Best cashback credit cards in Singapore 2017
There are a plethora of options for cashback credit cards in Singapore. Cash rebates are great rewards for using your credit cards they do not expire, and the variety of retailers and service providers in which banks are in partnership with are extensive and widely used by most people.
This article seeks to determine which of the cash back credit cards available in Singapore fits you and your lifestyle best.
If you are looking for a straightforward cash back credit card, the American Express True Cashback Card is great for you because it gives you 1.5% cashback rate in all spending. There is no earning cap on the cash back, and no minimum spend required. Because it covers all spending, this is the cashback credit card that could offer you the most potential savings.
The American Express True Cashback Card has an introductory offer, with a 3% cashback on up to a S$5000 spend for the first 6 months of signup. The Amex card also offers a first year fee waiver, and a permanent fee waiver on the first two supplementary cards.
Another straightforward cashback card is the Standard Chartered Unlimited Cashback Credit Card. Besides offering a 1.5% cashback on all spending, with no minimum spend or cashback limit, it can also serve as your EZ-Link card, so you do not have to bring multiple cards around. Standard Chartered will also waive your first two years of annual fees.
For those seeking a high rate of cashback because you eat out often and do significant grocery shopping every month, the Citibank Cash Back Card offers you great cash back rate of 8%. This card is perfect for if you have children and run a big household, e.g. you have your parents living with you.
The beauty of this card is that it is not only applicable in Singapore but worldwide, so even abroad, you get to enjoy eight percent cash back on groceries, and your dining eats.
Citibank has also partnered with Grab to give you 8 per cent cash back starting July 7. If you drive, you have the opportunity to get up to 20.88% fuel savings at Shell and Esso.
However, you need to first check your budget if you spend at least S$888 or more monthly on total retail spend because S$888 is the minimum amount of spending required to activate the cash back. Also, there is S$25 cashback cap for each category monthly. It also has a high annual fee of S$192.6 compared to other cashback credit cards.
If you regular spending categories go beyond groceries and eating out, OCBC’s 365 Credit Card would fit your lifestyle nicely. You get decent cashback rates for groceries and dining.
With e-commerce on the rage these days, shopping online has become a regular activity. OCBC’s 365 credit card offers three percent cash back on your online transactions. Not only that, it gives 3 percent cash back on your telco bills. Finally, for all other categories, you do get 0.3% cash back. While small, all of these cashback incentives can add up and provide you with significant savings. OCBC has also partnered with Caltex so you can enjoy six percent cash back on your fuel expenses.
OCBC’s minimum spend is $600, and there is a cap of S$80 in cashback savings monthly. This means your maximum cash back annually can be a hefty $960.
If you do most of your shopping online, you should be applying for the SingPost Platinum Visa Card. It offers significant 7% cash back on qualified online transactions determined by Visa. Also, it gives 2% cash back for eligible supermarket purchases, and 0.2% on other retail purchases deemed eligible by Visa.
However, the SingPost Platinum Visa Card requires a minimum spending of $600 and the maximum cash back every month is capped at S$60.
Another great option for you would be the UOB One Card. It offers a generous rebate of 5% on all spending if you use the card for spending at least S$2,000 monthly. So this would be perfect for a big family with consistent monthly spending of at least S$2,000.
If you do not reach that amount, you can earn up to 3.33% cash rebate monthly based on a monthly spending on the card of S$500 or S$1,000. Another essential requirement is that there must be a minimum of five transactions made to get the cash rebates.
The UOB One Card also offers amazing fuel savings wherein you can save up to 21.7% at Shell and 24% at SPC. Finally, they have partnered with over 900 merchants to bring you additional rebates with its UOB SMART$ Rebate Programme.
Finally, there is the POSB Everyday Card. True to its name, the POSB Everyday Card offers a stable and affordable cashback credit card to every ordinary Singaporean. It has a current promo (till September 2017) where you can get up to 14% rebate on dining and overseas spending.
On normal months, you can get a reliable 3% dining rebate if it is a weekday and 9% on weekends. For recurring monthly expenses like cable TV and SP services, you can get up to 1% rebate. For groceries done at Sheng Siong, you can get around 5% rebate. For everyday cosmetics and pharmaceutical needs, you can get 3% cashback at Watsons.
Similar to the Standard Chartered Unlimited Cash Back Credit Card, it also can act as an EZ link card making it very convenient for the everyday Singaporean commuter. If you are a POSB banking customer, it can also act as your ATM card making it a very convenient all-in-one card for you.
These are among the best cashback credit cards in Singapore to choose from for this year. Do your due diligence and reflect carefully on your spending and income patterns so that you can choose the most appropriate cashback credit card for you.
Disclaimer: All credit card information is accurate at time of writing and should only be used as a reference. For the latest promotions, benefits, and terms and conditions, please refer to the respective credit card company websites.