When it comes to comparing plastic, cashback is the most popular kind of credit card in Singapore. But which is the best cashback credit card in Singapore?
There is no clear-cut, universal “best” credit card. To me, the best credit card is one that suits your lifestyle, not the other way around. I don’t believe in micromanaging your spending and obsessing over how you can game the system to maximise your cash rebates – it’s too tedious and disruptive.
So yes, you could easily pick out other cashback credit cards with seemingly high rebates, but if it’s not here, I probably didn’t include it because it is quite difficult to qualify for the maximum cashback.
| Credit card | Cashback | Restrictions |
| American Express True Cashback Card | 3% for the first 3 months up to $5,000
1.5% thereafter |
None |
| BOC Family Card | 10% on dining, cinemas
5% online, groceries, hospital, NETS FlashPay |
Min. spend $700
Capped at $30 for dining & cinema / $30 for online / $40 for all else |
| Citi SMRT Card | 4.7% on groceries (min. $50 transaction), movies, fast food, coffee chains
2.7% online 1.7% on EZ-Link +0.3% if you hit min. spend $300 |
No min. spend
Capped at $600 yearly |
American Express True Cashback Card – cash rebates for big expenses
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- on up to $5,000 spend in the first 6 months for new Card Members.
- 3.0% Cashback
- all subsequent eligible purchases
- 1.5% Cashback
- Cash Back Cap
- Unlimited
There are several frontrunners in the unlimited cashback category, namely American Express True Cashback Card, Standard Chartered Unlimited Cashback Card and the Maybank FC Barcelona Visa Signature Card.
The standard cash rebate for the American Express True Cashback Card and Standard Chartered Unlimited Cashback Card are the same, 1.5% with no minimum spend and no cap.
Maybank FC Barcelona Visa Signature Card is marginally higher (1.6%), but the reason why the Amex card has an edge is because you can earn 3% for the first $5,000 you spend (within first 6 months).
That’s perfect since most people get unlimited cashback cards when they’re anticipating big ticket purchases that’ll burst other credit cards’ cashback caps. If you’re really going to be spending – think renovations and wedding banquets – you can always swipe your main credit card until you’ve met all the cashback caps before switching to your unlimited cashback card.
- Singaporean Minimum Income: $30,000 per year
- Non-Singaporean Minimum Income: $60,000 per year
- Principal Annual Fee: $171.20 per year
- Supplementary Annual Fee: $85.60 per year
- Fee Waiver: 1 year fee waiver for Principal card, perpetual fee waiver for first 2 supplementary cards
- Annual Interest Rate: 25.90%
Standard Chartered Unlimited Cashback Card – attractive sign-up promotion
Like the AMEX True Cashback Card, the SC Unlimited Cashback Card offers 1.5% cashback with no minimum spend and no cap.
If you don’t really have any big milestones going on to charge large amounts to the AMEX True Cashback, go for SC Unlimited instead. You get a sign-up bonus of $120 instant cash via PayNow and $80 cash rebate if you sign up via MoneySmart. Valid until 29 Feb 2020 and promotions do refresh from time to time.
Plus, this unlimited cashback card offers up to 21.5% effective discount at Caltex (98-octane fuel).
- Singaporean Minimum Income: $30,000 per year
- Non-Singaporean Minimum Income: $60,000 per year
- Principal Annual Fee: $193 per year
- Supplementary Annual Fee: $0
- Fee Waiver: First year free for Principal and Supplementary cards
- Annual Interest Rate: 26.90%
Citi SMRT Card – best cashback card with no minimum spend
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- on Online Purchases, Groceries, Taxi, Ride-hailing & Public Transport
- 5% Savings
- on Other Retail Spend
- 0.3% Savings
- Min. Spend per month to earn max rebates
- S$500
Get UPSIZED S$370 Cash or 5,040 SmartPoints in as fast as 5 weeks when you spend S$500 within 30 days. T&Cs apply.
Additionally, enrol in our Rollin' Rewards campaign for FREE and stand a chance to win 50,000 SmartPoints. That’s enough to redeem ANY item from our Rewards Store, such as a Sony BRAVIA 3 85-Inch 4K Ultra HD Google TV (worth S$5,799) + an Apple iPhone 16 Plus 128GB (worth S$1,399).
If you struggle to hit the minimum spend of other cashback cards, I recommend the Citi SMRT Card for your general purchases. The cash rebates are decent and cover all the essential categories – transport, food, groceries and online shopping.
The Citi SMRT Card’s cash rebate (4.7% on groceries, movies and fastfood + 2.7% on online shopping + 1.7% on EZ-reload, health and beauty) is slightly lower than most cards, but is already considered very competitive for one without a minimum spend.
The cashback cap is $600 per year, which is quite generous considering the rebates. If you reach the cap early, you can always just swipe another card since there’s no minimum spend. Plus, it doesn’t hurt to get a bonus 0.3% cashback on all categories if you spend at least $300.
You should also use the Citi SMRT Card as your EZ-Link card. You can earn rebates without any transaction fees. Just remember to change the default $30 auto reload amount to $40 or $50 to get the maximum rebate of 1.7% (instead of 0.7%).
Get $12o via PayNow as sign-up bonus when you apply for Citi SMRT via MoneySmart and spend $1,200 in the first 3 months. Only available for new-to-bank customers!
- Singaporean Minimum Income: $30,000 per year
- Non-Singaporean Minimum Income: $42,000 per year
- Principal Annual Fee: $193
- Supplementary Annual Fee: $96.30
- Fee Waiver: 2 years fee waiver
- Annual Interest Rate: 26.9%
Got a better cashback credit card to recommend? Share it with us in the comments below!
Want to see more of the best cashback credit cards in 2020? Check out this article here: