12 Best Cashback Credit Cards in Singapore (2023)

Best cash back cards in singapore

Collecting air miles for your jet setting lifestyle admittedly sounds sexier than trying to scrounge for cash rebates. But if you’re still one of those people who believe that cash is king, getting card benefits in cold, hard cash is just as appealing.

You literally get free money when you use a cashback card, and given that’s there’s no free lunch in Singapore, there’s no way we’re saying no to that.

So let’s take a look at the best cashback credit cards in Singapore in 2023.

Best cashback credit cards Singapore 2023

    1. Best cashback credit cards in Singapore 2023
    2. UOB Absolute Cashback Card
    3. Citi Cash Back+ Card
    4. HSBC Visa Platinum Credit Card
    5. Standard Chartered Simply Cash Credit Card
    6. American Express True Cashback Card
    7. CIMB World Mastercard
    8. UOB One Card
    9. Citi Cash Back Card
    10. DBS Live Fresh Card
    11. OCBC FRANK Credit Card
    12. Citi SMRT Card
    13. POSB Everyday Card
    14. How do cashback credit cards work?

 

1. Best cashback credit cards in Singapore 2023

Here are our top picks for cashback cards with the highest cashback rates.

Best for Best cashback credit cards
Unlimited cashback Citi Cash Back+, Standard Chartered Simply Cash, Amex True Cashback, UOB Absolute Cashback, CIMB World Mastercard
Regular expenses UOB One, Citi Cash Back, HSBC Visa Platinum Credit Card
Online Shopping DBS Live Fresh, OCBC FRANKPOSB Everyday
Low or no minimum spend Citi SMRT, Citi Cash Back+, Standard Chartered Simply Cash, Amex True Cashback, UOB Absolute Cashback

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2. UOB Absolute Cashback Card

UOB logo
MoneySmart Exclusive
Get Unlimited 1.7% Cashback | LUCKY DRAW
Cash Back on Eligible Spend
1.7%
Min. Spend per month
S$0
Cash Back Cap
Unlimited
MoneySmart Exclusive:

[LUCKY DRAW]
Stand a chance to win a Panerai Radomir Quaranta Timepiece (worth S$8,700) OR 16,490 SmartPoints (worth an iPhone 15 Pro, 128GB in the Rewards Store) OR 5,990 SmartPoints (worth an Apple Watch Series 9 (GPS), 41mm in our Rewards Store) when you apply through MoneySmart. T&Cs apply. Check out our past Lucky Draw winners here.
 
PLUS receive up to S$350 Cash Credit from UOB when you are the first 200 new-to-UOB customers who successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 per month, for 2 consecutive months from the card approval date. T&Cs apply.

Valid until 31 Dec 2023

Move over, Citibank, because the new best cashback card on the market is UOB’s Absolute Cashback card. This card takes all the good things about Citi’s Cash Back+ card, such as the $0 minimum spend, and edges out the competition by adding a 0.1 percentage point to its rebates—at 1.7% unlimited cashback.

The only downside? It’s an Amex card, which means that it might be a challenge to find smaller merchants that accept it.

If you do stick to large merchants and put all your spending there, as well as bills, insurance premiums, school tuition fees, and the like, you’ll be able to get more mileage than the cards listed below.

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3. Citi Cash Back+ Card

Sponsored
Citibank logo
MoneySmart Exclusive
EARN SMARTPOINTS OR CASH
Cash Back on Eligible Spend
1.6%
Min. Spend per month
S$0
Cash Back Cap per month
Unlimited
MoneySmart Exclusive:

[6 Weeks Faster Gift Redemption* | SmartRewards | Your Points, Your Choice 🫵]
 
Apply and spend a min. of S$500 in "Qualifying Spends" within 30 days from the card approval date and enjoy the ultimate flexibility to CHOOSE ANY GIFT at our Rewards Store, including:
 
1. Apple iPad Wi-Fi 9th Generation, 64GB (5,040 SmartPoints)
2. Sony WH-1000XM5 Wireless Noise Cancelling Headphones (4,990 SmartPoints)
3. Nintendo Switch OLED (5,000 SmartPoints)
 
OR any other combination of gifts available in the Rewards Store, by earning 5,100 SmartPoints.
 
Alternatively, you can also choose S$300 Cash via PayNowT&Cs apply
 
PLUS, stand a chance to win a Panerai Radomir Quaranta Timepiece (worth S$8,700) OR 16,490 SmartPoints (worth an iPhone 15 Pro, 128GB in the Rewards Store) OR 5,990 SmartPoints (worth an Apple Watch Series 9 (GPS), 41mm in our Rewards Store) when you apply through MoneySmart. T&Cs apply. Check out our past Lucky Draw winners here.

Valid until 17 Dec 2023

Unlike some cards which benefits look like they’ll require a PhD to figure out, anyone with half a brain can successfully earn cashback on the Citi Cash Back+ Card.

Unlimited cashback cards like Citi Cash Back+ give you a flat cashback rate on everything with no cap. With no minimum spending or cashback cap, there’s virtually nothing that would disqualify you from the 1.6% cashback. This makes them ideal for big-ticket spending like wedding banquets or home renovations, which would bust the cashback cap on most other cards.

The Citi Cash Back+ Card currently plays second fiddle to UOB’s Absolute Cashback card, offering 1.6% cashback on all spending. It does have one advantage—unlike the UOB Absolute Cashback card, which is an Amex card, the Citi Cash Back+ Card’s card association is Mastercard. That opens up a wider range of merchants who’ll accept it.


ALSO READVisa vs Mastercard vs American Express – Which is Best?


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4. HSBC Visa Platinum Credit Card

HSBC logo
MoneySmart Exclusive
Enjoy Instant Approval* | MoneySmart LUCKY DRAW
Cash Back on Dining, Groceries, Petrol
5%
Cash Rebate Cap per quarter
S$250
Min. spend monthly in a calendar quarter
S$600
MoneySmart Exclusive:

[MONEYSMART LUCKY DRAW | REFERRAL]
Stand a chance to win an Apple Watch Series 9 (GPS), 41mm (worth S$599) when you successfully apply for an eligible HSBC Credit Card through MoneySmart.
 
Refer friends and family to boost your lucky draw odds. The more you refer, the better your chances! T&Cs apply.
 
Plus get a Samsonite ZELTUS 69cm Spinner Luggage (worth S$680) or S$150 Cashback from HSBC when you meet the min. spends of S$1,000 upon card approval required and provide marketing consent. T&Cs apply.

Valid until 15 Dec 2023

The HSBC Visa Platinum Credit Card is a great cashback card if you regularly spend at least $600 a month on dining, groceries, and petrol. That’s because it offers up to 5% cashback on those categories only if you hit this minimum amount.

On top of that, you’ll receive complimentary access to Entertainer with HSBC—a food rewards app with 1-for-1 deals on dining, lifestyle, and travel worldwide.

There is a rebate cap of $250 per calendar quarter, which means that you will max out your cash rebates at a total spending of $5,000. Going to spend more than that in a quarter? Opt for an unlimited cashback card instead, such as the UOB Absolute Cashback CardCiti Cash Back+ Mastercard or Standard Chartered Simply Cash Credit Card.

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5. Standard Chartered Simply Cash Credit Card

Standard Chartered logo
MoneySmart Exclusive
EARN SMARTPOINTS | LUCKY DRAW 🎉🎉
Cash Back on Eligible spend
Up to 1.5%
Min. Spend per month
S$0
Cash Back Cap per month
Unlimited
MoneySmart Exclusive:

[SmartRewards | Your Points, Your Choice 🫵🏻 ]
 
Choose ANY gift you want at our Rewards Store including:
 
1. Sony WF-1000XM5 Wireless Noise Cancelling Headphones (4,000 SmartPoints)
2. Nintendo Switch Generation 2 (3,990 SmartPoints)
3. ErgoTune Classic Ergonomic Chair (3,990 SmartPoints)
4. Apple Watch SE (GPS), 40mm (3,830 SmartPoints)
 
Or any other combination of gifts, by earning 4,000 SmartPoints.
 
Alternatively, you can choose to get up to S$350 Cash via PayNow*T&Cs apply.
 
PLUS, stand a chance to win a Panerai Radomir Quaranta Timepiece (worth S$8,700) OR 16,490 SmartPoints (worth an iPhone 15 Pro, 128GB in the Rewards Store) OR 5,990 SmartPoints (worth an Apple Watch Series 9 (GPS), 41mm in our Rewards Store) when you apply through MoneySmart. T&Cs apply. Check out our past Lucky Draw winners here.

Valid until 31 Dec 2023

The Standard Chartered Simply Cash Credit Card is a nice-but-not-the-best-in-the-world cashback card. As far as unlimited cashback cards go, it’s in third place after theUOB Absolute Cashback Card and Citi Cash Back+ Mastercard, giving you 1.5% cashback on all eligible spending with no cashback cap and no minimum spending. Here, “eligible spending” refers to pretty much everything barring the usual exceptions—bills, taxes, insurance premiums and any top-ups to prepaid cards or accounts.

Despite a slightly lower cashback rate than the Citi Cash Back+ Card, the Standard Chartered Simply Cash Credit Card has some advantages: for instance, its annual fee is waived for the first 2 years. It’s also worth comparing their limited-time sign-up promotions to see which gets you a better welcome gift.

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6. American Express True Cashback Card

American Express logo
Unlimited Cashback
Welcome Bonus (on all eligible purchases, up to S$5,000 spend in the first 6 months)
3.0% Cashback
on all eligible purchases
1.5% Cashback
Cash Back Cap
Unlimited

The Amex True Cashback Card is one of the longest-standing unlimited cashback cards around. It doles out 1.5% cashback on all spending with no minimum spending requirement and no cashback cap. The card also offers 3% cashback on up to $5,000 worth of spending in your first 6 months of use.

While the Amex True Cashback Card sounds like a better deal than the Standard Chartered Simply Cash Credit Card we just talked about, it’s harder to get. The SC Simply Cash has a minimum income requirement of S$30,000 (Singaporean) or S$60,000 (Non-Singaporean), which is standard for an entry-level credit card. That’s what the Amex True Cashback Card is NOT—its income requirements aren’t even published, so it’s up to Amex’s discretion.

Do also note that the Amex True Cashback Card comes with an annual fee of $172.80. This is waived for the first year, but Amex is one provider that may not waive the card fee thereafter—no matter how nicely you ask.

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7. CIMB World Mastercard

CIMB logo
MoneySmart Exclusive
Unlimited 2% Cashback | LUCKY DRAW
Unlimited Cashback on the following categories (Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, Luxury Goods)
Up to 2%
Min. spend per month to qualify for 2% Unlimited Cashback
S$1,000
Cash Rebate cap
Unlimited
MoneySmart Exclusive:

[LUCKY DRAW]
Get S$250 Cash via PayNow when you apply and spend a min of S$988. T&Cs apply.
 
PLUS, stand a chance to win a Panerai Radomir Quaranta Timepiece (worth S$8,700) OR 16,490 SmartPoints (worth an iPhone 15 Pro, 128GB in the Rewards Store) OR 5,990 SmartPoints (worth an Apple Watch Series 9 (GPS), 41mm in our Rewards Store) when you apply through MoneySmart! T&Cs apply. Check out our past Lucky Draw winners here.

Valid until 31 Dec 2023

As far as unlimited cashback cards go, one that’s often forgotten is the CIMB World Mastercard. No, despite it’s name, it’s not a miles card. The CIMB World Mastercard is actually quite a cashback heavyweight, bringing 2% unlimited cashback to the table.

Wait, isn’t that higher than the UOB Absolute Cashback Card and Citi Cash Back + Card? It is, but the catch is that this 2% unlimited cashback applies only to selected categories, with a $500 minimum spend (this is a promotional rate valid till 31 Oct 2023). The selected categories are: Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, and Luxury Goods.

On all other spends, you earn 1% unlimited cashback. From now till 31 Oct 2023, you get an additional 1% unlimited bonus cashback if you spend a minimum of $2,500 per month. That’s no small sum, but it does make good use of your unlimited cashback.

If credit card fees—or rather, calling up the bank to get them waived—bother you, you’ll be pleased to know that the CIMB World Mastercard promises no annual fees for life.

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8. UOB One Card

UOB logo
MoneySmart Exclusive
Get up to 15% Cashback | LUCKY DRAW
Cashback on McDonald's, DFI Retail Group, Grab, Shopee, SP and more
Up to 10%
Cashback Cap per quarter
S$500
Min. Spend per month
S$500
MoneySmart Exclusive:

[LUCKY DRAW]
Stand a chance to win a Panerai Radomir Quaranta Timepiece (worth S$8,700) OR 16,490 SmartPoints (worth an iPhone 15 Pro, 128GB in the Rewards Store) OR 5,990 SmartPoints (worth an Apple Watch Series 9 (GPS), 41mm in our Rewards Store) when you apply through MoneySmart. T&Cs apply. Check out our past Lucky Draw winners here.
 
PLUS get up to 15% Cashback and S$350 Cash Credit from UOB when you successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 for 2 consecutive months from card approval date. T&Cs apply!

Valid until 31 Dec 2023

The UOB One Card offers some of the most generous cashback rates out there, but is reviled for its complex as hell mechanism. Suitable only for those who like a challenge.

Cashback $500/month and $1,000/month $2,000/month
Base cashback per quarter 3.33% 3.33%
Additional cashback at selected partners 5% 6.67%
Enhanced cashback (for new card members who apply from now to 31 Dec 2023) 6.67% 5%
TOTAL 15% 15%

The card gives you up to 3.33% on all retail spending if you spend $2,000 / $1,000 / $500 per month (at least 5 transactions) for 3 consecutive months. That’ll earn you a lump sum of $200/$100/$50 max cashback at the end of the quarter, which works out in all cases to up to 3.33% cashback.

However, in order to get additional cashback of 6.67% (making for a total of 10%) at partners like McDonald’s, Grab, Cold Storage, Shopee, 7-Eleven and SimplyGo, you need to hit a $2,000 monthly spend. If you only spend $500 or $1,000 a month, your bonus cashback is only 5%.

Finally, UOB is offering more bonus cashback they call the “Enhanced Cashback” for new UOB cardholders who sign up for the UOB One card from now till 31 Dec 2023. That’ll get you an additional 5% if you spend $2,000/month for 3 months, and 6.67% if you spend $500 or $1,000/month for 3 months.

If you add up the base retail spending cashback (3.33%), additional cashback at selected partners (5% or 6.67%), and UOB’s enhanced cashback (6.67% or 5%), you always get 15% whether you spend $500, $1,000, or $2,000 a month.

However, this is only because of their limited-time enhanced cashback, which gives $500/month and $1,000/month spenders more cashback than $2,000/month spenders.

At the current cashback rates, the UOB One card is indeed generous if you hit certain monthly spends. But once you hit the minimum spending requirements, it is a waste to spend more. So, you’ll need to monitor your spending on the card.

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9. Citi Cash Back Card

Citibank logo
MoneySmart Exclusive
EARN SMARTPOINTS OR CASH
Cash Back on Dining, Groceries & Petrol
Up to 8%
Total Cash Back Cap, per month
S$80
at Shell & Esso
Up to 20.88% savings
MoneySmart Exclusive:

[6 Weeks Faster Gift Redemption* | SmartRewards | Your Points, Your Choice 🫵]
 
Apply and spend a min. of S$500 in "Qualifying Spends" within 30 days from the card approval date and enjoy the ultimate flexibility to CHOOSE ANY GIFT at our Rewards Store, including:
 
1. Apple iPad Wi-Fi 9th Generation, 64GB (5,040 SmartPoints)
2. Sony WH-1000XM5 Wireless Noise Cancelling Headphones (4,990 SmartPoints)
3. Nintendo Switch OLED (5,000 SmartPoints)
 
OR any other combination of gifts available in the Rewards Store, by earning 5,100 SmartPoints.
 
Alternatively, you can also choose S$300 Cash via PayNowT&Cs apply
 
PLUS, stand a chance to win a Panerai Radomir Quaranta Timepiece (worth S$8,700) OR 16,490 SmartPoints (worth an iPhone 15 Pro, 128GB in the Rewards Store) OR 5,990 SmartPoints (worth an Apple Watch Series 9 (GPS), 41mm in our Rewards Store) when you apply through MoneySmart. T&Cs apply. Check out our past Lucky Draw winners here.

Valid until 17 Dec 2023

Not to be confused with the Citi Cash Back+ Card, the Citi Cash Back Card without-a-plus gives you 8% cashback on groceries and petrol and 6% cashback on dining, provided you meet the minimum spending requirement of $800 in a month. Cashback on retail spending is a a meagre 0.25%.

The total amount of cashback you can earn is capped at $80 each month, which means it’s only worth spending $1,200 to $1,440 to earn maximum cashback.

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10. DBS Live Fresh Card

DBS logo
Online Promo
Online & Visa Contactless Spend
Cash Back on Online Spend & Visa Contactless
Up to 5%
Min. Spend
S$600
Cash Back Cap per month
Up to S$75

DBS Live Fresh has rebranded itself as Singapore’s first eco-friendly card made from 85.5% recycled plastic, and  offering up to 10% cashback at certain eco-businesses.

Putting aside the greenwashing for the time being, the card’s true benefit is actually 5% cashback on online and Visa contactless spending, capped at $20 per month respectively. In other words, at the 5% rate, the cashback maxes out at an expenditure of $400.

Now let’s look at the eco-benefits of the card. The DBS Live Fresh Card also gives you an additional 5% cashback at selected eco-friendly businesses, including:

  • Eco-eateries: Just Dabao, Open Farm Community, The Summerhouse
  • Eco-retailers: Little Farms, Scoop Wholefoods, The Green Collective
  • Ec0-transport services: Bus/Train Rides via SimplyGo, BlueSG, Electric Vehicle Charging, SG Bike

Is there a catch? Yes, 2 in fact. Firstly, these cashback rates are subject to a minimum spending of $600 in a month.

Secondly, the cashback you can earn is capped. The cashback caps are:

  • $15 on your eco-friendly spending ($300 spend, based on the 5% additional cashback earn rate)
  • $20 on your online spending ($400 spend, based on a 5% earn rate)
  • $20 on your Visa contactless spending ($400 spend, based on a 5% earn rate)
  • $20 on everything else each month ($6667, based on a 0.3% earn rate)

This puts the maximum cashback you can earn in a month at $75—but you’d need to spend $7767 to get that. Realistically, you’re only going to use the DBS Live Fresh card for the first 3 categories.

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11. OCBC FRANK Credit Card

OCBC logo
Earn up to 10% cashback
Cash Back
Up to 10%
Cash Back Cap per month
S$100
Min. Spend per month on Total Purchases
S$800

Don’t be fooled by the OCBC Frank Credit Card’s rather fluffy branding. It is actually one of the more solid online shopping credit cards out there, offering 8% cashback on foreign spending and all types of local online/contactless mobile spending, whether for clothes shopping, grocery purchases or your Netflix subscription.

Like the DBS Live Fresh Card, the OCBC FRANK Credit Card is also offering higher cashback if you go green. You can enjoy an additional 2% cashback when you shop at selected eco-friendly merchants, such as Scoop Wholefoods, Little Farms, SimplyGo, and BlueSG.

The minimum spending requirement is $800 in a month, with a monthly cap of $1oo cashback. To further break down the $100 cap, it’s actually a $25 cap per category among these 4 spend categories:

  1. Foreign spending (8% cashback, capped at $25)
  2. Local online transactions and mobile payment (8% cashback, capped at $25)
  3. Spending at green merchants (additional 2% cashback, capped at $25)
  4. All other spending (0.3% based cashback, capped at $25)

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12. Citi SMRT Card

Citibank logo
No Minimum Spend for Cashback
Cash Back on Eligible Spend
5%
Cash Back Cap per year
S$600
Min. Spend per month
S$500

The Citi SMRT Card has all the glamour of an Ezlink card, but who cares when it’s giving you a generous 5% cash back on groceries, public transportation and online shopping. That is, if you meet the minimum spend of $500 a month—otherwise, it’s a paltry 0.3% base interest rate.

Do note that when they say cashback on online shopping, they’re excluding travel-related transactions.

Total cashback is capped at $600 every 12 months, which works out to $12,000 worth of spending per year.

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13. POSB Everyday Card

POSB logo
Online Promo
Earn Cash Rebates that Never Expire
Cash rebates on Online Food Delivery
Up to 10%
Cash Rebates on Groceries from Sheng Siong
Up to 5%
Fuel Savings at SPC
Up to 20.1% + 2%

The POSB Everyday Card doesn’t look very alluring, but it’s good enough for life’s basic needs. There is no minimum spending requirement for you to earn 5% cashback at Sheng Siong. For pet owners, use this card at Pet Lovers Centre for 3% cashback on regular-priced items, provided you hit the $15 minimum purchase amount.

If you drive, it also gets you 20.1% savings at SPC—everyone’s favourite cheap petrol kiosk.

On top of that, if you do spend at least $800 a month, you can unlock rebates of 10% on foodpanda and Deliveroo delivery, 8% on selected online shopping merchants such as Amazon.sg, Lazada, Shopee, RedMart, and iHerb, as well as 3% at Watsons and on dining expenses.

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13. How do cashback credit cards work?

Before you get too excited about that hefty bonus cash rebate, remember that banks aren’t charities. They have to impose minimum spend requirements and cashback caps, or else they’ll just bleed money. So don’t get led astray by big fat cashback promises—the important details are usually in the T&Cs.

Here’s how they work:How do Cashback Credit Cards work?Cashback cards rewardyou for spending money.When youspend money,you get a fraction backas a Cash Rebate.(Effectively a discount off yourcredit card bill.) Basic CashbackA simple percentage (e.g. 1%) that applies to all spend.Bonus CashbackRewards spending on certain merchants.Minimum SpendThe minimum you have to spend in order to receive the cash rebate.Cashback CapThe maximum amount of cash rebate you can get.Types of Cashback CardsRestrictions to look out forBasic CashbackA simple percentage (e.g. 1%) that applies to all spend.Bonus CashbackRewards spending on certain merchants.

 

Want to find out more about the best cash back credit cards in Singapore? Compare and apply on MoneySmart!