If you’re looking to get the most out of your credit card spending, cashback credit cards are a great option to consider. By offering cash rebates on your purchases, these cards can help you save money on everyday expenses and earn rewards at the same time. In Singapore, there are many different cashback credit cards to choose from, each with their own unique features and benefits.
Understanding the different types of cashback credit cards available in Singapore can be overwhelming, but don’t worry – we’ve got you covered. In this guide, we’ll take a closer look at the top cashback credit cards in Singapore and show you how to maximise your cashback earnings across different spending categories. We’ll also share some strategies for optimising your cashback rewards, as well as tips for managing your cashback credit card effectively.
Key Takeaways
- Cashback credit cards offer a great way to earn rewards and save money on everyday expenses in Singapore.
- There are many different types of cashback credit cards available, each with their own unique features and benefits.
- To maximise your cashback earnings, it’s important to understand the terms and conditions of your card, as well as how to compare and manage different offers effectively.
Understanding Cashback Credit Cards
If you’re looking for a way to save money while spending, then cashback credit cards are an excellent option. These cards offer you a percentage of your spending back in cash, which can be a great way to save on your expenses and stretch your budget further. In this section, we’ll go over the basics of cashback credit cards and how they work.
What is Cashback?
Cashback is a type of reward that credit card companies offer to their customers. It is a percentage of the amount you spend on your credit card that is returned to you in cash. Cashback rates can vary depending on the card, but they are usually around 1-5% of your spending.
How Do Cashback Credit Cards Work?
Cashback credit cards work by offering you a percentage of your spending back in cash. For example, if you spend £100 on your credit card and the cashback rate is 3%, you’ll receive £3 back in cash. However, most cashback credit cards have a cashback cap, which is the maximum amount of cashback you can earn. The cashback cap can be a fixed amount or a percentage of your spending.
To earn cashback, you usually need to meet a minimum spend requirement. This means that you need to spend a certain amount on your credit card before you can start earning cashback. The minimum spend requirement can vary depending on the card, but it’s usually around £500-£1,000.
Benefits of Using Cashback Credit Cards
Using a cashback credit card can be a great way to save money on your expenses. Here are some of the benefits of using a cashback credit card:
- You can earn cashback on your spending, which can help you save money.
- Cashback credit cards often come with other perks, such as travel insurance or extended warranties on purchases.
- Some cashback credit cards have no annual fee, which means you can use them for free.
- Cashback credit cards can help you build up your credit score if you use them responsibly.
Overall, cashback credit cards are an excellent option if you want to save money while spending. Just make sure to read the terms and conditions carefully, so you know how much cashback you can earn and what the minimum spend requirements are.
Top Cashback Credit Cards in Singapore
If you’re looking for a credit card that rewards you for your spending, cashback credit cards are a great option. In Singapore, there are several cards to choose from, each with their own unique benefits and rewards. Here are some of the top cashback credit cards in Singapore:
Citi Cash Back Card
The Citi Cash Back Card is a popular choice for those looking to earn cashback on their daily expenses. With this card, you can earn up to 8% cashback on dining, groceries, and petrol. Additionally, you can earn up to 6% cashback on other everyday expenses such as shopping and entertainment. The card also comes with a range of other benefits, including exclusive dining and shopping privileges.
UOB One Card
The UOB One Card is another great option for those looking to earn cashback on their spending. With this card, you can earn up to 5% cashback on all your spending, including groceries, petrol, and utilities. To earn the maximum cashback, you’ll need to spend at least S$2,000 per month for three consecutive months. The card also comes with a range of other benefits, including discounts on dining, shopping, and travel.
DBS Live Fresh Card
The DBS Live Fresh Card is a great option for those who love to shop online. With this card, you can earn up to 5% cashback on online shopping, as well as on local and overseas contactless payments. Additionally, you can earn up to 1.5% cashback on all other spending. The card also comes with a range of other benefits, including discounts on dining, entertainment, and travel.
OCBC Frank Credit Card
The OCBC Frank Credit Card is a popular choice for millennials and those who love to dine out. With this card, you can earn up to 6% cashback on dining, as well as on online purchases and entertainment. Additionally, you can earn up to 0.3% cashback on all other spending. The card also comes with a range of other benefits, including discounts on travel and entertainment.
American Express True Cashback Card
The American Express True Cashback Card is a great option for those who want a simple and straightforward cashback card. With this card, you can earn up to 1.5% cashback on all spending, with no minimum spend or cap on cashback. Additionally, the card comes with a range of other benefits, including discounts on dining, shopping, and travel.
These are just a few of the top cashback credit cards in Singapore. When choosing a card, be sure to consider your spending habits and needs, as well as the card’s benefits and rewards. Whether you’re looking to earn cashback on dining, groceries, or online shopping, there’s a card out there that’s perfect for you.
Maximising Your Cashback
If you want to make the most out of your cashback credit card, there are a few things you should keep in mind. Here are some tips to help you maximise your cashback rewards.
Meeting Minimum Spend Requirements
Many cashback credit cards come with minimum spend requirements. This means that you need to spend a certain amount of money within a specific period to qualify for the cashback rewards. To meet these requirements, you can plan your expenses in advance and make sure to use your credit card for eligible purchases. You can also consider using your credit card for your monthly bills or big-ticket purchases to help you reach the minimum spend requirement.
Understanding Cashback Caps and Rates
Cashback credit cards often come with cashback caps and rates. The cashback cap is the maximum amount of cashback you can earn in a month or year, while the cashback rate is the percentage of cashback you can earn on eligible purchases. To maximise your cashback rewards, you should choose a credit card with a high cashback rate and a cashback cap that suits your spending habits. You can also consider using different credit cards for different categories of expenses to earn more cashback rewards.
Leveraging Promotions and Welcome Bonuses
Cashback credit cards often come with promotions and welcome bonuses that can help you earn more cashback rewards. For example, some credit cards offer bonus cashback for new customers, while others offer cashback for specific categories of expenses. You can also look out for promotions that offer extra cashback rewards for a limited time or when you spend a certain amount of money. To take advantage of these promotions and bonuses, make sure to read the terms and conditions carefully and use your credit card wisely.
By following these tips, you can maximise your cashback rewards and get the most out of your cashback credit card. Remember to always use your credit card responsibly and pay your bills on time to avoid interest charges and late fees.
Cashback Across Spending Categories
When it comes to choosing a cashback credit card, it’s important to consider the spending categories that earn you the most cashback. Here are some of the most common spending categories and the best cashback credit cards for each one.
Groceries and Daily Essentials
If you spend a lot on groceries and daily essentials, you’ll want a cashback credit card that rewards you for these purchases. The Citi Cash Back Card offers up to 8% cashback on groceries and petrol, while the POSB Everyday Card offers up to 8% cashback on groceries, online food delivery, and daily essentials.
Dining and Entertainment
If you enjoy dining out and going to the movies, a cashback credit card that rewards you for these purchases can be a great way to save money. The HSBC Visa Platinum Credit Card offers up to 5% cashback on dining and entertainment, while the Citi Cash Back Card offers up to 8% cashback on dining.
Fuel and Transport
If you use your car frequently or take public transport, a cashback credit card that rewards you for fuel and transport purchases can be a great way to save money. The UOB One Card offers up to 5% cashback on petrol, while the Citi Cash Back Card offers up to 8% cashback on petrol and Grab rides.
Online Shopping and Mobile Contactless Spend
If you do a lot of online shopping or use mobile contactless payments, a cashback credit card that rewards you for these purchases can be a great way to save money. The DBS Live Fresh Card offers up to 5% cashback on online shopping and mobile contactless spend, while the OCBC FRANK Card offers up to 6% cashback on online shopping, mobile contactless spend, and entertainment.
Overall, choosing a cashback credit card that rewards you for your spending categories can be a great way to save money. Just make sure to read the terms and conditions carefully to ensure that you’re getting the best possible deal.
Strategies for Optimising Cashback
Are you looking to maximise your cashback benefits from your credit card? Here are some strategies you can use to get the most out of your cashback perks.
Using the Right Card for the Right Spend
Different credit cards offer different cashback rates for different categories of spend. For instance, some cards offer higher cashback rates for dining and entertainment, while others offer higher rates for online shopping. To maximise your cashback, you should use the right card for the right spend.
For example, if you frequently dine out or go to the movies, you might want to consider a card that offers higher cashback rates for dining and entertainment. On the other hand, if you do a lot of online shopping, you might want to consider a card that offers higher cashback rates for online spending.
Combining Cards for Maximum Benefits
Another strategy for maximising your cashback benefits is to use multiple credit cards that offer cashback for different categories of spending. By combining cards, you can earn higher cashback rates overall.
For instance, you might use one card for dining and entertainment, another card for online shopping, and a third card for groceries and petrol. By doing so, you can earn higher cashback rates for each category of spend, and maximise your total cashback earned.
Tracking Spend and Cashback Earned
To make the most of your cashback benefits, it’s important to keep track of your spending and the cashback you’ve earned. By doing so, you can identify areas where you can earn more cashback, and adjust your spending accordingly.
One way to track your spending and cashback earned is to use a budgeting app or spreadsheet. By inputting your transactions and cashback earned, you can easily see how much you’re spending and earning in each category, and adjust your spending habits accordingly.
In summary, to maximise your cashback benefits, you should use the right card for the right spend, combine cards for maximum benefits, and track your spending and cashback earned. By doing so, you can earn more cashback, save more money, and enjoy the benefits of using cashback credit cards in Singapore.
Understanding the Terms and Conditions
When selecting the best cash back credit card in Singapore, it’s essential to understand the terms and conditions. This section will provide you with an overview of the most important terms and conditions to consider.
Annual Fee Considerations
One of the most important aspects of any credit card is the annual fee. When selecting a cash back credit card, it’s important to consider the annual fee and how it will impact your overall cash back rewards. Some cards may offer a higher cash back rate, but they also come with a higher annual fee. On the other hand, some cards may have a lower annual fee, but they also offer a lower cash back rate. It’s important to find a balance between the two to ensure you’re getting the most out of your credit card.
Exclusions and Limitations
When selecting a cash back credit card, it’s important to read the fine print and understand any exclusions or limitations. Some cards may only offer cash back rewards on specific categories, such as dining or groceries. Others may have limits on the amount of cash back you can earn each month or year. It’s important to understand these limitations to ensure you’re maximizing your cash back rewards.
Supplementary Cards and Their Impact
Supplementary cards can be a great way to earn additional cash back rewards, but they can also impact your overall rewards. When selecting a cash back credit card, it’s important to understand how supplementary cards work and how they impact your rewards. Some cards may offer additional cash back rewards for supplementary cards, while others may not. It’s important to consider these factors when deciding whether or not to add a supplementary card to your account.
In summary, understanding the terms and conditions of a cash back credit card is crucial when selecting the best one for you. Consider the annual fee, exclusions and limitations, and the impact of supplementary cards to ensure you’re getting the most out of your cash back rewards.
Comparing Unlimited Cashback Offers
If you’re looking for a credit card that gives you the most bang for your buck, you might want to consider getting an unlimited cashback card. Unlike capped cashback cards, where you’re limited to a certain amount of cashback per month or per category, unlimited cashback cards give you the freedom to earn cashback on all your spending without any restrictions.
Unlimited Cashback vs. Capped Cashback
With capped cashback cards, you’ll typically earn a higher cashback rate for specific categories such as dining, groceries, or petrol. However, once you hit the monthly cap, you won’t earn any more cashback until the next month. This can be a disadvantage if you’re a big spender or if you make purchases in a variety of categories.
On the other hand, unlimited cashback cards offer a fixed cashback rate for all spending, which means you don’t have to worry about hitting any caps. This makes it easier to earn cashback on all your purchases, regardless of the category.
Best Unlimited Cashback Credit Cards
If you’re interested in getting an unlimited cashback credit card, here are some of the best options available in Singapore:
- Citi Cash Back+: This card offers a flat cashback rate of 1.6% on all spending, with no minimum spend required. Plus, you can earn an additional 7.75% cashback on dining, groceries, and petrol if you spend at least $800 per month.
- UOB Absolute Cashback: With this card, you can earn a flat cashback rate of 1.7% on all spending, with no minimum spend required. It also has one of the highest cashback rates among unlimited cashback cards in Singapore.
- HSBC Advance Credit Card: This card offers a flat cashback rate of 1.5% on all spending, with no minimum spend required. However, you’ll need to have an HSBC Advance banking relationship to be eligible for this card.
Overall, unlimited cashback cards can be a great way to earn cashback on all your spending without any restrictions. When choosing a card, consider your spending habits and choose one that offers the best cashback rate for your needs.
Managing Your Cashback Credit Card
Managing your cashback credit card is an essential part of maximizing your rewards. Here are some tips to help you stay on top of your credit card game.
Payment Due Dates and Late Fees
Missing a payment due date can lead to late fees and a decrease in your credit score. To avoid this, set reminders for yourself or enable automatic payments. Most cashback credit cards in Singapore offer a grace period of around 20 days, so make sure to pay your balance in full before the due date to avoid interest charges.
Automatic Annual Fee Waivers
Some cashback credit cards in Singapore offer automatic annual fee waivers, which can save you a significant amount of money each year. For example, the UOB One Card offers an automatic annual fee waiver when you spend a minimum of S$2,000 in a year. Check with your credit card provider to see if they offer this benefit and what the requirements are.
Customer Service and Support
Having access to good customer service and support can make a big difference when managing your cashback credit card. Look for a credit card provider that offers 24/7 customer service and support via phone, email, or chat. Some providers even offer a mobile app that allows you to manage your account, track your rewards, and contact customer service on the go.
By following these tips and staying on top of your cashback credit card management, you can maximize your rewards and enjoy the benefits of your credit card without any unnecessary fees or charges.
Additional Perks and Partnerships
When choosing a cashback credit card, it’s not just about the cashback rates. Many credit cards come with additional perks and partnerships that can help you save even more money and enjoy exclusive benefits.
Retail and Shopping Discounts
Some cashback credit cards offer discounts at popular retail stores and online shopping platforms. For example, the UOB One Card offers up to 10% rebate on purchases made at participating merchants such as Giant, Cold Storage, and Guardian. Meanwhile, the DBS Live Fresh Card gives you up to 5% cashback on online shopping and contactless payments, including at popular platforms such as Lazada and Shopee.
Travel and Worldwide Benefits
If you love to travel, look for a cashback credit card that offers travel benefits such as airport lounge access, travel insurance, and discounts on flights and hotels. For example, the Citi Cash Back+ Card gives you access to over 1,000 airport lounges worldwide and up to 10% off hotel bookings on Agoda. The HSBC Visa Platinum Card offers up to 5% cashback on overseas spending and complimentary travel insurance.
Dining and Lifestyle Privileges
Cashback credit cards can also offer dining and lifestyle privileges such as discounts at restaurants, spas, and entertainment venues. For example, the OCBC 365 Card offers up to 6% cashback on dining and online food delivery, as well as discounts at popular restaurants such as Crystal Jade and Paradise Group. The Amex True Cashback Card gives you up to 50% off dining at selected restaurants and up to 20% off at selected merchants.
By taking advantage of these additional perks and partnerships, you can maximise your savings and enjoy exclusive benefits with your cashback credit card.
Conclusion
Congratulations! You have now learned about the best cashback credit cards in Singapore. By using these cards, you can unlock savings and rewards while enjoying your daily activities.
Remember, each card has its own unique features, benefits, and rewards. It’s important to choose the one that best suits your lifestyle and spending habits. Some cards offer unlimited cashback, while others offer higher rebates for specific categories such as online shopping or dining.
Using a cashback credit card can be a great way to save money on your daily expenses. With the right card, you can earn cashback on everything from groceries to petrol to dining out. This can add up to significant savings over time.
Don’t forget to keep an eye out for promotions and sign-up bonuses. Many cashback credit cards offer attractive welcome gifts or bonus cashback for new cardholders.
Overall, a cashback credit card can be a powerful tool for saving money and earning rewards. By choosing the right card and using it wisely, you can enjoy the benefits of cashback while maintaining your financial health.
Frequently Asked Questions
What’s the most splendid unlimited cashback credit card available in Singapore?
The most splendid unlimited cashback credit card available in Singapore is the Standard Chartered Unlimited Cashback Credit Card. With this card, you can earn unlimited cashback on all your spendings, without any minimum spend or cashback cap. Plus, you can get up to $120 cashback when you apply for this card through SingSaver.
Which credit card offers the jolliest 5% cash back deal, and is it truly worth it?
The credit card that offers the jolliest 5% cash back deal is the UOB One Card. This card offers up to 5% cashback on all spendings, but only if you meet the minimum spend requirements. While this card can be worth it if you spend a lot, it may not be the best option if you don’t meet the minimum spend requirements.
Are there any snags to using cashback credit cards that one should watch out for?
Yes, there are some snags to using cashback credit cards that one should watch out for. For example, some cards may have minimum spend requirements, cashback caps, or high annual fees. Additionally, using a cashback credit card may encourage overspending, which can lead to debt if you don’t pay your balance in full each month.
How can one absolutely maximise the benefits from a cashback credit card?
To absolutely maximise the benefits from a cashback credit card, you should first choose a card that suits your spending habits and offers high cashback rates on the categories you spend the most on. You should also try to meet the minimum spend requirements, pay your balance in full each month, and avoid overspending. Additionally, you can look for promotions and deals that can help you earn more cashback.
Which credit card in Singapore is top-notch for renovations, offering the best returns?
The credit card in Singapore that is top-notch for renovations, offering the best returns, is the OCBC 365 Credit Card. With this card, you can earn up to 6% cashback on your home renovation spendings, as well as on dining, online shopping, and more. Plus, you can get up to $80 cashback when you apply for this card through SingSaver.
What are the crème de la crème rewards credit cards in Singapore for 2023?
The crème de la crème rewards credit cards in Singapore for 2023 are the American Express Platinum Card, Citi Prestige Card, and UOB Reserve Card. These cards offer exclusive perks, such as airport lounge access, complimentary hotel stays, and concierge services. However, these cards also come with high annual fees and strict eligibility requirements, so they may not be suitable for everyone.
