What is the Best Credit Card for Cash Back

What is the Best Credit Card for Cash Back
like-icon 108 people like this
Rating: 5.0/5.0 (10 Reviews)

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

DBS Live Fresh Card

Minimum monthly spend of $600 in a month. Bonus online cashback subject to individual personalised minimum monthly spend

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

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 $888 in a month
Cashback capped at $25 per category group per month

Earn 8% cashback on petrol, dining and groceries 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

UOB Delight Card

Minimum spend of $400 or $800 in a month

Earn 3% SMART$ rebates on selected supermarkets and Guardian, telcos, Prudential Insurance, United Overseas Insurance, Town Councils, SPH newspapers, selected contactless payments and ATUs. Earn 8% SMART$ rebate for supermarkets and Guardian if higher tier spending met.

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

POSB Everyday Card

Minimum monthly spend of $600 for online food delivery and groceries rebate

Earn 15% rebate for online food delivery, 6% at key merchants, 5% for dining and groceries, 1% on recurring bills and 0.3% on all other spend

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

DBS Black Amex Card

Minimum spend of $1,000 in a month

Earn 6% cashback on all spend

OCBC 365 Credit Card

Minimum spend of $800 in a month

Earn up to 6% cashback on dining, 3% on online spend, groceries, travel expenses, 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

UOB One Card

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

Earn 5% cash rebates on all transactions

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

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

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 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

UOB Delight Card

Minimum monthly spend of $400 in a month

Earn 3% SMART$ rebate for contactless payments

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

 

Cashback Credit Cards Worth a Mention

The POSB Everyday Card offers up to 15% rebate from online food delivery, 6% rebate from key merchants, 5% rebate for groceries and 0.3% on everything else. It is a versaile 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.

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 $500 for all three months in a quarter. Additional perks include enrolment in the SMART$ 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 25.1%. 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

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 unsustainability, the baton for the best cash back credit in Singapore has now been passed to the modest and more dependent DBS Live Fresh Card (see Best Cash Back Credit in Singapore 2020 for comprehensive review). The DBS Live Fresh Card awards a 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. 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 Visa contactless payments. In addition to the mentioned benefits, a promotion that expires on 30 Jun 2020 also award cardholders with an additional 5% cash back for online spend subject to a personalised minimum monthly spend.

Consumers can also consider applying for the DBS Black American Express Card which is running a 6% promotional cashback for all spend that ends on 30 Sep 2020. This promotion is extremely attractive but is subjected to a high minimum spend of $1,000 a month which is made more difficult by the fact that it is an Amex card. We would have comfortably list the same card for Best Cash Back Credit in Singapore if the 6% cashback is made a permanent benefit of the card. However, the promotion has just been extended and it remains to be seen if it will continue to be extended a scond time as this credit card has a history of having limited time promotions from time to time and we should just enjoy the promotion while it lasts.

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.

Add Review (* Required information)
Rate:
*

*

Min 20 characters

captcha Reload Image

Verification Code *

Reviews (10)
Rating:
5.0/5.0 (10)
Page: What is the Best Credit Card for Cash Back Review
Search Reviews:
Sort By :
No data found