Can Cashback Credit Cards Help Curb Inflation in Singapore?

Inflation erodes our real purchasing power. The best cashback credit cards in Singapore can help lessen the pain of rising costs.

Singapore, like many other countries around the world, has not been spared from inflation. According to recent news, core inflation — which excludes private transport costs and accommodation — jumped to 2.9 per cent in March on a year-on-year basis. It is forecast to soar further in the upcoming months, before moderating towards the end of 2022. 

With food, transport, petrol, groceries and electricity bills soaring, what can households and consumers do to deal with inflation? 

Start relying on cashback cards to maximise their savings if they haven’t already done so, of course. Needless to say, certain lifestyle changes will help, too, such as taking the bus or MRT, cycling, walking, stopping (or reducing) usage of air-conditioners, buying food items near closing time and more. 

• Do credit cards help with inflation? 
• Are cashback cards worth it?
• Best cashback credit cards in Singapore
• Credit cards for low-income earners in Singapore

Do credit cards help with inflation?

Credit cards can be a smart money-saving tool that helps with inflation if you use them wisely to your advantage. 

Think about the potential credit card rewards you can earn on your expenses. Whether it be cashback, miles or rewards points, these tangible rewards count. Plus, who can forget the many deals and offers that credit cards offer? 

Pro tip: Adopt good credit card habits to ensure your rewards really count. 

Are cashback cards worth it?

Yes, if you pick the right one best suited for your needs and lifestyle. 

Cashback is the most straightforward type of reward. Read on ahead to find out what our top cashback credit card picks.

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Best cashback credit cards in Singapore (2022) 

#1 Citi Cash Back Card

Citi Cash Back Card is well-loved for good reason — it lets you earn 6% cashback on grocery shopping (both online and at major supermarkets) and dining at restaurants, cafes, fast food eateries, and caterers. Plus, cardholders can enjoy 8% cashback on fuel spend (up to 20.88% savings at Esso and Shell). [Update] It also offers up to 8% bonus rate for private commute. This applies regardless of whether you’re spending locally or abroad. 

To earn the 8% and 6% cashback, consolidate your expenses and make a minimum spend of S$800 in the statement month. All other spendings will earn unlimited 0.20% cashback. 

It is nice to know that you aren’t required to spend an equal (or almost equal amount) on these three bonus categories in a bid to maximise your savings — the monthly S$80 cashback cap applies across all three bonus categories. This is fantastic as it caters to a wider group of consumers; some may spend significantly more on groceries, petrol or dining out than others. 

#2 Maybank Family & Friends Card

Maybank Family & Friends Card lets you earn up to 8% cashback for five spend categories across eight options: 

• Groceries
• Dining & Food Delivery
• Transport
• Data Communication & Online TV streaming 
• Retail & Pets
• Online Fashion
• Entertainment
• Pharmacy & Wellness 

To earn the sweet 8% cashback on your selected spend categories, simply make a minimum monthly spend of S$800 on your credit card. You’ll earn unlimited 0.3% cashback on all other spending.   

The maximum cashback you can earn each calendar month with the Maybank Family & Friends Card is capped at S$125 — split into S$25 per category per month.  

#3 CIMB Visa Signature Card

Not only does CIMB Visa Signature Card let you avoid annual fees for life, this cashback credit card lets you earn 10% cashback on online shopping, groceries, beauty/wellness, pet shops/veterinary services, cruises and unlimited 0.2% cashback on all other spendings. 

To earn the 10% cashback — capped at S$100 per statement month, and S$20 per category —  all you need to do is consolidate your expenses and make a minimum spend of S$800 within the statement month.

Also, you can let your family enjoy the same card benefits at no extra charge; CIMB offers up to four free supplementary cards!  

#4 UOB One Card

UOB One Card is an all-purpose cashback credit card that lets you earn up to 3.33% cash rebate on literally everything you purchase. 

Its cashback mechanics have been updated recently — you’ll earn the 3.33% cash rebate if you spend S$2,000, S$1,000 or S$500 per statement month for each qualifying calendar quarter (i.e. S$200, S$100 or S$50 cash rebate per quarter respectively). 

You can, however, look forward to earning another 5% or 6.67% cash rebate on SimplyGo (bus and train rides), Shopee, Grab, Dairy Farm International (e.g. Cold Storage, Giant, Marketplace, Jasons, Jasons Deli, CS Fresh, Guardian, 7-Eleven), and UOB Travel transactions (i.e. up to a total of 10%), depending on the quarterly cash rebate you’ve earned: 

• Extra 5% rebate if you qualify for S$100 or S$50 quarterly cash rebate
• Extra 6.67% rebate if you qualify for S$200 quarterly cash rebate

The additional cash rebate you can earn on eligible Shopee, Dairy Farm International, Grab and UOB Travel transactions is generously capped at S$100 per month! If you drive, be sure to pump at SPC as this card lets you save up to 22.65%.

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#5 UOB EVOL Card 

In this day and age where more are shopping online and making mobile contactless payments, the UOB EVOL Card is one rewarding cashback credit card worth paying attention to. For starters, it lets you earn 8% cashback on all online and mobile contactless spend (Apple Pay, Google Pay, Samsung Pay and Fitbit Pay). All other spending will earn unlimited 0.3% cashback. 

To snag the generous, easy 8% cashback, simply make a minimum spend of S$600 each statement month. It is as easy as that! 

Just take note that there’s a S$60 total cashback cap per statement month, split into S$20 per category (i.e. online, mobile contactless and other spend). 

If you have funds in the UOB One Account, be sure to pair it with your UOB EVOL Card to earn up to 2.5% p.a. interest on your savings. There’s so much you can do to make your money work harder. 

#6 DBS Live Fresh Card 

Looking for a fuss-free cashback credit card for all daily expenditures? Home in on the DBS Live Fresh Card that offers up to 6% cashback.

With the DBS Live Fresh Card, you’ll earn 6% cashback on local and overseas shopping transactions and transport spend. All other spend will earn an unlimited 0.3% base cashback. 

How can you snag up to 6% cashback? Make a minimum monthly spend of S$800 each calendar month, of course. Take advantage of Fresh Deals while you’re at it to stretch your money!

The maximum cashback you can earn in any calendar month with this credit card is S$70, further split into S$50 cap on shopping spend and S$20 on transport spend. No cashback cap is set for all other eligible spend.

#7 HSBC Visa Platinum Card

Want an easy way to save on dining, groceries (including online groceries) and fuel? Bank on HSBC Visa Platinum Card for the 5% cashback it offers. Call the 5% cashback yours so long as you meet the minimum monthly spend of S$600 consecutively for a calendar quarter.

That’s not all. You get to earn 1X reward points for every S$1 charged to your card, which can be redeemed for more cash credit or miles. 

The good news is that your minimum spend requirement can include all other local or overseas purchases made on your card  — it doesn’t have to be based solely on grocery, dining or fuel expenses. 

Consider pumping at Caltex and Shell stations to save even more on fuel thanks to the (up to) 17% instant discount and 5% cashback you can earn on your fuel spend. 

Feel free to utilise your free ENTERTAINER with HSBC access whenever possible, too. This complimentary perk lets you gain access to a host of 1-for-1 dining, lifestyle and hotel deals year-round. 

What else do you need to know about the HSBC Visa Platinum Card? The maximum 5% cashback you can earn each calendar quarter is capped at S$250. 

#8 OCBC FRANK Credit Card 

OCBC FRANK Credit Card is an easy-to-use cashback credit card that you can rely on to help make each dollar of yours go further no matter if you’re stocking up on groceries or pet supplies, making travel bookings, dining out, shopping or taking bus/MRT rides. 

With a minimum spend of S$600 each calendar month, OCBC FRANK Credit Card lets you earn 6% cashback on your online and in-app purchases, in-store foreign currency transactions, and when you make contactless payments via your smartphone or watch in-store via Apple Pay, Samsung Pay, Google Pay, Fitbit Pay and Garmin Pay. 

All other spending will earn unlimited 0.3% cashback, pretty standard across comparable cashback credit cards. 

What else do you have to take note of? The maximum monthly cashback you can milk from the OCBC FRANK Credit Card is S$75, further split into S$25 cap on online and in-app spend; S$25 on in-store spend; and S$25 on all other spend. 

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Credit cards for low-income earners in Singapore

It is true that the most exclusive and rewarding credit cards are reserved for mid-to-high income earners. However, that doesn’t mean low-income earners can’t get access to credit cards. Credit cards for low-income earners in Singapore exist. 

If you can’t qualify for a standard ‘proper’ credit card at this time, consider getting a secured credit card instead. A secured credit card gives you access to all the benefits of a regular credit card, but you’re required to put down a deposit that doubles as your credit limit! 

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