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Best Rewards Credit Cards In Singapore (2024)

Best Rewards Credit Cards In Singapore (2024)

profileJustin Oh

Can’t choose between a cashback credit card or a miles credit card?

Or perhaps you simply prefer the flexibility of choosing between cashback and miles?

Enter rewards credit cards that give you the best of both worlds!

Source: Giphy

And that’s on top of redeeming gifts from a huge rewards catalogue.

Oh and did I mention? Most of these cards do not require any minimum spending!

Without further ado, here are the best rewards credit cards in Singapore and everything you need to know about the various rewards programmes!


TL;DR: Best Rewards Credit Cards in Singapore (2024)

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What Is a Rewards Credit Card?

A rewards credit card is a card that earns you bank points when you spend on eligible categories that can be redeemed for rewards.

Technically, all miles credit cards are rewards credit cards too. However, for this article, I will focus on rewards credit cards that allow you to redeem miles, cashback and rewards.

I will only include the top rewards credit cards as well. For example, most American Express rewards cards aren’t competitive enough as they earn very few miles per dollar and have a very low cashback rate. The same goes for UOB Lady’s as it earns great miles (6mpd) but an abysmal 0.13% in cash rebate if you choose cashback.

Best Rewards Credit Cards

For some reason, many card providers aren’t too fond of advertising that their rewards credit cards can earn cashback, too. You’ll often see a rewards card advertised as earning up to 4 miles per dollar (mpd), but they don’t explicitly tell you that you can redeem your bank points for cash credit to offset your next credit card bill!

The only exception is the HSBC Revolution and DBS Vantage cards, which openly state that you can earn up to X miles or X% cashback. But hey, I’ve done the quick maths (it was tedious) and worked out every single cashback percentage for the top rewards credit cards.

So here are the best rewards credit cards in Singapore ranked based on my opinion (cashback percentages are rounded up to the nearest 2 decimal places):

Rewards Credit CardPoints Earn RateMiles Earn Rate (Converted)Cashback / Cash Rebate Rate (Converted)Editor's Note
Standard Chartered Smart Credit Card

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19.2 points per dollar on public transport, subscriptions and fast food

1.6 points per dollar
0.47 mpd - 5.6 mpd0.5% - 6%No annual fees!
OCBC Rewards Card

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50 points per $5 dollar spent on online and retail purchases (S$1,100 limit per calendar month)

5 points per $5 dollar spent
0.4 mpd - 4 mpd0.28% - 2.78%Points awarded for every S$5 spent
HSBC Revolution Credit Card

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10 points per dollar on online and contactless spending

1 point per dollar
0.4 mpd - 4 mpd0.25% - 2.5%No annual fees!

Higher miles conversion fees ($40 + GST)
Citi Rewards Card

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10 points per dollar on in-store shopping transaction, online shopping transaction, online groceries

1 point per dollar for all other purchases
0.4 mpd - 4 mpd0.23% - 2.27%Popular rewards card to pair with amaze card for 4 mpd overseas (or 2.27% cashback)
DBS Vantage Card

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5.5 DBS Points for every S$5 foreign spend

3.75 DBS Points for every S$5 local spend
1.5 mpd - 2.2 mpd1.5% - 2.2%One of the most flexible rewards cards

Points awarded for every S$5 spent

High income credit card with hefty annual fees (S$599.50)
Maybank World Mastercard

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50 points per $5 spent on selected merchants on TREATS SG app (food and shopping)

50 points per $5 spent on petrol

5 points per $5 spent on other purchases
0.4 mpd - 4 mpd0.27% - 2.70%Points awarded for every S$5 spent

Minimum of 18,500 points to redeem for $50 cash credit
DBS Woman’s World Card

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10 points per $5 spent on online purchases

3 points per $5 spent on overseas purchases

1 point per $5 spent on other purchases
0.4 mpd - 4 mpd0.2% - 2% (2.8% with promotions)Points awarded for every S$5 spent

Minimum of 35,000 (25,000 with promotion) points to redeem for $350 cash credit
Standard Chartered Rewards+ Credit Card

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10 points on foreign currency on overseas retail, dining and travel

5 points per dollar on dining transactions in SGD

1 point per dollar
0.29 mpd - 2.9 mpd0.25% - 2.48%-
DBS Woman’s Card

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5 points per $5 spent on online purchases

1 point per $5 spent on other purchases
0.4 mpd - 2 mpd0.1% - 1% (1.4% with promotions)Points awarded for every S$5 spent

Minimum of 35,000 (25,000 with promotion) points to redeem for $350 cash credit

But just looking at the miles or cashback earn rate to pick your card would be a cardinal sin as there are many quirks associated with each credit card such as the minimum number of points required to redeem for miles or cashback, how long points are valid for and more.

So, let’s take a look at the various card membership reward programmes to help you make a better decision on which rewards credit card to pick.

Rewards Credit Cards and Membership Reward Programmes Review

Citi Rewards Card – Citi ThankYou Rewards

The Citi Rewards Card is one of the best rewards cards for those who love to offset your purchases with your points, redeeming your points for vouchers or miles chasers. Its accelerated earn rate on a range of categories (in-store shopping transactions, online shopping transactions, online groceries, ride-hailing and online food delivery from merchants like Lazada, ZALORA, Shopee, Amazon, RedMart and Grab) is pretty neat.

But, the biggest pull factor of this card is its ability to pair with the amaze card that lets you earn that sweet 10X Points on your overseas spending. You can read more about it here.

In my opinion, this card is one of the must-have rewards cards if you love shopping and ever travel overseas (which is most of us).

Latest update:

And, on top of that, there is a welcome offer of 40,000 Citi ThankYouSM Points, which you can use to redeem on the redemption catalogue for more merchant vouchers! You can even offset your daily purchases via the Citi Pay with Points feature.

From now till 29 Feb 2024, enjoy 15% off your redemptions when you offset your purchases via Citi Pay with Points or vouchers redemption via the redemption catalogue on the Citi Mobile® App.

This promotion is valid for new Citi Credit Cardmembers who successfully apply for the Citi Rewards Card via the Citibank website with an $800 qualifying spend in the first 2 months upon card approval.

Here are the Merchant Category Codes (MCC) for eligible retailers:

Merchant Category Code (MCC) Description
MCC 5311 Department Stores
MCC 5611 Men’s and Boy’s Clothing and Accessories Stores
MCC 5621 Women’s Ready to Wear Stores
MCC 5631 Women’s Accessory and Specialty Stores
MCC 5641 Children’s and Infant’s Wear Stores
MCC 5651 Family Clothing Stores
MCC 5655 Sports and Riding Apparel Stores
MCC 5661 Shoe Stores
MCC 5691 Men’s and Women’s Clothing Stores
MCC 5699 Miscellaneous Apparel and Accessory Shops
MCC 5948 Luggage and Leather Goods Stores

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Citi ThankYou Reward Points Conversion

 ThankYou Points to MilesPay With PointsThankYou Points to Cash Rebate
Conversion rate25,000 ThankYou points = 10,000 miles440 ThankYou points = $14,400 ThankYou points = $10
Minimum spending requirement with maximum earn rate$2,500$44$440
  • ThankYou Points expiry: 3 years from acquisition
  • Points earn limit: $1k per statement month

DBS Woman’s Cards – DBS Rewards

The DBS Woman’s World Card lets you earn up to 2 per cent cashback.

But of course, it isn’t without its downsides.

Aside from being a high annual income card ($80,000), you have to spend $17,500 to accumulate enough points to get the lowest cash credit available ($350). And that’s assuming it’s $17,500 on online purchases. It also doesn’t have many categories that you can earn bonus points on and you only earn points with every $5 spent.

On the bright side, there is the offset with Paylah! option.

Apply Now 

The DBS Woman’s card with a $30,000 annual income requirement suffers from the same problems and gives you half the earn rate for both cashback and miles.

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That said, if you are a big spender and want the flexibility of up to 4 mpd or 2 per cent cashback, these cards should be on your radar!

DBS Vantage – DBS Rewards

The crème de la crème of flexible rewards cards, the DBS Vantage VISA Infinite gives you 1.5 mpd or 1.5% cashback on local spend or 2.2 mpd or 2.2% cashback on foreign spend.

You can’t get more flexibility out of a rewards card like that! 

But with great flexibility comes great restrictions.

First off, you need to be earning $120,000 annually to qualify for this card and have to fork out a hefty $599.50 annual fee. And like every DBS credit card that awards DBS points, you get points for every $5 spent, so your earn rate will be even lesser compared to cards that earn per dollar.

From a points-earning perspective, this isn’t ideal and puts this card in a jack-of-all-trades, master-of-none situation.

That said, it is more of a premium card with an emphasis on its card benefits rather than reward points-earning capabilities.

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DBS Reward Points Conversion

 DBS Points to MilesOffset With Paylah!DBS Points to Cash Credit
Conversion rate5,000 DBS points = 10,000 miles100 DBS points = $135,000 DBS Points = S$350 Credit

58,000 DBS Points = S$580 Credit

80,000 DBS Points = S$800

120,000 DBS Points = S$1,200
Minimum spending requirement with maximum earn rate$2,500 for DBS Woman's World
$1,250 for DBS Woman's
$50 for DBS Woman's World
$100 for DBS Woman's
$17,500 for DBS Woman's World
$35,000 for DBS Woman's
  • DBS Points expiry: 1 year from the quarterly period in which they were earned
  • Points earn limit: $2k per statement month

HSBC Revolution – HSBC Rewards

Another popular card among miles-chasers, the HSBC Revolution has one of the broadest eligible spending categories for up to 4 mpd or 2.5% cashback.

It’s one of my personal favourites given that it has ZERO annual fees. Yes, nada!

Sure, you don’t have the option of 10% cashback, but it is one of the most versatile miles, cashback, and rewards cards out there!

It earns an accelerated 10X Rewards Points on online and contactless payments with the following Merchant Category Codes (MCCs):

Category MCCs
Airlines, Car Rental and Cruise Lines 3000 to 3350, 3351 to 3500, 3501 to 3999, 4411, 4511
Department Stores and Retail Stores 4816, 5045, 5262, 5309, 5310, 5311, 5331, 5399, 5611, 5621, 5631, 5641, 5651, 5655, 5661, 5691, 5699, 5732 to 5735, 5912, 5942, 5944 to 5949, 5964 to 5970, 5992, 5999
Supermarkets, Dining and Food Delivery 5411, 5441, 5462, 5499, 5811, 5812, 5813, 5814
Transportation and Membership Clubs 4121, 7997

But from January 2024, the HSBC Revolution card’s whitelist will narrow to exclude Travel. Merchants categorized under MCCs 4722 and 7011 will no longer qualify for earning 4 miles per dollar (mpd). As such you will need to find an alternative card for transactions with Klook, Pelago, various online travel agencies (OTAs), as well as Airbnb and specific hotels.

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HSBC Reward Points Conversion

 HSBC reward points to MilesPay With Points
Conversion rate25,000 reward points = 10,000 miles4,000 reward points = $10
Minimum spending requirement with maximum earn rate$2,500$400
  • HSBC reward points expiry: 37 months from acquisition
  • Points earn limit: $1k per statement month

Maybank World Mastercard – TREATS Rewards Programme

While the Maybank World Mastercard does give a bit more cashback at 2.7 per cent, the places you can earn accelerated rewards are rather limited, which is why I’ve placed it near the bottom of the list.

Now don’t get me wrong, it is a nice card to have for its benefits such as complimentary Plaza Premium airport lounge access and golf privileges. However, from a reward points earning perspective, there are simply better cards out there.

Be that as it may, there are a couple things that make it stand out; there are no miles conversion fees when you convert your TREATS points to air miles and your TREATS points never expire.

Maybank TREATS Points Conversion

 TREATS Points to MilesTREATS Points to Cash Credit
Conversion rate25,000 TREATS points = 10,000 miles18,500 TREATS points = $50
Minimum spending requirement with maximum earn rate$2,500$1,850
  • TREATS points expiry: no expiry for Maybank World Mastercard

OCBC Rewards Card – OCBC Rewards

THE card for shopaholics, the OCBC Rewards card has a top-notch 4 mpd and 2.78% cashback rate when you make online or retail purchases. 

To top it off, it doesn’t have a per month rewards point earning limit but caps your earning based on how much you spend per year (Limit S$1.1k per calendar month).

Sadly, it is also plagued with points being awarded for every $5 spent. So if you spent $9.99 on an eligible online purchase, you’re only going to get points for $5 spent (50 OCBC$).

Apply Now 

OCBC Rewards Points (OCBC$) Conversion

 OCBC$ to MilesOCBC$ to Cash Credit
Conversion rate25,000 OCBC$ = 10,000 miles3,600 OCBC$ = $10

7,200 OCBC$ = $20

18,000 OCBC$ = $50
Minimum spending requirement with maximum earn rate$2,500$360
  • OCBC reward points (OCBC$) expiry: 60 months from acquisition

Standard Chartered Smart Credit Card – Standard Chartered 360° Rewards

The Standard Chartered (SC) Smart Credit Card is the best public transport, subscriptions and fast food rewards card out there with a crazy 5.6 mpd or 6% cashback in equivalent reward points. 

Like the HSBC Revolution, the SC Smart Credit Card does not have an annual fee as well, making it another free rewards credit card.

This a highly recommended rewards credit card to sign up for if you don’t have it yet!

Apply Now

Standard Chartered Rewards+ Credit Card – Standard Chartered 360° Rewards

Its brother, the SC Rewards+ Credit Card doesn’t give as high as 5.6 mpd or 6% cashback. Instead, it gives you up to 2.9 mpd or 2.48% cashback if you spend foreign currency on overseas retail, dining and travel. 

It’s even less competitive when it comes to dining transactions in Singapore dollars and if you want to convert your points to cash, you’ll have to spend at least $4,035 to redeem for a $100 cash rebate.

Apply Now 

Standard Chartered 360° Rewards Points Conversion

 360° Rewards Points to MilesPoints to Cash Rebate
Conversion rateNon-Visa Infinite cards:
34,500 points = 10,000 miles

Visa Infinite cards:
25,000 points = 10,000 miles
SC Smart Credit Card:
3,200 points = $10

All other credit cards:
40,350 points = $100
Minimum spending requirement with maximum earn rateSC Smart Credit Card:
$1,797 (rounded up)

Non-Visa Infinite cards:
$3,450

Visa Infinite cards:
$2,500
SC Smart Credit Card:
$167 (rounded up)

All other credit cards:
$4,035
  • Standard Chartered 360° Rewards Points expiry: 3 years from acquisition

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About Justin Oh
Your average Zillennial who is obsessed with anime, games, movies and of course, personal finance. Join me as I break down personal finance into easily digestible and fun bits!
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