Credit Cards

Cashback That’s Unlimited? – The Best Credit Cards For Unlimited Cashback

unlimited cashback credit card

Joanne Poh

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We’ve all seen those fast food ads featuring massive burgers oozing with juice, and then discovered that the real product looked more like a deflated balloon than the picture. Cashback credit cards sometimes give you the same feeling. The credit card promises a super generous 15% cashback, until you read the fine print and discover that it’s capped at $10 a month. Pfft.

If you’ve got a huge expense coming up, like a wedding dinner or a new car, that cashback cap is going to cramp your style like an overprotective mother at the playground.

Unless you manage to find a credit card that gives you unlimited cashback, meaning you can spend as much as you like knowing you’ll be rewarded for every cent.

Here are the unlimited cashback cards we’ve found.

Credit card

Cashback

Things to note

American Express True Cashback Card

3% in 1st 3 months of card membership on up to $5,000 worth of spending)

1.5% thereafter

No minimum spending requirements

No cashback cap

Stanchart Unlimited Cashback Card

3% on foreign currency spending in first 3 months

otherwise 1.5%

No minimum spending requirements

No cashback cap

Maybank FC Barcelona Visa Signature Card

1.6%

No minimum spending requirements

No cashback cap

Best unlimited cashback card for when you’re about to spend a bomb in Singapore: American Express True Cashback Card

This credit card offers you 3% cashback on almost anything you could possibly spend on in the first three months of card membership.

So it’s well worth it to bide your time, and then sign up just before you’re about to incur a big expense.

However, it’s not all roses. The 3% cashback is only valid for up to $5,000 worth of spending, after which you will earn the usual rate of 1.5% cashback. There is no cap to how much 1.5% cashback you can amass.

Scenario

Let’s say you’re about to pay $50,000 for a lavish wedding banquet. You sign up for the Amex True Cashback Card and use it to pay the wedding venue.

You will receive 3% cashback on the first $5,000 (equivalent to $150 cashback), and 1.5% cashback on the remaining $45,000 (equivalent to $675 cashback).

Your total cashback for spending $50,000 will thus be $825.

American Express True Cashback Card

American Express True Cashback Card


Card Benefits

    • Apply through MoneySmart from 22 Mar - 19 Apr 2018 to get S$100 worth of Grab OR NTUC Vouchers. Application must be approved by 3 May 2018. Submit your (i)Contact Details and (ii)14-digit Reference Number on the Thank You Page upon completion at this link before 19 April 2018. T&Cs
    • 1.5% Cashback on any purchase you make, anytime
    • 3% Cashback for the first 6 months up to $5000 spend
    • Enjoy first year fee waiver
    • Eligible for use with Apple Pay

    Best unlimited cashback card when you’re going on a big overseas trip or making a huge purchase in overseas currency: Stanchart Unlimited Cashback Card

    Sign up for this credit card and get your application approved by 30 June 2018, and you receive 3% cashback on all foreign currency spending in the first three months, with no limit.

    In these 3 months, you will earn 1.5% on all spending in Singapore Dollars. After the 3 months are up, all spending whether in foreign or local currency will be rewarded with 1.5%, with no cap to how much you can earn.

    Scenario

    After that lavish wedding banquet, you embark on a romantic month-long honeymoon in Europe, dining at all the best restaurants, staying in nice hotel rooms and shopping at factory outlets.

    Your honeymoon costs you a total of $15,000, including flight tickets, which you’ve taken care to book in a foreign currency.

    The Stanchart Unlimited Cashback Card rewards you with 3% cashback on your $15,000 of foreign currency spending, earning you a cool $450.

    Standard Chartered Unlimited Cashback Credit Card

    Standard Chartered Unlimited Cashback Credit Card


    Card Benefits

    • Get up to S$120 cashback when you sign up and use your Credit Card
    • 3% cashback on all foreign currency spend (inclusive of the 1.5% cashback) for the 1st 3 months upon card approval
    • 1.5% cashback on all other eligible spend
    • No cashback cap and no minimum spend
    • Doubles up as your ez-link card with the EZ-Link facility enabled on it

    Best unlimited cashback credit card for long-term use: Maybank FC Barcelona Visa Signature Card

    The other cards on this list are great to use in the first 3 months of card membership.

    But after that honeymoon period is over, there is one card you’ll want to switch over to when you have big expenses: the very randomly-named Maybank FC Barcelona Visa Signature Card.

    The cashback rate of 1.6% this card gets you is slightly more attractive than the other two cards’ regular rate of 1.5%. And it’s valid forever… or until Maybank decides to amend the terms and conditions.

    Scenario

    After your wedding and honeymoon, you decide to buy a brand new car costing $100,000. Got to have a vehicle to ferry around that baby you’re expecting.

    You need to make a downpayment of at least $30,000 before taking out a loan on the remaining amount. Most dealers will allow you to make your downpayment by credit card.

    You already signed up for the Amex True Cashback Card more than 3 months ago, when you were about to pay for that big wedding banquet.

    So this time, you use the Maybank FC Barcelona Visa Signature Card, which gets you 1.6% cashback on your $30,000 downpayment, thereby earning you $480.

    Maybank FC Barcelona Visa Signature Card

    Maybank FC Barcelona Visa Signature Card


    Card Benefits

    • Get a Samsonite Orfeo 69cm Spinner (worth S$420)
    • Win a trip for 2 to watch FC Barcelona LIVE in Camp Nou
    • 1.6% Unlimited cash rebate on all local spend
    • No minimum spend and no cash rebate cap

    Related Articles

    The Best Cashback Credit Cards in Singapore 2018

    What to Look Out For When Choosing a Cashback Credit Card

    Cashback vs Air Miles vs Rewards – Which credit card is best for you?

    What is your favourite unlimited cashback credit card? Share your reviews in the comments!

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    Joanne Poh

    In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.