rebate on your overseas spend including online purchases
  • 0.3% cashback on all other purchases

The S $600 minimum spend will qualify you for 12% cash rebates for Sheng Siong. BOC allows card holders to fulfill this minimum spend required with purchases outside Sheng Siong. Therefore, your frequent use of this card will give you enormous rebates.

Plus, customers who don’t meet the minimum spending requirement will still get a 6% cash rebate on all Sheng Siong purchases. However, make sure you are near a Sheng Siong grocer because only 57 branches exist in Singapore.

The POSB Everyday Card is an excellent alternative because of its 5% cashback for Sheng Siong purchases.

  • Annual Interest: 28.88%
  • Fees: S $28 per year
  • Minimum Income Requirements: S $30,000 annual income.

 

5. CIMB Visa Signature

Online groceries took their activities to the next level because of COVID19 forcing customers to use their facilities. RedMart, Amazon PrimeNow, and FairPrice Online became the biggest shopper destinations nationwide. OCBC’s NTUC Plus works well for FairPrice, and we believe you’ll want the CIMB Visa Signature for everything else.

CIMB’s Visa Signature gives you fully waived annual fees and 10% cashback on any online shopping, beauty and wellness, pet shop and vet services, and cruise travel spending. We know you won’t be going on a cruise in the meantime, but online shopping and groceries will quickly earn you that cashback capped at S $100 per monthly statement and S $20 per online grocery spend category.

  • Annual Interest: 25.90%
  • Fees: S $0
  • Minimum Income Requirements: S $30,000 annual income

 

lady buy grocery with credit card singapore

 

Factors That Help You Find The Best Credit Card

To find the perfect grocery credit card that suits your monthly spend behavior, here are three tips to help you find the most compatible credit card.

1. Your Favorite Supermarket

Frequent spending happens in the supermarket nearest your home or office. Thus, anyone living or working near Giant will love HSBC Visa Platinum’s perks because you’ll have 5% cashback on all your spending. On the other hand, Maybank Family and Friends is perfect for frequent Cold Storage shoppers.

Some banks have cashback credit cards that can substitute for grocery membership cards. Bank of China’s Sheng Siong cashback is a good example because it gives you enormous cashback for your spending with a relatively high cap rate per statement.

 

2. Your Minimum Spend (or Minimum Monthly Spend)

Big spenders get the most out of their cashback on groceries because they’ll always hit the minimum spending requirement. Supermarket chains turn profits by always meeting their profitable bottom ends. However, you’ll need to find a card that suits your spending intensity.

For example, HSBC Platinum has a 5% cashback cap on Giant groceries. However, you’re a frequent Sheng Siong shopper. Therefore, BOC’s Sheng Shiong cashback cap of 12% is an excellent choice for you because you’ll always meet its minimum monthly spend required.

On the other hand, frequent restaurant eaters will get the most out of their HSBC Platinum because of its generous cashback on dining and food delivery.

 

3. Fees, Rewards, and Perks

Some cashback cards have annual fees. Others wouldn’t charge you anything once you meet their monthly minimum spend categories per month.

In addition, consider the rewards and perks you’ll receive once you meet the monthly spending requirement. Don’t force yourself to live a big spender lifestyle to get cashback on dining or prefer shopping in far-off groceries because this defeats a cashback credit card’s purpose.

Shoppers who always shop at Fairprice Online will love using either OCBC’s NTUC Plus or CIMB Visa Signature because of their huge cashback rewards for FairPrice shopping or food delivery.

 

How Does a Cashback Credit Card Work?

Cashback credit cards give back rebates for purchasing items that comply with its requirements. For example, buying your groceries at Cold Storage and using a Maybank Family and Friends cashback card gives you 8% rebates after meeting its minimum monthly or regular spending requirement. Therefore, big spenders in select groceries can benefit the most from a cashback credit card.

Most credit card companies provide bigger bonuses for customers that purchase much higher in select categories. Thus, most of the credit cards we’ve chosen in this list are excellent for grocery spenders. Check out the best cashback credit card Singapore.

 

What Purchases Are Eligible For Cashbacks?

Every cashback credit card we’ve listed here can grant you high rebates for groceries. However, spenders in other categories should consider applying for credit cards that give them high rebates in those areas.

For example, the HSBC Visa credit card provides you up to 5% cashback on dining. Thus, frequent diners on its select restaurants and partner merchants are likely to receive 5% cashbacks with sufficient caps for this particular category.

 

Should I Own More Than One Credit Card?

All credit cards can have annual fees. However, the bank can waive your credit card fees after you meet its minimum spending requirements for exclusion. Thus, card holders who cannot fulfill their first card’s fee waive minimum requirement should carefully consider owning more than one credit card.

Having much more cashbacks on various spending categories is a great benefit of having two or more credit cards. However, card holders can only receive good returns from rebates if they can hit fee waive requirements and minimum cashback spending requirements regularly.

 

Can I Have Supplementaries With My Credit Card?

All banks allow supplementary card services. However, some have high fees per card that range from S $96-S $100. Therefore, we highly advise that you issue a supplementary card only when necessary.

 

What Requirements Must I Fulfill To Use a Cashback Credit Card?

Many banks and credit card companies will always favor applicants with high credit scores and a good history of card and financial management. These individuals have the least possibility of defaulting on their cashback credit card payments.

We highly recommend that credit card applicants remember that credit cards are privileged products that complement lifestyles. Buying much more than you usually do to get huge cashbacks is not a good practice and is a poor use of these credit cards. A Citi cash back card might be the best in the market, but it’s for customers who can always meet its minimum spending and annual fee requirements.

 

Save More and Shop Best With These Helpful Grocery Credit Cards

These cards can give you the highest rebates for all your purchases. You can re-read the earlier sections that completely discussed each of these cards. Plus, keep our table handy during your card comparison.

Maybank Family and Friends Cold Storage
HSBC Visa Platinum Giant
OCBC NTUC Plus NTUC FairPrice
BOC Sheng Siong Card Sheng Siong
CIMB Visa Signature Online Groceries

 

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