The Complete Guide To The Best Cashback Credit Cards In Singapore 2020 Edition
When deciding what kind of credit card to get.
You usually have to decide between earning points, miles or cashback.
With points, you’ll often find that you need to accumulate something to the tune of 40,000 points (or $4,000 spent) just to get some eco-friendly reusable coffee cup.
And with miles, if you aren’t a frequent traveller or big-spender, it’ll be hard to obtain that elusive first-class ticket.
Which… brings us to cashback credit cards which basically give you ‘free’ money.
Let’s find out which is the best cashback credit card, shall we?
Disclaimer: The various credit cards all come with their respective terms and conditions. So please read through them before deciding which credit card to get!
TL;DR: Best Cashback Credit Cards in Singapore 2020
These are the best cashback credit cards that you should be using:
| Best Cashback Credit Card | Recommended For |
|---|---|
| AMEX True Cashback Citi Cash Back+ Card (Master) HSBC Advance (Visa) Maybank FC Barcelona Visa Signature Card UOB One | Big Ticket Expenses (eg. wedding, honeymoon plans, home reno) |
| BOC Sheng Siong CIMB Visa Signature Citibank Cashback Maybank Family & Friends POSB Everyday Card | Groceries |
| CIMB Visa Signature Citibank SMRT DBS LiveFresh Card OCBC FRANK Credit Card | Online Shopping |
| BOC Family CIMB Visa Signature UOB YOLO | Dining Out & Going Out |
| Citibank SMRT POSB Everyday SCB Spree | Low Commitment aka No Minimum Spend |
- Best Cashback Credit Cards For Big Ticket Expenses
- Best Cashback Credit Cards For Groceries
- Best Cashback Credit Cards For Online Shopping
- Best Cashback Credit Cards For Dining Out And Going Out
- Best Cashback Credit Cards With No Minimum Spend
If you’re wondering how I put together this list…
I basically took advantage of invested countless work hours on research.
And also consulted our savvy SeedlyCommunity members to tap on their knowledge.
So the next time you walk into a bank or any credit card roadshow, this will be you:
You’re welcome.
Why Would The Banks Give Us Free Money?
The answer is in the fine print.
Most cash rewards programmes have a minimum spend requirement as well as a cashback cap.
So while a card might offer you a generous 20% cashback.
You’ll probably need to spend something like $50 a month in order to qualify.
And the maximum amount of cashback you can probably get is $10,000 monthly.
FOR EXAMPLE ONLY, PLEASE.
No such card exists.
But most consumers do not take the time to read the fine print.
So there is a chance that they might use a credit card under the impression that the cash rewards programme is more generous or applicable to a wider range of expenditure than they actually are.
And how many of us really track how much we spend in order to truly maximise our cashback rewards?
There are also plenty of consumers who might be under the impression that because they’re getting cashback, they can ‘afford to’ spend more.
WRONG!
That’s really bad news because if you can’t make the payment on time.
The banks will charge high-interest rates on credit, and the late fees for balances that are carried over are usually damn siao.
The lesson to take away here?
Only get a credit card if you are conscientious about your spending habits and can make payments for your credit card bills on time.
Please don’t go chasing credit card bonuses if you don’t need to spend on anything.
Which Is The Best Cashback Credit Card For Me?
To make your life easier, I decided to sort the various cashback credit cards into 5 different categories.
Which I believe most people would care about.
I’ve also listed the:
- Monthly minimum spend
- Maximum cashback cap, and
- Maximum amount of cashback you can get
As a value-added service, I’ve also included links to real user reviews left by our SeedlyCommunity to help you better decide which cashback credit card should you go for.
Another important thing to note is that there is no objectively best credit card.
The best credit card is the one that compliments your spending habits and allows you to maximise the cashback you can earn.
In fact, I’ll be updating this article pretty often.
So if you’re a cashback credit card fanatic, you might wanna bookmark this article for future reference.
What Is the Best Cashback Credit Cards For Big Ticket Expenses
Need to renovate your brand new BTO?
Planning to get a laptop? Check out these cards to save BIG:
| Card | Best For | Cashback Rate | Min Spend (monthly) | Max Cashback Cap | Maximum Cashback (yearly) |
|---|---|---|---|---|---|
| AMEX True Cashback Card | Big expenses | 3% (for new users on 1st $5,000 for 1st 6 months) 1.5% | No min spend | $150 (new users) Unlimited thereafter | Unlimited thereafter |
| Citi Cash Back+ Card (Master) | Big expenses | 1.6% (local spend) 1.6% (overseas spend) | No cap | Unlimited | |
| HSBC Advance (Visa) | Big expenses | Non-members 1.5% (⩽ $2000) 2.5% (>$2000) Advance members 2.5% (⩽ $2000) 3.5% (>$2000) | $70 monthly (non-members) $125 monthly (Advance customers) | $840 (non-members) $1500 (Advance members) |
|
| Maybank FC Barcelona Visa Signature Card | Big expenses | 1.6% (local spend) 2X TREATS points per dollar (overseas spend) | No cap | Unlimited | |
| UOB One (Visa) | Big expenses | 3.33% to 5% on retail spend Up to 10% on Dairy Farm, Grab & UOB Travel 6% on utilities | $500/ $1000/ $2000 | Qtrly Flat Rate Cap $50/ $100/ $300 | $1,200 |
What Is the Best Cashback Credit Cards For Groceries
Everybody needs to visit the supermarket to get stuff like milk, diapers, bananas, soy sauce, bread… You get the picture. Why not save a bit while making these necessary purchases?
| Card | Cashback Rates | Min Spend (monthly) | Max Cashback Cap | Maximum Cashback (yearly) | Best For |
|---|---|---|---|---|---|
| Bank of China BOC Sheng Siong | 6% @ Sheng Siong Additional 6% on Sheng Siong spend (if spent $600 out-of-store) 1.6% on overseas spend 0.30% cashback out-of-store spend | No min spend | $75 monthly ($45 for the initial rate + $30 bonus rate) | $900 | Groceries |
| CIMB Visa Signature | 10% on dining, groceries, online spending, beauty & wellness, pet shops & veterinary services, cruises 0.2% on all other retail | $800 | $100 monthly ($20 per category) | $1,200 | Online shopping Groceries Dining out & Going out |
| Citibank Cash Back | 8% on dining, groceries, petrol, others 20.88% at Esso & Shell 0.25% on all other retail if below min spend (no cap) | $888 | $25 per category | - | Groceries Dining out & Going out |
| Maybank Family & Friends | Up to 8% on groceries, shopping, dining, food delivery, petrol, transport and entertainment 0.3% on all other retail | <$499 (0.3% cashback) $500 -$799 (5% cashback) >$800 (8% cashback) | Monthly cash rebate cap of S$80 | $960 | Groceries Dining out & Going out |
| POSB Everyday Card | 8% rebate on online food delivery 5% groceries at Sheng Siong, online shopping 3% rebate on personal care at Watsons 20.1% fuel savings with SPC 0.3% on all other retail | No min spend | $40 for Sheng Siong Spend monthly $15 for Dining + Online food delivery spend monthly $15 for Dining + Online shopping spend monthly | - | Groceries |
What Is the Best Cashback Credit Cards For Online Shopping
If you can’t find any valid promo codes for your online shopping, then getting cashback with these cards should help fuel your next online shopping spree. Conducted prudently, of course.
| Card | Cashback Rates | Min Spend (monthly) | Max Cashback Cap | Maximum Cashback (yearly) | Best For |
|---|---|---|---|---|---|
| CIMB Visa Signature | 10% on dining, groceries, online spending, beauty & wellness, pet shops & veterinary services 0.2% on all other retail | $800 | $100 monthly ($20 per category) | $1,200 | Online shopping Groceries Dining out & Going out |
| Citibank SMRT | Up to 5% for groceries, fast food, movies, coffee Up to 3% for online spend (2.7% base + 0.3% if exceed $300) 2% on health & beauty Up to 2% EZ-Reload Auto Top-up | No min spend | $50 monthly | $600 | Online shopping |
| DBS LiveFresh Card | 5% on online spend, mobile contactless spend 0.3% on general purchases | $600 month | $60 monthly $20 per category | $720 | Online shopping Groceries Dining out & Going out |
| OCBC FRANK Credit Card | 6% on online spend, mobile contactless spend/FX spend 0.3% on general purchases | $600 month (excludes utility payments) | $75 monthly $25 per category (boosted rate) | $900 | Online shopping Groceries Dining out & Going out |
What Is the Best Cashback Credit Cards For Dining Out And Going Out
There’s not much to do in Singapore on the weekends besides heading out for food or catching the latest movie. Why not earn some cashback while you’re at it?
| Card | Cashback Rates | Min Spend (monthly) | Max Cashback Cap | Maximum Cashback (yearly) | Best For |
|---|---|---|---|---|---|
| Bank of China BOC Family | 10% on dining (local and overseas) + movies 5% @ selected merchants 3% public transport 3% on groceries, hospital bills, online spend 0.3% on all other retail | $800 | $100 monthly ($25 per category) | $960 | Dining out & Going out |
| CIMB Visa Signature | 10% on dining, groceries, online spending, beauty & wellnes, pet shops & veterinary sercvices 0.2% on all other retail | $800 | $100 monthly ($20 per category) | $1,200 | Online shopping Groceries Dining out & Going out |
| UOB YOLO | 8% on weekend transport, dining, entertainment 3% on weekdays 3% on online travel and fashion 0.3% on all other retail | $600 | $60 monthly | $720 | Dining out & Going out |
What Is the Best Cashback Credit Cards With No Minimum Spend
Best for those who like keeping their expenditure low, but still wish to earn some cashback all the same.
| Card | Cashback Rates | Min Spend (monthly) | Max Cashback Cap | Maximum Cashback (yearly) | Best For |
|---|---|---|---|---|---|
| Citibank SMRT | Up to 5% for groceries, fast food, movies, coffee Up to 3% for online spend (2.7% base + 0.3% if exceed $300) 2% on health & beauty Up to 2% EZ-Reload Auto Top-up | No min spend | $50 monthly | $600 | No min spend Online shopping |
| POSB Everyday Card | 8% rebate on online food delivery 5% groceries at Sheng Siong, online shopping 3% rebate on personal care at Watsons 20.1% fuel savings with SPC 0.3% on all other retail | No min spend | $40 for Sheng Siong Spend monthly $15 for Dining + Online food delivery spend monthly $15 for Dining + Online shopping spend monthly | - | No min spend Groceries |
| Standard Chartered Spree | 3% on online spend (foreign currency), vPost transactions 2% on online spend (local, contactless, and mobile) 1% on all other retail 19.8% fuel savings at Caltex | No min spend | $60 monthly | $720 | No min spend |
Special Mention: The Razer Card
I know, I know.
This isn’t a credit card per se but a prepaid card that is integrated with RazerPay.
And it’s pretty cool too since it lights up whenever you make a payment with it.
With the Razer Card, you can enjoy cashback all year round with no capped limit.
The virtual card has no subscription cost and you can always upgrade it to a Standard or Premium physical card.
So if you’re a huge fan and heavy user of Razer (read: gamer) this might be a cashback card worth considering.
The Razer Card can be used to:
- Make digital payments at over 61 million merchant locations worldwide where Visa is accepted, including:
- Online purchases
- In-store purchases
- Contactless and chip transactions
- Receive cashback for all payment purchases with:
- 1 per cent for purchases made across categories
- Up to 5 per cent on RazerStore and Gold purchases
- No minimum spend and no capped limit for cashback (only prepaid card in Singapore with no capped limit for cashback)
- Access a unique gamified rewards system through the Razer Pay app where you can track your progress and earn rewards
Razer Card Beta Testing
If you would like to try out this card, Razer is gathering 1,337 selected users for a three-month beta testing program happening from now till 31 December 2020.
Prior to the official launch, you will be able to experience the card first hand before the card’s public release.
And… you’ll be rewarded too.
Beta testers will enjoy increased 10 per cent cashback on RazerStore and Razer Gold purchases.
As well as a slew of gamified Card Beta rewards where you can complete tasks, level up, and stand to redeem up to $2,000 worth of Razer gear and free card upgrades.
If you would like to find out about the Razer Card or sign up for the beta test, head on over to their website!
So… What’s Your Go-to Cashback Credit Card?
Have a favourite cashback credit card?
Believe that you’ve found a way to game the cashback credit card system in order to get the most amount of cash back?
Share with the SeedlyCommunity lah…
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