Best Cashback Credit Cards for Overseas Spending

Best Cashback Credit Cards for Overseas Spending Comparison
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Credit Cards Overseas Transaction Fees

Credit cards typically charge 2.75% to 3.5% for overseas transactions in a different currency. These transaction fees are usually lower then the merchant's exchange rate. Hence, it makes sense to charge your purchases in a foreign currency when abroad and use the credit card's exchange rate instead of the merchant's exchange rate. Different banks charge different fees but these fees have generally been creeping up over the past year and Maybank Credit Cards now charge the lowest overseas transaction fees of 2.75% as compared to Standard Chartered Bank Credit Cards which charge 3.5%.

 

Benefits for Using Credit Cards Overseas

Despite the transaction fees, banks often tangle attractive cashbacks for using credit cards abroad. These cashbacks can sometimes more than offset the transaction fees involved. To make things easier for comparison, the table below will summarise the rate of cash rebate for using various cashback credit cards abroad as well as the minimum requirements needed to qualify for the cashback.

 

Credit Cards Cash Rebate for Overseas Spending
Comparison Table

Credit Card Issuer and Type of Card Minimum Requirements / Conditions Rate for Cash Rebate

CIMB Platinum MasterCard

Minimum spend of $800 in a month

Earn 10% rebates on overseas travel expenses in foreign currency

Maybank Family & Friends Card

Minimum spend of $800 / $500 in a month

Earn 8% / 5% cash rebate on petrol, groceries and dining in Malaysia only

DBS Black Amex Card

Minimum spend of $1,000 in a month

Earn 6% cashback on all spend

UOB One Card

Minimum monthly spend of $2000 for all 3 months in a quarter

Earn 5% cash rebates on all transactions

UOB JCB Card

None

Earn 5% cash rebate for spend in Japanese Yen

Standard Chartered Unlimited Cashback Card

Min. deposit of $100k / $50k in StanChart Unlimited$aver Account for 5% /3% cashback

Earn 5% / 3% cashback on any purchase else earn 1.5% cashback on any purchase if not linked to StanChart Unlimited$aver Account

DBS Live Fresh Card

Minimum monthly spend of $600 in a month

Earn 5% cashback on contactless  payments

BOC ZaoBao Card

Minimum spend of $600 in a month

Earn 5% cash rebate for overseas spend in China

Citi Cash Back+ Card

Maximum spend of $5,000 for first 3 months

Earn 4.5% cashback on all spend, 1.6% cashback after first 3 months.

American Express True Cashback Card

New signups can receive additional 1.5% cashback capped at a maximum spend of $5,000 for first 6 months

Earn 2.5% cashback on overseas spend. Earn an additional 1.5% cashback for new signups

Standard Chartered Prudential Platinum Credit Card

None

Earn 4% insurance rebate per $1 spend in foreign currency

HSBC Advance Credit Card

HSBC Advance customers / Non-HSBC Advance customers with minimum monthly spend of $2,000

Earn 3.5% / 2.5% cashback for all spend
Earn 2.5% / 1.5% cashback for all spend if minimum spend requirement not met

Maybank Platinum Visa Card

Minimum spend of $300 / $1,000 in a month for all 3 months in a quarter

Earn 3.33% cash rebate on all spend

ICBC Unionpay Dual Currency Card

Minimum spend of $500 a month for all 3 months in a quarter. Cashback only applicable on spending in excess of $500 each month

Earn up to 2% / 5% / 8% cashback for 1st / 2nd / 3rd month in a quarter on all spend in excess of $500 for each month. Highest effective cashback rate is 3.2%

ICBC Global Travel MasterCard

None

Earn 3% cashback on overseas spend

ICBC Koipy Dual Currency Card

Minimum spend of $1,000 in a month

Earn 3% cashback on all spend

Standard Chartered MANHATTAN World MasterCard

Minimum spend of $3,000 in a month

Earn 3% cash rebate on all spending

SAFRA DBS Credit Card

Minimum spend of $500 in a month

Earn 3% rebates on PayPass

Bank of China Qoo10 Platinum MasterCard

Minimum spend of $200 in a month

Earn 3% Qmoney rebate on overseas spend

Bank of China Qoo10 World MasterCard

Minimum spend of $800 in a month

Earn 3% Qmoney rebate on overseas spend

 

Best Cashback Credit Card for Overseas
Spending

The flexible UOB One Card gets our vote for the best credit card for overseas travel. It is strictly-speaking not a cashback credit card for overseas spending as it awards a potential cashback of 5% for everyday purchases (beating the 3.25% foreign currency transaction fees imposed by UOB). The 5% cashback comes with conditions such as five minimum purchases per statement period and a minimum monthly spend of $2000 for all three months in a quarter. Despite the conditions, failure to spend the minimum monthly spend will still earn you 3.33% cashback (which is still higher than the other above listed cards) provided you meet the minimum monthly spend of $500 for all three months in a quarter. Additional perks include enrolment in the SMART$ rebate programme, a huge rarity among credit cards that already earn cash back in the first place.

 

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