The 3 Kinds of Singaporeans That Should Get a Credit Card with Unlimited Cashback

unlimited cashback credit cards singapore

Many of us are taught that peer pressure’s not a good thing – since we were kids, we’ve been told by our parents that “Everything Ah Seng does, you also want to do. Ah Seng want to jump off a cliff, you also want to jump?” Then again, Ah Seng’s now probably a successful entrepreneur rolling in dough, while we’re stuck in a dead-end corporate job. So maybe that’s a good defense for peer pressure. Like how Standard Chartered’s Unlimited Cashback Credit Card is making us think every cashback credit card should give us unlimited cashback.

We know that most people who get a credit card in Singapore prefer earning cashback to other kinds of rewards. Cashback is all about instant gratification after all. It’s no wonder that there are over 20 cashback credit cards in Singapore alone that offer rebates in some form. But when it comes to UNLIMITED cashback, the options narrow down to just 3 cards – the American Express True Cashback Card, the HSBC Advance Credit Card and the new Standard Chartered Unlimited Cashback Card.

Which one should you get, and should you even be looking at getting an unlimited cashback card? We look at 3 kinds of Singaporeans that must get one, see if you’re among them:

 

1. You’re preparing to make a big, big transaction

Unlimited cashback works in your favour when you’re expecting to spend a lot in a single month. We’re talking the kind of transactions that are so massive, you’ll probably only make it once in your lifetime. Like paying for your wedding banquet, for example.

Say you hold your small celebration in a mid-range hotel on a Saturday night. It’s still gonna cost you at least $30,000. Yes, that’s how much weddings cost in 2017. A year’s salary for a fresh grad. Insane.

But since no amount of complaining is going to reduce the price, you might as well earn some cashback rebates. For a transaction that large, your best bet is the American Express True Cashback Card.

American Express logo
MoneySmart Exclusive
Unlimited Cashback
Cash Back on All Spend
1.5%
Cash Back Cap
Unlimited
Min. Spend per month
S$0
MoneySmart Exclusive: Get $120 cash via PayNow when you apply and spend on your card! Valid till 18 Oct 2020.

The True Cashback Card gives you 1.5% cashback for all your purchases, but more importantly, you get 3% cashback for the first 6 months, up to $5,000 spend. So for a transaction amount of $30,000, that means you could be looking at earning a total of $525 in cashback. That’s significant.

Interested in the American Express True Cashback Card? Apply here.

 

2. You’re planning to make multiple overseas or online transactions in a single month

If you’re renovating your new apartment, one way to save a significant amount of money is to furnish your home with items from Taobao. Unfortunately, while many cashback credit cards do reward you for spending overseas or for online shopping, the cashback cap is often measly – no more than $100 a month, at best. And unless you’re planning to decorate your home one item a month, you’re going to be missing out on significant cashback rebates. This is where the new Standard Chartered Unlimited Cashback Card is your champion.

Standard Chartered logo
MoneySmart Exclusive
Unlimited Cashback
Cash Back on eligible spend
Up to 1.5%
Min. Spend per month
S$0
Cash Back Cap
Unlimited
MoneySmart Exclusive: <div>Get S$160 Cash via PayNow when you activate your card!</div> Valid till 30 Sep 2020.

The Unlimited Cashback Card also gives you 1.5% cashback for all your purchases, but currently also rewards you with 3% cashback on all foreign currency spending, with no limit! So even if you’re spending just $10,000 on furnishings, that’s $300 in cashback rebates you can look forward to.

If the $300 isn’t enough to tempt you, Standard Chartered is also offering some impressive sign-up bonuses for all their credit cards, and the Unlimited Cashback Card is no exception. Should you not have any existing or previously cancelled Standard Chartered credit cards, you can choose either $150 in Uber Credits, a $150 Caltex StarCash card, or up to $138 in cashback.

Interested in the Standard Chartered Unlimited Cashback Card? Apply here.

 

3. You’re living the good life and you like convenience

Singaporeans like being kiasu, and so we apply for a bunch of credit cards to maximise the cashback we can earn from them. If you’re one of those that meticulously plans their finances to such a point that you know how much you’ve spent on one credit card and when to switch to another, more power to you.

But for some of us, there are risks to having too many cards. We fear getting overwhelmed with the multiple bills we receive each month and missing out on payments and incurring interest. Or worse, we make the honest mistake of using the wrong card at the wrong time and forfeiting the rewards because you didn’t meet the eligibility requirements. There’s a reason our MoneySmart survey found out that Singaporeans are holding less credit cards.

For people like us, there’s the HSBC Advance Credit Card.

HSBC logo
Cashback on Big Expenses
Cash Back
1.5%
Bonus Cash Back
3.5%
Min. Spend
S$0

The HSBC Advance Credit Card keeps things simple by giving you up to 3.5% cashback rebate on everything. EVERYTHING.

So what’s the catch? Spend less than $2,000 a month, and your spending earns cashback at a rate of 1.5%. Spend more than $2,000 a month, and your spending earns cashback at a rate of 2.5%. Either way, your cashback is capped at $70 a month. That means you shouldn’t be spending more than $2,800 a month on this card.

But here’s where it gets better. If you’re a HSBC Advance banking customer? Your spending earns an additional 1% cashback. What’s more, your cashback is now capped at $125 a month. This means that you can now spend up to $3,571 each month without worrying about a cashback cap. That’s as good as unlimited cashback if you ask me. What’s more, as a HSBC Advance customer, your credit card annual fee is perpetually waived.

And how easy is it to become a HSBC Advance banking customer? Just credit a monthly salary of at least $3,500 to a HSBC account, and hold a HSBC credit card. That’s it!

Interested in the HSBC Advance Card? Apply here.

 

Which unlimited cashback credit card works best for you? Share your thoughts with us.