3 Best Cash Back Credit Cards in Singapore

3 Best Cash Back Credit Cards in Singapore

Money doesn’t grow on trees, but with the number of cashback credit cards in Singapore, it sure feels like it. Instead of the reward points system that many cards offer, cashback credit cards give you a cash rebate. Cash rebates work much better than rewards points because they usually don’t expire, and you don’t have to redeem them for vouchers that will just force you to spend more!

Strangely enough, in a market where just about every bank has a cashback credit card, some cards still come with very strange spending requirements. If a card sounds too good to be true, it’s usually because it comes with a list of terms and conditions so complicated that you require thick glasses and a crack team of lawyers and auditors to understand.

We give you a breakdown of some of the best cashback credit cards available in Singapore, and rank the cards based on how easy it is to get their rebates. We also look at some cashback credit cards that just don’t make the cut, either because of low cashback rates or a complicated cashback system.

Monthly spending of $500 and below on a cashback credit card

Case Study 1: Helena spends $500 a month.

Best cards for her:

1. American Express True Cashback

   • $7.50 cashback

2. CIMB WORLD Mastercard

   • $5.00 cashback

3. OCBC Frank

   • $30 cashback (if spent on online purchases)

   • $2.50 cashback (for all other purchases)

Worst cards for her:

1. POSB Everyday Card

   • $1.50 cashback

2. Maybank Platinum Visa

   • $10 cashback (if she spends at least $300 every month, rebate given per quarter)

3. UOB One

   • $10 cashback (if she spends at least $300 every month on at least 3 purchases, rebate given per quarter)

The American Express True Cashback card gets the victory here. When your credit card spending is small, the cashback amounts tend to be negligible, so you have to be more concerned about minimum spending requirements. The American Express True Cashback card, CIMB WORLD Mastercard and OCBC Frank card all do not have any minimum spending requirements or maximum rebate caps, making them most suitable for small monthly expenditure.

Monthly spending of $501 and $1500 on a cashback credit card

Case Study 2: Dinah spends $1500 a month.

Best cards for her:

1. American Express True Cashback

   • $22.50 cashback

2. CIMB WORLD Mastercard

   • $15 cashback

3. Bank of China Shop!

   • $60 (if spent on online purchases or selected department stores)

   • $15 (for all other purchases)

Worst cards for her:

1. Maybank Platinum Visa

   • $33.33 cashback (if she spends at least $1000 every month)

2. Standard Chartered Manhattan

   • $15 cashback

3. POSB Everyday

   • $4.50 cashback

The American Express True Cashback card once again lives up to its name here, because it has no minimum spending requirement and no maximum rebate cap. It definitely beats the UOB One card and the Maybank Platinum Visa card. Those two cards have a minimum spending requirement of $1500 and $1000 each month for 3 months before you can earn the rebates. What’s worse, you forfeit all your rebates if you do not meet the spending requirement. Talk about getting kicked while you’re down.

Monthly spending of $1501 and above on a cashback credit card

Case Study 3: Barbara spends $3000 a month.

Best cards for her:

1. Citi Dividend

   • $150 cashback (if spent on groceries and fuel, each transaction must be at least $50)

   • $15 cashback (for all other purchases)

   • (up to a maximum of $800 cash rebate a year)

2. Standard Chartered Manhattan

   • $90 cashback

   • (capped at $200 a quarter)

3. American Express True Cashback

   • $45 cashback

Worst cards for her:

1. UOB One

   • $50 cashback (if she spends at least $1500 every month on at least 3 purchases)

2. Maybank Platinum Visa

   • $33.33 cashback (if she spends at least $1000 every month)

3. POSB Everyday

   • $9 cashback

The Citi Dividend card is great for high monthly spending, especially if you spend a lot on groceries and fuel. The Standard Chartered Manhatten card is a shadow of what it once was, but it still gives pretty respectable rebates. However, do note that there is a quarterly maximum rebate of $200. If you apply for the Amex True Cashback card now, you will also get up to 5% rebates on your first $5000 spent on your first 3 months!

The smart cashback credit card user will mix and match the above cards according to their needs. They may use the OCBC Frank card for online transactions, and the Citi Dividend card for fuel and groceries (while taking note of the minimum $50 transaction amount). Here are some more tips on how to maximise your cashback card benefits.

Of course, with all credit cards, your cashback rebates aren’t worth anything if you’re not making payment in full each month. So always make sure to spend within your means.

What is your favourite cashback credit card? How much have you saved in a month using that card?

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