Best Cashback Credit Cards in Singapore 2023 – All You Need to Know
Ditch your regular credit card and start getting cashback as we will be listing down the Best Cashback Credit Cards in Singapore.
Singapore is a credit-card friendly country, anyone can use their Visa, Mastercard, and American Express at most places in the country.
If you are one of those people who prefers spending and shopping through their credit cards, why not spend and earn more with a credit card with a cashback, right?
What is a Cashback Credit Card?
Before we begin listing down our favorites, let us first describe what a cashback credit card is. Cashback refers to a rebate that you can receive when you purchase various products using your credit card. So you can think of it as sparing some money as you shop and purchase items with your credit card.
And every bank here offers a cashback credit card for different lifestyle in Singapore. Compare and weigh in each card’s pros and cons, the cashback, annual fees, interest rates as we go through them one by one in this article.
Top 10 Cashback Credit Cards in Singapore for Rebates and Cash Incentives
1. Citi Cash Back Card – 6 – 8% of cash backs
Citi Cash Back Card – Cash Back Credit Card Singapore
Do you usually spend on dining and groceries more than anything else? The Citi Cash Back Card is for you! You can earn 6 – 8% of cash backs on dining at restaurants and cafes, and groceries.
You can also earn an additional of 20.88% fuel savings when you purchase petrol at Esso and Shell. If you happen to gas up to other petrol station on any part of the world, don’t worry, you can still get an 8% cashback.
If you are wondering if you would get any cashback on other purchases that you make with the Citi Cash Back Card, nothing to worry! You can still have 0.25% of cashback on all other retail purchases, without any cap!
You can also earn an additional of 5.75% – 7.75% cashback on dining, groceries, and petrol, plus 0.25% on other purchases as a bonus when you spend a minimum of $800 in a statement month.
As a welcome gift, CitiBank would also be giving you $300 of cashback when you spend $800 in the first two months with them.
Recommended: Which Miles Credit Card to Use in Singapore?
2. CIMB Visa Signature – 10% cashback
CIMB Visa Signature – Cash Back Credit Card Singapore
Maximize your cashback at relatively low spend levels and get 10% cashback (selected stores) on the following:
- Online Shopping at Zalora etc.
- Buying Groceries at Eu Yang Sang etc.
- Beauty & Wellness at BrownHaus etc.
- Pet Shops & Veterinary Services at ZumVet
- Cruises/ Travel deals from Hotels.com etc.
Get 0.2% cashback on the following as well:
- Dining at restaurants
- Transport (Taxi Rides) and Petrol
- Travel in Foreign Currency such as using the card to purchase flights and hotel stays in a foreign currency
- Health and Medical
- Electronic and Furnishing at selected merchants (Harvey Norman, Best Denki, Challenger, Ikea, Courts or Parisilk)
- Use SimplyGo and tap with this credit card like EZLink
- & other retail purchases
Aside from the 10% cash back on the items above, you can also get an unlimited 0.2% cashback on all other retail spends with the CIMB Visa Signature. This card can also be shared as a supplementary card for other members of the family, and all the annual fees on the primary and supplementary cards are waived.
3. UOB One Card – Up to 15% cashback on daily spend
UOB One Card – Cash Back Credit Card Singapore
Enjoy Singapore’s most generous rebate card with the UOB One Card. You will surely get the most out of your card because of these fantastic rebates and benefits below:
- Up to 15% rebate on Grab, SimplyGo and UOB Travel
- Up to 4.33% rebate on Singapore Power utility bill
- Up to 3.33% rebate on ALL spend
- Up to 22.66% savings on Petrol
- Up to 3.6% p.a. Deposit Interest Rate on UOB One Account* when you spend on UOB One Card
With only a minimum of five spends, you get to enjoy all those perks above! Also, once you get a card with UOB, you can get a welcome gift of up to $230.
However, UOB charges $192.60 of an annual fee (free on the first year) on the primary card and $96.30 for the supplementary cards.
4. POSB Everyday Card – up to 10% cash rebates
POSB Everyday Card – Cash Back Credit Card Singapore
You would undoubtedly love using your credit card every single day with the POSB Everyday Card. You can offset your purchases with cashback that never expires at over 200 outlets using your DBS lifestyle application and enjoy the following rebates:
- 10% cash rebates for online food deliveries and 3% on Dining
- 20.1% + 2% savings at SPC
- 2% cash rebate at Speedycare
- 5% cash rebate on electricity bills
- Up to 3% cash rebates on your telecommunication bills.
- Up to 7% cash rebates on groceries at Sengsiong and Redmart
- 5% cash rebates on your bus/train rides with SimplyGo
- 0.3% cash rebates on everything else
POSB charges $192.60 of an annual fee (free on the first year) on the principal card and $96.30 for the supplementary cards. Late fee is $100 and finance charges of 26.80% p.a. chargeable on daily basis.
5. Maybank Family & Friends Card – 8% Cashback for Malaysian Ringgit Spend
Maybank Family & Friends Card – Cash Back Credit Card Singapore
If you are not into spending thousands and thousands of purchases every month, you can still get the perks of getting an excellent rebate card with the Maybank Family and Friends Card. You can enjoy up to 8% of cash backs on any of the following:
- Transport and Petrol (Bus and Train rides, Petrol stations, Ride-hailing services)
- Data Communication and Online TV Streaming (Starhub, Singtel, M1 Limited, Circle.Life, MyRepublic, Netflix, others)
- Learning and Retail (Popular, Toys “R” Us, Yamaha Music)
- 0.3% cash rebates on everything else
If you spend $0-499 for a month, you can get 0.3% rebates. For $500-799, you can have as much as a 5% rebate, and for $800, you can get 8% of cashback. There are other benefits when using the Maybank Family and Friends card, and you can check out their website for more info.
Starting from June 1, 2023, you can earn a cashback of 8% on all your Malaysian Ringgit expenses, in addition to other types of spends.
Their annual fees are free for the first three years and $180 for the succeeding years. Nothing to worry, the supplementary card has a free annual fee for life! If you have an annual income of $30,000, you will surely be qualified for this card.
6. OCBC 365 Card – 2x more cashback of up to S$160
OCBC 365 Card – Cash Back Credit Card Singapore
Did you know you can earn cashback seven days a week, and 365 days a year? It is possible with the OBCB 365 Credit Card! This is the summary of the cash rebates that you can get with OCBC 365 Card:
- 6% a month on local and overseas dining and online food delivery
- 3% a month on online, local, and overseas groceries
- 3% a month on land transportations
- 5% a month on petrol
- 3% a month on utilities
- 3% a month on online travel (online air and cruise tickets, online hotel and tour bookings)
- 0.3% a month for the rest of the purchases
You would need to spend at least $800 to take advantage of the cashback above, and a monthly statement of less than $800 would fall into the base 0.3% rebate.
7. American Express True Cashback Card – 3% Cashback on all eligible purchases
American Express True Cashback Card – Cash Back Credit Card Singapore
What if we tell you that the American Express True Cashback Card has no minimum purchase for you to get a cashback? That’s right! This is indeed one true cashback card! As you are welcomed into American Express, you can get a welcome bonus of 3% cashback when you spend $5,000 in your first six months.
After the welcome bonus, you would continuously get 1.5% of unlimited cashback on all eligible purchases, with no minimum spend and no earn cap, like other banks. You can also accelerate your rewards by getting $20 CapitaVoucher each for the first two approved supplementary cards. You can also get 1% of an additional rebate on all your foreign currency to spend.
The annual fee for this card is $171.20 for the primary card and $85.60 for the first two supplementary cards, and all are waived during the first year. Enjoy world-class service and perks with American Express!
8. DBS Live Fresh Card – Up to 5% cashback On Online & Visa Contactless Spend
DBS Live Fresh Card – Cash Back Credit Card Singapore
If you like living your life online, the DBS Live Fresh Card is for you! This card is perfect for millennials who like to live fresh! Aside from being a credit card, the DBS Live Fresh Card can be used on ATMs and transit needs. Just hop on the bus and train, and the fares will be charged directly on your card.
Going back to the main buzz, which is the cashback benefits, this card is perfect for online spenders where you can earn 5% of cashback on online (pay by Apply Pay/ Google Pay/ Samsung Pay), and Visa Contactless Spend, including the fare, rides mentioned above. The rest of the purchases will be at 0.3%, and you should have a minimum spend of $600.
9. Citibank SMRT Card – 5%* savings at all supermarkets & grocery stores
Citibank SMRT Card – Cash Back Credit Card Singapore
If you are a young professional who has just started having a job and you are still figuring out a way to manage your finances, you should check the Citibank SMRT Card. With just a minimum spend of $500, you can enjoy these perks below:
- 5% savings on groceries
- 5% savings on fast food, movies, and coffee
- 5% savings on public transport & taxi rides (including Grab & Gojek)
- 3% savings on online shopping on Shopee/ Lazada/ EzBuy
- 0.3% savings for other stuff
You can redeem your SMRT cashback for cash rebates or vouchers, and enjoy saving up little by little with the Citibank SMRT Card.
10. Standard Chartered Unlimited Cashback Credit Card – 1.5% cashback on all your spends
Standard Chartered Unlimited Cashback Credit Card – Cash Back Credit Card Singapore
Live a good life every day with the Standard Chartered Unlimited Cashback Credit Card. In simple words, you can earn 1.5% of rebates on all your purchases without a minimum spend and a cashback cap. You can also get 21% of fuel savings with Caltex.
The annual fee is waived for the first two years, and it will be at $192.60 moving forward. Spend more and earn more with the Standard Chartered Unlimited Cashback Credit Card!
Guide to Cashback Credit Cards in Singapore
|Best Cashback Credit Cards in SIngapore||Cash Back on Eligible Spend||Min. Spend per month||Cash Back/ Rebate Cap|
|Citi Cash Back Card||Up to 8%||$800||$80|
|CIMB Visa Signature||up to 10%||$600||$100|
|UOB One Card||Up to 10%||$2,000||$300|
|POSB Everyday Card||Up to 10%||$800||Up to S$80|
|Maybank Family & Friends Card||Up to 8%||$600||Up to S$80|
|OCBC 365 Credit Card||5%||$1600||$160|
|American Express True Cashback Card||1.5% – 3%||$0||Unlimited|
|DBS Live Fresh Card||Up to 5%||$600||Up to S$75|
|Standard Chartered Smart Credit Card||Up to 6%||$0||Unlimited|
|Standard Chartered Simply Cash Credit Card||Up to 1.5%||$0||Unlimited|
|Citi Cash Back+ Mastercard®||1.60%||$0||Unlimited|
|HSBC Visa Platinum Credit Card||5%||$600||$250|
|HSBC Advance Credit Card||Up to 3.5%||$0||$70|
|CIMB Visa Infinite||2%||$2,000||Unlimited|
|OCBC Frank Card||Up to 10%||$800||$100|
|CIMB World Mastercard||Up to 3%*||$500||Unlimited|
|BOC Seng Siong Card||1.5%||$0||Unlimited|
|UOB Absolute Cashback Card||1.7%||$0||$0|
What is cashback on a credit card?
Cashback on a credit card is an incentive program offered by many credit card companies where the credit card company rewards customers with a percentage of their purchases back in the form of ‘cashback’.
Every time a cardholder uses their card to make purchases, the credit card company will give them a certain percentage back in the form of cash. Cashback rewards may vary depending on where or how the card is used, such as at supermarkets, petrol stations, and other specific retailers.
Cashback rewards can be redeemed for money or for credits on the cardholder’s credit card bill.
Is cash back free money?
Cash back rewards are attractive incentive offered by many credit card companies to entice customers and encourage them to use their cards.
Although cash back is essentially money, it is not technically free money.
To get cash back, users need to make eligible purchases on their card and then wait for the cash back reward to be credited to their account.
Also, depending on the card, users may need to meet a certain spending threshold or total in order to qualify for the cash back reward, so it is important to understand the requirements for the offer before applying for the card.
Ultimately, cash back does come with certain conditions and limitations, so users should be aware of these before using the cash back option.
Cashback Credit Cards Singapore
In choosing the perfect cashback credit card for you, you must assess your lifestyle and spending limit. These banks offer a wide range of minimum spending allowance, and it is up to you to figure it out and manage your finances in a way that you can earn more rebates.
Getting a credit card does not always have to be putting yourself up in dealing with monthly debts; these cashback credit cards can help you manage your finances wisely once used properly. Enjoy your shopping spree without any worries with these cards, but never forget to spend your finances wisely!
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