Cashback vs Miles vs Rewards: Which Is The Best Credit Card?

Chase miles, earn cashback or hoard reward points? With a sea of credit cards out there, how do you compare and pick the best one for your choice of lifestyle?

Best Credit Cards in Singapore on SingSaver

When it comes to credits cards, your spending habits and personal preferences take the front seat. Whether you enjoy travelling in style, or if you simply want cash in your pocket, there’s a card for you. Here’s a look at the 3 main types of credit cards and the promotions available.

Cashback
Miles
Rewards
Credit cards for each spending type

Looking for the best credit cards to complement your spending patterns and expenditure in 2023? Check out our Ultimate Credit Card Guide that covers all things credit cards in Singapore – from choosing between a cashback, miles, or rewards credit card to planning your credit card strategy.

Read Our Ultimate Credit Card Guide

Overview: Cashback vs Miles vs Rewards

Type of credit card	Pros	Cons
Cashback	Get a percentage of your spending back in the form of cash or rebates. It is credited back into your credit card account to offset your next purchase.	To earn higher cashback rates, some credit cards require you to spend a minimum amount each month. There could also be a cap to the amount of cashback you can earn.
Miles	Earn miles for every dollar you spend. Whether in economy class or first class, these miles can be used to redeem your next flight out of Singapore.	It takes time to accumulate sufficient miles to a destination outside of Southeast Asia, unless you spend big. Your miles might also expire before you have the chance to use them.
Rewards	Chalk up rewards points as you spend. Rewards cards offer flexibility, allowing you to redeem your points for a reward of your choice. You can also use these reward points to redeem miles or cashback.	Not all rewards catalogues offer a wide variety of gifts. The rewards you see on the catalogue today might not be the same rewards available when you finally redeem your points.

Cashback credit cards

A cashback card is the most straightforward when it comes to earning rewards for your credit card spend. With a cashback card, you get rewarded with cash credited into your credit card. These cash credits can be used to help you offset your next purchase.

Who should get cashback cards?

If you think cash is king. You are rewarded with cash in your credit card that can be used immediately, on your next purchase, whatever that might be.
If you don’t spend much. You still enjoy cashback regardless of the size of your spending, and the cashback cap doesn’t bother you.
If you prefer immediate gratification. Your cashback is credited into your credit card each month. On the other hand, miles and rewards cards require months or even years of miles/reward points accumulation before you can redeem something substantial.

Pros	Cons
Get back a percentage of your spending in the form of cashback	Minimum monthly spend required
High cashback rate for specific categories (e.g. grocery, dining, petrol, shopping etc.)	Cap to the maximum amount you can earn in cashback each month
Receive your cashback every month	Not all categories earn high cashback rates
No redemption process required

What to consider when choosing a cashback card:

Cashback rate: How much cashback will you be earning?
Categories with higher cashback rate: Which category spend will give you more cashback?
Minimum spend: How much will you need to spend each month to earn this cashback?
Cashback cap: What’s the maximum amount you can earn in cashback for each category every month?

What cashback credit cards should you get?

Check out the cashback cards listed below or read this article to find the best cashback cards in Singapore.

Best Cashback Credit Cards (with min. spending and cap)

Credit Card	Best for/Benefits	Details	Min. Annual Income
Citi Cash Back Card Apply Now	- 8% cashback on Groceries and Petrol - 6% cashback on Dining - 0.25% cashback on all other spending	- Min. S$800 monthly spend - S$80 cashback cap (per statement month) - Annual fee: S$194.40 (First year free)	- Local/PR: S$30,000 - Foreigner: S$42,000
CIMB Visa Signature Card Apply Now	- 10% cashback on Online Shopping, Groceries, Beauty & Wellness, Pet Shops & Vet services, and Cruises - Unlimited 0.2% cashback for all other spending	- Min. S$800 monthly spend - S$100 cashback cap (per statement month), and up to S$20 per category - For spend beyond the cap, you will earn 0.2% cashback - No annual fee	- Local/PR: S$30,000
Maybank Family & Friends Card Apply Now	- 8% cashback on 5 selected categories: 1) Groceries 2) Dining & Food Delivery 3) Transport, Data Communication & Online TV Streaming 4) Retail & Pets 5) Online Fashion 6) Entertainment 7) Pharmacy 8) Sports & Sports 9) Apparels 10) Beauty & Wellness - 0.25% cashback on all other spending	- Min. S$800 monthly spend - S$125 cashback cap (per statement month), and up to S$25 per category - Annual fee: S$180 (First 3 years free)	- Local/PR: S$30,000 - Malaysian Citizen: S$45,000 - Foreigner: S$60,000
UOB EVOL Card Apply Now	- 8% cashback on Online Spend - 8% cashback on Mobile Contactless Spend - 0.3% cashback on all other spending	- Min. S$600 monthly spend - S$60 cashback cap (per statement month), and up to S$20 per category - Annual fee: S$194.40 (Waived when you make a min. 3 transactions every month for 12 consecutive months)	- Local/PR: S$30,000 - Foreigner: S$40,000
OCBC 365 Card Apply Now	- 5% cashback on Dining and Online Food Delivery - 6% cashback on Petrol - 3% cashback on Groceries, Land Transport, Utilities, Streaming, Drugstore and Electric Vehicle Charging - 0.25% cashback on all other spending	- Min. S$800 & S$1,600 monthly spend - S$80 & S$160 cashback cap depending on monthly spend tier (per statement month) - Annual fee: S$194.40 (First 2 years free)	- Local/PR: S$30,000 - Foreigner: S$45,000

Best Unlimited Cashback Credit Cards

Credit Card	Best for/Benefits	Details	Min. Annual Income
Citi Cash Back+ Card Apply Now	- 1.6% unlimited cashback on all spending	- No min. spend required - No cap on cashback earned - Annual fee: S$194.40 (First year free)	- Local/PR: S$30,000 - Foreigner: S$42,000
AMEX True Cashback Card Apply Now	- 1.5% unlimited cashback on all spending (including education fees, insurance, healthcare, utilities and telco) - Enjoy 3% welcome bonus cashback on up to S$5,000 eligible spend within first 6 months of card approval	- No min. spend required - No cap on cashback earned - Annual fee: S$172.80 (First year free)	- Local/PR: S$30,000
CIMB World Mastercard Apply Now	- 2% unlimited cashback on Wine & Dine and Online Food Delivery, Movies and Digital Entertainment, Taxi and Automobile, and Luxury Goods	- Min. S$1,000 monthly spend - No annual fee	- Local/PR: S$30,000
Standard Chartered Simply Cash Card Apply Now	- 1.5% unlimited cashback on all spending	- No min. spend required - No cap on cashback earned - Annual fee: S$194.40 (First 2 years free)	- Local/PR: S$30,000 - Foreigner: S$60,000
UOB Absolute Cashback Card Apply Now	- 1.7% unlimited cashback on all spending - Includes insurance, school fees, wallet top-ups (excludes Grab), healthcare, utilities & telco bills, and rental	- No min. spend required - No cap on cashback earned - Annual fee: S$194.40 (First year free)	- Local/PR: S$30,000 - Foreigner: S$40,000
Maybank FC Barcelona Visa Signature Card Apply Now	- 1.6% unlimited cashback on all local spending	- No min. spend required - No cap on cashback earned - Annual fee: S$120 (First 2 years free)	- Local/PR: S$30,000 - Malaysian Citizen: S$45,000 - Foreigner: S$60,000

Compare Best Cashback Cards

Miles credit cards

A miles credit card rewards you with miles for every dollar spent. These accumulated miles can be used to redeem flights in the future, be it economy class, business class or first class. Naturally, the further the destination, the more miles are required.

Who should get a miles card?

If you love to travel. There’s nothing like redeeming your hard-earned miles for a ‘free’ flight. If you enjoy travelling, chasing miles can be a very rewarding journey.
If you want to experience travelling in luxury. Can’t bear to pay the premium for a non-economy seat? A miles card could be your chance to earn yourself a first class ticket on a carrier like Singapore Airlines. Some miles credit cards also come with free lounge access.
If you have big-ticket purchases coming up. Miles require spending in order to accumulate sufficient miles. A big-ticket purchase is a chance for you to supercharge your miles journey, especially with the bonus miles promotions some credit cards offer.

Pros	Cons
Both local and overseas spending earn you miles, which can be redeemed for a flight in the future	Takes time to accumulate sufficient points to redeem a flight
No minimum spend required	Not all banks partner a wide range of frequent flyer programmes
No cap to miles you can earn	There is an expiry date to miles earned
Additional travel benefits such as complimentary airport transfer, lounge access, travel insurance and more

What to consider when choosing a miles card:

Miles earn rate / miles per dollar (mpd): How many miles will you earn per dollar spent?
Categories with higher miles earn rate: Which categories will give you more miles for your spending?
Annual fee: How much is the annual fee and should you pay the annual fee?
Airlines partners: Which frequent flyer programmes does the bank have on board? For example, Krisflyer miles can only be used for carriers under Singapore Airlines.

Which miles credit card should you get?

Check out the miles cards listed below or read this article to find the best miles cards in Singapore, or check out these credit cards for first-time miles chasers.

Best Miles Credit Cards

Credit Card	Best for/Benefits	Details	Min. Annual Income
Citi PremierMiles Card Apply Now	- S$1 = 10 miles on Bookings at Kaligo - S$1 = 7 miles on Hotel Books at Agoda - S$1 = 2 miles on Overseas Spend - S$1 = 1.2 miles on Local Spend - 2 free airport lounge visits per year with Priority Pass - Complimentary Travel Insurance	- Miles awarded as Citi Miles, which never expire - S$27 per redemption - Annual fee: S$194.40 (First year free)	- Local/PR: S$30,000 - Foreigner: S$42,000
DBS Altitude Card Apply Now	- S$1 = 10 miles on Hotel Transactions at Kaligo - S$1 = 6 miles on Flight & Hotel Transactions at Expedia - S$1 = 3 miles on Online Flight & Hotel Transactions (capped at S$5,000 per month) - S$1 = 2 miles on Overseas Spend - S$1 = 1.2 miles on Local Spend - 2 free airport lounge visits per year with Priority Pass	- Miles awarded as DBS Points, which never expire - S$27 per redemption - Annual fee: S$194.40 (First year free)	- Local/PR: S$30,000 - Foreigner: S$45,000
Maybank Horizon Visa Signature Card Apply Now	- S$1 = 2.8 miles^ on Air Tickets (all airlines) and Foreign Spend* - S$1 = 1.2 miles on all Local Retail Spend like shopping, dining, petrol, hotels, and more - S$1 = 0.25 miles on Utilities, Education, Insurance, and Medical expenses - Complimentary Travel Insurance	- Miles awarded as TREAT Points ,which is capped at 30,000 per month - *Min. S$800 spend per calendar month, otherwise 1.2 mpd earned only - Annual fee: S$180 (First 3 years free) ^Up to 3.2 mpd for a limited time only. T&Cs apply.	- Local/PR: S$30,000 - Malaysian Citizen: S$45,000 - Foreigner: S$60,000
UOB PRVI Miles Card Apply Now	- S$1 = 6 miles on Selected Online and Flight Bookings at Agoda, Expedia, and UOB Travel - S$1 = 3.2 miles on Overseas Spend - S$1 = 1.4 miles on Local Spend - Complimentary Travel Insurance	- Miles awarded as UNI$ - S$25 per redemption - Annual fee: S$259.20 (First year free)	- Local/PR: S$30,000 - Foreigner: S$40,000

Compare Best Air Miles Credit Cards

Rewards credit cards

A rewards credit card gives you reward points for your credit card spend. These reward points can be used to redeem a gift of your choice from the rewards catalogue. You’ll find that they usually revolve around cash vouchers for department stores, supermarkets, petrol stations, restaurants and more.

Many rewards cards also double as miles cards, allowing you to convert your points into miles from one of the bank’s frequent flyer programmes. This makes rewards cards a versatile tool for you shuttle between miles and rewards depending on your whims.

Who should get rewards cards?

If you prefer gifts over cash. You can use your points to directly redeem a gift for yourself from the rewards catalogue. Otherwise, redeeming vouchers allows you to reward yourself by purchasing a gift of your choice.
If you are undecided about what type of reward you prefer. You can still exchange your reward points for miles or cash credits in the future.
If you want a gift that can be given to others. Your reward points can be exchanged for cash vouchers to be used at participating merchants, such as restaurants, grocery stores, petrol stations and more.

Pros	Cons
Freedom to choose the reward you want	Limited rewards catalogue
Flexibility to redeem only when you want to	Current items in rewards catalogue might change by the time you choose to redeem your reward
Points can be used to offset your spending	Miles conversion fee

What to consider when choosing a rewards card:

Rewards earn rate: How many reward points will you be getting per dollar spent?
Categories with higher reward points given: Which categories will give you more points for your spending?
Variety of rewards catalogue: How extensive is the bank’s rewards catalogue? Does it have rewards that you will want to redeem?

Which rewards credit card should you get?

Check out the rewards cards listed below or read this article to find the best rewards cards in Singapore.

Perks	Credit card	Alternative option
Flexibility to choose preferred category	UOB Lady’s Card Choose 1 category (from 7 categories) that will earn you 15x UNI$ (30 miles) per S$5 spend Apply Now	UOB Lady’s Solitaire Card Choose 2 categories (from 7 categories) that will earn you 15x UNI$ (30 miles) per S$5 spend
Highest rewards earn rate	Citi Rewards Card Earn 10X Rewards points for every $1 spent on online purchases Apply Now	OCBC Titanium Rewards Card Earn 10x OCBC$ for every $1 spent on retail, in stores and online Apply Now

Compare Best Rewards Credit Cards

Best credit cards for each spending type

Here’s a thought: there is space for more than one credit card in your wallet!

Choosing one type of credit card doesn't mean that you can’t hold another; the trick to maximise returns on your credit card spend is to hold multiple credit cards (responsibly), with each credit card serving a specific purpose.

For example, you might use the Citi Rewards card for your online spend, but opt for the CIMB Visa Signature for grocery spend while using the UOB PRVI miles for all other spend. However, keep in mind that with more credit cards also comes more bills to keep track of and pay. By trying to meet the minimum requirements across all your cards, you might unknowingly be expanding your expenditure more than necessary every month, which adds up to a lot in a year.

If you are looking for a credit card that helps you optimise savings for spending in a specific category, you can check out these guides:

Credit cards for online shopping
Credit cards for grocery shopping
Credit cards for dining
Credit cards for shopping
Credit cards to use as your EZ-Link Card
Credit cards to use for Grab
Credit cards to pay utility bills

Compare Best Credit Cards

Cashback vs Miles vs Rewards: Which Is The Best Type Of Credit Card For You?

Ching Sue Mae

Chase miles, earn cashback or hoard reward points? With a sea of credit cards out there, how do you compare and pick the best one for your choice of lifestyle?

Best Credit Cards in Singapore on SingSaver

Overview: Cashback vs Miles vs Rewards