Credit Cards

The Best Credit Cards in Singapore for Online Shopping 2018

The Best Online Shopping Credit Cards in Singapore 2018

Clara Lim

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Yes, yes, online shopping is evil and causing Singapore’s retail industry a painful death. But we aren’t going to stop shopping online, are we?

There’s zero chance of me spending precious weekend time taking the MRT to town (hell no – I already do that 5x a week and it’s not my idea of fun) and combing through a dozen stores to find the exact Hello Kitty mahjong set I want. Not when it’s one click away on Qoo10.

So if we’re going to keep up with the online shopping, we owe it to ourselves to get nice fat cash rebates.

Credit card

Online shopping bonus

Things to note

CIMB Visa Signature Card

10% cashback

Min. spend $500 AND min. 8 transactions of at least $30 each

Cashback cap $60

BOC Zaobao Credit Card

10% cashback

UnionPay credit card

Min. spend $600

Cashback cap $80

OCBC FRANK Credit Card

6% cashback

Min. spend $400 (offline)

Cashback cap $60

DBS Live Fresh Card

5% cashback

Min. spend $600

Cashback cap $60 (capped at $20 for online shopping)

OCBC 365

3% cashback

Min. spend $600

Cashback cap $80

Citi SMRT Card

2.7% to 3% cashback

No min. spend

Cashback cap $600 per year

Standard Chartered Spree Credit Card

2% cashback (local)

3% cashback (foreign currency)

No min. spend

Cashback cap $60

BOC Qoo10 World Mastercard

3% rebate (Above $300 spend)

5% rebate for all online spend & 10% rebate for Qoo10 spend.
From now until 31 Dec 2018, 15% rebate on Qoo10 spend. (Above $600 spend)

All rebates in Qoo10 credits

Min. spend $300
Rebate cap at $40 (Qoo10 spend)

Min. spend $600
Rebate cap at $40 (Qoo10 spend) & $40 (other online spend)

 

Best cashback credit card for foreign currency spending: CIMB Visa Signature Card

If you get most of your online loot from overseas sites like Amazon and iHerb, you’ll definitely want the CIMB Visa Signature Card which offers 10% rebate for online spend in foreign currency. Even after you factor in transaction fees – which by the way is 1% on this card, compared to the typical 2.5 to 3% – it’s still a good deal.

However, it has an annoying minimum spend requirement, needing you to monitor and manage your transactions every month. If you can’t be bothered, we don’t blame you. The usual cashback cap of $60 applies too.

 

Best cashback credit card for Taobao junkies: BOC Zaobao Credit Card

Another one in the 10% cashback category is the BOC Zaobao Credit Card, but note that since it’s a UnionPay card it won’t be accepted by that many websites.

But, if you like to buy stuff from Chinese websites, this card is for you. On top of the cashback, currency exchange fees for payment in renminbi are completely waived. Oh, and there are no annual fees for 2 years, so we don’t see any harm in signing up.

The minimum spend of $600 may be more challenging to meet since it’s a UnionPay card. However, if you do, the cashback cap of $80 is pretty decent.

 

OCBC FRANK Credit Card

OCBC Frank Card

OCBC Frank Card


Card Benefits

    • 6% rebate on online shopping
    • 3% rebate on first 2 top-ups for NETS FlashPay ATU
    • 0.3% rebate on everything else
    • Up to 5% rebate for entertainment
    • Min. spend $400 (excluding Online and NETS FlashPay Auto Top-Up spend), capped at $60 for all rebates

    The highest online shopping cashback card for OCBC is the FRANK Credit Card, which offers 6% cashback on all eligible online spends, which include popular purchases like flight tickets and hotel bookings, plus Grab rides.

    That said, the minimum spend is quite high for an entry level card – you will need to spend $400 on offline purchases. Assuming you spend about $300 on online shopping, that’s a total of $700. The cashback cap is $60, which means you should swipe no more than $1,000 for online purchases (so don’t buy your Europe air tickets with it).

     

    DBS Live Fresh Card

    DBS Live Fresh Card

    DBS Live Fresh Card


    Card Benefits

      • 5% cashback when you shop online
      • Additional 5% cashback for the first 6 months with S$600/month min. spend; Cashback cap at S$60/month
      • Sign up within 8 Jan - 31 Mar 2018

      The DBS Live Fresh Card recently had a 5+5% cashback promotion until 31 Mar 2018, and when that was running, it was quite easily one of the best cards on the market. However, now that it’s over, the card has moved down a few ranks.

      The cashback rate is now 5%, with a minimum spend of $600. What’s more, the cashback cap has been lowered to $20 for online shopping (it used to be $60 for all categories).

       

      Best cashback credit card if you have an OCBC 360 account: OCBC 365 Credit Card

      OCBC 365 Credit Card

      OCBC 365 Credit Card


      Card Benefits

      • 3% Cashback on Weekday and Overseas Dining, Grocery and Recurring Telecommunications bills, and all Online spend
      • 6% Cashback on Weekend Dining
      • Up to 23.8% Fuel Savings at selected petrol stations
      • Minimum spend of $600/month, $80 cap /month. For spend less than $600, a flat 0.3% cashback is awarded

      The OCBC 365 Credit Card is more of a general cashback card – most people get it to increase the interest for their OCBC 360 savings account – but the 3% cashback for online shopping is not half bad.

      The minimum spend is $600, but cashback is capped at $80, which is considered quite high (it’s $20 more than the OCBC FRANK Card, although that has a higher cashback of 6%).

      Like the OCBC Frank Card, the 3% online shopping cashback for the OCBC 365 Credit Card includes Grab, flight and hotel bookings, but not the typical exclusions like instalments, fines and recurring payments.

       

      Best Citibank cashback credit card with no minimum spend: Citi SMRT Card

      Citibank SMRT Card

      Citibank SMRT Card


      Card Benefits

        • Up to 5% savings on Fast Food, Movies, Coffee, Toys, and Books. 4.7% + 0.3% (If monthly card spend is at least $300)
        • Up to 3% savings on Online Shopping*. 2.7% + 0.3% (if monthly card spend is at least $300)
        • Up to 2% savings on Health & Beauty. 1.7% + 0.3% (If monthly card spend is at least $300)
        • Movies - Cathay Cineplexes, Filmgarde, Golden Village, Shaw Theatres only
          Toys & Books - POPULAR Bookstores, Toys'R'Us
          Health & Beauty - GNC, Guardian, Nature's Farm, NTUC Unity Healthcare, Watson's
        • *Excludes all travel-related merchants worldwide - Airlines, Air Carriers, Car Rental Agencies, Lodging, Travel Agencies & Tour Operators, Passenger Railways, Taxicabs & Limousines, Bus Lines, Steamship & Cruise Lines and Other Transportation Services, Direct Marketing Travel-Related Arrangement Services
        • Savings awarded in SMRT$, capped at 600 SMRT$ every 12 month period

        If you thought the Citi SMRT Card is just for your daily commute, you’re wrong! It’s got a decent online cashback of 2.7% with no minimum spend. If you spend above $300, it’s an additional 0.3% to make it 3%. It’s not exactly cashback in that you actually earn SMRT$, but you can just convert it to cash rebates at no extra cost – it’s just an added step.

        The rebate is capped at 600 SMRT$ per year, which averages out to $50 per month. Because it’s capped on a yearly basis, you can just earn whatever you can first and once you reach the cap, use another card.

         

        Best Standard Chartered cashback credit card with no minimum spend: Standard Chartered Spree Credit Card

        Standard Chartered Spree Credit Card

        Standard Chartered Spree Credit Card


        Card Benefits

          • 3% cashback on all online spends in foreign currency
          • 2% cashback on all online spends in local currency, contactless and mobile payments
          • 20% off vPost shipping fees for air shipments to Singapore, capped at $1250 per shipment
          • Online Price Guarantee: refund of 50% of the price difference if you find a lower price for the same item within 30 days of your online purchase*

          Once regarded as the best credit card for online shopping with a generous 7% rebate, the Standard Chartered Spree card has fallen from grace.

          That’s most because its rebates have taken a nosedive as well, now standing at 2% for local online spending and 3% for foreign currency (barely enough to break even after transaction fees).

          However, this is the one of the few cards that will give you a rebate with no minimum spend, so occasional shoppers might want to get this.

           

          Best online shopping credit card for Qoo10 shoppers: BOC Qoo10 World Mastercard

          Alright, so the two BOC Qoo10 Mastercards are not exactly cashback or rewards cards, and only offer bonus rebates in the form of… Qoo10 credits. That’s quite restrictive, but if you shop on Qoo10 anyway, the perks are decent.

          If you only spend $300 to $599 on your BOC Qoo10 World Mastercard, then it’s not quite worth it – you only enjoy 3% rebate on your Qoo10 spend, capped at $40 in Qoo10 credits.

          In contrast, when you spend above $600, all online shopping will earn you 5% rebate, and an extra 5% if it was spent on Qoo10. From now until 31 Dec 2018, there is even a special 15% rebate on Qoo10 spend, which is honestly quite impressive. The rebate caps remain the same at $40 (Qoo10 spend) & $40 (other online spend).

          If you’re a tertiary student or fresh grad and find the requirements are hard for you to reach, there’s a lower tier BOC Qoo10 Platinum Mastercard. The minimum spend is just $200, you’ll be entitled to rebates of 3% on Qoo10 and other online spends. Qoo10 credit rebates are capped at $10 (Qoo10 spend) & $20 (other online spend).

           

          Best rewards credit cards for online shopping

          If you’re not particularly motivated by cash rebates and want to earn air miles or other rewards instead, you’re in luck because banks really, REALLY want you to use their card when you shop online. That means “10X rewards” for online spending is now common practice among rewards credit cards. Since that’s equivalent to 4 air miles per dollar, you can just as easily earn miles on a rewards credit card as an actual air miles card. In fact, it might actually be faster.

          The DBS Woman’s World Card has the best rewards system of 10X rewards ($1 = 4 miles), but you’ll need to earn $80,000 a year. Can’t qualify for the DBS Woman’s World Card? It’s OK, there’s the UOB Preferred Platinum Visa card with a much lower salary requirement of $30,000. You can get the same 10X rewards on online shopping as well as groceries, food delivery and entertainment – not quite EVERYTHING, but enough to account for the majority of most people’s online spending. Citibank offers something similar with the Citi Rewards Card, but it’s more for fashion-related online shopping.

          If expenditure caps have got you down, try the HSBC Revolution Credit Card, which offers 5X rewards (2 miles per dollar). Although the rewards aren’t that impressive, we’ve a soft spot for this baby because in addition to not having any minimum spend, it also has absolutely no cap. So, technically you can earn unlimited rewards on all your online shopping. Read more about these cards and more of the best rewards credit cards for online shopping here.

          Credit Cards for Online Shopping

          Did we miss out your favourite online shopping credit card? Tell us in the comments!

           

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          3 Additional Costs of Shopping Online Which Many Singaporeans Forget About

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          Clara Lim

          I used to be MoneyDumb. I hung out at H&M every day and thought that a $50 lunch set was a good deal. These days, I spend my time researching the crap out of life and trying to maximise utility on micro-decisions. I'm not sure if that's an improvement.