Yahoo Finance 11 Best Cashback Credit Cards in Singapore (2020)
Cash back credit cards must be the most popular kind of card in Singapore. Sure, earning points or miles is nice and all, but lots of us would rather get cold hard cash rebates, thanks.
After all, wedding banquets aren’t going to pay for themselves, truffle fries don’t grow on trees, and that new Honda HR-V isn’t going to run on your hopes and dreams. Got free money leh, who don’t want? So let’s see what are some of the best cash back credit cards in Singapore.
Here are our picks for the highest cashback you can get, depending on your spending habits:
Best for | Best cashback credit cards |
High expenditure | UOB One, HSBC Advance, Amex True Cashback |
No minimum spend | POSB Everyday, Citibank SMRT |
Day-to-day spending | Citi Cash Back, Maybank Family & Friends, DBS Live Fresh |
Online shopping | DBS Live Fresh, Citibank SMRT, BOC Qoo10 Mastercard |
Dining & going out | Citi Cash Back, BOC Family, UOB YOLO Card |
Contents
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 rewardyou for spending money.When youspend money,you get a fraction backas a Cash Rebate.(Effectively a discount off yourcredit card bill.) Basic CashbackA simple percentage (e.g. 1%) that applies to all spend.Bonus CashbackRewards spending on certain merchants.Minimum SpendThe minimum you have to spend in order to receive the cash rebate.Cashback CapThe maximum amount of cash rebate you can get.Types of Cashback CardsRestrictions to look out forBasic CashbackA simple percentage (e.g. 1%) that applies to all spend.Bonus CashbackRewards spending on certain merchants.
Best cashback credit cards for big expenses
Cashback card | Cash rebate | Restrictions |
UOB One Card | Quarterly flat payout of $50 / $100 / $300 | Spend $500 / $1,000 / $2,000 x 3 months consecutively |
HSBC Advance Card | 1.5%, 2.5% (with $2,000 spend) or 3.5% (with a HSBC Advance banking account) | Cap at $70 ($125 if you’ve a HSBC Advance banking account) |
American Express True Cashback | 3% in first 6 months up to $5,000 / 1.5% on all purchase | None |
The more money you spend, the more you stand to gain from a cashback credit card. So, whether you regularly spend a lot of money or you have one-off big expenses coming up, it’s well worth your time to research the cashback options.
UOB One Card
Bank Promo
UOB One Card
Bank Promo: Receive S$150 cash credit when you apply! Valid till 30 Sep 2020.
More Details
Key Features
Up to 10% rebate at Dairy Farm Group merchants (Cold Storage, Giant, 7-Eleven, Guardian and more)
Up to 10% rebate on Grab, SP utilities bills and UOB Travel spend
Up to 5% cash rebate on all retail spend for spend such as home furnishings, electronics & bill payment
Up to 24% savings on fuel purchases at SPC and 20.8% at Shell Stations
1 year annual fee waiver of S$192.60 (First year annual fee waiver)
The divisive UOB One Card works differently from most cashback cards. The rebates are completely flat – either $50, $100 or $300 – and are paid out quarterly.
To get the highest rebate of $300, you need to spend EXACTLY $2,000 each month for 3 months consecutively. Same formula applies for the $50 ($500 x 3 months) and $100 ($1,000 x 3 months) rebates. Unlike other cashback cards that reward you for spending more, there’s no point doing so with the UOB One.
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $40,000 per year
Principal Annual Fee: $192.60 per year
Supplementary Annual Fee: 1st Supplementary Card Free; $96.30 for subsequent cards
Fee Waiver: Available
Annual Interest Rate: 25.9%
HSBC Advance Credit Card
Cashback on Big Expenses
HSBC Advance Credit Card
More Details
Key Features
Up to 2.5% Cash Back on all purchases
Get additional 1% Cash Back for HSBC Advance Banking customers
No minimum spend required
1 year card annual fee waiver / Perpetual card annual fee waiver for HSBC Advance banking customers
If you want a respectably high cash rebate on all purchases without having to track your expenses to a T, consider the HSBC Advance card.
To get that lovely 3.5% rebate, you have to first become a HSBC Advance customer (just credit a monthly salary of at least $3,500 to a HSBC account). You also need to spend $2,000 a month. If your spending falls below that, you still get a respectable 2.5% cashback. Rebates are capped at $125.
You can still get the HSBC Advance Credit Card if you are not a HSBC Advance customer. However, your cashback is much lower (1.5% to 2.5%) and so is your cap ($70).
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $40,000 per year
Principal Annual Fee: $192.60
Fee Waiver: 1 year card annual fee waiver
Annual Interest Rate: 25.9%
American Express True Cashback Card
MoneySmart Exclusive
Unlimited Cashback
American Express True Cashback Card
MoneySmart Exclusive: Get $120 cash via PayNow when you apply and spend on your card! Valid till 18 Oct 2020.
More Details
Key Features
Unlimited Cashback - No min spend & no cap
3% Cashback for the first 6 months up to S$5,000 spend, and 1.5% Cashback on all purchases thereafter
Additional 1% Cashback on foreign currency spend. Valid from 4 August 2020 to 30 June 2021
Additional 1% Cashback on your recurring bills for selected essential services. Registration is required. Valid from 15 July 2020 to 31 December 2020.
Eligible for use with Apple Pay, Google Pay, Samsung Pay
While they won’t give you a sweet double-digit rebate, unlimited cashback cards are good for momentous (read: expensive) life events, like weddings and home renovations, which would easily burst the cap on most other cashback credit cards. With no minimum spend or cashback caps, they are complete no-brainers to use too.
The Amex True Cashback card is currently the best of the lot, since it offers 3% cash rebate for the first 6 months, up to $5,000 spent. Subsequently, it’s 1.5% cashback on everything.
The other options are: StanChart Unlimited Cashback card (1.5% cashback), Maybank FC Barcelona (1.6% cashback; additional 1% cashback on foreign currency spend), and the ICBC Global Travel Mastercard (1.5% for local, 3% on foreign currency).
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $60,000 per year
Principal Annual Fee: $171 per year
Supplementary Annual Fee: $85.60 per year
Fee Waiver: Available
Annual Interest Rate: 25.9%
Best cashback credit cards with no minimum spend
Cashback card | Cash rebate | Restrictions |
POSB Everyday Card | 5% on groceries / 3% on toiletries / 1% on telco, electricity | No min. spend |
Citibank SMRT Card | 4.7% on groceries, fast food, movies, coffee / 2.7% online/up to 2% on EZ-Reloads | No min. spend / cap $600 (annual) |
Cashback credit cards typically impose a minimum spend in order for you to earn a decent rebate, which is all fine and dandy for those with lots of regular expenses, but is real annoying for those who’re just trying to live more frugally.
These credit cards are best for those who don’t want to deal with the hassle of minimum spending requirements, but still want a decent rebate for day-to-day expenses.
POSB Everyday Card
Online Promo
Earn Cash Rebates that Never Expire
POSB Everyday Card
Online Promo: <div><!--block-->Get S$200 Cashback with no minimum spend! Use the promo code "<strong>DBSFLASH"</strong> when you apply.</div> Valid till 05 Oct 2020.
More Details
Key Features
No minimum spend
Base cashback rate: 0.3% POSB Daily$ rebate for all purchases
8% Rebates promotion: Enjoy 8% cash rebates on Foodpanda and Deliveroo, 3% cash rebates on all dining expenses, and 5% with Amazon.sg, Lazada, Qoo10, and Shopee with S$800 minimum spend on card. Valid till 30 Sep 2020
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
Link the POSB Everyday Card to your DBS or POSB Savings or Current account to use card at ATM
New DBS and POSB credit card users receive S$150 cashback with POSB Everyday Card application online using Promo Code “150CASH”, and S$800 minimum spend in the first 30 days. Valid till 30 Sep 2020
The POSB Everyday Card isn’t exactly sexy, but it’s good enough for life’s basic needs. It gives you a rebate of 5% at Sheng Siong and 3% at Watsons and Pet Lovers Centre, and 1% on electricity and StarHub bills. If you drive, it also gets you 24.8% savings at SPC — everyone’s favourite cheap petrol kiosk.
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $45,000 per year
Principal Annual Fee: $192.60
Supplementary Annual Fee: $96.30
Fee Waiver: 1 year fee waiver
Annual Interest Rate: 26.80%
Citibank SMRT Card
No Minimum Spend for Cashback
Citibank SMRT Card
More Details
Key Features
No monthly rebates cap, although rebates are capped at S$600 per year
Minimum spend of S$300 per month to earn maximum rebates across groceries, fast food, coffee, movies, and public transport
Up to 2% rebates on EZ-Reload transactions via the EZ-Link App or automated GIRO top-up. Transactions above S$30
Every S$1 spent gives you 1 SMRT$. Redeem your Citi SMRT$ Rewards for cash rebates and vouchers via Citibank Online
2 years fee waiver for principal cardholder and 2 supplementary cards
Visit bus or MRT ticketing machines to activate this card via TransitLink’s SimplyGo function to use it as an everyday EZ-Link card. Transactions via TransitLink do not qualify for rebates
The Citibank SMRT Card is a great basic cashback card for just about anyone who takes public transport, goes to Starbucks and McDonalds, and buys stuff online every now and then. I know, I’ve just described your basic everyday Singaporean.
What’s great is that there’s no minimum spend requirement. But if you spend at least $300 monthly, you get 5% on rebates! Score. You can pair this with a dedicated credit card for your major expenses (e.g. dining) so you needn’t worry about tracking too many cards.
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $42,000 per year
Principal Annual Fee: $192.60
Supplementary Annual Fee: $96.30
Fee Waiver: Available
Annual Interest Rate: 26.9%
Best cashback credit cards for day-to-day spending
Cashback card | Cash rebate | Restrictions |
Citi Cash Back Card | 8% on groceries, dining, petrol | Min. spend $888 / cap $25 per category |
Maybank Family & Friends Card | Up to 8% on groceries, dining, transport and petrol in Singapore and Malaysia | Min. spend $500 or $1,000 / cap $80 |
DBS Live Fresh Card | Up to 5% online & Visa contactless payment | Min. spend $600 / cap $60 |
If you’re in charge of running and maintaining a household, these are our picks for best cashback cards to have in your wallet at all times.
They’re good all-rounders that offer cash rebates at mundane day-to-day stuff, like buying groceries, picking up more wet wipes (again), topping up petrol, getting food delivered, and so on.
Citi Cash Back Card
MoneySmart Exclusive
Cashback on Dining, Groceries & Grab
Citi Cash Back Card
MoneySmart Exclusive: <div>Get a <strong>Sony WH-1000XM4 Wireless Noise-Cancelling Headphones</strong> worth $549 when you apply and spend on your card! Fill in the redemption form after the application to redeem. T&Cs apply.</div> Valid till 30 Sep 2020.
More Details
Key Features
8% cash back on Dining, Groceries & Petrol
Cash back is capped at S$25/month per category with min. spend of S$888/month
Up to 20.88% savings at Esso and Shell, and 8% cash back at other petrol stations
For retail spend less than S$888, 0.25% cash back is awarded for all categories of spend, no cap on cash back earned
8% cash rebate on dining, groceries and petrol with minimum spend of $888 each month? Huat ah! No wonder the Citi Cash Back Card is one of the most popular cashback cards around.
But note the $25 cap in each bonus cashback category, which limits your spending to about $300 in each category. Still, spending $300/month each on dining, groceries and petrol seems about right.
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $42,000 per year
Principal Annual Fee: $192.60 per year
Supplementary Annual Fee: $96.30 per year
Fee Waiver: Available
Annual Interest Rate: 26.9%
Maybank Family & Friends Card
Online Promo
Maybank Family & Friends Card
Online Promo: Get S$100 Cash Credit with Maybank Credit Cards and CreditAble! Valid till 31 Dec 2020.
More Details
Key Features
*NEW* Up to 8% cash rebate on all resturant spends in Singapore and Malaysia
*NEW* Up to 8% cash rebate on and data communication & online TV streaming
Up to 8% cash rebate on petrol and groceries including online gorcery stores spend in Singapore and Malaysia
Up to 8% cash rebate on selected shopping stores, contactless bus and train rides, taxi and all passenger transportation servcies such as Grab and GOJEK
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
0.3% cash rebate on all other spend with no cap on cash rebates
3 years annual fee waived; spend min. S$12,000 per year to get subsequent waiver
If one of your money-saving strategies for feeding those hungry kids is to shop for groceries in JB, then you must get this card as it’s the best for discounts in Malaysian hypermarkets (as if the favourable exchange rate wasn’t saving you enough money!).
The Maybank Family & Friends Card also covers NTUC Fairprice, Sheng Siong, Redmart and Cold Storage for buying groceries in Singapore, as well as selected merchants such as Popular bookstores and Yamaha Music centres, making it an excellent card for families.
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $60,000 per year
Principal Annual Fee: $180
Supplementary Annual Fee: Free
Fee Waiver: 3 years fee waiver
Annual Interest Rate: 25.9%
DBS Live Fresh Card
Online Promo
Online & Visa Contactless Spend
DBS Live Fresh Card
Online Promo: <div><!--block-->Get S$200 Cashback with no minimum spend! Use the promo code "<strong>DBSFLASH"</strong> when you apply.</div> Valid till 05 Oct 2020.
More Details
Key Features
Earn up to 5% cashback on Online & Visa contactless spend with a minimum spend of S$600 per calendar month
Earn 0.3% cashback on all other spend
All-in-one card: Use the same card for your bus and train rides, and ATM withdrawals
Enjoy 1-year annual fee waiver
If your spending habits are a bit more fluid and you don’t want to spend too much effort trying to maximise your rebates, the DBS Live Fresh Card is a pretty viable alternative.
You get 5% rebate on two main categories: (a) online spending and (b) contactless payment i.e. Visa PayWave, Apple Pay etc. That’s it. So as long as you’re buying your household needs online or tapping your card/phone at the PayWave terminal, you’re going to get some kind of cashback.
There’s a minimum spend of $600 a month and a split cap of $20 for each category (online and contactless), which is rather stingy, but oh well, that’s the price you pay for a relatively hassle-free everyday-spending card. If you don’t meet this minimum monthly spend, you will still earn 0.3% base cash rebate on all transactions.
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $45,000 per year
Principal Annual Fee: $192.60
Supplementary Annual Fee: $96.30
Fee Waiver: 1 year fee waiver
Annual Interest Rate: 26.8%
Best cashback credit cards for online shopping
Cashback card | Cash rebate for online shopping | Restrictions |
DBS Live Fresh Card | Up to 5% | Min. spend $600 / cap $60 |
BOC Qoo10 World Mastercard | Up to 10% (Qoo10) / Up to 3% (other online spending) | Min. spend $800 / cap $40 |
Citibank SMRT Card | 2.7% (3% if you spend above $300) | No min. spend / cap $600 (annual) |
Pretty much everything from makeup to toilet paper to burritos to part-time cleaners to hotel bookings can be paid for online these days. Getting a good cashback card for online spending is now more important than ever.
DBS Live Fresh Card
Online Promo
Online & Visa Contactless Spend
DBS Live Fresh Card
Online Promo: <div><!--block-->Get S$200 Cashback with no minimum spend! Use the promo code "<strong>DBSFLASH"</strong> when you apply.</div> Valid till 05 Oct 2020.
More Details
Key Features
Earn up to 5% cashback on Online & Visa contactless spend with a minimum spend of S$600 per calendar month
Earn 0.3% cashback on all other spend
All-in-one card: Use the same card for your bus and train rides, and ATM withdrawals
Enjoy 1-year annual fee waiver
If you regularly spend $300 to $400 on online purchases, the DBS Live Fresh Card is a good option for online cashback.
Although there are credit cards advertising higher cashback on online spending, such as CIMB’s 10% cashback. I picked the more modest DBS Live Fresh because I find it more versatile as it also gives cashback on contactless payment (not category- or merchant-specific). Therefore, it’s easier to hit the minimum spend of $600.
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $45,000 per year
Principal Annual Fee: $192.60
Supplementary Annual Fee: $96.30
Fee Waiver: 1 year fee waiver
Annual Interest Rate: 26.8%
BOC Qoo10 Mastercard
Bank of China Qoo10 World Mastercard®
More Details
Key Features
Enjoy up to 15% Qmoney rebate on your Public transport spend
Up to 10% on your Qoo10 Spend
Up to 3% on all other purchases
Strictly for hardcore Qoo10 fans, the Bank of China Qoo10 Mastercard gives you up to 10% rebate on Qoo10 purchases… and the rebate is in Qmoney. (Other online purchases get 3% rebate.)
It also gives you rebates in a whole bunch of other categories like entertainment, dining and overseas spending, so the minimum of $800 isn’t hard to meet.
The thing to be wary of is that rebates are in Qmoney instead of “real” cash, so you’re basically stuck on the platform. Rebates are also capped at $40 (for Qoo10 purchases) + $40 (for everything else).
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $60,000 per year
Principal Annual Fee: $203.30
Supplementary Annual Fee: $101.65
Fee Waiver: 1 year fee waiver
Annual Interest Rate: 28.88%
Citibank SMRT Card
No Minimum Spend for Cashback
Citibank SMRT Card
More Details
Key Features
No monthly rebates cap, although rebates are capped at S$600 per year
Minimum spend of S$300 per month to earn maximum rebates across groceries, fast food, coffee, movies, and public transport
Up to 2% rebates on EZ-Reload transactions via the EZ-Link App or automated GIRO top-up. Transactions above S$30
Every S$1 spent gives you 1 SMRT$. Redeem your Citi SMRT$ Rewards for cash rebates and vouchers via Citibank Online
2 years fee waiver for principal cardholder and 2 supplementary cards
Visit bus or MRT ticketing machines to activate this card via TransitLink’s SimplyGo function to use it as an everyday EZ-Link card. Transactions via TransitLink do not qualify for rebates
If you’re an occasional online shopper and you cannot be bothered with calculating minimum spends, the Citibank SMRT Card is also a decent. You get 2.7% on online spending, or 3% if you spend more than $300.
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $42,000 per year
Principal Annual Fee: $192.60
Supplementary Annual Fee: $96.30
Fee Waiver:Available
Annual Interest Rate: 26.9%
Best cashback credit cards for dining & going out
Cashback card | Cash rebate | Restrictions |
BOC Family Card | 10% on dining, movies | Min. spend $800 / cap $25 for each category |
Citi Cash Back Card | 8% on groceries, dining, petrol | Min. spend $888 / cap $25 for each category |
UOB YOLO Card | 3% (weekday) or 8% (weekend) on dining, entertainment, Grab | Min. spend $600 / cap $80 |
No matter how broke Singaporeans claim to be, it seems that luxuries like eating good food, watching the latest blockbusters and taking Grab everywhere are totally non-negotiable.
So it’s no surprise that banks are aggressive about promoting their dining rebates cards, and these are often bundled with entertainment and/or Grab rebates. (Note: High rebates mean it’s easy to burst the cap, especially if you’re paying for a group. So watch out for that!)
BOC Family Card
Bank of China Family Card
More Details
Key Features
Enjoy up to $1,200 cash rebate a year
10% cash rebate on Everyday Dining (Restaurants & Fast Food), Movies
Up to 5% cash rebate on Supermarkets, Online Purchases, Family Club Merchants (Chien Chi Tow, Harvey Norman, Eu Yan Sang, Watsons, Unity Pharmacy & more), Hospital bills and many more!
Despite its name, BOC Family Card isn’t just for tired moms and dads to pay for infant care and nappies. Its highest rebates (10% too) are actually for dining and movies, two things that Singaporeans of all age groups do.
You also get up to 5% rebates at supermarkets and Family Club merchants (eg. Harvey Norman, Eu Yang Sang, Watsons), as well as on online purchases. That’s not stunning, but the multitude of categories help hit the minimum spending requirement of $800 a month. Unfortunately there’s a cap of $25 for dining and cinema rebates.
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $60,000 per year
Principal Annual Fee: $203.30 per year
Supplementary Annual Fee: $101.65 per year
Fee Waiver: Available
Annual Interest Rate: 28.88%
Citi Cash Back Card
MoneySmart Exclusive
Cashback on Dining, Groceries & Grab
Citi Cash Back Card
MoneySmart Exclusive: <div>Get a <strong>Sony WH-1000XM4 Wireless Noise-Cancelling Headphones</strong> worth $549 when you apply and spend on your card! Fill in the redemption form after the application to redeem. T&Cs apply.</div> Valid till 30 Sep 2020.
More Details
Key Features
8% cash back on Dining, Groceries & Petrol
Cash back is capped at S$25/month per category with min. spend of S$888/month
Up to 20.88% savings at Esso and Shell, and 8% cash back at other petrol stations
For retail spend less than S$888, 0.25% cash back is awarded for all categories of spend, no cap on cash back earned
8% cash rebate on dining, groceries and petrol with minimum spend of $888 each month? Huat ah! No wonder the Citi Cash Back Card is one of the most popular cashback cards around.
But note the $25 cap in each bonus cashback category, which limits your spending to about $300 in each category. Still, spending $300/month each on dining, groceries and petrol seems about right.
Singaporean Minimum Income: $30,000 per year
Non-Singaporean Minimum Income: $42,000 per year
Principal Annual Fee: $192.60 per year
Supplementary Annual Fee: $96.30 per year
Fee Waiver: Available
Annual Interest Rate: 26.9%
UOB YOLO Card
Bank Promo
UOB YOLO Credit Card
Bank Promo: Receive S$150 cash credit when you apply! Valid till 30 Sep 2020.
More Details
Key Features
8% cashback on weekends and 3% cashback on weekdays for Grab, Dining and Entertainment transactions
3% cashback on Online Fashion Transactions and Online Travel Transactions
0.3% cashback on all Other Spend
Free Travel Insurance Coverage (Up to $500,000)
Up to 2.5% p.a. interest with your UOB One Account when you spend on UOB YOLO (Insured up to S$75,000 by SDIC)
The UOB YOLO Card is squarely aimed at young’uns with no need for cashback on boring stuff like groceries, bills and petrol. Instead, it just focuses on a big fat 8% rebate on weekend dining, entertainment and Grab rides (3% rebate on weekdays).
As a bonus, you get 3% rebates on online (fashion) shopping and travel bookings, because what’s a #YOLO card without those categories right?
You do need to hit the minimum spend of $600 a month to get these rebates, though that’s not difficult — just foot the bill a couple of times and get your friends to PayNow you their share.
Singaporean Minimum Income: S$30,000
Non-Singaporean Minimum Income: S$40,000
Principal Annual Fee: S$192.60
Supplementary Annual Fee: N/A
Fee Waiver: 1 year fee waiver for Principal card
Annual Interest Rate: 25.9%
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 (2020) appeared first on the MoneySmart blog.
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