Yahoo Finance 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!
Citi Cash Back Card | HSBC Advance Card | DBS Live Fresh Card | |
Basic Cashback | 0.25% | 1.5% | 0.3% |
Bonus Cashback | 7.75% (Dining, Grab, Petrol, Groceries) | 1% (for spending above $2,000/month) 1% (for HSBC Advance account holders) | 4.7% (online/app/Visa payWave transactions) |
Min. Spend (per month) | $888 | None | $700 |
Cashback cap | $25 per category (on bonus cashback) | $125 (HSBC Advance account holders) or, $70 (Non-account holders) | $60 (for bonus online/app/payWave cashback) |
Because there are almost as many cashback credit cards in Singapore as beauty queen hopefuls, it may seem like none of them truly stand out. However, you just need to look at your own lifestyle and spending habits to find out which credit card will give you the most cashback rebates without any inconvenience to you. Here are three of the best cashback credit cards in Singapore, in no particular order:
1. For the busy executive – the Citi Cash Back Card
Citi Cash Back Card
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Card Benefits
Get S$120 Cashback
MoneySmart Exclusive! - Free S$100 CapitaVouchers
8% cash back at food & beverage outlets, supermarkets, food & groceries delivery (including Foodpanda, Deliveroo, honestbee, RedMart) and Grab rides globally
Up to 20.88% at Esso and Shell, and 8% Cash Back at other petrol stations
Total minimum retail spend of S$888/statement month, 8% cash back capped at S$25 per category (Dining, Grab rides, Groceries, Petrol). For retail spend less than S$888 and/or other retail spends, 0.25% cash back is awarded, no cap on 0.25% cash back earned
If you’re looking for the highest all-round cashback rates in Singapore, look no further that the Citi Cash Back Card. With 8% cashback rebates for all the major spending categories like dining and groceries, it’s a must-have for anyone who can meet the card’s minimum spending requirement of $888 a month.
The Citi Cash Back Card also gives you:
Up to 20.88% savings at Esso and Shell, with 8% cash back for all other petrol stations
8% cash back on all Grab rides (until 6 April 2018)
8% cash back on selected food delivery and online grocers, too!
It’s the perfect cashback credit card if you’re often busy in the office with no time even to head out for lunch. And if you find yourself travelling often, whether for work or play, you’ll be happy to know that these cashback rebates apply when you use the Citi Cash Back Card overseas as well.
Things to note: As we mentioned earlier, the Citi Cash Back Card requires you to spend a minimum of $888 each month to qualify for the extra bonus cash back. Though this should generally not be a problem for a high-flying executive, do note that if you don’t meet the spending requirement, you’ll only earn the base cash back of 0.25%. Do note that while there is no overall cap on how much you can earn, the bonus cash back is capped at $25 per category, per month.
Sign-up bonus: From now till 31st January 2018, you can get $100 worth of CapitaVouchers if you apply for the Citi Cash Back Card exclusively through MoneySmart.
2. For the family breadwinner – the HSBC Advance Card
HSBC Advance Credit Card
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Card Benefits
Get an American Tourister Caravan 70cm TSA luggage (worth S$260) + $20 Cash Back
5% Cash Back on Online Spends
1.5% Cash Back on all purchases with no minimum spend / 2.5% Cash Back on all purchases with $2,000 minimum spend per month. Capped at $70 per month
For HSBC Advance banking customers: 2.5% Cash Back on all purchases with no minimum spend / 3.5% Cash Back on all spend with S$2,000 minimum spend per month. Capped at S$125 per month
1st year principal card annual fee waiver for non-HSBC Advance banking customers / Perpetual principal card annual fee waiver for HSBC Advance banking customers
Perpetual supplementary card annual fee waiver
Anyone raising a family knows that expenses can sometimes come from the most diverse places. You therefore want a credit card that can reward you for shopping for household necessities, buying new furnishings online, sending the children for courses or just taking family holidays. Consider the HSBC Advance Card, which gives you up to 3.5% cash back each month.
Not surprisingly, the HSBC Advance Card works best if you are a HSBC Advance banking customer. Not only do you enjoy the highest cash back, you also enjoy:
Perpetual annual fee waiver on both primary and supplementary cards
Attractive HSBC banking offers
Up to 200 dining, lifestyle and travel offers for HSBC cardholders, including 16% petrol discount at Caltex and Shell
To be a HSBC Advance banking customer is easy – you just need to open a salary crediting or occurring deposit of $3,500 with HSBC. It’s that simple.
Things to note: There is a monthly cap on the cash back you can earn. For HSBC Advance banking customers, it’s $125. That means you would need to spend more than $3,600 on this credit card in a month to exceed the cashback rebates cap.
Sign-up bonus: From now till 28th February 2018, you can get an American Tourister Caravan 70cm TSA Luggage (worth $260) and up to $40 in cashback if you apply for the HSBC Advance Card exclusively through MoneySmart.
3. For the online shopper – the DBS Live Fresh Card
DBS Live Fresh Card
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Card Benefits
Up to 10% cashback
Win a customised Nike Air Force 1 sneaker and G-Shock Watch by SBTG
5% cashback on online shopping and when you pay using Visa payWave, Apple Pay, Samsung Pay or Android Pay through your Card
Additional 5% cashback for the first 6 months with S$600/month min. spend when signing up within 8 Jan - 31 Mar 2018, Cashback cap at S$60/month
Lazada: 20% off storewide for new shoppers with ‘DBS2017’; Valid till 31 Dec 2018
Expedia: 20% off eligible hotel bookings with ‘DBS10EXP’ at checkout; Valid till 31 Jan 2019, and travel till 30 Apr 2019
Base rate: 0.3% on all other spend
It’s not surprising that some of us find that more and more of our monthly transactions happen online. Whether it be shopping at online marketplaces, making food delivery orders, taking Grab or Uber, or even buying mobile apps and games on iTunes or the Google Play Store, it’s easy to spend money online. So why not get rewarded for it too? In 2018, the DBS Live Fresh Card gets a new look, and officially becomes the best cashback credit card for online shopping in Singapore.
The DBS Live Fresh Card now gives you:
5% cash back on all eligible online transactions, and
5% cashback rebates on all Visa payWave transactions
Things to note: There is a minimum spend requirement of $600 a month. If you don’t meet that requirement, you will not earn any bonus cashback for that month. There is also a monthly cap of $60 for bonus cashback, so remember not to spend more than $1,200 on the card.
Special Privileges: If you have not applied for the DBS Live Fresh Card before, what are you waiting for? New cardholders can now earn an additional 5% bonus cashback if they apply for the card from now till 31 March 2018. That’s an unbeatable 10% cashback for online and Visa payWave transactions.
Some more things to note:
The smart cashback credit card user will mix and match the above cards according to their needs. Here are some more tips on how to maximise your cashback credit 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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