Are you looking to get more out of your credit card? Cashback credit cards are a great way to earn back some of the money you spend on your everyday purchases. With so many options available in Singapore, it can be challenging to choose the best one for you.
In this article, we will guide you through the top cashback credit cards in Singapore, how to maximize your rewards, and understand the fine print. We will also answer some frequently asked questions to help you make an informed decision on which card is right for you. So, let’s dive in and find the best cashback credit card for you!
Key Takeaways
- Understand the benefits of cashback credit cards and how they can help you earn back money on your everyday purchases.
- Discover the top cashback credit cards in Singapore and how to maximize your rewards.
- Learn how to understand the fine print and choose the best cashback credit card for your needs.
Understanding Cashback Credit Cards
If you’re looking for a way to get rewarded for your daily spending, cashback credit cards are a great option. With a cashback credit card, you earn a percentage of your spending as cashback rewards. Here’s what you need to know about how cashback credit cards work and the benefits they offer.
How Cashback Credit Cards Work
When you use a cashback credit card for your transactions, you earn a percentage of your spending back as cashback rewards. The cashback rate varies depending on the card, but it’s usually between 1% and 5% of your spending. Some cards offer higher cashback rates for specific categories, such as groceries or dining.
Cashback credit cards usually have a rebate cap, which means there is a limit to the amount of cashback you can earn. Once you reach the cap, you won’t earn any more cashback rewards until the next billing cycle. It’s important to check the rebate cap before applying for a cashback credit card to ensure it fits your spending habits.
Benefits of Cashback Credit Cards
The main benefit of cashback credit cards is the rewards you earn for your spending. You can use the cashback rewards to offset your credit card bill or redeem them for other rewards, such as vouchers or gifts.
Cashback credit cards also offer other benefits, such as:
- No annual fee: Many cashback credit cards don’t charge an annual fee, which means you can enjoy the rewards without paying extra.
- Sign-up bonus: Some cashback credit cards offer sign-up bonuses, such as cashback or vouchers, when you apply and spend a certain amount within the first few months.
- Additional perks: Some cashback credit cards offer additional perks, such as travel insurance or discounts at partner merchants.
Overall, cashback credit cards are a great way to earn rewards for your spending. Just be sure to choose a card with a cashback rate and rebate cap that fits your spending habits.
Top Cashback Credit Cards in Singapore
If you’re looking for a credit card that can help you save money while you spend, a cashback credit card is a great option. Singapore has a wide range of credit cards that offer cashback on various categories such as dining, groceries, petrol, and more. In this section, we’ll take a look at the top cashback credit cards available in Singapore.
UOB One Card
The UOB One Card is a popular choice for those looking for a cashback credit card. With this card, you can earn up to 5% cashback on all your spending. To qualify for the maximum cashback, you’ll need to spend at least $2,000 per month for three consecutive months. The card also offers additional benefits such as discounts on petrol and dining.
Citi Cash Back Card
The Citi Cash Back Card is another great option for cashback rewards. With this card, you can earn up to 8% cashback on groceries and dining, 6% cashback on petrol, and 0.25% cashback on all other spending. The card also offers additional benefits such as discounts on movie tickets and access to Citi World Privileges.
OCBC FRANK Card
The OCBC FRANK Card is a popular choice for those looking for a cashback credit card with no minimum spend requirement. With this card, you can earn up to 6% cashback on online shopping, 5% cashback on entertainment, and 3% cashback on dining. The card also offers additional benefits such as discounts on travel bookings and access to FRANK Store discounts.
DBS Live Fresh Card
The DBS Live Fresh Card is a cashback credit card that is great for young adults. With this card, you can earn up to 5% cashback on online shopping and Visa contactless payments. The card also offers additional benefits such as discounts on travel bookings and access to DBS Lifestyle privileges.
POSB Everyday Card
The POSB Everyday Card is a great option for those looking for a cashback credit card that offers savings on daily essentials. With this card, you can earn up to 8% cashback on groceries, 5% cashback on dining, and 1% cashback on recurring bills. The card also offers additional benefits such as discounts on petrol and access to POSB Everyday Privileges.
Overall, there are many great cashback credit cards available in Singapore. When choosing a card, it’s important to consider your spending habits and choose a card that offers cashback on the categories that you spend the most on. With the right card, you can save money while you spend and enjoy additional benefits such as discounts and privileges.
Maximising Your Cashback Rewards
When it comes to cashback credit cards, the key to maximising your rewards is to strategically plan your spending. Here are some tips to help you get the most out of your cashback credit card:
Meeting Minimum Spend Requirements
Many cashback credit cards require you to meet a minimum spend requirement in order to earn the full cashback rate. To meet these requirements, consider putting all your purchases on your credit card, including groceries, dining, petrol, travel, and online shopping. By doing so, you can easily reach the minimum spend requirement and earn the full cashback rate.
Strategic Spending on Categories
Different cashback credit cards offer different cashback rates on different categories. For example, the CIMB World Mastercard offers 1% cashback on all spending, while the CIMB Visa Signature Card offers 10% cashback on groceries, dining, and petrol. To maximise your rewards, consider using different credit cards for different categories of spending. This way, you can earn the highest cashback rate on each category.
Utilising Promotions and Offers
Many cashback credit cards offer promotions and offers that can help you earn even more rewards. For example, the UOB Absolute Cashback Card offers up to 10% cashback on selected merchants, while the Standard Chartered Simply Cash Credit Card offers up to 1.5% cashback on all spending with no minimum spend requirement. Be sure to check for promotions and offers regularly to take advantage of these opportunities.
Overall, to maximise your cashback rewards, it is important to plan your spending strategically and take advantage of promotions and offers. By doing so, you can earn the most rewards possible with your cashback credit card.
Understanding the Fine Print
When it comes to choosing a cashback credit card in Singapore, it’s important to read and understand the fine print. Here are some key things to look out for:
Interest Rates and Fees
Credit cards often come with high-interest rates, so it’s important to understand how much you’ll be paying in interest if you carry a balance. Additionally, some cards may charge annual fees or foreign transaction fees.
When choosing a cashback credit card, look for one with a low-interest rate and minimal fees. For example, the UOB Absolute Cashback Card has an interest rate of 26.9% p.a., but no annual fee.
Cashback Limitations and Exclusions
Cashback credit cards often come with limitations and exclusions, so it’s important to understand what these are before signing up. For example, some cards may only offer cash rebates on certain categories of spending, such as dining or groceries.
When choosing a cashback credit card, look for one with unlimited cashback and minimal restrictions. For example, the UOB One Card offers up to 5% cashback on all spending, with no minimum spend or rebate cap.
It’s also important to understand any rebate cap that may apply. For example, the CIMB Visa Signature Card offers 10% cashback on groceries, but with a rebate cap of $100 per statement month.
Installment and Current Account Benefits
Some cashback credit cards may also offer installment plans or current account benefits. For example, the HSBC Visa Platinum Credit Card offers a 1.6% cashback on all spending, as well as 0% interest installment plans and discounts on HSBC Premier current accounts.
When choosing a cashback credit card, consider these additional benefits, as they may help you save even more money in the long run.
Comparing Cashback Credit Cards
When it comes to choosing the best cashback credit card in Singapore, it can be challenging to know where to start. With so many options available, it can be hard to determine which card will give you the most value for your money. In this section, we’ll compare some of the top cashback credit cards available in Singapore to help you make an informed choice.
Annual Fees and Waivers
One of the first things to consider when choosing a cashback credit card is the annual fee. Some cards have no annual fee, while others may charge a fee of up to $192. It’s important to weigh up the benefits of each card against the annual fee to see if it’s worth it for you.
For example, the UOB EVOL Card has an annual fee of $192, but it offers up to 8% cashback on dining, groceries, and petrol. On the other hand, the HSBC Advance Card has no annual fee, but it only offers up to 3.5% cashback on dining, groceries, and petrol.
It’s also worth looking at the annual fee waiver policy for each card. Some cards offer a waiver of the annual fee if you meet certain spending requirements, while others may offer a waiver for the first year only. Be sure to read the terms and conditions carefully to ensure you understand the annual fee waiver policy.
Comparative Cashback Rates
Another important factor to consider when choosing a cashback credit card is the cashback rate. Some cards offer a flat cashback rate, while others offer tiered rates depending on the category of spending.
For example, the American Express True Cashback Card offers a flat cashback rate of 1.5% on all spending, while the CIMB Visa Infinite Card offers 1% cashback on all spending, with an additional 0.2% cashback on overseas spending.
It’s important to consider your spending habits when choosing a card with a tiered cashback rate. If you spend a lot on dining and entertainment, for example, the UOB Absolute Cashback Card could be a good choice, as it offers up to 8% cashback on dining, entertainment, and online shopping.
Overall, it’s important to compare the annual fees, cashback rates, and other benefits of each cashback credit card to determine which one is the best fit for you and your spending habits.
Frequently Asked Questions
What’s the most thrilling cashback card for online splurges in Singapore?
If online shopping is your weakness, the American Express True Cashback Card is an excellent choice. You can get up to 3% cashback on online purchases, with no minimum spend required. Plus, you can earn 1.5% cashback on all other purchases, making it a well-rounded option for everyday spending.
Which card should I snag for the juiciest cashback on hefty purchases?
If you’re planning to make a big-ticket purchase, the UOB One Card is a top contender. With a minimum spend of $2,000 per statement period, you can earn up to 5% cashback on all spending, including large purchases. Plus, you can earn an additional 5% cashback when you spend at selected merchants like Cold Storage, Giant, and Guardian.
How can I tell if a 5% cashback offer is a smashing deal?
When evaluating cashback offers, it’s essential to consider the terms and conditions. Look for any minimum spend requirements, cashback caps, or exclusions. If the offer fits your spending habits and doesn’t have too many restrictions, then it could be a fantastic deal. Keep in mind that the best cashback card for you will depend on your individual spending patterns.
Are there any cards that make a big splash for low spenders seeking cashback?
Yes, the POSB Everyday Card is an excellent option for low spenders. You can earn up to 6% cashback on dining, online food delivery, and overseas spending, with a minimum spend of just $500 per month. Plus, you can earn 1% cashback on all other spending, making it a versatile option for everyday use.
What’s the buzz about the UOB Absolute Cashback Card? Is it top-notch for rewards?
The UOB Absolute Cashback Card is a popular choice for those seeking a straightforward cashback card. You can earn unlimited 1.7% cashback on all spending, with no minimum spend or cashback cap. It’s an excellent option for those who want a hassle-free rewards program without any complicated calculations or restrictions.
Is it true that cashback cards are a brilliant choice for savvy spenders?
Yes, cashback cards can be an excellent choice for those who want to earn rewards on their everyday spending. With the right card, you can earn cashback on everything from groceries to dining to online shopping. Just be sure to choose a card that fits your spending habits and has terms and conditions that work for you.