The best cashback credit cards in Singapore help you save money on your daily spending in a convenient and easy way.

Cashback credit cards offer perhaps the most straightforward type of reward for consumers. Simply charge your spend to a cashback card, and you automatically receive a rebate off your purchase as cashback.

This will be in the form of credit given back to you in your next monthly credit card statement.

What should I look out for in a cashback credit card?

Cashback is usually awarded on specific categories such as dining, online shopping, groceries and transport so the first thing is to know your monthly spending habits and get the right cashback credit card for you.

In addition, some cards come with pretty extensive terms and conditions. These include:

• Monthly cap on cashback you can receive per month
• Monthly minimum spend before you qualify for advertised cashback rate
• Different cashback rates based on weekday or weekend spend
• Specific merchant partners such as specific petrol chains (i.e. Caltex) or supermarket chains (eg Cold Storage)

To help you compare and apply for the best cashback credit cards and maximise your savings, we present our recommended cashback cards for 2021. Choose between:

• Higher cashback rates (with minimum spend and cashback cap)
• Cashback cards with no minimum spend, no cashback cap

Best cashback credit cards: With minimum spend and cashback cap

Credit card offers are subject to changes at any given time.

#1 Citi Cash Back Visa Card: Best for groceries, dining and petrol

If you bring the family out for dining and grocery shopping, the Citi Cash Back card (not to be confused with the Citi Cash Back+ card) is a good cashback credit card to have in your wallet.

It comes with a generous 8 per cent cashback at virtually every stop of your trip, be it at your neighbourhood supermarket or your go-to petrol kiosk. You can also enjoy 6 per cent cashback on dining at restaurants, cafes, fast food eateries and caterers. But you’ll need to spend a monthly minimum spend of $800 per month to earn cashback.

Cashback amounts are also capped at $80 per month (dining, groceries, and petrol) but this can already save you $80 each month.

Why we love this card:

• High cashback of 8 per cent on two common spending criteria – groceries and petrol
• High cashback of 6 per cent on dining
• High potential monthly savings of up to $80
• Card can be used for ERP payments

But do take note:

• Monthly minimum spend of $800 to earn cashback
• Total cashback cap of $80 per month

Get this card if you: Consistently spend on groceries, dining and petrol costs.

#2 OCBC 365: Best for dining and general savings

The OCBC 365 Card is one of our favourite cashback credit cards for all-round savings. 

Enjoy 6 per cent cashback on dining and online food delivery all week, and 3 per cent cashback on on groceries, land transport, utilities and online travel.If you drive, the OCBC 365 Card offers amazing cashback of 5 per cent on fuel spend at all petrol service stations and up to 23 per cent savings at Caltex.

However, there’s a downside: the monthly minimum spending is $800, otherwise, your cashback rate is only 0.3 per cent.

Why we love this card:

• 6 per cent cashback on dining and online food delivery
• 3 per cent cashback on groceries, land transport, online travel, and utilities
• Cashback eligible spending categories are now more relevant than ever, and cover worldwide transactions

But do take note:

• Minimum spend of $800 per month to enjoy cashback
• Monthly cashback cap of $80 per month

Apply for this card if you: Drive often and want to save across a wide variety of transactions common to your lifestyle.

#3 DBS Live Fresh: Best online and Visa contactless spend

If you’re someone that does most of your shopping online, this could be the cashback card for you (with the other option being OCBC Frank), rewarding you with up to 5 per cent cashback.

DBS Live Fresh also rewards you for Visa contactless payments (i.e. paywave) and this includes your mobile payments such as Apply Pay and Google Pay—perfect for those who like the idea of leaving your house without your wallet, especially when this card can double up as your EZ-Link card.

Why we love this card:

• 5 per cent cashback for all your online purchases
• 5 per cent cashback for Visa contactless spend, which includes your MRT and bus rides with SimplyGo

But do take note:

• Minimum spend of $600 per month to enjoy cashback
• Cashback is capped at $20 on online spend, $20 on eligible Visa contactless spend and $20 on all other spend each month

Apply for this card if you: Frequently shop online and enjoy leaving your home without your wallet, relying on mobile contactless to make purchases. You can also consider the DBS Live Fresh if you have a DBS Multiplier account and need a credit card to bump up your interest rates.

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DBS Promotion: Get $300 cashback when you apply and spend on one of these participating DBS/POSB credit cards.

Simply enter promo code FLASH300 in your application to qualify. Promotion is valid till Jan 10, 2021. You’ll have to be a new DBS/POSB credit cardholder and make one spend (no min. amount) within 30 days of card approval to be eligible. Terms and conditions apply.

If you’re not a new DBS/POSB credit cardmember, consider these promotions instead.

#4 CIMB Visa Signature Card: Best for all-round spending

CIMB Visa Signature Card is the newest kid on the block to offer one of the highest headline cashback rates. Cardholders can expect to earn a cashback rate of up to 10 per cent across categories like beauty and wellness, online shopping, grocery, pet shops and veterinary services and cruises.

At a time when we are spending most of our time at home, the 10 per cent cashback on online shopping and groceries comes in handy. This 10% cashback applies to not just in-store grocery spend, but also on groceries bought online.

Additionally, this card is compatible with SimplyGo, fitting right into your wallet as an EZ-Link card.

Why we love this card:

• High cashback of 10 per cent for multiple categories
• No annual fees for life
• $80 cash credit signup promotion

But do take note:

• Minimum spend of $800 per month to enjoy cashback
• $20 cashback cap per category

Apply for this card if you: Like to have a fuss-free card for all-round spending, particularly for groceries, beauty and wellness, online shopping, and veterinary services.

CIMB Sign-up Promotion: Get $100 cash credit when you apply as a new CIMB credit cardmember from now till Feb 28, 2021. You will have to make a minimum spend of $350 per month for 2 months from card approval to be eligible.

CIMB is also running a lucky draw where you stand to get 6 months’ worth of credit card bills paid for, just by spending on your CIMB card! A monthly cash prize of $1,000 will also be given out. Valid till Feb 28, 2021.

#5 UOB YOLO Card: Best for the party crowd

The UOB YOLO Card is best for busy millennials who often dine or hang out with friends and use Grab for their frequent commutes. Enjoy upsized cashback of 8 per cent on weekend spending, including dining, online shopping, and entertainment.

Why we love this card:

• High cashback of 8 per cent for weekend spend on dining, entertainment, and Grab 
• 3 per cent cashback on weekday spend including online fashion and travel

But do take note:

• Minimum spend of $600 per month to enjoy cashback
• Non-promo cashback cap at $60 per month

Apply for this card if you: Like to club, dine out, have brunch, cafe-hop, and watch movies (especially on weekends). 

Best cashback credit cards: No minimum spend and cashback cap

Best Cashback Credit Cards (no min. spend and cap)
Best For	Cashback Rate	Fee Waiver
Standard Chartered Unlimited Credit Card	Instant digital credit card	1.5 per cent on all spends 1 per cent on approved funds transfer	2-year annual fee waiver
Citi Cash Back+ Credit Card	High cashback rate regardless of spending category	1.6 per cent on all spends	1-year annual fee waiver
American Express True Cashback Card	Purchasing big ticket items in the first 6 months	1.5 per cent on all spends and 3 per cent cashback on first $5,000 in the first 6 months	1-year annual fee waiver
CIMB World Mastercard	Dining, entertainment and duty free transactions	2 per cent on Wine & Dine, Entertainment & Recreation, Automobile and Duty Free Store purchases1.5 per cent on all other spends	1-year annual fee waiver
ICBC Chinese Zodiac Card	Annual fee waiver, choice of card	1.6 per cent on all spends	3-year annual fee waiver

#1: Standard Chartered Unlimited Cashback Credit Card

The Unlimited Cashback Credit Card by Standard Chartered gives you 1.5 per cent cashback each time you spend, whether for a restaurant meal, household grocers, or a new pair of gym shoes.

Additionally, choose to consolidate your spending via a balance transfer and earn 1% cashback on your approved transfer amount. 

In combination, these two cashback channels effectively lets you ‘double-dip’ on your spending, but remember that carrying a credit card balance will incur significantly higher interest charges. But still, the extra savings would prove welcome if you need to transfer your balance. 

To be eligible for this promotion, you’ll have to be a new Standard Chartered Bank cardholder and activate your new card within the first 30 days of card approval.

Also, a min. spend of $80 is required. If you already have a Standard Chartered credit card, you’ll be rewarded with $30 cash via PayNow when you sign up. Promotion is valid till Jan 25, 2021, T&Cs apply.

#2: Citi Cash Back+ Credit Card

Citibank charges into the unlimited cashback fray with its recently launched Cash Back+ Credit Card (not to be confused with the Citi Cash Back Credit Card), throwing down the gauntlet by offering 1.6 per cent cashback on all spends. 

Although 0.1 per cent more cashback is unlikely to make a difference (unless you charge tens of thousands of dollars to the card), the higher cashback earn rate still makes for an attractive option for fans of Citi seeking to earn cashback across multiple transaction types. 

#3: American Express True Cashback Card

One of the very first unlimited cashback cards to be launched on our shores, the enduring popularity of AMEX’s True Cashback Card boils down to its simple hook: 1.5% cashback on all spends with no minimum monthly spends nor cashback cap.

With this card, you simply spend as usual, accruing cashback which is automatically used to offset your monthly statement. Instant, fuss-free savings. 

The best part? You earn a whopping 3 per cent cashback on all spends (up to $5,000) during the first 3 months! This equates to a maximum cashback of $150.

Welcome Offer: Enjoy $160 cash via PayNow when you apply and make a min. spend of $500 within your first month of card approval. Valid till Jan 31, 2021. T&Cs apply.

#4: CIMB World Mastercard

Just because unlimited cashback cards apply flat cashback across all spends for convenience doesn’t mean you can’t enjoy higher savings on your favourite activities too. 

With the CIMB World Mastercard, you’ll earn 2 per cent cashback on dining, entertainment, automobile and duty-free transactions. For all other spends, you’ll earn 1.5 per cent cashback — just like that.  

Also, this card has no annual fee for life, saving you money year after year. Talk about having your cake and eating it too. 

CIMB Sign-up Promotion: Get $100 cash credit when you apply as a new CIMB credit cardmember from now till Feb 28, 2021. You will have to make a minimum spend of $350 per month for 2 months from card approval to be eligible.

CIMB is also running a lucky draw where you stand to get 6 months’ worth of credit card bills paid for, just by spending on your CIMB card! A monthly cash prize of $1,000 will also be given out. Valid till Feb 28, 2021.

#5: ICBC Chinese Zodiac Card

Although it doesn’t get as much air time as the above options, another great card for unlimited cashback is the underrated ICBC Chinese Zodiac Card. Get this card and earn 1.6 per cent cashback across all spends, while also enjoying VIP lounge service at high-speed rails and airport lounges around the globe. 

That you can show off your very own Chinese horoscope each time you flash this card is just the icing on the cake. 

Promotion

• Spend min $200 per month to earn bonus $20 cashback for the first six months (max bonus cashback: $120)

This article was first published in SingSaver.com.sg.