The best cash back credit cards for you will depends highly on where you spend most of your money. We've found that for savvy consumers, having more than one cash back credit card is usually the best way to maximize rewards - simply always use the card that provides you the highest returns per purchase. However, for people who hate keeping track of different annual fees, caps on monthly cashbacks and different minimum spend requirements, flat rate cards offer a nice solution to this problem. With this principle in mind, our team reviewed 100+ options to come up with the best cashback credit cards to suit different needs.
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Our Picks For the Best Cashback Credit Cards in 2017
After looking through our database of over 100 credit cards, our editors concluded these cash back credit cards offer some of the highest rewards, and give consumers the most bang for their buck. We attempt to estimate how much savings a consumer can get from each card over a 2 year period with our 2-Year Dollar Value. However, you should be sure to read our review of each card below because value a card depends heavily on your expenditure pattern.
Best Cashback Rewards Card for Every Meal: Citi Cashback Credit Card
The Citi Cashback Credit Card, formerly known as Citi Dividend Card, is one of the best credit cards for cash back because of its rebate program emphasizing food. The shining point of this card is its 8% cashback on both dining, grocery and Grab rides. For people who tend to eat out just as often as they cook at home, Citi Cashback serves as a convenient way of saving money on all of their meals.
Though it doesn't provide benefits for entertainment, shopping and utility expenses, Citi Cashback card more than compensates by providing a 21% off on petrol and another S$120 of cash rebate welcome gift. It also has a relatively high cap on monthly cash rebate of S$100, which can add up to S$1,200 of cash rebate per year! Currently, Citi is running a promotion that boosts your rebate on Grab to 20% until 6 July 2017, and petrol discount to 24.32% until 30 April 2017. If you are looking for a way to save money on all your meals in and out of home, Citi Cashback card could be an excellent choice for you.
Pros of Citi Cashback Card
- 8% cash back on grocery, dining
- 20% cash back on Grab rides until 6 July 2017 (8% thereafter)
- Up to 21% off on petrol (24.3% at Esso until 30 April 2017)
- Relatively high cashback cap of S$100 a month
- Promotion: S$120 cash rebate welcome gift + up to S$70 Grab credit
Cons of Citi Cashback Card
- High annual fee of S$192.6, first year waived
- Relatively high monthly minimum spend of $888 to qualify for maximum benefits
- All other retail expenditures not previously mentioned only receive 0.25% of rebate
Best Cashback Credit Card for Families: POSB Everyday Card
POSB Everyday Card is a decent card for moms to use every day in Singapore. POSB Everyday provides up to 20% of cashback on petrol, 5% on groceries, 9-14% on dining and 3% off at cosmetics and pharmaceutical needs at Watsons. Not only that, it also provides up to 1% rebate on monthly recurring bills and can even double up as an EZ-Reload card. Because it provides a large amount of rebate on spending areas that compose the largest part of a typical family's budget, we recommend this card for mothers who need to take care of both their families and themselves. Its annual fee is S$192.6 and POSB waivers the first year's fee.
Pros of POSB Everyday Card
- Up to 20.1% discount on petrol at SPC
- 5% rebate on groceries at Sheng Siong
- Dining Rebate: 3% weekdays, 9% weekends and 14% online food delivery (until 30 Sept 2017)
- 3% cash rebate on Health, Beauty and Personal Care at Watsons
- Up to 1% rebate on monthly telco, SP services, cable TV and broadband bill (capped at S$1 per month)
- EZ-Link Auto Top Up
- Can be used as an ATM card for POSB banking customers
- Promotion: 5% cash rebate on overseas spend (S$1,000 minimum overseas spend) + 14% dining spend in foreign currencies
- Bonus: S$100 cash rebate for new customers (S$70 for existing customers)
Cons of POSB Everyday Card
- 0.3% rebate on everything not listed above
- S$700 monthly spend minimum
- Dining rebate, which is central to its value, may not be ever green
Highest Flat Rate Cashback Rewards: UOB One Card
If you are looking for a flat rate cashback card, you cannot over look UOB One Card. It has the highest flat rate of 5% cashback in the country. While it is somewhat complicated to use, it could be an excellent choice for consumers who are willing to manage their expenses closely and make effort to maximize their awards. With this card, you can earn up to S$1,200 of cash rebate per year at maximum rate of 5%.
The only caveat is that you have to spend a certain amount around S$2,000 consistently every month. Not meeting this condition for even one month could lower your cashback significantly. Given this, we think UOB One is suitable for people who have very consistent monthly expenses, i.e. families with large and recurring or fixed expenditures.
Pros of UOB One Card
- Flat rate cashback of up to 5%, one of the highest in the market
- Up to 24% discount on petrol at SPC and Caltex
- Extra interest income of up to 3.33% on your UOB One Savings account
- High monthly cap on cash rebate at S$100
- Promotion: S$80 of cashback for new customers
Cons of UOB One Card
- High monthly spending requirement of up to S$2,000 to qualify for high rewards
- Rather complicated to use to maximize rebate
Best No Annual Fee Cashback Credit Cards
These two cash back credit cards are the best options for people who are conscious about paying an annual fee. One is better for an average person, while the other is better wealthier consumers who can qualify for HSBC's Advance status. Please read our review below to find out which is the better option for you.
OCBC 365 Credit Card
OCBC 365 Credit Card is one of the best cash rebate cards we recommend for people who want to avoid paying annual fees on their cards. Because it covers a wide variety of reward categories that are central to everyone's daily life, it can be a very cost effective way of saving on your everyday expenditures. For instance, OCBC 365 provides 6% rebate on dining, 22% on petrol, and 3% on groceries and monthly bill. It is also quite cheap to use because only S$10,000 of annual spend qualifies you for the annual fee waiver every year. In summary, OCBC 365 Card presents a cheap and convenient way of earning rewards on almost all the daily needs of an average person or family without skewing towards a specific category. If you are an average family that enjoy both dining and dining out, this card will suit your lifestyle quite well.
Pros of OCBC 365 Card
- Annual fee waived for 2 years and subsequently waived for annual spend of only S$10,000
- Up to 6% on dining
- 3% on online shopping
- Up to 22.2% on petrol
- 3% on groceries
- 3% on recurring utility bills.
- Relatively high monthly cap on cashback of S$80
- Low minimum monthly spend of S$600 to enjoy full benefits
Cons of OCBC 365 Card
- Rebates for major categories like Grocery or Dining lags behind peers
- Relatively high annual fee of S$192.6 if you don’t get the waiver
HSBC Advance Credit Card
HSBC Advance Credit Card is the best no-fee cashback card for people who can qualify for HSBC's Advance status. For Advance customers, this card perpetually waives its annual fee of S$192.6, and provides a flat rate cashback of up to 3.5%. This card is especially effective for high spenders because its cap on monthly rebate is very high at S$125, compared to S$50-70 for most other cards. However, this card loses its effectiveness for non-Advance customers, so we highly recommend that you read our detailed review to see if you can qualify for HSBC Advance program.
Pros of HSBC Advance Credit Card
- No annual fee for Advance Customers
- 3.5% of cash rebate (2.5% for monthly spendings over S$2,000 + Extra 1% for HSBC Advance Customers)
- S$125 cap on monthly rebate for Advance customers
- 16% Discount on petrol at Shell and Caltex
- 7% discount on travel bookings on Agoda
- Promotion: Up to S$160 of cash back welcome bonus for new customers (up to S$90 for existing customers)
Cons of HSBC Advance Credit Card
- S$192.6 of annual fee for non-Advance customers
- 1.5% of flat rate cash rebate for monthly spendings under S$2,000 (for non-Advance customers)
- S$70 cap on monthly rebate for non-Advance customers
Best Grocery Cashback Rewards Card: UOB Delight Credit Card
UOB Delight Credit Card offers the best deal in Singapore for groceries. If you don’t mind buying house brands or private labels at Cold Storage, Giant and Guardian, UOB Delight Credit Card can save up to 18% off of your grocery bills. This is because it provides 8% off on groceries, and offers another 10% discount on house brands at aforementioned supermarkets. Nicknamed a “mom card” by some, UOB Delight Credit Card addresses other parts of family life with its 3% rebate on mass transit and utility bills.
UOB Delight Credit Card is also very cheap to use, only requiring S$85.6 of annual fee that is waived for the first year. UOB is also providing a S$50 cash welcome gift for new customers at this time. These characteristics, in our view, make UOB Delight card an ideal for any big families with a lot of fixed expenses on groceries and utilities to take care of every month.
Pros of UOB Delight Card
- Very low annual fee of S$85.6, waived for the first year
- Cash rebates targeted for families like groceries, utility bills and mass transit
- Very low annual fee of S$85.6, waived for first year
- Promotion: S$80 cash rebate for new customers
Cons of UOB Delight Card
- S$800 monthly minimum spend to enjoy full benefits
- S$50 monthly cap on cashback, upon reaching earn 0.3% cashback
Entertainment And Shopping Cashback Rewards Without Fee: OCBC Frank Card
OCBC Frank Card is an awesome entertainment rewards card that is affordable for almost anyone. Unlike a more expensive UOB YOLO Card, OCBC Frank card only charges an annual fee of S$80, and even provides an easy waiver for anyone who spends S$10,000 or more annually on the card. Its benefits include up to 5% rebate on entertainment expenses and 6% rebate on online expenses. If you are looking for ways to cut down on night life expenses without sacrificing too much, you should seriously consider getting an OCBC Frank Card.
Pros of OCBC Frank Card
- Low annual fee of S$80, waived for 2 years and subsequently waived for annual spend of over S$10,000
- 14% off on petrol at Caltex & Esso stations
- 6% rebate on all eligible online spend, including online shopping, travel bookings and food delivery orders (Requires S$400 of offline spend)
- 5% rebate on all entertainment expenses on weekends, 3% on weekdays
Cons of OCBC Frank Card
- Low monthly cap on rebate of S$60
- 3% cashback on auto top-ups are limited to 2 times
Best Entertainment And Dining Cash Rebate: UOB YOLO Card
The UOB YOLO Card is one of the best entertainment cash rebate cards, and makes this message clear with its name. YOLO stands for “You Only Live Once,” a popular phrase epitomizing the modern carpe diem. With this card, you can save up to 8% on dining and entertainments expenses. This effectively implies that almost every 11th drink or meal is free!
Not only does it provide rich cash rebate, UOB YOLO Card also provides many nightlife perks to help you fully enjoy the YOLO lifestyle. Because its motto is “Eat. Drink. Play. Repeat,” UOB YOLO Card facilitates this lifestyle with drink specials and priority que at the hottest bars and clubs in Singapore. To make your weekend social life even more affordable, it also comes with free Grab rides on weekends until 31 Dec 2017. If YOLO if your life motto, we think you will like this card.
Pros of UOB YOLO Card
- 8% cash rebate on weekend dining and entertainment (3% on weekdays)
- 3% cash rebate on online fashion and travel transactions
- Free Grab rides every weekend Until 31 Dec 2017
- VIP perks like priority que and free access at best clubs in Singapore, 1-for-1 specials at bars and movie theaters
- Promotion: S$80 cash rebate for new customers
Cons of UOB YOLO Card
- High Annual fee of S$192.6, waived for the 1st year
- 0.3% cash rebate on everything else
- S$60 monthly cap on rebate
Best Cashback Rewards for Online Shopping: Standard Chartered SingPost Platinum Visa Credit Card
E-commerce has been dominating the global tech scene for quite few years. With Standard Chartered SingPost Platinum Visa Card, you can now ride the e-commerce wave even more. In our opinion, Standard Chartered Singpost Platinum Visa Credit Card is the online shopping reward card.
Not only does this card offer 7% discount on online shopping, it also offers a unique online price guarantee that makes sure you get the best price for anything you buy online. Its low minimum spend requirement and 2-year annual fee waiver also make it very easy to manage along with other cards you may want to use for other categories like dining.
Pros of Standard Chartered Singpost Platinum Visa Credit Card
- 7% cashback on all eligible online purchases including online shopping, travel bookings and food orders
- 2-year waiver of S$180 of annual fee
- Monthly minimum spend of S$600
- Online price guarantee
- Promotion: S$138 welcome cash bonus
Cons of Standard Chartered Singpost Platinum Visa Credit Card
- Only 2% cashback on grocery at Cold Storage
- 0.2% cashback on all other retail purchases
Best Cashback Card for Singapore Power & Utility Bills: HSBC Visa Platinum Credit Card
If you are looking for a well-rounded cashback credit card that can also earn air miles, we suggest you to seriously consider HSBC Visa Platinum Credit Card. Because of its 2 year waiver on annual fee of S$180, the card is quite affordable for a moderate budget. After the 2nd year, annual fee waiver is granted for those who maintain $12,500 of annual spending on the card.
HSBC Visa Platinum card's cashback offer also covers some of the essential daily needs like groceries (5%), utilities (5%) and petrol (21%). Therefore, HSBC Platinum Card is an ideal card to use for your monthly Singapore Power, telecom and cable bills. Not only that, it can also double up as a travel card by earning you 0.4 miles for every dollar of expenditure.
Pros of HSBC Visa Platinum Credit Card
- 5% cashback on grocery
- 5% cashback on utilities like Singapore Power, cable, internet and mobile bills
- Up to 21% off on petrol at Shell and Caltex
- 0.4 miles for every S$1 you spend
- Annual fee waived for 2 years, subsequently waived for an annual spend of at least S$12,500 or more
- Promotion: Up to S$160 of cash back welcome bonus for new customers (up to S$90 for existing customers)
Cons of HSBC Visa Platinum Credit Card
- Only 2% cashback on dining
- S$800 monthly spend requirement to enjoy full benefit
- S$120 cap on quarterly cashback (S$40 a month)
Unlimited Cashback + EZ-Link: Standard Chartered Unlimited Cashback Card
Standard Chartered Unlimited Cashback Card is an excellent choice for people who are looking for a simple flat rate card to use. Not only does it offer a flat rate of 1.5% cash rebate on everything, its cash back is unlimited so you can earn as much rebate as you spend. The biggest appeal of flat rate cashback cards is its simplicity (i.e. no need to keep track of multiple cards with different minimum spend requirements and rewards), and Standard Chartered Unlimited Cashback further simplifies your life by doubling up as an EZ-Link card.
Pros of Standard Chartered Unlimited Cashback Credit Card
- 1.5% cashback on everything
- No cap on cashback
- No monthly spend requirement
- Doubles up as an EZ-Link Card
- 2 Year Waiver for its S$192.6 annual fee
- Promotion: S$138 welcome cash bonus + S$30 cash rebate for making a mobile payment
- Bonus: 3% cashback overseas spending until 30 June 2017
Cons of Standard Chartered Unlimited Cashback Credit Card
- 1.5% cashback on everything is lower than what you could earn on UOB One Card
Cashback Rewards and EZ-Link: Citibank SMRT Platinum Visa Card
Citibank SMRT Platinum Visa Card is another excellent card that provides cashback rewards and doubles up as an EZ-Reload card. The highlight of the card is probably its 7% cashback on groceries, one of the highest in Singapore. It also helps you to save some money on your morning or afternoon coffees with up to 15% rebate at various coffee chains like Starbucks.
Citi SMRT card is also more affordable than POSB because its annual fee of S$160.5 is waived for 2 years. This is an excellent daily-use card that neatly satisfies many needs for people who commute daily on SMRT, enjoy coffee often and shop for groceries on their way back home from work.
Pros of Citibank SMRT Platinum Visa Card
- One of the highest grocery rebates of up to 7%
- Up to 15% rebate on coffee
- Doubles up as a EZ-Reload card, with 2% rebate on Auto Top-Ups
- Promotion: S$120 welcome cash rebate
Cons of Citibank SMRT Platinum Visa Card
- Very low cap of S$280 on SMRT$ rebate annually (S$40 monthly), but no cap on Citi reward points
Best Dining Cashback Rewards Card: CIMB Visa Signature Card
CIMB Visa Signature Card is the best dining cashback card in Singapore. While it has low cashback rate on general purchases, its 10% rebate on dining is top of the industry. It’s completely free to use and has no monthly minimum spend, so it could also serve as a nice supplementary card to other rewards cards that are not quite so generous on dining rewards.
The only caveat to this card is that its 10% rebate on dining is capped at S$60 a month and requires a monthly spend of S$500 and 8 monthly transactions worth S$30 each. However, this should not be a major problem for most people who go out for dinners and drinks once or twice a week.
CIMB Visa Signature card does not reward any miles, but we think it could still double up as a travel card because it only charges 1% of foreign transaction fee and also comes with a complimentary travel insurance. Who wouldn't want a free 10% off of meals?
Pros of CIMB Visa Signature Card
- No annual fee
- 10% cashback on dining
- 1% foreign exchange transaction fee
Cons of CIMB Visa Signature Card
- 0.2% cash rebate on everything else
- 10% cashback on dining is capped at S$60 per month & requires a monthly spend of S$500 and 8 monthly transactions worth S$30 each
Cashback Rewards in Singapore and Malaysia: Maybank Family & Friends MasterCard Credit Card
Maybank Family & Friends MasterCard Credit Card, from the biggest bank of Malaysia, has a unique set of offerings that make the card quite ideal for people who frequently move between Singapore and Malaysia. Its cashback of 8% on petrol, transportation and groceries apply in both countries, so you don't have to have two sets of different cards each time you cross the border. Maybank Family & Friends card is extremely easy to use due to its low annual fee and minim spend requirements.
Pros of Maybank Family & Friends MasterCard Credit Card
- Very low annual fee of S$80, waived with S$12,000 of annual spend
- Great cashback of 8% on petrol, transportation (taxis, bus and train rides) and groceries in both Singapore and Malaysia
Cons of Maybank Family & Friends MasterCard Credit Card
- No mile awards
- S$600 cap on annual cash rebate
- Low petrol rebates at 8%
Best Supplementary Cashback Card: ANZ Optimum World MasterCard Credit Card
ANZ Optimum World MasterCard Credit Card can be an excellent complement to almost any set of rewards cards. ANZ Optimum is the only card in Singapore that lets customers maximize rewards on a category of their own choosing. Every quarter, you can choose from the following four options: dining & leisure, travel, shopping and groceries. When you designate your category, ANZ Optimum will provide 5% cash rebate on that category for that quarter.
If you have a card like UOB Delight that has a great rebate on groceries, you could pair it with ANZ Optimum card to earn nice discounts on both groceries and dining. While every other expenditure will only yield 1% rebate, ANZ Optimum's lack of minimum monthly spend requirement makes it the ideal supplementary card for anyone trying to maximize rewards on their credit cards.
Pros of ANZ Optimum World MasterCard Credit Card
- 5% cashback on a category of your choosing
- No cap on cashback
- No minimum spend requirement
- Promotion: Up to S$160 of cash rebate for new customers
Cons of ANZ Optimum World MasterCard Credit Card
- Relatively high annual fee of S$180, waived 1st year
- Only 1% cashback for categories outside of your choice
Best Cashback Cards by Dollar Value
To help you find the best cashback rewards credit card, we have prepared a chart below organizing cashback cards by 2-year dollar value*. We have estimated an average Singaporean's monthly expenditure patterns through research to model out likely savings from credit cards. Assuming an average person spends S$2,000 every month, the best cashback credit cards in Singapore return over S$1,500 to S$2,000 in cash rebate over 2 years after netting out annual fees. Do note, however, that these values can vary widely depending on your unique spending habits, so you should be sure to read our reviews to assess if a card is right for you.
When Are Cashback Cards Better Than Mile Awards Cards?
You have probably seen different variations of promotional phrases like "3% cash back," "2 miles on all dining and restaurant bills," and so on. Miles, cash back, and points are the main weapons of card issuers to attract more customers. Without a firm grasp of what these things are worth, however, sifting through hundreds of offers can be a daunting process. To help you get a firm grasp of these concepts and effectively compare them to decide which type of card is best for you, we have prepared the following guide.
Cashback, Points and Miles: What's the Difference?
The biggest difference among cashback, points, and miles is the flexibility they provide to consumers. While all three things work in the same way, they have distinct characteristics.
Points can be redeemed for different prizes and services at locations designated by the card issuer. While exact worth of points depends can vary depending on the card issuer, points generally function like coupons and discounts (effectively similar to cashback). Reward points can also be easily converted into miles for a small fee.
Miles can be redeemed for free flights at various airlines designated by the card issuer. Depending on how you redeem them, a mile's worth can vary somewhere between S$0.01 to S$0.08. Generally, miles used for the longer and more expensive flights are worth more than miles redeemed for short, economy flights. Globally, most people will tend to redeem miles at conversion rate of around S$0.01 per mile.
Cash back rewards are the most flexible and easiest to grasp. These cards simply returns a certain percentage of expenditures back to the consumer, often in form of statement credits.
Who Should Prefer Cashback To Miles?
Whether your credit card collects frequent flyer miles or points, you have to keep in mind that they are worth nothing unless you redeem them. However, cashbacks are valuable pretty much immediately when you receive them. Therefore, the first thing you should consider when deciding between Award Miles and Cashback is how often you travel. If you don't travel often, earning cashback may be significantly more beneficial than earning miles because you may not have many chances to put miles to use.
How to Compare Rewards Rates of Cashback Cards and Miles Cards
In order to accurately compare different credit cards types, it is important to measure their rewards rates to allow for an apples-to-apples comparison. A reward rate basically represents a card’s efficiency – how much money does it give you back given the amount you spend? For instance, if one card provides me 8% of my bill in rebate, while another only yields 5%, I would always prefer the former. This comparison is difficult to do between cashback cards and mile cards because miles cards or point cards do not have clear rewards rate, while cashback cards do. We have to calculate the rewards rate in those cases.
To figure out a credit card’s rewards rate, one must first calculate the worth of its miles or points. To do this, on must determine out how many points (or points) are needed to redeem for a certain prize. Dividing the dollar value of that prize by the number of points needed yields the value of dollars per point (or mile). The product of this figure and the number of points (or miles) you get per S$100 spent equals the rewards rate. We have collected data to calculate value of miles, which generally range from 1 cent to 8 cents per mile. Value of points will differ depending on the issuing bank's policies.
Lastly, each card will offer differently structured reward programs. For example, some cards will rebate 10% on dining, but will only yield 0.2% on other expenses. By understanding how your own monthly expenses are generally distributed across different categories, you can apply the aforementioned principle to calculate how much money you can save by using any given card.
This analysis can help you accurately evaluate which card will result in the highest benefits for your budget.
*ValuePenguin calculates the dollar value of rewards based on S$2,000 of monthly spending. We sum the value of points, miles and cashback in dollar terms and subtract the annual fee over a 24-month period. The estimates here are ValuePenguin's alone, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.