So this new credit card you signed up for is promising to reward you with a ridiculously generous cashback rate. But the catch is that the more generous cashback credit cards usually require a high minimum spend amount each month to qualify for the cashback.
If you’re not a big spender, you’ll find that your thrifty ways automatically exclude you from taking advantage of many of the most popular cashback cards.
Yes, there are some cashback credit cards that give you an embarrassingly small cashback rate, between 0.25% to 0.3%, if you don’t meet the prescribed minimum spend in a month.
But there are some cards with no minimum spending requirements to earn cashback at higher rates. So even if you spend only $10 on the card, you can still enjoy what little cashback you’re entitled to.
Best cashback credit cards with no minimum spend in Singapore 2019
|Credit card||Cashback||Things to note|
|Standard Chartered Spree Credit Card||3% on online spend in foreign currency and vPost spending
2% on online spend in local currency, contactless and mobile payments
1% on other retail spend
|Cashback cap $60|
|American Express True Cashback Card||3% cashback on up to $5,000 spend in first 6 months of card membership
1.5% on everything else
|Standard Chartered Unlimited Cashback Credit Card||1.5% on all local spend|
|Maybank FC Barcelona Visa Signature Card||1.6% on all local spend|
|ICBC Chinese Zodiac Credit Card||1.6% on local and overseas spend|
Even if you are a big spender, it is always handy to keep one of these no-minimum-spend cashback cards on hand. That way, if you’ve maxed out the cashback caps on your other cards or can’t meet the minimum spending requirements, you can use one of the above without worrying about not qualifying for the cashback.
Best cashback credit card for online shopping with no minimum spend: Standard Chartered Spree Credit Card
This Standard Chartered Spree cashback credit card rewards you with a generous 3% for online shopping in foreign currency, as well as vPost shipping. For local online shopping sites, you get 2% cashback.
There is no minimum spending requirement, which makes this a great card if you’re not a hardcore shopaholic but do buy items online occasionally. The cashback cap of $60 isn’t too low either.
You buy several items on Amazon’s US site, spending $200 altogether. You ship these items to your vPost address and have them delivered to you in Singapore for $50.
You will qualify for 3% cash rebates on the $250 you spent, earning you $7.50 (3% x $250).
- Get up to S$100 worth of Cashback when you apply for SCB Spree Card via MoneySmart
- 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*
Best credit card for local spending with no minimum spending requirements: Amex True Cashback Card / Maybank FC Barcelona Visa Signature Card / ICBC Chinese Zodiac Credit Card
Sign up for the Amex True Cashback Card just before you are about to spend a high amount, as you will get 3% cashback on up to $5,000 worth of spending in your first 6 months of card membership.
After the 6 months are up, you will only receive 1.5% cashback from the Amex True Cashback Card. So it’s time to switch to the Maybank FC Barcelona Visa Signature Card, which entitles you to a slightly higher 1.6% cashback on everything.
Your computer breaks down and you need to buy a new one. You sign up for the Amex True Cashback Card and buy a new laptop for $1,000. In the first three months, you also spend an additional $500 on other miscellaneous items. In the fourth month, you spend $100 on restaurant meals.
With the Amex True Cashback Card, you will receive 5% cashback on the $1,500 you spent in the first 3 months on your new computer and other items, earning a total of $75.
In the fourth month, you will receive 1.5% cashback equivalent to $1.50 if you use the Amex True Cashback Card, or 1.6% cashback equivalent to $1.60 if you switch to the Maybank FC Barcelona Visa Signature Card, or the ICBC Chinese Zodiac Credit Card.
- MoneySmart Exclusive - Bonus S$80 Cash
- 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
- 1.6% Unlimited cash rebate on all local spend
- No minimum spend and no cash rebate cap
Do you know of any other credit cards with no minimum spending requirements? Tell us in the comments!
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Tags: Credit Cards