Best Cash Back Credit Card Review Singapore 2019
DBS Live Fresh Card

 

Best Credit Card for Cashback in Singapore 2019 DBS Live Fresh Card

 

Why DBS Live Fresh Card?

After the heroics of CIMB Visa Signature Card in the first half of 2019 (goodbye 10% cash back for Dining, Online spend and Groceries) which we have earlier predicted was not going to last due to its unsustainablity, the baton for the best cash back credit in Singapore has now been passed to the modest and more dependent DBS Live Fresh Card. It does not offer an eye-popping 10% cash back like other Credit Cards for Cashback but what it does offer is a more sustainable 5% cash back on online and Visa contactless spend. The 5% cash back on Visa contactless spend makes it the perfect general everyday spend card as most merchants now accept contactless payments and even if they don't, you can try using the card for FavePay or GrabPay which we believe will count as an online spend (anyone that tried and failed can post it in comments) and qualify for 5% cash back under online spend category.

The cash back cap of $20 for each spend category (online, Visa contactless and all other spend) is low but similar to other Credit Cards for Cashback. It makes up by offering a lower minimum spend of $600 a month which can be easily met by shifting daily expenses either to online spend or through Visa contactless payments.

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$30 off RedMart with min. $300 spend with DBS Credit Cards
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The Mechanics

Earn 5% cashback on online and Visa contactless spend and 0.3% cashback on all other spend. There is a cash back cap of $20 on each of the three categories (online, Visa contactless and all other spend) and a total cashback cap of $60 per calendar month. Cashback will be credited to your card account on the 30th calendar day following the last day of the calendar month.

Any other Perks?

DBS runs regular card-specific limited time promotions for DBS Live Fresh Card in an effort to promote card usage and sign ups. The promotions can range from good old promotional campaigns that provide extra cashback on top of its regular cashbacks to awarding aspirational lucky draw prizes to cardholders who spend using the DBS Live Fresh Card.

The current card-specific promotion for new cardholders awards them with an additional 5% cashback on transport spend which includes bus rides, taxi rides and private hires. This is subject to a minimum monthly spend of $600 with additional cashback capped at $20 a calendar month. The 5% additional cashback for transport stacks with 5% cashback for online spend for a total of 10% cashback but do take note that online spend cashback is also capped at $20 a month and a cardholder will hit the maximum cashback for transport with $400 spend. The promotional period is from now to 31 Dec 2019 and is attractive for new cardholders who spend a decent amount on private hires every month.

DBS is also running a separate sign up promotion for the DBS Live Fresh Card which award new cardholders with $100 cashback when they spend a minimum of $600 within the first month from card approval date. A new cardholder can triple dip by stacking this promotion with the above transport spend promotion and receiving the regular 5% cash back for online spend.

Other than card exclusive promotions, DBS Live Fresh cardholders can also enjoy promotions and discounts with a wide range of merchants that have tie-ups with DBS credit cards. These include discounts for shopping, dining, online, activities, travel, etc (See Online Shopping Discount Codes for extensive list of discounts at various online merchants). Cardholders will receive additional 5% cash back on top of these discounts if they shop online or pay using Visa contactless.

Weighing the Pros and Cons

The cash back cap of $20 for each category spend (online or Visa contactless payments) is quite low and one can easily hit the maximum cash back cap by spending $400 on a category. This category cash back cap was put in place in June 2018 in an effort by DBS to make it more difficult for cardholders to earn cashback and is unlikely to be lifted anytime soon.

The low category cash back cap and reasonable 5% cash back leads us to believe that DBS is looking to maintain the card offerings in the long run and not using a "Bait-and-Switch" tactic to attract more signups. However, they have done it in the past by imposing a $20 cap for cashback for each category spend and it is perfectly within their rights to change the requirements or even alter the cashback percentage at little or no advance notice. We can only keep our fingers crossed and hope that DBS keep to the existing cash back requirements until the next better cash back card comes along.

 

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