Collecting air miles for your jet setting lifestyle 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 see which are some of the best cash back credit cards in Singapore.
- Best cashback credit cards in Singapore 2022
- UOB Absolute Cashback
- Citi Cash Back+ Card
- Standard Chartered Unlimited Cashback Card
- American Express True Cashback Card
- UOB One Card
- Maybank Family & Friends Card
- Citi Cash Back Card
- DBS Live Fresh Card
- OCBC FRANK Credit Card
- Citi SMRT Card
- POSB Everyday Card
- How do cashback credit cards work?
1. Best cashback credit cards in Singapore 2022
Here are our top picks for cashback cards with the highest cashback rates.
Best cashback credit cards
Citi Cash Back+, StanChart Unlimited, Amex True, UOB Absolute Cashback
UOB One, Maybank Family & Friends, Citi Cash Back
DBS Live Fresh, OCBC FRANK
Low or no minimum spend
Citi SMRT, POSB Everyday
2. UOB Absolute Cashback
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 and adds another percentage point to its rebates — at 1.7%. 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.
3. Citi Cash Back+ Card
Unlike some cards whose benefits 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. This makes them ideal for big-ticket spending like wedding dinners or home renovations, which would bust the cashback cap on most cards.
The Citi Cash Back+ Card currently plays second fiddle to UOB’s Absolute Cashback card offering 1.6% cashback on all spending. With no minimum spending or cashback cap, there’s virtually nothing that would disqualify you from the 1.6% cashback.
To sweeten the deal, you can get 10% cashback on up to $3,000 (capped at $252) in your first 3 months with the card until 31 October 2022.
4. Standard Chartered Unlimited Cashback Card
- Cash Back on eligible spend
- Up to 1.5%
- Min. Spend per month
- Cash Back Cap
Apply and spend S$250 to get an Apple AirPods Gen 3 (worth S$269) or Nintendo Switch Lite (worth S$279) or S$250 Cash via PayNow. T&Cs apply.
The Standard Chartered Unlimited Cashback Card is a nice-but-not-the-best-in-the-world cashback card. The card gives you 1.5% cashback on all spending with no cashback cap and no minimum spending.
Despite a slightly lower cashback rate than the Citi Cash Back+ Card, the Stanchart Unlimited Cashback Card has some advantages: for instance, its annual fee is waived for 2 years and you get up to 5 free supplementary cards.
5. American Express True Cashback Card
- Welcome Offer (min spend of S$5,000 in 6months)
- 3.0% Cashback
- Cash Back Cap
- Min. Spend per month
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.
You can also get $80 CapitaVouchers iff you spend a minimum of S$250 in the first month.
The card also offers 3% cashback on up to $5,000 worth of spending in your first 6 months of use. Not as generous as the Citi Cash Back+ sign up bonuses, but lasts longer.
6. UOB One Card
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.
The card gives you up to 3.33% on all retail spending. But in order to earn that amount, you need to spend $2,000 each month (at least 5 transactions) for 3 months consecutively. The cashback will then be paid out in a lump sum of $200 at the end of the quarter. That also means that spending more than $2,000 in any given month will lower your cashback percentage.
Can’t spend that much? If you spend $2,000/$1,000/$500 per month for 3 consecutive months you get $200/$100/$50 cashback, which works out in both cases to up to 3.33% cashback.
If you qualify for any of the cashback tiers, you can also earn an additional 5% bonus cashback at Shopee, Cold Storage, Giant, Guardian, 7-Eleven, Marketplace, Jasons and Jasons Daily, as well as Grab and UOB Travel. In the same vein, you can also get a bonus 1% cashback on your Singapore Power utilities bills.
The UOB One card is indeed generous 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.
7. Maybank Family & Friends Card
The Maybank Family & Friends Card is the ideal card to use if you spend your time feeding hungry kids or comparison shopping at NTUC FairPrice.
You get 8% cashback on 5 out of the 10 cashback category options offered by Maybank. This includes groceries (including online grocery delivery), dining and food delivery, transport includes bus, train, ride hailing and petrol, and data communication/online TV streaming bills including the local telcos, Netflix and Disney+.
The 8% rebate also applies to a random retail category which includes pet and vet services, online shopping, entertainment, pharmaceutical, beauty and wellness, and sports and sports apparel.
To qualify for the 8% cashback, which is capped at $125 per month and $25 per category, you have to spend at least $800 in a calendar month. Otherwise, the base interest rate is 0.3%.
8. Citi Cash Back Card
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.
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.
9. DBS Live Fresh Card
DBS Live Fresh has rebranded itself as Singapore’s first eco-friendly card and now offers 5% cashback at certain eco-businesses. Participating merchants include eateries like Just Dabao, Open Farm Community and The Summerhouse, grocery stores like Little Farms and Scoop Wholefoods, and transport services like SG Bike, BlueSG and electric vehicle charging.
Ignoring that greenwashing, the card’s true benefit is actually 5% cashback on online and Visa contactless spending, capped at $20 per month respectively.
This card is most useful for online shopping or to pay for electric car charging or rental, so long as you can meet the minimum spending of $600.
10. OCBC FRANK Credit Card
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 6% cashback on all types of online spending, whether for clothes shopping, grocery purchases or your Netflix subscription.
You also get 6% cashback whenever you pay with your smartphone via Apple Pay, Samsung Pay, Google Pay, Fitbit Pay or Garmin Pay.
The minimum spending requirement is $600 in a month. You’re entitled to up to $25 cashback on online spending, $25 on in-store spending (mobile payments) and $25 on all other spend — that means you can earn up to $75 cashback altogether.
11. Citi SMRT Card
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 if you meet the minimum spend of $500 a month. Otherwise, it’s a paltry 0.3% base interest rate.
Total cashback is capped at $600 every 12 months, which works out to $12,000 worth of spending per year. If you’re new to Citibank credit cards and are thinking of signing up for the Citi SMRT Card, you can qualify for the ongoing welcome promo. Get $300 cashback when you spend $1,000 in the first calendar month. The promotion ends 31 October 2022.
12. POSB Everyday Card
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 7% cashback at Sheng Siong, 5% cashback at Redmart, 3% at Watsons and Pet Lovers Centre and up to 5% on SP utility bills (if you spend above $800 on this card per month).
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, and 3% on dining.
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:
Want to find out more about the best cash back credit cards in Singapore? Compare and apply at MoneySmart!