The Complete Guide To The Best Cashback Credit Cards In Singapore
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The Complete Guide To The Best Cashback Credit Cards In Singapore

Kenneth Fong
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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, they’ll probably expire before you can even use them for that elusive first-class ticket.

Which brings us to cashback credit cards which basically give you free money.

Let’s find out which are some of the best cash back credit cards in Singapore.

So the next time you walk into a bank or any credit card roadshow, this will be you:

I Know More Than You
Source: Parks and Recreation

You’re welcome.

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 CardRecommended For
AMEX True Cashback

HSBC Advance

SCB Manhattan World

UOB One
Big Ticket Expenses (eg. wedding, honeymoon plans, home reno)
BOC Sheng Shiong

Citibank Cashback

CIMB Visa Signature

Maybank Family & Friends
Groceries
CIMB Visa Signature

Citibank SMRT
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

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?

I can’t imagine that it’ll be many…

Heck. Even I lose track sometimes. But I’ve got a brilliant solution for tracking my expenses. And I’ll share what it is in a bit.

So imagine what the experience is like for someone who has never owned a credit card, much less never bought groceries before:

Confusion At The Supermarket
Source: knowyourmeme

There are also plenty of consumers who might be under the impression that because they’re getting cash back, they can ‘afford to’ spend more.

WRONG!

That’s really bad news because if you can’t make 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.


What’s The Best Cashback Credit Card For Me?

To make your life easier, I decided to break down the various cashback credit cards out there into 5 different categories which I believe most people would really care about – especially when looking for a cashback credit card.

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 members of our Seedly community to help you better decide which cashback credit card should you go for.

Best Cashback Credit Cards For Big Ticket Expenses

Planning a wedding? Need to renovate your brand new BTO? Planning a round-the-world trip for your family of 10? Check out these cards to save HUGE:

 Best ForCashback RateMin Spend (monthly)Max Cashback CapMaximum Cashback (yearly)
AMEX True Cashback CardBig expenses3% (first 6 months)
1.5%
No min spend$5000
(first 6 months)

Unlimited thereafter
Unlimited thereafter
HSBC AdvanceBig expenses1.5% (⩽ $2000)
2.5% (>$2000)
3.5% (Advance customers)
No min spend$70 monthly
$125 monthly (Advance customers)
$840
$1500 (Advance customers)
UOB OneBig expenses3.33% to 5%

Qtrly Flat Rate
$50/ $100/ $300
$500/ $1000/ $2000$300 quarterly$1200
Standard Chartered Manhattan $500 CardBig expenses0.5%
1%
3%
<$1000
>$1000 to $2999.99
>$3000
$200 quarterly$800

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?

 Cashback RatesMin Spend (monthly)Max Cashback CapMaximum Cashback (yearly)Best For
CIMB Visa Signature10% on dining, groceries, online spending

0.2% on all other retail
$600$100 monthly$1200Online shopping

Groceries

Dining out & Going out
Citibank Cash Back8% on dining, groceries, petrol

0.25% on all other retail if below min spend (no cap)

20.88% @ Caltex & Shell
$888$100 monthly
($25 per category)
$1200Groceries
Bank of China BOC Family10% on dining (local and overseas), entertainment

5% @ selected merchants

3% on groceries, online shopping, telco, transport

0.3% on all other retail
$800$80 monthly$960Groceries

Dining out & Going out
Bank of China BOC Sheng Shiong7% @ Sheng Shiong

1% on overseas spend

5% on all other retail (if spent $400 at Sheng Shiong)
No min spend
$400 at Sheng Shiong to qualify for additional 5% cashback on all other retail
$70 monthly$840Groceries
Maybank Family & FriendsUp to 8% on groceries, shopping, dining, food delivery, petrol, transport and entertainment

0.3% on all other retail
$500 (5% cashback)
$1000 (8% cashback)
$600 annually$600Groceries

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.

 Cashback RatesMin Spend (monthly)Max Cashback CapMaximum Cashback (yearly)Best For
CIMB Visa Signature10% on dining, groceries, online spending

0.2% on all other retail
$600$100 monthly$1200Online shopping

Groceries

Dining out & Going out
Citibank SMRTUp to 5% for groceries, fast food, movies, coffee

Up to 3% for online spend (2.7% base + 0.3% if exceed $300)

Up to 2% EX-Reload Auto Top-up
No min spend$600 annually$600No min spend

Online shopping

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?

 Cashback RatesMin Spend (monthly)Max Cashback CapMaximum Cashback (yearly)Best For
CIMB Visa Signature10% on dining, groceries, online spending

0.2% on all other retail
$600$100 monthly$1200Online shopping

Groceries

Dining out & Going out
Bank of China BOC Family10% on dining (local and overseas), entertainment

5% @ selected merchants

3% on groceries, online shopping, telco, transport

0.3% on all other retail
$800$80 monthly$960Groceries

Dining out & Going out
UOB YOLO8% on weekend transport, dining, entertainment

3% on weekdays

3% on online travel and fashion

0.3% on all other retail
$600$80 monthly$960Dining out & Going out

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.

 Cashback RatesMin Spend (monthly)Max Cashback CapMaximum Cashback (yearly)Best For
Citibank SMRTUp to 5% for groceries, fast food, movies, coffee

Up to 3% for online spend (2.7% base + 0.3% if exceed $300)

Up to 2% EX-Reload Auto Top-up
No min spend$600 annually$600No min spend

Online shopping
POSB Everyday5% @ Sheng Shiong
3% @ Watsons
1% @ Starhub & utilities
20.1% @ SPC
No min spend$50 monthly$600No min spend
Standard Chartered Spree3% on online spend (foreign currency)

2% on online spend (local, contactless, and mobile)

1% on all other retail
No min spend$60 monthly$720No min spend

If You Like Big Tables…

For fans of huge sprawling spreadsheets, here’s one with all of the above-discussed cards in alphabetical order.

 Cashback RatesMin Spend (monthly)Max Cashback CapMaximum Cashback (yearly)Best For
American Express True Cashback3% (first 6 months)
1.5%
No min spend$5000
(first 6 months)

Unlimited thereafter
Unlimited thereafterBig expenses
CIMB Visa Signature10% on dining, groceries, online spending

0.2% on all other retail
$600$100 monthly$1200Online shopping

Groceries

Dining out & Going out
Citibank Cash Back8% on dining, groceries, petrol

0.25% on all other retail if below min spend (no cap)

20.88% @ Caltex & Shell
$888$100 monthly
($25 per category)
$1200Groceries
Citibank SMRTUp to 5% for groceries, fast food, movies, coffee

Up to 3% for online spend (2.7% base + 0.3% if exceed $300)

Up to 2% EX-Reload Auto Top-up
No min spend$600 annually$600No min spend

Online shopping
HSBC Advance1.5% (⩽ $2000)
2.5% (>$2000)
3.5% (Advance customers)
No min spend$70 monthly
$125 monthly (Advance customers)
$840
$1500 (Advance customers)
Big expenses
POSB Everyday5% @ Sheng Shiong
3% @ Watsons
1% @ Starhub & utilities
20.1% @ SPC
No min spend$50 monthly$600No min spend
Standard Chartered Manhattan World0.5%
1%
3%
<$1000
>$1000 to $2999.99
>$3000
$200 quarterly$800Big expenses
Standard Chartered Spree3% on online spend (foreign currency)

2% on online spend (local, contactless, and mobile)

1% on all other retail
No min spend$60 monthly$720No min spend
Bank of China BOC Family10% on dining (local and overseas), entertainment

5% @ selected merchants

3% on groceries, online shopping, telco, transport

0.3% on all other retail
$800$80 monthly$960Groceries

Dining out & Going out
Bank of China BOC Sheng Shiong7% @ Sheng Shiong

1% on overseas spend

5% on all other retail (if spent $400 at Sheng Shiong)
No min spend
$400 at Sheng Shiong to qualify for additional 5% cashback on all other retail
$70 monthly$840Groceries
Maybank Family & FriendsUp to 8% on groceries, shopping, dining, food delivery, petrol, transport and entertainment

0.3% on all other retail
$500 (5% cashback)
$1000 (8% cashback)
$600 annually$600Groceries
UOB One3.33% to 5%

Qtrly Flat Rate
$50/ $100/ $300
$500/ $1000/ $2000$300 quarterly$1200Big expenses
UOB YOLO8% on weekend transport, dining, entertainment

3% on weekdays

3% on online travel and fashion

0.3% on all other retail
$600$80 monthly$960Dining out & Going out

What’s your go-to cashback credit card? Let us know in the comments below!

About Kenneth Fong
Owner of a 4-room HDB BTO and married to a financial clutz. Probably the closest to an adult you can find on the Seedly team.
You can contribute your thoughts like Kenneth Fong here.

Still have more questions after reading the article? Fret not, ask our community here!

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