Maximise Your Savings: Singapore's 2% Cash Back Credit Cards

Cashback credit cards have evolved significantly, offering increasingly competitive rewards. Today, a 2% cashback rate is a highly desirable benchmark for savvy Singaporean consumers seeking to maximise their everyday spending returns. Finding the right credit card with 2% cashback can make a substantial difference in your savings.

Rewards breakdown

Unlimited 2% cashback on dining, movies & digital entertainment, taxi rides, ride-hailing, automobile, and luxury goods.

1% on all other eligible spend with no minimum spend.

Card details

• Enjoy access to over 1,300 airport lounges globally via the Mastercard Travel Pass App, powered by Dragonpass.

• Receive 50% off green fees at select golf courses across the region.

• Benefit from lifetime annual fee waiver.

• Apply for up to four supplementary cards with no annual fees.

• Unlock over 1,000 exclusive regional deals and discounts across Singapore, Malaysia, and Indonesia.

• No cashback cap on eligible spending.

SingSaver’s take

Boasting the highest unlimited cashback in Singapore, the CIMB World Mastercard is a prime choice for those who frequently spend on dining, online food delivery, movies, digital entertainment, taxi rides, ride-hailing, automobiles, and luxury goods.

Pros

✅ The CIMB World Mastercard offers a broad range of lifestyle and travel perks, including airport lounge access and golf discounts, and provides uncapped cashback on selected categories, maximising rewards for high spenders, and it benefits from no annual fee.

Cons

❌ It requires a S$1,000 minimum monthly spend to qualify for the 2% cashback, and the 1% cashback on all other eligible spend is not as competitive.

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Rewards breakdown

Up to 2.5% cashback (1.5% with no minimum spend OR 2.5% when you spend above S$2,000) on your local and overseas purchases each calendar month.

Card details

• Earn 1.5% cashback on all purchases with no minimum spend.

• Increase cashback to 2.5% on all local and overseas purchases when spending exceeds S$2,000.

• Gain complimentary access to the ENTERTAINER with HSBC app, featuring over 1,000 1-for-1 deals on dining, lifestyle, and travel worldwide.

• Cashback is capped at S$70 per calendar month.

• No monthly spend required for the base rate.

• Travel insurance included.

• First-year annual fee waiver.

SingSaver’s take

The HSBC Advance Credit Card is tailored for affluent individuals seeking to maximise rewards with minimal hassle. Pairing this card with the HSBC Everyday+ Rewards Programme can yield up to 3.5% cashback. Even without the programme, spending above S$2,000 earns a competitive 2.5% cashback, surpassing the standard 1.5% base cashback on all local and overseas spend.

Cardmembers enjoy complimentary access to the ENTERTAINER app, unlocking over 1,000 1-for-1 deals across dining, lifestyle, and travel. The card’s annual fee is waived for the first year.

Pros

✅ The HSBC Advance Credit Card offers a tiered cashback system, rewarding higher spending with a better rate, provides complimentary ENTERTAINER access, and offers a lower base cashback rate with no minimum spend.

Cons

❌ Cashback is capped at S$70 per calendar month, and there's an annual fee after the first year.

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Rewards breakdown

3% cashback up to spending of S$5,000 for the first 6 months.

1.5% unlimited cashback on all subsequent purchases with no minimum spend.

Card details

• Enjoy unlimited and immediate cashback, with no minimum spend and no cap.

• Receive cashback credited in the same statement month.

• Complimentary travel insurance.

• First-year annual fee waiver.

SingSaver’s take

Ideal for big-ticket purchases, the American Express True Cashback Card, functioning more like a charge card, offers a generous 3% cashback on all eligible purchases up to S$5,000 in the first 6 months.

Pros

✅ The American Express True Cashback Card provides a high initial cashback rate for the first six months, offers a straightforward, uncapped cashback structure, and cashback is credited in the same statement month.

Cons

❌ The 3% cashback rate is limited to the first 6 months and up to S$5000 spend. There's also an annual fee after the first year.

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Rewards breakdown

1.6% cashback on eligible spend all year round.

Card details

• Enjoy uncapped cashback with no minimum spend.

• Cashback earned does not expire.

• Redeem cashback instantly via SMS.

• Earn 0.4% bonus cashback with a Citi Interest Booster Account.

• Travel insurance included.

• Petrol discounts.

SingSaver’s take

The Citi Cash Back+ Card offers a hassle-free, unlimited cashback solution, perfect for high-spenders, with 1.6% cashback on all spending, no minimum spend, and no cap. Cashback never expires and can be redeemed instantly via SMS.

Pros

✅ The Citi Cash Back+ Card offers a straightforward, uncapped cashback structure, cashback does not expire, and offers easy instant redemption.

Cons

❌ The 1.6% cashback is not as competitive compared to some other cards, and there's an annual fee after the first year.

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Rewards breakdown

1.5% cashback for all spend, no minimum spend and no cashback cap.

Card details

• Enjoy uncapped cashback with no minimum spend.

• Access dining and shopping discounts at over 3,000 outlets in Asia via Standard Chartered’s The Good Life®.

• First-year annual fee waiver.

SingSaver’s take

The Standard Chartered Simply Cash Credit Card is a fuss-free card that offers 1.5% unlimited cashback on almost all spend, with no minimum spend and no cap.

Pros

✅ The Standard Chartered Simply Cash Credit Card offers a straightforward, uncapped cashback structure, and has no minimum spend.

Cons

❌ The 1.5% cashback is not as competitive compared to some other cards, and there's an annual fee after the first year.

Rewards breakdown

10% cashback on daily essentials.

4.33% cashback on Singapore Power utilities bill.

3.33% cashback on all retail spend.

Card details

• Petrol savings of up to 24% at Shell and SPC.

• Greater savings with up to 6.0% p.a. interest with UOB One Account+.

• Min. spend of S$500 / S$1,000 / S$2,000 per month (min. 5 purchases) for 3 consecutive months to earn additional cashback.

• Awarding of cash rebates only comes every quarter.

• Qualifying monthly spend for cash rebate has to be spread out across min. 5 different purchases.

• First-year annual fee waiver.

SingSaver’s take

With up to 10% cashback on daily spending categories, the UOB One Card might be one of the most generous cashback credit cards in the market. Featuring a tiered cashback system, you'll enjoy the highest cashback on daily spend at Grab, DFI Retail Group, McDonald’s and more. Get up to 3.33% cashback on other eligible spend.

Pros

✅ The UOB One Card offers generous cashback rates on a wide range of daily spending categories and petrol savings at Shell and SPC, and the link to the UOB One Account+ also offers additional interest earnings.

Cons

❌ To earn the highest cashback rate, you must meet a high minimum spend of S$2,000 per month and make a minimum of five purchases per month. However, there is a lower minimum spend of S$500 if you don’t want to earn the highest cashback. Additionally, cashback is credited quarterly.

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Confirm details on the issuer's website before applying.

CIMB World Mastercard

Best for: Extensive lifestyle rewards and travel perks

This card is ideal for those seeking comprehensive lifestyle and travel benefits. It offers uncapped 2% cashback on select lifestyle categories like dining and entertainment, and provides valuable travel perks like airport lounge access and golf discounts, making it a well-rounded option for frequent travellers and those who enjoy premium experiences. Read our review.

HSBC Advance Credit Card

Best for: Flexible cashback for affluent spenders

Tailored for affluent spenders, this card features a tiered cashback system, rewarding higher spending with a better rate (up to 2.5%). It also offers complimentary access to the ENTERTAINER app, unlocking numerous 1-for-1 deals, making it a good fit for those who enjoy dining and lifestyle experiences. Read our review.

American Express True Cashback Card

Best for: Uncapped cashback for big-ticket purchases

This card excels for big-ticket purchases, especially in the first six months, offering a high initial cashback rate of 3% up to S$5,000. Its straightforward, uncapped 1.5% cashback structure and monthly crediting make it a simple and efficient choice for those who value transparency and immediate rewards. Read our review.

Citi Cash Back+ Card

Best for: Hassle-free, unlimited cashback

Perfect for high-spenders who prefer simplicity, this card provides a flat 1.6% unlimited cashback on all spending, with no minimum spend or cap. Its unique feature of non-expiring cashback and instant SMS redemption makes it a convenient and long-term rewarding option. Read our review.

Standard Chartered Simply Cash Credit Card

Best for: Fuss-free, flat-rate cashback

This card offers a simple, uncapped 1.5% cashback structure with no minimum spend, making it a straightforward choice for those who want a hassle-free cashback experience on all their purchases.

UOB One Card

Best for: High-tiered cashback on daily spend

This card is designed for maximising daily spending rebates, offering a tiered system that rewards high spenders across many daily categories. Read our review.

Aspire Corporate Card

Best for: Streamlining business expenses and empowering teams

The Aspire Corporate Card offers a seamless blend of convenience, control, and rewards. Streamline expense tracking, empower your team, and unlock exclusive benefits, all while maintaining a firm grip on your company's financial expenses. Read our review.

American Express Singapore Airlines Business Credit Card

Best for: Businesses with frequent travel needs and seeking travel rewards

The American Express Singapore Airlines Business Credit Card offers attractive rewards, such as 8.5 HighFlyer points per dollar on eligible Singapore Airlines Group flights, Accor Plus membership, and two complimentary visits to Priority Pass lounges per year. Read our review.

OCBC INFINITY Cashback Credit Card

Best for: High spenders seeking uncapped cashback on specific categories

The OCBC INFINITY Cashback Credit Card offers uncapped cashback on specific categories, such as luxury goods and travel, providing up to 1.6% when spending aligns with these categories. This card caters to high-net-worth individuals who frequently make purchases in these designated areas. Read our review.

UOB Absolute Cashback Card

Best for: Uncapped cashback with a focus on specific merchant categories

The UOB Absolute Cashback Card provides uncapped cashback, but the rate varies based on the merchant category. While it may not be a flat 2% across all spending, selected categories yield a return close to or exceeding 1.7%, making it appealing for those who concentrate their spending within these areas. Read our review.

DBS Live Fresh Card

Best for: Cashback on online and eco-friendly spending

The DBS Live Fresh Card offers enhanced cashback rates for online spending and eco-friendly merchants, which can effectively translate to a 0.3% or higher return for those who frequently shop online or support sustainable businesses. This card appeals to environmentally conscious digital consumers. Read our review.

Maybank Family & Friends MasterCard

Best for: Family-oriented spending

Maybank, while a regional bank, offers the Maybank Family & Friends MasterCard, which provides up to 8% cashback on family-related expenses like groceries, dining, and petrol. This card is ideal for families who prefer a bank with a strong regional presence and seek rewards tailored to household spending. Read our review.

SAFRA DBS Mastercard

Best for: SAFRA members' lifestyle rewards

This DBS SAFRA Card caters specifically to SAFRA members (Singapore Armed Forces Reservists Association), offering exclusive discounts and rewards at SAFRA clubhouses and partner merchants. It's a good choice for those who frequently utilise SAFRA facilities and services. Read our review.

POSB Everyday Card

Best for: Everyday essential spending

The POSB Everyday Card offers up to 3% cash rebate on a range of essential spending categories, including groceries, dining, and utilities. It’s a good option for those who want a card that rewards daily expenses from a trusted local bank. Read our review.

These cards, while not strictly offering a flat 2% cashback across all categories, are notable for their strong cashback offerings or unique benefits that make them valuable considerations.

• OCBC 365 Credit Card: Up to 6% cashback on petrol, dining, groceries, and online food delivery.

• HSBC Revolution Credit Card: Up to 2.5% effective cashback on online spend.

• CIMB Visa Signature Card: Up to 10% cashback on select lifestyle categories.

• HSBC Live+ Credit Card: Up to 8% cashback on dining, entertainment, and shopping.

• Standard Chartered Smart Credit Card: Cashback on specific categories with a high rate.

To maximise your cashback rewards, consider pairing cards that complement each other's strengths. The ideal tandem allows you to earn high rewards across a wide range of spending categories.

• For online shoppers and lifestyle spenders: Pair the HSBC Revolution Credit Card (for its 2.5% effective cashback on online spend) with the CIMB Visa Signature Card (for its 10% cashback on online shopping and groceries). This combination ensures high returns on digital purchases and essential spending.

• For those who prioritise dining and entertainment: Pair the HSBC Live+ Credit Card (for its up to 8% cashback on dining, entertainment, and shopping) with the Standard Chartered Simply Cash Credit Card (for a flat 1.5% cashback on all other spend). This tandem covers a wide range of lifestyle expenses while ensuring consistent returns on all other purchases.

• For high-spenders seeking uncapped cashback across various categories: Pair the Citi Cash Back+ Card (for its 1.6% uncapped cashback) with the UOB One Card (for its high-tiered cashback on daily spend). This combination allows for a base level of uncapped rebates, and then a very high rebate in daily spending categories.

• For those who want to maximise travel and lifestyle rewards: Pair the DBS Altitude Visa Card (for travel and lifestyle rewards with miles redemption) with the American Express True Cashback Card (for its 1.5% unlimited cashback on all spend). This pairing allows for miles accumulation for travel, and a flat rate of cashback for all other spending.

• For family-oriented spending: Pair the Maybank Family & Friends MasterCard (for its high cashback on family-related spending) with the Standard Chartered Smart Credit Card (for its high cashback rates on specific categories). This allows for a great rebate on family spending, and then high rebates on categories tailored to the individual.