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What are the Best Credit Cards for Cash Back

What is the Best Credit Card for Cash Back
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1. What Does it Mean to Get Cash Back on a Credit Card?

2. Is it Worth Getting a Cash Back Credit Card?

3. Types of Cashback Credit Cards

4. How Can I Get the Most Cash Back?

5. What Credit Cards Gives the Most Cash Back?

6. What Credit Cards Gives you 5% Cash Back or More?

7. Which is the Best Cash Back Credit Card in Singapore?

 

What Does it Mean to Get Cash Back on a Credit Card?

Cash back 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 cash back typically do not offer bank reward points.

 

Is it Worth Getting a Cash Back Credit Card?

The answer is absolutely. Cash back received from spending on cash back credit cards is equivalent to a discount given by the bank and if you use the right cards on the right spending, it is possible to save up to 5% of your monthly expenses which will really add up.  Some proponents of Mileage Credit Cards might argue that air miles are better in the never ending debate of Air Miles vs Cash Back Credit Cards but essentially both type of credit cards are about receiving some sort of rebate or reward for your expenses.

 

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.

 

How Can I Get the Most Cash Back?

The best strategy to getting the most cash back is to designate a category-based credit card for your largest spending categories (such as a dining credit card for dining expenses) and use either a tiered-based or no-frills credit cards for all other purchases. Tiered-based credit cards are more suitable for larger spenders while no-frills credit cards are more suitable otherwise. One should also take note of the minimum spend and cash back cap for each credit card so as to allocate the expenses properly. The process could be tideous and tiresome but nobody said that saving money is easy (or in this case, spending to save money).

 

What Credit Cards Gives the Most Cash Back?

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

UOB EVOL Card

Minimum spend of $600 in a month

Earn 8% rebates on online and mobile contactless 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 in a month

Earn 8% cash rebate on 5 chosen categories from 8 options including transport (include petrol), dining, groceries, telco and online tv streaming bills, pharmacies, pets, entertainment and online fashion

UOB Yolo Visa Signature Card

Minimum spend of $600 in a month

Earn 8% cash rebate on weekend dining, entertainment, Grab rides
Earn 3% cash rebate on weekday dining & entertainment, Grab rides and all day online fashion and travel

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

Citibank SMRT Card

Minimum spend of $500 in a month

Earn up to 5% SMRT$ rebate at supermarkets, online shopping and transport

DBS Live Fresh Card

Minimum monthly spend of $600 in a month

Earn 5% cashback on contactless and online payments. Earn an additional 5% bonus cashback for selected eco-merchants

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

UOB Absolute Cashback Card

Maximum spend of $3,000 for first 3 months

Earn 5% / 1.7% cashback on all spend for first 3 months / thereafter

Citi Cash Back+ Card

Maximum spend of $5,000 for first 3 months

Earn 4.5% cashback on all spend for 1st 3 months, 1.6% cashback after first 3 months.

HSBC Advance Credit Card

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

Earn 3.5% / 2.5% / 1.5% cashback for all spend

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

 

What Credit Cards Gives you 5% Cash Back or More?

Maybank Family & Friends Card rewards cardholders with up to 8% cash rebate on 5 categories from 8 options which include groceries, dining, transport (including petrol), telco and online tv streaming bills, entertainment, pharmacies, online fashion and pets. It offers one of the highest rebate for these categories and its generous policy of allowing 5 of the selected categories to receive the cashback ensures that one can easily meet the $800 minimum spend.

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 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.

UOB EVOL Card and DBS Live Fresh Card offers 8% and 5% cash back for online and mobile contactless spend respectively. However, the cash back is capped at $20 per category per month and coupled with a minimum spend of $600 per month, the cashback earned per month is likely lower than the headline 8% or 5% quoted.

The POSB Everyday Card offers up to 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.

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 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.

A credit card that doesn't make the grade of 5% cash back but makes it to the list is the Standard Chartered MANHATTAN World MasterCard. The card gives out 3% cash rebate with minimum spending of $3,000 a month capped at $200 a quarter. The cash back might not sound impressive but the reason why we highlighted this card is because it is a handy card to have around as it allows cash back for any spending and allows some benefit when you have to buy big-purchase items.

 

Which is the Best Cash Back Credit Card in Singapore?

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 2021 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 sign up promotion which awards up to additional $50 cash back until 31 Oct 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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