Best Cashback Credit Cards In Singapore 2020

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Best Cashback Credit Cards in Singapore 2019 | SingSaver

The best cashback credit cards in Singapore help you save money on your daily spending in a convenient and easy way.

Cashback credit cards offer perhaps the most straightforward type of reward for consumers. Simply charge your spend to a cashback card, and you automatically receive a rebate off your purchase as cashback. This will be in the form of credit given back to you in your next monthly credit card statement.

What should I look out for in a cashback credit card?

Cashback is usually awarded on specific categories such as dining, online shopping, groceries and transport so the first thing is to know your monthly spending habits and get the right cashback credit card for you.

In addition, some cards come with pretty extensive terms and conditions. These include:

  • monthly cap on cashback you can receive per month
  • monthly minimum spend before you qualify for advertised cashback rate
  • different cashback rates based on weekday or weekend spend
  • specific merchant partners such as specific petrol chains (i.e. Caltex) or supermarket chains (eg Cold Storage)

To help you compare and apply for the best cashback credit cards and maximise your savings, we present our recommended cashback cards for 2020. Choose between:

Best cashback credit cards: With minimum spend and cashback cap

Best Cashback Credit Cards (with min. spend and cap)
Best ForCashback RateFee Waiver
Citi Cash BackGroceries, Dining and petrol∙ 8% cashback on grocery, dining and petrol1-year annual fee waiver
OCBC 365Dining and general savings∙ 6% cashback on dining and online food delivery
∙ 3% cashback on groceries, land transport, utilities and online travel
∙ 5% on fuel spend
2-year fee waiver
DBS Live FreshOnline and Visa contactless spend∙ Up to 5% cashback on online and Visa contactless spend (including SimplyGo rides)1-year annual fee waiver
CIMB Visa SignatureAll-round spending∙ 10% cashback on grocery, online spending, beauty and wellness, pet shops and veterinary services, cruisesNo fees for life
UOB YOLO∙ Partying
∙ Dining out
∙ Online Shopping
∙ Entertainment
∙ 8% for weekend spend on dining, entertainment, and Grab
∙ 3% cashback on weekday spend including online fashion and travel
1-year annual fee waiver

Credit card offers are subject to changes at any given time.

#1 Citi Cash Back Visa Card: Best for groceries, dining and petrol

If you bring the family out for dining and grocery shopping, the Citi Cash Back card (not to be confused with the Citi Cash Back+ card) is a good cashback credit card to have in your wallet.

It comes with a generous 8% cashback at virtually every stop of your trip, be it at your neighbourhood supermarket or your favourite eatery. But you’ll need to spend a monthly minimum spend of S$888 per month to earn cashback.

Cashback amounts are also capped at S$25 per category per month (dining, groceries, and petrol) but this can already save you S$75 each month.

Why we love this card:

  • High cashback of 8% on three common spending criteria – dining, groceries, and petrol
  • High potential monthly savings of up to S$75
  • Card can be used for ERP payments

But do take note:

  • Monthly minimum spend of S$888 to earn cashback
  • Category cashback cap of S$25 per month

Get this card if you: Consistently spend on groceries, dining and petrol costs.

SingSaver promotion: Get $200 cash via PayNow when you apply for a qualifying Citibank credit card as a new Citibank cardmember and make a qualifying spend transaction of any amount. Existing Citibank cardmembers will get $30 cash via PayNow instead.

#2 OCBC 365: Best for dining and general savings

The OCBC 365 Card is one of our favourite cashback credit cards for all-round savings. 

Enjoy 6% cashback on dining and online food delivery all week, and 3% cashback on on groceries, land transport, utilities and online travel. If you drive, the OCBC 365 Card offers amazing cashback of 5% on fuel spend at all petrol service stations and up to 23% savings at Caltex.

However, there’s a downside: the monthly minimum spending is S$800, otherwise, your cashback rate is only 0.3%.

Why we love this card:

  • 6% cashback on dining and online food delivery
  • 3% cashback on groceries, land transport, online travel, and utilities
  • Cashback eligible spending categories are now more relevant than ever, and cover worldwide transactions

But do take note:

  • Minimum spend of S$800 per month to enjoy cashback
  • Monthly cashback cap of S$80 per month

Apply for this card if you: Drive often and want to save across a wide variety of transactions common to your lifestyle.

SingSaver promotion: Get S$100 GrabFood vouchers upon approval for new OCBC credit cardholders when you apply for the OCBC 365 credit card by 30 September 2020. Existing OCBC credit cardholders that apply for this card will still receive $50 GrabFood vouchers if you are the first 1,000 existing OCBC Cardholders to spend at least $300 on the card.

#3 DBS Live Fresh: Best online and Visa contactless spend

If you’re someone that does most of your shopping online, this could be the cashback card for you (with the other option being OCBC Frank), rewarding you with up to 5% cashback.

DBS Live Fresh also rewards you for Visa contactless payments (i.e. paywave) and this includes your mobile payments such as Apply Pay and Google Pay—perfect for those who like the idea of leaving your house without your wallet, especially when this card can double up as your EZ-Link card.

Why we love this card:

  • 5% cashback for all your online purchases
  • 5% cashback for Visa contactless spend, which includes your MRT and bus rides with SimplyGo

But do take note:

  • Minimum spend of S$600 per month to enjoy cashback
  • Cashback is capped at S$20 on online spend, S$20 on eligible Visa contactless spend and S$20 on all other spend each month

Apply for this card if you: Frequently shop online and enjoy leaving your home without your wallet, relying on mobile contactless to make purchases. You can also consider the DBS Live Fresh if you have a DBS Multiplier account and need a credit card to bump up your interest rates.

DBS Promotion: Get $200 cashback when you apply and spend on one of these five DBS/POSB credit cards: DBS Altitude (Visa), DBS Live Fresh, DBS Woman’s World Card, DBS Woman’s Card or POSB Everyday card. You can get up to $250 cashback if you apply for the DBS Altitude (Amex).

Simply enter promo code DBSFLASH in your application to qualify. Promotion is valid from 21 September to 5 October 2020. You’ll have to be a new DBS/POSB credit cardholder and make a qualifying transaction within 30 days of card approval date to be eligible. Terms and conditions apply.

If you’re not a new DBS/POSB credit cardholder, consider these promotions instead.

#4 CIMB Visa Signature Card: Best for all-round spending

CIMB Visa Signature Card is the newest kid on the block to offer one of the highest headline cashback rates. Cardholders can expect to earn a cashback rate of up to 10% across categories like beauty and wellness, online shopping, grocery, pet shops and veterinary services and cruises.

At a time when we are spending most of our time at home, the 10% cashback on online shopping and groceries comes in handy. This 10% cashback applies to not just in-store grocery spend, but also on groceries bought online.

Additionally, this card is compatible with SimplyGo, fitting right into your wallet as an EZ-Link card.

Why we love this card:

  • High cashback of 10% for multiple categories
  • No annual fees for life
  • $80 cash credit signup promotion

But do take note:

  • Minimum spend of S$800 per month to enjoy cashback
  • $20 cashback cap per category

Apply for this card if you: Like to have a fuss-free card for all-round spending, particularly for groceries, beauty and wellness, online shopping, and veterinary services.

CIMB Sign-up Promotion: Get $100 cash credit when you apply as a new CIMB credit cardholder from 1 August – 31 October 2020. You will have to make a minimum spend of $350 per month for 2 months from card approval to be eligible. T&Cs apply.

CIMB is also running a lucky draw where you stand to get 6 months’ worth of credit card bills paid for, just by spending on your CIMB card! A monthly cash prize of S$1,000 will also be given out. Valid till 28 Feb 2021, T&Cs apply.

#5 UOB YOLO Card: Best for the party crowd

The UOB YOLO Card is best for busy millennials who often dine or hang out with friends and use Grab for their frequent commutes. Enjoy upsized cashback of 8% on weekend spending, including dining, online shopping, and entertainment.

Why we love this card:

  • High cashback of 8% for weekend spend on dining, entertainment, and Grab 
  • 3% cashback on weekday spend including online fashion and travel

But do take note:

  • Minimum spend of S$600 per month to enjoy cashback
  • Non-promo cashback cap at S$60 per month

Apply for this card if you: Like to club, dine out, have brunch, cafe-hop, and watch movies (especially on weekends). 

SingSaver Promotion: Get $80 cash via PayNow when you apply as a new to UOB credit cardmember. Existing UOB cardmembers can get $20 GrabFood vouchers. This promotion is valid from 24 – 15 October 2020.

UOB YOLO Credit Card

Best cashback credit cards: No minimum spend and cashback cap

Best Cashback Credit Cards (no min. spend and cap)
Best ForCashback RateFee Waiver
Standard Chartered Unlimited Credit CardInstant digital credit card1.5% on all spends
1% on approved funds transfer
2-year annual fee waiver
Citi Cash Back+ Credit Card High cashback rate regardless of spending category1.6% on all spends1-year annual fee waiver
American Express True Cashback CardPurchasing big ticket items in the first 6 months1.5% on all spends and 3% cashback on first $5,000 in the first 6 months1-year annual fee waiver
CIMB World MastercardDining, entertainment and duty free transactions 2% on Wine & Dine, Entertainment & Recreation, Automobile and Duty Free Store purchases
1.5% on all other spends
1-year annual fee waiver
ICBC Chinese Zodiac Card Annual fee waiver, choice of card1.6% on all spends3-year annual fee waiver

#1: Standard Chartered Unlimited Cashback Credit Card

The Unlimited Cashback Credit Card by Standard Chartered gives you 1.5% cashback each time you spend, whether for a restaurant meal, household grocers, or a new pair of gym shoes.

Additionally, choose to consolidate your spending via a balance transfer and earn 1% cashback on your approved transfer amount. 

In combination, these two cashback channels effectively lets you ‘double-dip’ on your spending, but remember that carrying a credit card balance will incur significantly higher interest charges. But still, the extra savings would prove welcome if you need to transfer your balance. 

SingSaver Promotion: Get $160 cash via PayNow, when you apply for the Standard Chartered Unlimited or Standard Chartered Rewards+ credit card! To be eligible for this promotion, you’ll have to be a new Standard Chartered Bank cardholder and activate your card within the first 30 days of card approval. If you already have a Standard Chartered credit card, you’ll be rewarded with $30 GrabFood vouchers when you sign up. Promotion is valid until 30 September 2020.

#2: Citi Cash Back+ Credit Card

Citibank charges into the unlimited cashback fray with its recently launched Cash Back+ Credit Card (not to be confused with the Citi Cash Back Credit Card), throwing down the gauntlet by offering 1.6% cashback on all spends. 

Although 0.1% more cashback is unlikely to make a difference (unless you charge tens of thousands of dollars to the card), the higher cashback earn rate still makes for an attractive option for fans of Citi seeking to earn cashback across multiple transaction types. 

SingSaver promotion: Get $200 cash via PayNow when you apply for a qualifying Citibank credit card as a new Citibank cardmember and make a qualifying spend transaction of any amount. Existing Citibank cardmembers will get $30 cash via PayNow instead.

#3: American Express True Cashback Card

One of the very first unlimited cashback cards to be launched on our shores, the enduring popularity of AMEX’s True Cashback Card boils down to its simple hook: 1.5% cashback on all spends with no minimum monthly spends nor cashback cap.

With this card, you simply spend as usual, accruing cashback which is automatically used to offset your monthly statement. Instant, fuss-free savings. 

Promotion

  • Earn 3% cashback on all spends up to $5,000 during the first 3 months (max cashback: $150). 
  • Charge at least $500 in the first month and receive $80 CapitaVouchers.

SingSaver Promotion: Get $120 cashback when you apply as a new to American Express credit cardmember and spend $500 within the first month of approval. Apply between 21 September – 21 October 2020 to qualify.

#4: CIMB World Mastercard

Just because unlimited cashback cards apply flat cashback across all spends for convenience doesn’t mean you can’t enjoy higher savings on your favourite activities too. 

With the CIMB World Mastercard, you’ll earn 2% cashback on dining, entertainment, automobile and duty-free transactions. For all other spends, you’ll earn 1.5% cashback — just like that.  

Also, this card has no annual fee for life, saving you money year after year. Talk about having your cake and eating it too. 

CIMB Sign-up Promotion: Get $100 cash credit when you apply as a new CIMB credit cardholder from 1 August – 31 October 2020. You will have to make a minimum spend of $350 per month for 2 months from card approval to be eligible. T&Cs apply.

CIMB is also running a lucky draw where you stand to get 6 months’ worth of credit card bills paid for, just by spending on your CIMB card! A monthly cash prize of S$1,000 will also be given out. Valid till 28 Feb 2021, T&Cs apply.

CIMB World MasterCard

#5: ICBC Chinese Zodiac Card

Although it doesn’t get as much air time as the above options, another great card for unlimited cashback is the underrated ICBC Chinese Zodiac Card. Get this card and earn 1.6% cashback across all spends, while also enjoying VIP lounge service at high-speed rails and airport lounges around the globe. 

That you can show off your very own Chinese horoscope each time you flash this card is just the icing on the cake. 

Promotion

  • Spend min $200 per month to earn bonus $20 cashback for the first six months (max bonus cashback: $120)

Compare and apply for the best cashback credit cards on SingSaver

If you’re looking for a good cashback card to help you save on everything from groceries, to petrol, to transport, be sure to apply through SingSaver to maximise your welcome rewards with exclusive sign-up bonuses (and this is on top of the bank’s own rewards!). Use SingSaver’s free online comparison tool to compare the best cashback credit cards in Singapore.

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