The Complete Guide To The Best Cashback Credit Cards In Singapore 2020 Edition
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The Complete Guide To The Best Cashback Credit Cards In Singapore 2020 Edition

profileKenneth 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, it’ll be hard to obtain that elusive first-class ticket.

Krusty Krew Walking Away in Disbelief
Source: SpongeBob SquarePants | Giphy

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 CardRecommended 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

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.

Best credit cards 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.


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.
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What Is the Best Cashback Credit Cards For Big Ticket Expenses

Planning a wedding?

Need to renovate your brand new BTO?

Planning to get a laptop? Check out these cards to save BIG:

CardBest ForCashback RateMin Spend (monthly)Max Cashback CapMaximum Cashback (yearly)
AMEX True Cashback CardBig expenses3% (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 expenses1.6% (local spend)

1.6% (overseas spend)
No capUnlimited
HSBC Advance (Visa)Big expensesNon-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 CardBig expenses1.6% (local spend)

2X TREATS points per dollar (overseas spend)
No capUnlimited
UOB One (Visa)Big expenses3.33% to 5% on retail spend

Up to 10% on Dairy Farm, Grab & UOB Travel

6% on utilities
$500/ $1000/ $2000Qtrly 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?

CardCashback RatesMin Spend (monthly)Max Cashback CapMaximum Cashback (yearly)Best For
Bank of China BOC Sheng Siong6% @ 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)$900Groceries
CIMB Visa Signature10% on dining, groceries, online spending, beauty & wellness, pet shops & veterinary services, cruises

0.2% on all other retail
$800$100 monthly
($20 per category)
$1,200Online shopping

Groceries

Dining out & Going out
Citibank Cash Back8% 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 & FriendsUp 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$960Groceries

Dining out & Going out
POSB Everyday Card8% 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.

CardCashback RatesMin Spend (monthly)Max Cashback CapMaximum Cashback (yearly)Best For
CIMB Visa Signature10% on dining, groceries, online spending, beauty & wellness, pet shops & veterinary services

0.2% on all other retail
$800$100 monthly
($20 per category)
$1,200Online 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)

2% on health & beauty

Up to 2% EZ-Reload Auto Top-up
No min spend$50 monthly$600Online shopping
DBS LiveFresh Card5% on online spend, mobile contactless spend

0.3% on general purchases
$600 month$60 monthly
$20 per category
$720Online shopping

Groceries

Dining out & Going out
OCBC FRANK Credit Card6% 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)
$900Online 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?

CardCashback RatesMin Spend (monthly)Max Cashback CapMaximum Cashback (yearly)Best For
Bank of China BOC Family10% 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)
$960Dining out & Going out
CIMB Visa Signature10% on dining, groceries, online spending, beauty & wellnes, pet shops & veterinary sercvices

0.2% on all other retail
$800$100 monthly
($20 per category)
$1,200Online shopping

Groceries

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$60 monthly$720Dining 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.

CardCashback 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)

2% on health & beauty

Up to 2% EZ-Reload Auto Top-up
No min spend$50 monthly$600No min spend

Online shopping
POSB Everyday Card8% 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 Spree3% 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$720No 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.

razer card review
Source: Razer Fintech

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 lahSeedlyu credit cards

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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.

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