Everyone Loves Cashback Credit Cards in Singapore

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?


Some strategies that can help you earn more rewards and miles

For most people, earning reward points on their new credit card is the most important thing. Maximizing the rewards actually means a lot to such people. Well, if you get to know about certain strategies and tips about earning more miles and points, won’t it be awesome? Let us talk more about maximizing your rewards on the credit card that you use.

To avail signup bonuses you must hit the required spending

A signup bonus is nothing but a set of additional points, cash or miles which you receive only after spending a particular amount using your credit card within a specific time frame. Every credit card does not have sign up bonuses. However, the competitive rewards card offered by different banks do have sign up bonuses associated with them. It is an obvious fact that if you do not spend a particular amount you will not be receiving the sign up bonus. In such a case, it does not even matter how big or beneficial the sign up bonus actually is.

It is definitely a good idea to apply for a credit card that has sign up bonuses associated with it. The minimum that is required to avail the bonus should not be a very difficult number for you. You must ensure that you do not go into a debt in order to meet the minimum spend for the sign up bonus. Let us say, if you must spend SGD 3000 in 3 months for availing the sign up bonus, but all you can charge your credit card with is an amount of SGD 500 every month, then the bonus will be negated partially by the finance charges. You must avoid carrying any debt on your credit card, until and unless the circumstance is absolutely unavoidable. The best idea is to go for a credit card with a minimum spend that suits you and your budget.

In case your card offers any additional bonus then add an authorized user

Some of the credit cards offered by the banks do offer sign up bonuses if you add an authorized user within a particular time frame. However, the authorized user that you add must make purchases during that stipulated time frame. In case your new credit card offers this, then adding a user can be a great plan to earn those extra points that you are looking for. Go ahead and add a college aged child or a partner and enhance the benefits for yourself!

But before you can do any of this, it is of great importance that you actually understand what an authorized user truly is. This person who you add to the credit card will be able to use the credit as well as the benefits, but is not legally liable to make any payments for the credit card. If you feel like removing an authorised user from your credit card you may do that anytime. However, talk to you card issuer once about any effect on your bonus, before you remove the user.

When you are shopping online, use bonus mall

Bonus mall is basically a shopping portal which lets you avail great rewards and discounts on all the purchases that you make online. In order to use it, you have to go to the bonus mall of the issuer and select the particular retailer of your choice before you buy anything from there. After this, make the payments using your credit card to reap those additional rewards.

If applicable, opt into the category for bonus rewards

In case the credit card that you use has reward categories, all you have to do is opt in quarterly in order to avail the advantages. Otherwise, you will keep receiving the standard rewards that are typically lower.


Make use of your credit card for all the things that do not require a fee

In order to earn rewards, several expenditures can be added on the credit card that you use and then paid off before the last date of the repayment. Add things like groceries, gas, entertainment spending, travel expenses, utilities and subscriptions on the credit card that you use. But ensure that you pay these off every month.

Other expenditures like quarterly tax payments or rent, may trigger a particular fee if you pay them using your credit card. Avoid that extra fee by paying these with a bank draft or cheque. This is a significant saving and is definitely more than any reward that you can win.

Couple up the credit cards

Some of the credit cards work better together when you are thinking of maximizing the reward points. For example, if you have two credit cards, Chase Sapphire Preferred Cards and Chase Freedom, you can actually use the combination of the two cards to enjoy the maximum benefits. Enjoy five percent bonus categories and also the Chase Ultimate Rewards website in order to redeem rewards that maximizes your points. Use the Chase Freedom for all the purchases that are with 5 percent rewards. And then you can transfer the points to the Chase Sapphire Preferred Card that you have in order to redeem the points on travel when you use the website of Chase Ultimate Rewards.

Conclusion – Credit cards can be prove to be extremely beneficial to use when you know how to use one in the right way. Making the late payments or skipping payments if not advisable if you wish to maintain a good credit score. You can also apply for a personal loan using your credit card. However, the personal loan will depend on the credit limit that you currently have and the repayment history. Some of the banks providing the best credit cards in Singapore are OCBC bank, DBS Bank, UOB Bank, Bank of China, Citibank, Standard Chartered, ICICI, POSB, etc. The credit cards are designed in a way to offer innovative and customisable solutions to you. The different credit cards are unique and meant for different spending habits. Choose the credit card that completely suits your purposes. Maintain a healthy usage and keep a score which will only increase your creditworthiness. Before you choose a credit card for yourself, make sure that you indulge yourself in both quantitative and qualitative research and then select the one that you need.

Best 4 Credit Cards in Singapore

Singaporeans love their credit cards and they use them for all kinds of transactions starting from purchasing groceries to wedding rings. The city is one of the most important financial hubs in the world because of which almost all the leading banks and financial institutions in the world operate in the city. There are many credit card issuers in Singapore and they offer a range of cards that come with dining, shopping, travel and other benefits. Given that there are too many options to choose from, selecting the ideal card can be a daunting task and so you can read about the best credit cards in Singapore and then select a card that suits your needs the most.


1. POSB Everyday Card – If you are looking for a card that will offer you with the best discounts and deals for your day to day purchases, this is the card that you should opt for. You will enjoy a lot of savings as with each transaction, you will get access to discounts and other benefits. The best part about this card is that you will not have to pay a huge amount of money as an annual fee for the card. Even if you do not have a very high annual income, you could still be eligible for this card. The card also offers very attractive interest rates and is undoubtedly one of the best credit cards in Singapore.

2. OCBC FRANK Credit Card – This is one of the most popular cards in Singapore and is available at a low annual fee of under SGD 35. Even if you are not a citizen of Singapore, you can apply for this card as long you are a permanent resident of the city. This card will offer you with cash rebates at a very high rate for travel, dining, shopping and a range of other transactions. As an OCBC FRANK credit card holder, you will also enjoy a range of exclusive privileges and offers that are not available to other customers of the bank.

3. UOB Lady’s Card – As the name suggests, this is a card that has been designed especially for the ladies and comes with numerous features that are very beneficial to the ladies. If you are woman living in Singapore, you can opt for this card and get access to complimentary treatments from some of the best spas in Singapore. These spas include Body Contour, LifeSpa etc. and you can avail a range of treatments at these spas. If you are someone who likes to shop online, you will surely like this card as it offers special privileges for online shopping.

4. CIMB Visa Signature credit card – The Malaysia based CIMB Bank is one of the top card issuers in Singapore and offers a variety of card to choose from to the customers. The Visa Signature card has been designed to offer the customers with cash rebates at a very high rate. In fact, you can earn cash rebates on all kinds of transactions and will be able to save money in the process. The rebate is a type of discount that is applied to the transaction amount when you use your card for different types of purchases. Thus, you can save a lot of money through cash rebates offered with this credit card from CIMB Bank in Singapore.

Rewards or Rebates? Choose No More – Enjoy Both with HSBC Advance Visa Platinum

You no longer need to decide what you would prefer in a credit card any longer, the HSBC Advance Visa Platinum card offers both rewards as well as cash rebates on your purchases. You can earn high reward points when on your restaurant dining, online shopping, travel and many more and side by side, earn cash rebates on your daily expenditures such as grocery and petrol.

As a welcome gift, this card offers you SGD 500 worth gift voucher from EpiCentre if you charge your new HSBC Advance Visa Platinum card with a minimum of SGD 1500 in the first month. You will earn 1 point for every SGD 1 that you spend on this card and the validity of the points are for 3 years within which you can redeem them at the HSBC online rewards catalogue carrying a myriad selection of gifts.
For every SGD 1 that you spend on your restaurant purchases that includes online and phone orders, you will earn 10X Rewards. You will also earn 10X Rewards when you make purchases using your card at clubs, pubs, bars and family ktvs at all locations where the venue is not inside a hotel.

For every SGD 800 that you spend each month during a calendar quarter, you will earn 2% cashback when you spend at local restaurants not located inside hotels. If you spend below SGD 800 but above SGD 400, you will earn a 1% cashback.
If you spend a minimum of SGD 800 each month of the quarter at any local grocery store, you will earn 5% cashback. If you spend between SGD 400 and SGD 799, you will earn a 3% cashback. The card also helps you get an instant 14% discount at all Caltex stations in Singapore and on their website when you use your HSBC Advance Visa Platinum card to make the payment. Additionally, you will earn a 5% rebate if you spend a minimum of SGD 800 for each month of the quarter and 3% rebate if you spend a minimum of SGD 400.

Apart from the rebates and the cashback that you earn using this card, you are also entitled to a complimentary travel insurance worth up to SGD 300, 000 that will not only cover your personal travel insurance but also your spouse and your children. All you need to do to avail this offer is to charge the cost of the entire travel to your HSBC Advance Visa Platinum card.

If you are unable to manage the outstanding balances on other credit cards, you can arrange for a balance transfer to your HSBC Advance Visa Platinum card at very low interest rates. Your card also comes with the Visa PayWave that allows you to make quick purchases and very conveniently. You can also make use of the 0% installment plan that allows you to make large investments and divide the cost into flexible installment tenures of 6/12/18/24 months at 0% interest.

The few drawbacks of the card include the cap on the rebates that you can earn – SGD 60 for 1% and SGD 120 for 2% rebates. Even the quarterly caps are SGD 120 for 5% rebate and SGD 60 for 3% rebate. The other downer is that to avail these attractive offers, you need to maintain an advance relationship with HSBC bank maintaining SGD 30,000 in deposits. However, overall, this card is excellent in earning both, rebates as well as cashback on purchases that you would make anyway in your day to day life.