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Read the latest news about Cashback Credit Cards in Singapore and the best money saving tips.
Which category will you be spending on the most? Here are the best credit cards for each type of spending.
All Types Of Spending: Citi Cash Back+ (1.6% cashback)
For those that want a fuss-free cashback card, this card gives you 1.6% cashback on all your spending, regardless of the category you spend on.
Dining: Citi Cash Back (8% cashback)
Dining out in Singapore isn’t cheap. This card gives you 8% cashback on not just your dining spend, but also groceries and petrol.
Groceries: CIMB Visa Signature (10% cashback)
For families that make frequent trips to the supermarket, use the CIMB Visa Signature to earn 10% cashback on groceries, both in-store and online.
Petrol: Maybank Family & Friends (8% cashback)
Car owners and private hire drivers can accelerate fuel savings by earning 8% cashback at petrol stations in both Singapore and Malaysia. This card also gives you 8% cashback on groceries, fast food, food delivery and more.
Online Shopping: CIMB Visa Signature (10% cashback)
Earn cashback on your retail therapy by using the CIMB Visa Signature. This card also gives you 10% cashback on Groceries, Beauty & Wellness as well as Pet Shops and Veterinary Services.
Transport: UOB One (10% cashback)
Loyal Grab riders, this card’s for you. The UOB One gives you up to 10% cashback on your Grab rides and GrabFood spend, while excluding mobile wallet top-ups.
A cashback credit card is one that gives you a percentage of your spending as cashback (sometimes termed as cash rebates). This cashback earned will be credited into the same credit card you spent on and can be used to offset your next credit card statement.
Simply make your purchase with your cashback card, and you receive cashback in your credit card account at the end of the month, or in the following month. This cashback will be a percentage of your transaction amount. For example, if your cashback credit card offers 5% cashback on grocery spend, a $100 grocery bill earns you $5 in cashback.
If your credit card has a minimum monthly spend required, you must spend at least that amount in order to earn your cashback at the end of the month.
Most cashback credit cards set a cashback cap of about $20 to $25 for each category. There could also be a maximum total cashback cap per calendar month. This can range from S$60 to S$80.
There are also cashback credit cards with no cashback cap, with rates of about 1.5% to 1.6%.
This depends on the category you are spending on. Higher cashback rates are usually awarded on specific merchant categories such as dining, grocery, shopping, online spend, entertainment, transport, travel and fuel.
For many cashback credit cards, you would have to meet the minimum spend required in order for your spending to earn higher cashback. If you do not spend much, you can consider credit cards with no minimum spend. Do also keep in mind that once you hit the cashback cap, the subsequent purchases will not earn you more cashback.
When choosing a cashback credit card, you should look out for:
This depends on the category you spend the most on. Choosing a credit card that suits your spending habits will help you maximise the cashback earned. You can narrow down your selection based on these main categories:
You can also read this article to find the best cashback credit cards in Singapore.
When choosing a cashback credit card, you can consider features such as:
Yes, there are. These credit cards do not require a minimum spend and there is no limit to the cashback you can earn:
You can also read this article to find a cashback credit card with no minimum spend and no cap.
If you are looking to maximise your cashback earned, you can consider getting a few cashback credit cards. As most cashback credit cards impose a cashback cap for each category, once you’ve hit the cashback cap on your first cashback credit card, you can move on to use another credit card that month.
You can also have multiple credit cards for different types of spending. For example, you can use the Citi Cash Back card for groceries and dining (8% cashback), the OCBC Frank for your online spend and pay in-store via Visa contactless (5% cashback) with DBS Live Fresh.
Cashback credit cards may charge annual fees and late payment fees. These fees are similar across all types of credit cards. Cashback you earn for the month is credited into your credit card account directly, without you incurring any additional fees.
You will have to meet the minimum income requirements to apply for the card. Most cashback credit cards have a minimum annual income of S$30,000. However, there are a few select credit cards, such as the CIMB World Mastercard, that have a higher minimum income requirement.
Supplementary cardholders can also earn cashback. However, the cashback earned by a supplementary cardmember may be credited to the card account of the principal cardmember.
The cashback you earn will be tallied and credited into your credit card account either at the end of the month or in the following month. Depending on the credit card used, this is calculated based on the spending category and amount spent. It will also be reflected in the credit card statement that you receive every month. You can use this cashback to offset a portion of your next credit card bill.
Financial comparison sites like SingSaver help you compare impartially between the different products, and highlight unique selling points of each of them. That way, it’s easier for you to decide which cards best suit your needs. We also tie up with banks to reward our users with exclusive promotions and bonus incentives upon the sign-up of a new credit card.
In a bid to go all-digital, some banks offer instant digital credit cards. This means that upon the bank’s approval, you will receive a digital card which you can use immediately. You no longer have to wait 1 to 2 weeks for the physical card to arrive in your mail to make a transaction.
When applying for such digital cards, follow the bank’s instructions on where you can find your digital card (with the credit card number) once it is approved.
Unlike miles or reward points that take time and money to accumulate (before they can be exchanged for a plane ticket or gift), cashback credit cards reward you for your purchases within the month, in the form of cashback.
You can read this article that covers Cashback vs Miles vs Rewards to find out which type of credit card is best for you.