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What is the Best Credit Card for Cash Back

What is the Best Credit Card for Cash Back
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What is Cash Back

Cashback or Cash rebate refers to the credit that is credited back into your credit card after you have made your purchases with your credit card. It is typically a small percentage of the overall purchase and could be subject to various terms and conditions. The cash back could be credited when you receive your monthly credit card bills or in some cases at the end of a quarter. Credit Cards offering cashback typically do not offer bank reward points.

 

Types of Cashback Credit Cards

Credit cards with cashbacks are typically divided into category-based, tiered-based or no-frills. Category-based credit cards usually award high cashback only for specific categories such as Shopping, Dining, Groceries, Overseas Spending, etc and users can read more about them under various Lobang Reviews. These credit cards might target more than one category and cashback is usually only awarded if cardholders spend a minimum amount in a month. Comparatively, tiered-based credit cards are more straightforward as cardholders are awarded higher cashback for higher spending while no-frills credit cards are credit cards that offer a fixed cashback for all spending. Our table below will cover category-based credit cards, tiered-based credit cards and no-frills credit cards with the intention of covering the best cashback credit cards for everyday spend.

 

Best Credit Cards for Cashback Comparison
Table

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

UOB One Card

Minimum monthly spend of $2000 / $500 for all 3 months in a quarter

Earn up to 10% / 8.33% cash rebate on Groceries and Grab and up to 5% / 3.33% cash rebate on all other transactions

BOC Family Card

Minimum spend of $800 in a month
Cashback capped at $25 per category group per month

Earn 10% cashback on dining and movies, 5% on selected merchants and ABT based public transport, 3% on supermarkets, online spend and up to 0.3% on all other spend

CIMB Visa Signature Card

Minimum spend of $800 in a month
Cashback capped at $20 per category group per month

Earn 10% cashback on supermarkets, online shopping, beauty & wellness, pets shop and vet service and cruise lines expense and up to 0.2% on all other spend

CIMB Platinum MasterCard

Minimum spend of $800 in a month
Cashback capped at $20 per category group per month

Earn 10% cashback on wine & dine, overseas travel expenses, petrol & transport, health & medical, electronics & furnishing and up to 0.2% on all other spend

Citi Cash Back Card

Minimum spend of $800 in a month
Cashback capped at $80 per month

Earn 8% cashback on petrol and groceries, 6% cashback on dining and 0.25% on all other spend

Maybank Family & Friends Card

Minimum spend of $800 or $500 in a month

Earn 8% or 5% cash rebate on petrol, fast food, food delivery, groceries, telco bills and other selected merchants

Citibank SMRT Card

Minimum spend of $300 in a month

Earn up to 7.3% SMRT$ rebate at popular selected merchants that include supermarkets, movies, coffee, fast food, restaurants, pharmacies, recurring bills, etc

OCBC FRANK Credit Card

Minimum spend of $600 in a month

Earn 6% rebates on online, in-store mobile contactless and overseas foreign currency spend

OCBC 365 Credit Card

Minimum spend of $800 in a month

Earn up to 6% cashback on dining, 3% on groceries, travel expenses, recurring bills and 0.3% on all other spend

DBS Live Fresh Card

Minimum monthly spend of $600 in a month. Bonus cashback for electronics and entertainment subject to minimum spend of $1,200

Earn 5% cashback on contactless and online payments. Earn an additional 5% bonus cashback for electronics and entertainment

POSB Everyday Card

Minimum monthly spend of $800 for online food delivery and groceries rebate

Earn 5% for groceries, 3% for selected online merchants, 1% on recurring bills and 0.3% on all other spend

HSBC Premier MasterCard

Minimum monthly spend of $600 in a month

Earn 5% cash rebates on petrol, groceries, transport and dining

HSBC Visa Platinum Credit Card

Minimum monthly spend of $600 for all 3 months in a quarter

Earn 5% cash rebates on petrol, groceries and dining

BOC ZaoBao Card

Minimum spend of $600 in a month

Earn 5% cash rebate on dining and department stores. Earn 15% cash rebate on petrol and up to 10% cash rebate at other selected merchants, 5% cash rebate for spend in China and 3% cash rebate for online spend

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.

HSBC Advance Credit Card

Minimum $2,000 deposit in fresh funds to HSBC Everyday Global Account and 5 card transactions a month

Earn 3.5% / 2.5% cashback for all spend
Earn 2.5% / 1.5% cashback for all spend if minimum deposit and transactions 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%

Standard Chartered Unlimited Cashback Card

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

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

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 spend

SAFRA DBS Credit Card

Minimum spend of $500 in a month

Earn 3% rebates on PayPass and online spend

American Express True Cashback Card

Maximum spend of $5,000 for first 6 months

Earn 3% cashback on any purchase, 1.5% cashback after first 6 months. Earn additional 1% cashback for overseas spend

Maybank Manchester United Visa Card

Additional 2% cash rebate only on Manchester United Match days and if they win their match

Earn 3% / 1% cash rebate on all spend

 

Cashback Credit Cards Worth a Mention

The POSB Everyday Card offers up to 8% rebate from online food delivery, 6% rebate from SPC, 5% rebate for groceries and 0.3% on everything else. It is a versaitle card as it covers most major expenses. Cardholders can also earn cash rebate for recurring bills as well as petrol at SPC. In fact, it offers one of the highest petrol savings of 20.1% at SPC for motorists.

Maybank Family & Friends Card rewards cardholders with up to 8% cash rebate on groceries, fast food, food delivery and petrol in Singapore and Malaysia as well as other categories such as transport rides and telco bills. It offers one of the highest rebate for these categories and is flexible in the sense that if you fail to meet the minimum $800 spend to attain the 8% cashback, you can still get 5% cashback with a minimum monthly spend of $500.

Similarly, the Citi Cash Back Card offers 8% cash back on groceries and petrol and 6% cash back on dining. The minimum spend to receive cashback is also $800. It does not offer a lower tier cash back unlike the Maybank Family & Friends Card but it offers one of the highest cashback for fuel at Shell and Esso (See Best Credit Cards for Petrol) which is a major expense among motorists.

UOB One Card awards potential cashback of 5% for everyday purchases. However, the 5% cashback comes with plenty of conditions such as five minimum purchases per statement period and a minimum monthly spend of $2000 for all three months in a quarter. Failing to spend the minimum monthly spend will still earn you 3.33% cash back provided you still have a minimum monthly spend of $500 for all three months in a quarter. Cardholders also earn an additional 5% cashback for Shopee, Grab and Dairy Farm Group merchants when they qualify for your quarterly cashback. Additional perks include enrolment in the SMART$ rebate programme, a huge rarity among credit cards that already earn cash back in the first place.

BOC ZaoBao Card awards 5% cash rebate for dining as well as an attractive 15% cash rebate for fuel at Shell, Caltex, Sinopec and SPC allowing savings of up to an attractive 25.2%. However, the low maximum cash rebate of $30 for fuel ensures that cardholders will need to spend on dining and departmental stores spend (cash rebate also cap at $30) to hit the minimum spend of $600 in a month. Furthermore, fewer restaurants accept UnionPay and cardholders could find it difficult to spend the required $600 minimum spend to obtain the 5% cash rebate.

The BOC Family Card was the previous champion for cashback but the terms to qualify for cashback has been revised multiple times since introduction to disadvantage cardholders. Nevertheless, it still provides cash rebates for a large number of spending categories and is still worth a consideration. It still awards 10% cashback for both dining and movies, 5% for selected merchants as well as a less than impressive 3% cashback for supermarkets, online and transport spend. There is a higher minimum spend of $800 and lower cash rebate cap of $25 or $30 for each spending category.

The Standard Chartered MANHATTAN World MasterCard gives out 3% cash rebate with minimum spending of $3,000 a month capped at $200 a quarter. The cashback might not sound impressive but this card is a handy card to have around as it allows cashback for any spending and allows some benefit when you have to buy big-purchase items.

 

The Best Cash Back Credit Card

The newly rebooted OCBC Frank Credit Card awards 6% cash back on online, mobile contactless and in-store foreign currency spend and is our choice card for cashback (see Best Cash Back Credit in Singapore 2020 for comprehensive review). The 6% cash back on mobile contactless spend makes it the perfect general everyday spend card as most merchants now accept contactless payments. It has a lower minimum spend of $600 a month compared to other credit cards listed in the table above which can be easily met by shifting daily expenses either to online spend or through mobile contactless payments. There is also a relatively attractive ongoing promotion which awards cardholders with an additional 4% cash back in January and February 2021.

However, every consumer has different spending pattern and it will be a better idea to scroll through our list of Cash Back Credit Cards to select the best credit card to suit your spending pattern.

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