The 5 Most Popular Cashback Credit Cards of 2015
When it comes to celebrity, Hollywood lives and dies on popularity. It honestly doesn’t matter how talented you are, or how many awards you’ve won, it’s ultimately how many fans you have that determine how brightly your star shines. Nearer to home, if you’re old enough to remember Singapore Idol, you’ll know that popularity contests like that don’t make superstars out of the winners. For every Taufik Batisah, you’ve got a relatively forgettable Season 2 runner up. I mean seriously, who remembers that guy?
With credit cards, however, the stakes are much higher. You can’t cheat Singaporeans. They know a good deal when they see one. And with cashback credit cards being the most popular type of credit cards among Singaporeans, we decided to see which cashback credit card truly won the hearts and minds of Singaporeans.
These 5 cashback credit cards were ranked based on the number of people who visited the MoneySmart Credit Card comparison site over the past year and applied for them, out of a total sample size of over 325,000 unique visitors.
5. HSBC Visa Platinum Card
The HSBC Visa Platinum Card naturally makes the list with offering cashback offers on petrol, grocery shopping and dining. It boasts up to 5% cash rebates at all petrol stations, and an instant 14% petrol discount at all Caltex and Shell. In addition, there’s up to 5% rebates for grocery spend and telco recurring payments, and up to 2% rebates for dining. To get those cash rebates, however, you need to spend $800 a month for 3 consecutive months.
Coming in 5th Place: One could say it was the HSBC Visa Platinum Card that set the standard for the other cashback credit cards to catch up with. Unfortunately, they did. And then got overtaken.
If you are interested in the HSBC Visa Platinum Card, you can apply here.
4. Citi Cash Back Card
The Citi Cash Back Card has been the card to beat for cashback rebate junkies for over a decade. Unfortunately, they squandered their popularity in the past year, watching helplessly as other banks upped their game and surged forward in terms of their benefits. Proving that it’s not too little too late, Citibank revamped the Dividend Card into what is now the Citi Cash Back Card a couple of months ago and it’s seeing a resurgence in popularity since.
Now offering 8% cashback all year long for petrol, groceries and dining, it’s easy to see why the Citi Cash Back Card is probably going to be the card to beat in 2016. However, you now have to spend at least $888 each month to qualify for that rate.
Coming in 4th Place: It won’t be long till the Citi Cash Back Card returns to the top of the charts in 2016, so the top 3 cashback credit cards will need to watch their backs.
If you are interested in the Citi Cash Back Card, you can apply here.
3. OCBC 365 Card
The OCBC 365 Card entered the cashback credit card arena with a very dominant position. Not only is it the only cashback credit card on this list to also tie up with the equally dominant OCBC 360 Account (way to be confusing with your product names there, OCBC) to give customers one of the highest interest rates for a savings account, but it also debuted with the highest cashback rates in the market. Till the Citi Dividend Card upped the stakes.
The OCBC 365 Card gives 6% rebates for weekend dining locally, 5% rebates for petrol (with up to 18.3% at Caltex and Esso), and 3% rebates for online shopping, groceries and recurring telco bills. To achieve these rates, you’ll need to spend at least $600 each month.
3rd Place Bronze Award: This podium finisher knows that a true cashback junkie want the highest rates for the lowest minimum spend. As long the OCBC 365 Card continues to keep their minimum spend amount low, it’s definitely going to remain Top 3 in 2016.
If you are interested in the OCBC 365 Card, you can apply here.
2. American Express True Cashback Card
The American Express True Cashback Card surprised everyone at the end of last year by telling you that you didn’t need any minimum spend or spending on specific categories to earn fantastic cashback rebates. Of course, it didn’t hurt that they also gave you 5% cashback for the first 3 months of owning the card.
True to its name, the American Express True Cashback Card had no spending requirements. Regardless of what you bought, from a flight ticket to a mocha frappucino, you would get 1.5% rebates. What more could you ask for?
2nd Place Silver Award: Perhaps the only thing holding this cashback credit card from being the overall winner was the fact that the only people who would use it were those who only wanted one credit card in their wallet. Most true cashback credit card users (pun totally intended) would apply for at least two credit cards to maximise their rebate earning.
If you are interested in the American Express True Cashback Card, you can apply here.
Did your cashback credit card make the cut? Let us know why more people should sign up for your favourite cashback credit card.