10 best cashback credit cards in Singapore (2023)

Collecting air miles for your jet setting lifestyle admittedly sounds sexier than trying to scrounge for cash rebates. But if you're still one of those people who believe that cash is king, getting card benefits in cold, hard cash is just as appealing.

You literally get free money when you use a cashback card, and given that's there's no free lunch in Singapore, there's no way we're saying no to that.

So let's take a look at the best cashback credit cards in Singapore in 2023.

Best cashback credit cards in Singapore 2023

Here are our top picks for cashback cards with the highest cashback rates.

1. UOB Absolute Cashback

Move over, Citibank, because the new best cashback card on the market is UOB's Absolute Cashback card. This card takes all the good things about Citi's Cash Back+ card, such as the $0 minimum spend, and edges out the competition by adding a 0.1 percentage point to its rebates — at 1.7 per cent.

The only downside? It's an Amex card, which means that it might be a challenge to find smaller merchants that accept it.

If you do stick to large merchants and put all your spending there, as well as bills, insurance premiums, school tuition fees, and the like, you'll be able to get more mileage than the cards listed below.

2. Citi Cash Back+ Card

Unlike some cards whose benefits look like they'll require a PhD to figure out, anyone with half a brain can successfully earn cashback on the Citi Cash Back+ Card.

Unlimited cashback cards like Citi Cash Back+ give you a flat cashback rate on everything with no cap. With no minimum spending or cashback cap, there's virtually nothing that would disqualify you from the 1.6 per cent cashback. This makes them ideal for big-ticket spending like wedding dinners or home renovations, which would bust the cashback cap on most other cards.

The Citi Cash Back+ Card currently plays second fiddle to UOB's Absolute Cashback card, offering 1.6 per cent cashback on all spending. It does have one advantage — unlike the UOB Absolute Cashback card, which is an Amex card, the Citi Cash Back+ Card's card association is Mastercard. That opens up a wider range of merchants who'll accept it.

3. HSBC Visa Platinum Credit Card

The HSBC Visa Platinum Credit Card is a great cashback card if you regularly spend at least $600 a month on dining, groceries, and petrol. That’s because it offers up to 5% cashback on those categories only if you hit this minimum amount.

On top of that, you’ll receive complimentary access to Entertainer with HSBC—a food rewards app with 1-for-1 deals on dining, lifestyle, and travel worldwide.

There is a rebate cap of $250 per calendar quarter, which means that you will max out your cash rebates at a total spending of $5,000. Going to spend more than that in a quarter? Opt for an unlimited cashback card instead, such as the Citi Cash Back+ Mastercard or Standard Chartered Simply Cash Credit Card.

4. Standard Chartered Simply Cash Credit Card

The Standard Chartered Simply Cash Credit Card is a nice-but-not-the-best-in-the-world cashback card. The card gives you 1.5 per cent cashback on all spending with no cashback cap and no minimum spending.

Despite a slightly lower cashback rate than the Citi Cash Back+ Card, the Standard Chartered Simply Cash Credit Card has some advantages: for instance, its annual fee is waived for the first two years.

5. American Express True Cashback Card

The Amex True Cashback Card is one of the longest-standing unlimited cashback cards around. It doles out 1.5 per cent cashback on all spending with no minimum spending requirement and no cashback cap.

The card also offers three per cent cashback on up to $5,000 worth of spending in your first six months of use. Not as generous as the Citi Cash Back+ sign up bonuses, but this one does last longer.

The Amex True Cashback Card does come with an annual fee of $172.80, but this is waived for the first year.

6. UOB One Card

The UOB One card offers some of the most generous cashback rates out there, but is reviled for its complex as hell mechanism. Suitable only for those who like a challenge.

The card gives you up to 3.33 per cent on all retail spending if you spend $2,000/$1,000/$500 per month  (at least five transactions) for three consecutive months. That'll earn you a lump sum of $200/$100/$50 cashback at the end of the quarter, which works out in all cases to up to 3.33 per cent cashback.

However, in order to get a bonus cashback of 6.67 per cent (making for a total of 10 per cent) at partners like Grab, Cold Storage, Shopee and SimplyGo, you need to hit a $2,000 monthly spend. If you only spend $500 or $1,000 a month, your bonus cashback is only five per cent.

Finally, UOB is offering more bonus cashback they call the "Enhanced Cashback" for new UOB cardholders who sign up for the UOB One card from Oct 1, 2022 to 30 Jun 2023.

That'll get you an additional five per cent if you spend $2,000/month for three months, and 6.67 per cent if you spend $500 or $1,000/month for three months.

If you add up the base 3.33 per cent retail spending cashback, additional cashback at selected partners, and UOB's enhanced cashback, you actually get 15 per cent whether you spend $500, $1,000, or $2,000 a month. However, this is only because of their limited-time enhanced cashback, which gives $500/month and $1,000/month spenders more cashback than $2,000/month spenders.

The UOB One card is indeed generous if you hit certain monthly spends. But once you hit the minimum spending requirements, it is a waste to spend more. So, you'll need to monitor your spending on the card.

7. Citi Cash Back Card

Not to be confused with the Citi Cash Back+ Card, the Citi Cash Back Card without-a-plus gives you eight per cent cashback on groceries and petrol and six per cent cashback on dining, provided you meet the minimum spending requirement of $800 in a month. Cashback on retail spending is a a meagre 0.25 per cent.

The total amount of cashback you can earn is capped at $80 each month, which means it's only worth spending $1,200 to $1,440 to earn maximum cashback.

8. DBS Live Fresh Card

DBS Live Fresh has rebranded itself as Singapore's first eco-friendly card and now offers five per cent cashback at certain eco-businesses. Participating merchants include eateries like Just Dabao, Open Farm Community and The Summerhouse, grocery stores like Little Farms and Scoop Wholefoods, and transport services like SG Bike, BlueSG and electric vehicle charging.

Ignoring that greenwashing, the card's true benefit is actually five per cent cashback on online and Visa contactless spending, capped at $20 per month respectively. In other words, the cashback maxes out at an expenditure of $400.

This card is most useful for online shopping or to pay for electric car charging or rental, so long as you can meet the minimum spending of $600 (which, as you might notice, is more than the retail spend that maxes out your shopping cashback).

9. OCBC FRANK Credit Card

Don't be fooled by the OCBC Frank Credit Card's rather fluffy branding. It is actually one of the more solid online shopping credit cards out there, offering eight per cent cashback on all types of local online spending, whether for clothes shopping, grocery purchases or your Netflix subscription.

Like the DBS Live Fresh Card, the OCBC FRANK Credit Card is also offering higher cashback if you go green. You can enjoy an additional two per cent cashback when you shop at selected eco-friendly merchants, such as Scoop Wholefoods, Little Farms, SimplyGo, and BlueSG.

The minimum spending requirement is $800 in a month, with a monthly cap of $100 cashback.

10. Citi SMRT Card

The Citi SMRT Card has all the glamour of an Ezlink card, but who cares when it's giving you a generous five per cent cash back on groceries, public transportation and online shopping if you meet the minimum spend of $500 a month. Otherwise, it's a paltry 0.3 per cent base interest rate.

Do note that when they say cashback on online shopping, they're excluding travel-related transactions.

Total cashback is capped at $600 every 12 months, which works out to $12,000 worth of spending per year.

11. POSB Everyday Card

The POSB Everyday Card doesn't look very alluring, but it's good enough for life's basic needs. There is no minimum spending requirement for you to earn five per cent cashback at Sheng Siong.

For pet owners, use this card at Pet Lovers Centre for three per cent cashback on regular-priced items, provided you spend at least $15 minimum purchase.

If you drive, it also gets you 20.1 per cent savings at SPC-everyone's favourite cheap petrol kiosk.

On top of that, if you do spend at least $800 a month, you can unlock rebates of 10 per cent on foodpanda and Deliveroo delivery, eight per cent on selected online shopping merchants such as Amazon.sg, Lazada, Shopee, RedMart, and iHerb, as well as three per cent at Watsons and on dining expenses.

How do cashback credit cards work?

Before you get too excited about that hefty bonus cash rebate, remember that banks aren't charities. They have to impose minimum spend requirements and cashback caps, or else they'll just bleed money. So don't get led astray by big fat cashback promises-the important details are usually in the T&Cs.

ALSO READ: Is it worth applying for the DCS Diners Club Cashback Card?

This article was first published in MoneySmart.