Money doesn’t grow on trees, but with the number of cashback credit cards in Singapore, it sure feels like it. Instead of the reward points system that many cards offer, cashback credit cards give you a cash rebate. Cash rebates work much better than rewards points because they usually don’t expire, and you don’t have to redeem them for vouchers that will just force you to spend more!
Because there are almost as many cashback credit cards in Singapore as beauty queen hopefuls, it may seem like none of them truly stand out. However, you just need to look at your own lifestyle and spending habits to find out which credit card will give you the most cashback rebates without any inconvenience to you. Here are three of the best cashback credit cards in Singapore, in no particular order:
1. For the busy executive – the Citi Cash Back Card
- MoneySmart Exclusive! - Bonus S$100 Qoo10 Voucher
- Get S$120 Cashback
- 8% cash back at ALL food & beverage outlets, supermarkets, food & groceries delivery (including Foodpanda, Deliveroo, honestbee, RedMart) and Grab rides globally
- Up to 20.88% at Esso and Shell, and 8% Cash Back at all other petrol stations
- Total minimum spend of S$888/statement month, 8% cash back capped at S$25 per category (Dining, Grab rides, Groceries, Petrol). For spend less than S$888 and other spends, 0.25% cash back is awarded, no cap on 0.25% cash back earned
If you’re looking for the highest all-round cashback rates in Singapore, look no further that the Citi Cash Back Card. With 8% cashback rebates for all the major spending categories like dining and groceries, it’s a must-have for anyone who can meet the card’s minimum spending requirement of $888 a month.
The Citi Cash Back Card also gives you:
- Up to 20.88% savings at Esso and Shell, with 8% cash back for all other petrol stations
- 8% cash back on all Grab rides
- 8% cash back on selected food delivery and online grocers, too!
It’s the perfect cashback credit card if you’re often busy in the office with no time even to head out for lunch. And if you find yourself travelling often, whether for work or play, you’ll be happy to know that these cashback rebates apply when you use the Citi Cash Back Card overseas as well.
Things to note: As we mentioned earlier, the Citi Cash Back Card requires you to spend a minimum of $888 each month to qualify for the extra bonus cash back. Though this should generally not be a problem for a high-flying executive, do note that if you don’t meet the spending requirement, you’ll only earn the base cash back of 0.25%. Do note that while there is no overall cap on how much you can earn, the bonus cash back is capped at $25 per category, per month.
Sign-up bonus: From now till 20th August 2017, you can get a $100 Qoo10 voucher if you apply for the Citi Cash Back Card exclusively through MoneySmart.
2. For the family breadwinner – the HSBC Advance Card
- MoneySmart Exclusive! - Delsey Helium Aero 71cm TSA Luggage worth S$529 + Up to S$40 Cashback
- 1.5% Cash Back on all purchases with no minimum spend / 2.5% Cash Back on all purchases with $2,000 minimum spend per month. Capped at $70 per month
- For HSBC Advance banking customers: 2.5% Cash Back on all purchases with no minimum spend / 3.5% Cash Back on all spend with S$2,000 minimum spend per month. Capped at S$125 per month
- 1st year principal card annual fee waiver for non-HSBC Advance banking customers / Perpetual principal card annual fee waiver for HSBC Advance banking customers
- Perpetual supplementary card annual fee waiver
Anyone raising a family knows that expenses can sometimes come from the most diverse places. You therefore want a credit card that can reward you for shopping for household necessities, buying new furnishings online, sending the children for courses or just taking family holidays. Consider the HSBC Advance Card, which gives you up to 3.5% cash back each month.
Not surprisingly, the HSBC Advance Card works best if you are a HSBC Advance banking customer. Not only do you enjoy the highest cash back, you also enjoy:
- Perpetual annual fee waiver on both primary and supplementary cards
- Attractive HSBC banking offers
- Up to 200 dining, lifestyle and travel offers for HSBC cardholders, including 16% petrol discount at Caltex and Shell
To be a HSBC Advance banking customer is easy – you just need to open a salary crediting or occurring deposit of $3,500 with HSBC. It’s that simple.
Things to note: There is a monthly cap on the cash back you can earn. For HSBC Advance customers, it’s $125. That means, you would need to spend more than $3,600 on this card in a month to exceed the cash back cap.
Sign-up bonus: From now till 31st July 2017, you can get a Delsey Helium Aero 71cm TSA Luggage (worth $529) and up to $40 in cashback if you apply for the HSBC Advance Card exclusively through MoneySmart.
3. For the online shopper – the DBS Live Fresh Card
- Get up to 10% cashback on your online and Visa payWave spend
- Get a return trip to Krabi with your new DBS Card
- Earn 5% cashback when you shop online or pay using Visa payWave through your Card, Apply Pay, Samsung Pay or Android Pay
- New Cardmembers get additional 5% cashback on your spend on Uber, FoodPanda, mcDelivery, Amazon, ASOS Qoo10, iTunes and more
- Spend a minimum of S$700 per calendar month. Cashback capped at S$70.
- Valid till 30 Sep 2017
It’s 2017, so it’s not surprising that some of us find that more and more of our monthly transactions happen online. Whether it be shopping at online marketplaces, making food delivery orders, taking Grab or Uber, or even buying mobile apps and games on iTunes or the Google Play Store, it’s easy to spend money online. So why not get rewarded for it too? With the DBS Live Fresh Card, you can now earn 5% cashback on all eligible online transactions.
What’s more, if you’re a new DBS Live Fresh Cardholder, you can earn an additional 5% cashback at several very popular online merchants. That’s an unbeatable 10% cashback for online transactions.
It doesn’t stop there. The DBS Live Fresh Card also gives you:
- 5% cashback on all Visa payWave transactions
- 3X DBS Rewards Points for online and Visa payWave transactions (that’s the equivalent of 1.2 air miles per $1 spent!)
Things to note: There is a minimum spend requirement of $700 a month. If you don’t meet that requirement, you will not earn any cashback for that month. You will still earn the Rewards Points though. Also, these cashback rates are a limited promotion which ends 30 September 2017. It remains to be seen if DBS will extend the benefits after that date.
Sign-up bonus: From now till 31st July 2017, you can win a free return trip to Krabi on AirAsia. Just apply for the DBS Live Fresh Card and spend a minimum of $500 within the first month from the card approval date.
Honourable Mention – The Bank of China Visa Infinite Card
- Get 5% Cash Rebate for the first 2 months
- Stand to win an All-New Mercedes-Benz C 180 Cabriolet or a Dream Holiday
- 5% cash rebate for the first 2 months up to S$4,000 spend (for the first 250 new-to-bank applicants, promo ends 31 July 2017)
- 1% cash rebate on all local spend all-year-round, no minimum spend and no cap
- Waiver of 1.5% currency exchange fees on all overseas transactions
- Enjoy first year fee waiver
The Bank of China Visa Infinite Card is a new credit card that is offering up to 5% cash rebate for the first 2 months, up to a total of $4,000 spend. This means you could earn up to $200 in cash rebates, which is no small amount. However, this benefit is limited to the first 250 applicants, and ends 21st July 2017.
Here are some of the other card benefits:
- 1% cash rebate on all spend, with no minimum spend requirement and no rebate cap
- Waiver of 1.5% currency exchange fee for all overseas transaction
- 24-hour lifestyle concierge service
- Exclusive dining privileges of up to 50% off
Things to note: This is a Visa Infinite card, so the annual income requirement to apply is $120,000 and above. However, if that isn’t a problem for you, you can apply for the Bank of China Visa Infinite Card.
Some more things to note:
The smart cashback credit card user will mix and match the above cards according to their needs. Here are some more tips on how to maximise your cashback card benefits.
Of course, with all credit cards, your cashback rebates aren’t worth anything if you’re not making payment in full each month. So always make sure to spend within your means.
What is your favourite cashback credit card? How much have you saved in a month using that card?