A report that was released a few months ago said that around 70% of the surveyed people in Singapore preferred a cashback credit card. Dining discounts were also highly favoured by Singaporeans. And to that we say – of course, lah! Reward points are great, but they take time to accumulate. Cashback is like an instant discount. You swipe your credit card, and you get the cashback if it meets the criteria. Simple as that. As for dining being our favourite promotions category – what to do, we all love food so much!
Let’s take this opportunity to go over the cashback credit card market in Singapore. Many banks have, in the past couple of years, either introduced new cashback cards or revamped their old cards to make them more attractive. Here are 5 cashback credit cards we think you’d love:
Citi Cash Back Credit Card:
This card gives you 8% cashback on grocery shopping and dining, 20.88% cashback on petrol at Esso, 20.8% discount at Shell, 8% rebate at other petrol stations and 0.25% cashback for all other retail purchases. However, you can avail this cashback only if your total bill for the month is S$888 or more, and you can only get up to S$25 cashback in each category. You will get the amount in your account once you accrue S$50. The cashback never expires.
ANZ Optimum World MasterCard Credit Card:
This credit card allows you to choose a favourite category for its 5% cashback scheme. The categories to choose from are: Dining and Leisure, Travel, Shopping and Groceries. This gives you the freedom to choose your discounts in the category that you spend the most on. Moreover, you can change the category every quarter before the 25th of the preceding month – that is, by December 25th for the January-March quarter and so on. This means that you can change your category if you expect any particular expense to spike up in the following months. On all other categories, you earn a standard 1% cash rebate. These cash rebates have no ceiling attached to them, so you can earn unlimited rebates in your chosen category every month. You accumulate these cashbacks in the form of Optimum$, which can be redeemed online. But remember that Optimum$ expire within 3 years of their accrual.
POSB Everyday Credit Card:
POSB’s lone card, the Everyday Credit Card, gives up to 9% rebate on weekend dining, 3% discount on weekday dining and up to 15% additional discount on total dining bill at selected restaurants. It also gives you up to 20.1% savings on petrol at SPC, 5% cash rebate for groceries at Sheng Siong, 3% on health and personal care at Watsons, 1% on recurring utility bills from SP Services, 1% off on recurring mobile, cable TV, internet bills and in-store purchases at StarHub, and 0.3% cash rebate on all other transactions. The requirement is that you should spend a minimum of S$700 on your card every month. The rebates are not subject to an expiry date and can be easily redeemed.
OCBC 365 Credit Card:
OCBC’s 365 Credit Card gives you 6% off on local weekend dining, and 3% discount on local weekday dining as well as overseas dining. All online spending, grocery shopping, personal care shopping and recurring bills from StarHub, SingTel and H1 give you a 3% cash rebate. You also get up to 23.9% cashback at Caltex petrol filling and up to 18.3% off at Esso stations. All other retail transactions give you 0.3% cashback. A minimum monthly spend of S$600 is required to avail these cashback offers. The maximum cashback in a month is S$80.
UOB One Card:
This card gives tier-based cash rebate, with monthly spends of up to S$1,000 being rewarded by a 3.33% rebate and spends of S$2,000 per month earning you a 5% cashback. You also have to make at least 3 purchases every month to qualify. You also get up to 20.8% off on petrol purchases at Shell, and up to 24% at Caltex. You also earn SMART$ 10% additional discounts at 900 selected merchants including The Coffee Bean and Tea Leaf, Metro, Cathay Cineplexes, AirAsia and Cold Storage. It also allows you to get a UOB One account with up to 3.33% interest. Of OF course, there are also several dining deals giving you up to 50% discounts on food bills.
So, which of these cards do you think is suitable for you?