Credit cards that offer cashback have become extremely popular in Singapore. What’s not to love about earning rewards when you spend money? This also makes it a much more attractive alternative to debit cards. There are so many different cashback credit card offerings today, and it can be hard to narrow down and pick a credit card that best suits your needs in terms of giving you the best rewards.
Before we start, let’s run through what you should take into account when deciding on your next cashback credit card. Firstly, know the different categories that the cashback can be applied for. Different credit card offerings offer different percentages of cashback in separate categories. So, track your own spending habits before deciding on which credit card to buy! Next, keep in mind the various terms that certain credit cards may have. For example, certain credit cards have a certain minimum amount of spending or a cashback cap per month.
This article will summarise each of the top cashback credit cards available on the market, segregated into two sections: Those with a minimum spending amount and a cashback cap per month, and those without a minimum spend and any cashback cap.
Credit Cards Which Offer The Best Cashback: With a cap on cashback and spending minimum
#1 Friz Debit Card & Credit Line: Best for Freelancers
Although technically not a credit card, 1.75% cashback on all transactions is a great deal. The virtual debit card is issued instantly and the entire application process takes less than 5 minutes. You can also get access to a credit line up to $10,000 SGD if you are registered as a business in Singapore.
There are no minimum spending requirements and maximum cashback cap is $500SGD per month.
#2 Citi Cash Back Card: Good for groceries, dining and petrol
For those with families that constantly dine out and shop for groceries, the Citi Cash Back Card may be the perfect fit for you. They offer an attractive 8% cashback for most supermarkets, grocery stores, and 6% at dining spots like restaurants, fast food areas, cafes and even catering services.
However, you have to hit a minimum spending of $800SGD, and a maximum cashback cap of $80SGD per month.
#3 DBS Live Fresh: Best for shopping online and contactless spending
If you love shopping online or are a freelancer who wants to start an online business of sorts, this could be the cashback card for you rewarding you with up to 5% cashback.
For the heavy-duty online shoppers out there, DBS Live Fresh credit card could be the perfect card for you. Not only do you get up to 5% cashback on all your online shopping purchases, but you can also get additional rewards when you make contactless Visa transactions, such as Paywave, and even though the use of mobile payments like Apple and Google pay! This also means you can use this credit card for your transport rides as well through SimplyGo! So, when you are out and about and do not have your wallet on hand, you can still get cashback when you make payments on your mobile device. Lastly, you can get an additional 5% cashback on certain eco-friendly merchants.
There is a minimum spend of $600SGD per month, and a cap of $20SGD for online purchases, Visa spending and all other forms of spending besides sustainable purchases, which are capped off at $15.
#4 OCBC 365: Best for dining and general savings
Another popular credit card that is best for overall savings would be the OCBC 365 Card. You get 6% cashback at many dining spots and food deliveries, and a 3% cashback for other categories including groceries, transport, travel, and utilities. They even offer a 5% cashback for drivers out there, which can be used for fuel, and up to a whopping 23% savings if you pump petrol at Caltex.
Similar to the Citi Cashback Card, however, there is also a spending minimum of $800, and a monthly cap on cashback of $80SGD per month.
#5 UOB EVOL Card: Best for online and mobile contactless shoppers
The last credit card we have on this list would be the UOB EVOL card, which caters best to customers who hate having cash on their hands, be it offline or online. They are compatible with multiple mobile contactless payment platforms such as Apple, Samsung and Fitbit pay. They offer a cashback rate of 8% on all online and mobile contactless spending, with minimum spending of $600SGD per month, and a cap of $60SGD per month.
#6 CIMB Visa Signature Card: Best allrounder
A relatively new credit card offering would be the CIMB Visa Signature Card, and they offer extremely attractive cashback rewards as high as 10% based on the different categories such as beauty, online shopping sites, physical and online grocery stores, pet stores and even cruise rides.
They have many other attractive aspects, such as having no annual fees forever, and a signup promotion of $80SGD cash. Another bonus would be their compatibility with SimplyGo, which means you can also use it for transport.
They have a minimum spending of $800SGD per month, and a cap of $20SGD per category.
Credit Cards Which Offer The Best Cashback: No minimum spend and cashback cap
#1: Standard Chartered Unlimited Cashback Credit Card
For those who worry about minimum spending, the Unlimited Cashback Credit Card by Standard Chartered may be just right for you. They provide a 1.5% cashback for every spending purchase you make regardless of whichever category. Alternatively, you have the added option to total up all your purchases through a balance transfer and get cashback of 1% when your transfer amount has been approved. You can also combine both of these options to earn even more cashback!
#2: American Express True Cashback Card
The American Express True Cashback is one of the pioneering credit cards that offer unlimited cashback and provides 1.5% cashback rates for all spending without any minimum purchase amount or any cap on cashback. In addition, your first three months as a new user will guarantee you 3% of cashback for spending up to $5000SGD.
#3: Citi Cash Back+ Credit Card
The Citi Cash Back + Credit Card was recently introduced by Citibank, which provides 1.6% cashback for all forms of purchases.
#4: CIMB World Mastercard
Lastly, the CIMB World Mastercard offers an extremely attractive rate of unlimited 2% cashback for wine and dine, food delivery, entertainment, private transport and luxury brand purchases. However, there is a catch of a minimum spend of $1000SGD to get this 2%. If not, you can still get 1% cashback if you spend a minimum of $500SGD in that month and no annual fees in perpetuity.
With that, we’ve come to the end of all the best cashback credit cards we know off in Singapore in 2022! Now, go and pick out the best option for yourself!