If you’re reading this article, you’re probably thinking of getting a credit card which gives the most cashback from your spending.
To save you the trouble, we have analysed multiple credit cards and handpicked a list of the 5 best cashback credit cards in Singapore. In our review, we looked at several key factors including cashback amount, types of spending, cashback cap and the minimum amount of spending.
To further help you decide on the best credit card for you, we also looked at the terms and conditions of these cashback cards to uncover any hidden charges or restrictions. We have also prepared a summary table at the bottom of the page for your ease of reference.
Without further ado, here’s our breakdown of the best cashback credit cards in Singapore.
1. HSBC Advance Credit Card
Card Details Minimum spend S$2,000 per month (for higher rate of cashback) Maximum cashback you can get S$70 per month (non-Advance banking customers) / S$125 per month (Advance banking customers) Cashback amount 1.5% to 2.5% (non-Advance banking customers) / 2.5% to 3.5% (Advance banking customers) Annual fee S$193 (1st year annual fee waiver) Minimum annual income requirement S$30,000 (Singaporeans, PRs) / S$40,000 (Foreigners) How to apply Apply via HSBC's website
The HSBC Advance Credit Card provides 1.5% to 2.5% of cashback, which is relatively high. In fact, if you are an HSBC Advance banking customer, you stand to get an even higher cashback of 2.5% to 3.5%.
So, what’s the catch?
Well, this cashback card in Singapore does have several disadvantages. Firstly, if you’re not an HSBC Advance banking member, you do not enjoy the higher preferential rates.
Furthermore, for non-Advance banking customers, there is a maximum cashback of S$70 per month. This means that even if you were to spend a significant amount such as S$10,000 in a month, you would only get S$70. Yet, if there was no cap and assuming a cashback rate of 1.5%, you would receive S$150. Thus, it is clear that the card’s cashback cap limits the amount of rebates you can gain a month.
Additionally, in order to earn cashback at the rate of 2.5% as a non-Advance customer, you would have to spend a minimum of S$2,000 a month. In all other cases, you would be entitled to 1.5% cashback (subject to the above S$70 cap).
Nonetheless, if you are an HSBC Advance customer and don’t mind the cashback limits or caps every month, this could be a good card option for you.
Best For: People who are HSBC Advance customers and want cashback on all types of spending.
2. StanChart Unlimited Cashback Credit Card
Card Details Minimum spend No minimum spend Maximum cashback you can get Unlimited cashback Cashback amount 1.5% on all spends Annual fee S$192.60 (1st and 2nd years annual fee waiver) Minimum annual income requirement S$30,000 (Singaporeans, PRs) / S$60,000 (Foreigners) How to apply Apply via Standard Chartered's website
Next on our list of best cashback credit cards Singapore is the StanChart Unlimited Cashback Credit Card.
If you wish to earn cashback on all spends, with no minimum spend per month, this card may be for you!
What’s more, this cashback card gives you an unlimited rebate on your monthly spend at a rate of 1.5%, unlike most other credit cards which have a cashback cap. This means that if you were to spend S$5,000 in a month, you stand to get S$75. If you spend S$10,000 a month, you stand to get S$150, and so on. This is especially useful if you foresee making big purchases for yourself or your family in the future.
If you are someone who uses public transport, you also have the option of using this credit card for fare payments. The card is integrated with SimplyGo, which allows for contactless bus/train ride payments. No upfront top-ups needed!
If you apply for this card using StanChart’s website link in the table above from now until 30 June 2020, you will get a cashback of S$150 as a sign-up bonus. This is a limited time offer under the member-get-member program, so do take advantage of this promotion before it ends!
Best For: People who want unlimited cashback and cashback on all types of spending.
3. UOB One Card
Card Details Minimum spend S$500 (for lower cashback), S$2,000 (for full cashback) Maximum cashback you can get S$100 per month Cashback amount 5% on all spends (but with strict requirements) Annual fee S$192.60 (1st year annual fee waiver) Minimum annual income requirement S$30,000 (Singaporeans, PRs) / S$40,000 (Foreigners) How to apply Apply via UOB's website
Claiming to be Singapore’s most generous rebate card, the UOB One Card supposedly offers up to 5% on all spends and an additional 5% rebate on Grab and UOB Travel transactions.
However, there are quite a lot of requirements to qualify for these high rebates.
To get the full 5% rebate on all spend, you must:
(i) spend a minimum of S$2,000 per month for 3 consecutive months; and
(ii) have a minimum of 5 purchases in each month.
Do also note that for the additional 5% rebate for Grab transactions, this excludes mobile wallet top-ups and in relation to the UOB Travel Planner, this excludes online, flight-only bookings and relevant taxes.
While the potential amount of cashback you can receive is quite high, their requirements to qualify for the full cashback do seem quite strict. For example, a cardholder who spends above S$500 per month but below S$2,000 monthly for 3 consecutive months will get the reduced cashback amount of 3.33%. If the same cardholder spent above S$500 for two consecutive months, but failed to hit above S$500 for the next month, he would get a grand total of zero dollars in cashback.
Best For: People who are able to consistently spend a minimum of S$2,000 a month.
4. Citi Cash Back Card
Card Details Minimum spend S$888 per month Maximum cashback you can get S$75 per month (S$25 per category) Cashback amount 0.25% on all spends, additional 7.75% on all dining, groceries and petrol spends Annual fee S$192.60 (1st year annual fee waiver) Minimum annual income requirement S$30,000 (Singaporeans, PRs)/ S$42,000 (Foreigners) How to apply Apply via Citibank's website
This card is a good option for you if you spend large amounts on dining, groceries and petrol. In fact, card offers a cashback of up to 8% on such transactions if you spend a minimum of S$888 per month. On the other hand, if you spend less than S$888 per month on these types of transactions, you will only get 0.25% of cashback.
It is also important to consider that the cashback cap for this card is set at S$75 per month, which is higher than cards such as the HSBC Advance Credit Card.
Best For: People who spend large amounts on their dining, groceries and petrol.
5. DBS Live Fresh Card
Card Details Minimum spend S$600 per month Maximum cashback you can get S$60 per month Cashback amount 0.3% for general spend, 5% for Online & Visa Contactless Spend Annual fee S$192.60 (1st year annual fee waiver) Minimum annual income requirement S$30,000 (Singaporeans) /
How to apply Apply via DBS website
If you spend a minimum amount of S$600 per month on Online and Visa Contactless spend, you will be entitled to a 5% cashback. However, do note that there is a cap of S$60 of rebate for every month.
Additionally, this card is not suitable for those of you who wish to get cashback on their general spend. For spends other than online and visa contactless spend, you get a mere 0.3% of cash rebate.
One good thing about this card is that, like the Standard Chartered Unlimited Cashback Credit Card, you can use it for bus and train rides as well. It is integrated with SimplyGo, where fares will be charged directly to your card upon usage and you don’t need to do any manual top-ups.
Best For: People who spend large amounts on online shopping and visa contactless payments.
And the Winner is…
StanChart Unlimited Card HSBC Advance Credit Card UOB One Card DBS Live Fresh Card Citi Cash Back Card Cashback of 1.5% or above on all spends ✔ ✔ ✔ ✘ ✘ No minimum spend ✔ ✘ ✘ ✘ ✘ Unlimited cashback ✔ ✘ ✘ ✘ ✘ Annual Fee Waiver ✔ ✔ ✔ ✔ ✔
Many of the cashback cards in Singapore listed above offer unique benefits. For example, if you do a lot of online shopping, the DBS Live Fresh Card would be a good option. Alternatively, if you spend more on dining, groceries and petrol, the Citibank Cash Back Card may be more suitable for your needs.
However, based on the above comparison table, it appears that StanChart Unlimited Card offers the largest cashback benefits when compared to the rest. This is especially since there is no limit to how much cashback you can earn!
Ultimately, if you do decide to apply for the StanChart Unlimited Card, you can apply via this StanChart website link to get a S$150 cashback bonus upon sign-up! Please note that this is a limited time offer that ends on 30 June 2020.