Best Cashback Credit Cards 2019

Best Overall Cashback Cards

Cashback cards are an easy, hassle-free alternative to points and miles cards. Rebates are credited to your account and often automatically offset your next monthly statement.

Best Cashback Card for Food & Transport: Citi Cash Back Card

Citi Cash Back Card is a great card for average consumers who spend most of their budget on food and transport. Dining, groceries, and petrol (any station) earn 8% cashback, up to S$75/month, which is one of the highest offers for these spending categories.

One drawback is that consumers must spend S$888/month to unlock these rates. In addition, general spend earns just 0.25% cashback. There is a S$192.6 fee, which is only waived one year. These features may make Citi Cash Back Card slightly less accessible for some consumers. Overall, however, this card stands out for rewarding top spend categories with great rates, with the potential to earn up to S$900/year in cashback.

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Best Flat Rebate Card for Stable Spenders: UOB One Card

If you consistently spend S$2,000/month, you’ll earn more with UOB One Card than with any other flat rebate card. Spend at this level earns 5% cashback, up to S$300/quarter–amongst the highest earning potentials on the market. Lower or inconsistent spend also earns 3.33% up to S$50 or S$100/quarter (depending on minimum spend), but these rates are slightly less competitive.

One of the best features of UOB One Card is that all spend counts toward your rebate tier, including payments for recurring bills, telco, & insurance. Even better, cardholders can ‘double’ their rebate through UOB SMART$ Programme, which also earns SMART$ credits with select merchants, which then offset future purchases. With UOB One Card, consumers can make the most of their daily spend, while only paying a S$192.6 annual fee. Overall, this card is the best flat rebate option on the market for average spenders.

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Best Cashback Card with No Annual Fee: OCBC 365 Card

OCBC 365 Card is the best everyday card on the market without merchant restrictions, and stands out by offering an easy fee-waiver. Cardholders earn 6% rebate on dining & online food delivery and 3% on groceries & online orders, land transport (including Grab), recurring bills & telco, and online travel bookings. Consumers don’t need to worry where they shop, because these rates apply to all vendors locally and overseas. Competitor cards limit rewards rates to certain merchants, in many cases.

OCBC 365 Card is also great because of its easy fee-waiver. While there’s an S$800 minimum spend requirement to unlock rates, spending S$833/month (eq. S$10,000/year) earns exemption from the S$192.6 annual fee. Cardholders can earn up to S$80/month, just by using OCBC 365 Card to pay for essentials. Ultimately, OCBC 265 Card stands out for being both flexible and accessible.

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Best Cashback Cards for High Spenders

While the average consumer may prefer specialised cashback cards with higher rates, affluent individuals often benefit from unlimited cards and cards with higher earning caps. The following cards are the best on the market for high spenders looking to maximise their earnings.

Best Cashback Card for Affluent Advance Customers: HSBC Advance Card

If you’re open to having an Advance account with HSBC and spend about S$3,500/month, you can earn up to S$1,500 cashback per year–a market-leading amount–with HSBC Advance Card. Cardholders with HSBC Advance accounts earn 3.5% flat cashback, up to S$125/month, after S$2,000 monthly spend (2.5% if below this spend level). Advance customers are also exempt from an annual fee, making this card both easy-to-use and maintenance free. Other flat rate cards have lower rates or much lower earning caps.

Non-Advance banking customers earn 2.5% flat cashback, however, of up to S$70/month, after S$2,000 monthly spend (1.5% if below). They must also pay an S$192.6 annual fee. At these rates, HSBC Advance Card is less competitive, so we would definitely recommend checking to see if you qualify for an Advance account. Ultimately, HSBC Advance Card stands out because it allows Advance customers to earn more cashback per month than with most competitors (who frequently limit rewards to S$100/month) and provides a higher flat rate than most unlimited cards.

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Best Unlimited Cashback Card + EZ-Link: Standard Chartered Unlimited Cashback Card

Standard Chartered Unlimited Cashback Card stands out because it not only rewards 1.5% cashback on all spend, but also offers excellent transport benefits. While many unlimited cards stick to the basics, SC Unlimited Cashback Card has EZ-Link functionality and Auto Top-Ups are eligible for rebates. Cardholders also earn up to 21% fuel savings with Caltex–in addition to the dining privileges more typical with unlimited cards.

It’s worth reminding that unlimited cards are best for high spenders because there’s no earnings cap. SC Unlimited Cashback Cardholders would need to spend at least S$7,000+/month for rewards to become competitive. This is simply because alternative cards that do have caps tend to have higher rewards rates. Nonetheless, high-spending commuters should consider SC Unlimited Cashback for both its rewards structure and transport benefits.

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Best Unlimited Cashback Card with Amex Benefits: American Express True Cashback Card

American Express True Cashback Card offers the 1.5% unlimited cashback that’s rather standard for the market, but it stands out from competitors by boosting earnings to 3% cashback for the first 6 months following approval (up to S$150). Alternative cards rarely offer such welcome bonuses or deals. Another reason Amex True Cashback Card stands out is that cardholders have access to Amex’s unique and elite services. These top-notch benefits include Global Assist, American Express Selects, and True Cashback card-specific promotions. Many of these promotions offer wedding-related discounts and deals, which is rather rare. Ultimately, Amex True Cashback Card is the best option for you if you’re a high-spending Amex loyalist looking for boosted welcome rates.

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Best Unlimited Cashback Card Local Spenders: Maybank FC Barcelona Visa Signature Card

If you’re a high spender with a local budget and would like to avoid paying a fee, Maybank FC Barcelona Visa Signature Card offers the absolute highest flat unlimited rate for local spend, at 1.6% cashback. Cardholders also earn 2 points (0.8 miles) per S$1 spend overseas, but this is less competitive. However, unlike with other unlimited cards, consumers can earn a fee waiver with just S$10,000 annual spend. Other unique perks include sweepstakes and discounts of up to 10% at official FC Barcelona stores. Ultimately, Maybank FC Barcelona Card is the best option for affluent consumers who spend locally and want to avoid a fee.

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Best Unlimited Cashback Card for Travellers: CIMB Visa Infinite Card

CIMB Visa Infinite Card offers higher unlimited cashback for overseas and travel spend than any other card on the market, plus a few perks that are usually associated with travel cards. After S$2,000 spend, consumers earn an unlimited 2% cashback on travel (hotels, airlines, travel agencies), overseas spend in SGD, and foreign currency transactions. All other spend earns unlimited 1% cashback with no minimum requirement. Even better, the card is free forever. Extra perks include lounge access, discounted limo transfers, and free travel insurance–rarely offered by cashback cards. If you’re a frequent traveller with high overseas spend and prefer cashback to miles, CIMB Visa Infinite Card is the best option for you.

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Best Cash Rebate Cards for Lower Spenders

Whether you spend less than S$500 monthly or are interested in a supplementary card for a small portion of your spending, the following cashback cards are great options for maximising earnings without high minimum requirements.

Best Rebate Card for Low, Local Budgets: Maybank Platinum Visa Card

If you spend between S$300 to S$500 monthly, Maybank Platinum Visa Card is the best way to maximise cashback on your local purchases, whether as a stand-alone card or a supplement to a miles card. Most rebate cards require S$500+ minimum spend, but consumers with Maybank Platinum Visa Card receive S$30/quarter with just S$300/month spend. That adds up to S$120 annual earnings with just S$1,200 annual spend–far more than you could earn with the 0.3% base rate offered by competitors.

Consumers who spend S$1,000/month can earn S$100/quarter, but it’s worth mentioning that competitor cards offer better rates at this spend level. In addition, quarterly rebates apply to local spend only–overseas spend earns just 0.3% cashback. Despite this fact, cardholders do receive free travel insurance. Ultimately, Maybank Platinum Visa Card is an exceptional option for lower spenders because it offers access to high rates with minimal spend. Quarterly fees are even waived simply with card use. It’s even a great no-fee complement to a miles card, for frequent travellers who spend less than S$500/month locally and want a maintenance-free way to maximise cash rebates.

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Best Rebate Card for Low Spenders in Singapore & Malaysia: Maybank Family & Friends Card

If you typically spend between S$500 to S$1,500/month in Singapore and Malaysia, Maybank Family & Friends Card offers the best way to maximise earnings in key spend categories. After just S$500 spend, cardholders earn 5% rebate on groceries, transport, fast food, wellness and leisure with merchants like NTUC FairPrice, KFC, Unity NTUC Healthcare & more. After S$1,000 spend, cardholders earn 8%–compared to the 3.33% offered by competitors at this spend level.

Another reason to consider Maybank Family & Friends Card is that consumers can even avoid the S$180.0 annual fee with just S$12,000 annual spend (S$1,000/month). For those with lower or variable budgets with mostly regional spend, this card is definitely worth considering, especially if you don’t want to pay a fee.

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Best Cashback Cards for Health & Leisure

While most cashback cards offer travel discounts and lifestyle privileges, a few stand out for market-leading rates and special partnerships. The following cards offer some of the best leisure and travel benefits on the market.

Best No-Fee Card for Medical, Transport & Dining: CIMB Platinum MasterCard

CIMB Platinum MasterCard is by far the best no-fee card for health and transport, offering an impressive 10% cashback on medical expenses as well as on everything from Grab rides & taxis to petrol worldwide. Spend on dining, travel in foreign currency, and electronics/furnishings also earns 10% rebate, and cardholders can cumulatively earn up to S$100/month–a relatively high earning potential by market standards.

Category earnings are, however, capped at just S$20/month, so CIMB Platinum MasterCard is best fit for those spending S$200 or less per month in these categories. Those within this spend level, however can earn at much higher rates than available with any other card. While there's a S$800 minimum monthly spend requirement to access these rates, there's no annual fee. As a result, CIMB Platinum MasterCard is an excellent, low-maintenance option for cashback on medical, transport and dining expenses.

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Cashback + Miles Card for Social Spenders: HSBC Visa Platinum Card

HSBC Visa Platinum Card is not only affordable (its S$180 fee is waived 2 years, then with each S$12,500 annual spend), it also rewards consumers with both miles and cashback–which is incredibly rare in the current market. Cardholders earn 0.4 miles per S$1 general spend and 5% rebate on local dining, groceries, and petrol. These categories account for the majority of an average consumer’s monthly budget, so most people can take advantage of this high cashback rate and maximise their earnings.

It’s worth noting, however, that in order to earn 5% cash rebate consumers must spend at least S$600/month–every month–per quarter. Lower or inconsistent spenders earn just 0.4 miles per S$1 on all spend. Also, earnings are capped at S$250/quarter, or about S$83/month. However, spending S$1,667/month on food and petrol not only maxes out this reward, but also exempts cardholders from the annual fee. HSBC Visa Platinum Card is not only unique, it also offers great earning potential.

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Best Cashback Card for Golfing Privileges: CIMB World MasterCard

CIMB World MasterCard is the absolute best cashback card for golfers on the market, and never charges an annual fee. Cardholders receive complimentary green fees at 40 fairways across SE Asia, and can play up to 160 flights/year–far more than possible with the miles-earning competitor card. Other benefits include free travel insurance and airport lounge access.

Another reason why CIMB World MasterCard stands out, however, is for its uncapped cashback rates which allow for unlimited earning potential. Cardholders earn 1.5% unlimited cashback on all spend, which aligns with similar cards. However, CIMB World Card offers a boosted 2% rate for spend on leisure, including wine & dine, entertainment, recreation, automobile & parking, petrol and spend at duty-free stores. Overall, CIMB World MasterCard is the best choice for affluent golfers because of its great privileges and high unlimited rates–all without an annual fee.

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Best Cashback Cards for Young Adults

The best cashback cards for young adults have high rewards rates for social spend, special promotions, low minimum spend requirements and maybe even EZ-Link compatibility. We’ve identified the following as the best cards for young adults on the market.

Best Cashback Card + EZ-Link for Young Professionals: Citi SMRT Card

If you’re looking for balanced cashback for both essential and social spend, Citi SMRT Card is a great option and has no minimum spend requirement. Cardholders earn upto 7% cashback on groceries, 5% on fast food, coffee and cinames, 3% online, 2% on health & wellness, and even a 2% rebate on Auto Top-Ups. These rates are limited to select merchants, but these vendors are very popular, including chains like McDonald’s and Cathay Cineplexes. Another key benefit of Citi SMRT Card is that it’s EZ-Link compatible, making it ideal for commuters. Overall, cardholders can earn up to S$50/month and don’t need to pay the S$192.6 fee for a full 2 years. Citi SMRT Card is an excellent option for young professionals on a budget.

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Best No-Fee Rebate Card for Young Adults: OCBC Frank Card

If you’re looking to earn cashback for social and online spend, OCBC Frank Card is a great option, offering 6% rebate on online shopping. Cardholders also earn 5% rebate on local entertainment and at select cafes during the weekend (3% on weekdays), plus 3% rebate on their first 2 Auto Top-Ups, up to S$60/month.

What OCBC Frank Card really stands out for is its remarkably low minimum spend requirement–just S$400 offline. Similar cards require at least a S$600 minimum spend. OCBC Frank Card’s S$80.0 fee is also waived 2 years, and then with S$10,000 annual spend, while direct competitors do not offer a waiver. Ultimately, OCBC Frank Card is remarkably accessible, and allows young adults with lower spend levels can access top rates for online spend.

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Best Cashback Card for Weekend Spenders: UOB YOLO Card

UOB YOLO Card offers young adults an excellent way to earn cashback for social spend, plus one of the highest rates for online travel bookings on the market. Cardholders who reach the S$600 minimum spend requirement earn 8% cashback on weekend dining, entertainment, Grab rides, online fashion, and online travel spend (3% weekdays).

What makes UOB YOLO Card stand out for travel is its special rates available through merchant partnerships. While promotions change, discounts available through Expedia, Agoda, and others often double cardholders’ savings. Cardholders also enjoy free travel insurance and discounts with major airlines.

Consumers who primarily spend on social activities and on weekends are most likely to benefit, as general spend earns just 0.3% cashback. There’s also a S$60/month earnings cap and the S$192.6 fee is waived just 1 year. However, young adults looking for maximum cashback on travel bookings should definitely consider UOB YOLO Card.

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No-Fee Cashback Card for Beauty & Online Fashion: CIMB Visa Signature Card

CIMB Visa Signature Card is definitely worth considering if you're seeking rebates on both groceries as well as select discretionary spend, all without an annual fee. Spend on groceries, online shopping, beauty, petcare and cruise lines all earn 10% cashback, up to S$20/month per category. In fact, this card is especially great for consumers with pets, as most credit cards reward this category at base rates as low as 0.2% cashback.

In order to access these rates, cardholders must reach a S$800 minimum spend, which is in-line with market standards. And, while the categories are quite unique, CIMB Visa Signature Card is still worth considering–even if you spend on them irregularly–as there's no annual fee. Finally, this card also comes with attractive perks like free travel insurance and access to CIMB Deals & Discounts.

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Rebate Card for Spend on Essentials: POSB Everyday Card

POSB Everyday Card stands out by rewarding nearly all spend at market-leading rates with higher earnings caps than competitors–albeit with merchant limitations. Cardholders can earn 15% rebate on online food delivery & catering, 5% on dining, and 5% on groceries at Sheng Siong. They also earn 10% on overseas spend, 10% on ComfortDelGro taxi rides, and 3% on personal care at Watsons. Finally, consumers earn 1% on electricity and telco bills with Best Electricity, Geneco, SP Group, Starhub and others (but only up to S$1/month). All of these rates can be accessed with just S$800 monthly spend.

While consumers who cannot meet this spend level will only earn 0.3% cashback, POSB Everyday Card is an excellent option for average spenders, including those shopping for families. In addition to rewarding nearly all spend, cardholders enjoy the added convenience of EZ-Link functionality–its primary competitor does not offer this feature, so commuters might prefer POSB Everyday Card.

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Summary of Best Cashback Credit Cards 2019

Below, we've prepared a summary of our picks for the best cashback credit cards for 2019.

Compare the Best Cashback Cards by Dollar Value

Based on the average consumer’s monthly expenditure of S$2,000, we have carefully analysed the best cashback cards on the market to estimate returned value-to-consumer after 2 years, accounting for rebates and netting out annual fees. Actual returned value varies according to each consumer’s unique spending habits, however, so be sure to review the card summaries to see which is best fit for you.

When are Cashback Cards Better than Points or Miles Rewards Cards?

While looking at credit cards, you’ll often see promotions like “3% cashback on dining,” “5 Pts for fashion spend,” or “2 miles overseas.” What does this really mean, and how can you tell the difference in terms of value? Being able to tell the difference between cashback, points, and miles rewards cards is important if you want to maximise your earnings–both in terms of your spending habits and need for flexibility. We’ve devised a brief guide to help inform your decision making process below.

Cashback, Points and Miles... What's the Difference?

The biggest difference between cashback, points, and miles is the flexibility they provide to consumers. While similar, they each have distinct characteristics.

Cashback rewards are perhaps the most flexible. When you make purchases on a cashback card, a designated percent of that spend value is returned to your account, often to offset your monthly bill. For example, 5% cashback on a S$100 eligible purchase means S$5 are credited back to your account.

Points rewards are also fairly flexible, because they can usually be redeemed for merchandise vouchers, air miles, or even cash credits. Every card issuer’s rewards system is a little different, so it’s worth checking out the terms and conditions for details. A benefit of points systems is that they are often paired with coupons and discounts with popular merchants. A drawback, however, is that converting points to miles often incurs a S$25 administrative fee.

Miles rewards are the least flexible, but can be more valuable to frequent travellers than points or cashback. Often, miles earned by spend on the card are directly transferred to the cardholder’s frequent flyer airline account. This means cardholders don’t need to worry about conversion fees or the hassle of manual transfers. In terms of value, 1 mile often equals between S$0.01 to S$0.08 in value-to-consumer.

Who will Benefit Most from Cashback?

The value of credit card rewards depends on how much effort you are willing to put in to redeem them, and how likely you will be to apply them. For example, while frequent travellers may be interested in points or miles rewards cards, those who don’t want to deal with the hassle of conversions or who are less likely to travel may prefer cashback. In fact, cash rebates are usually automatically applied to the next monthly statement, with no action required by the cardholder. Cashback is low-maintenance and worry-free, so if you’re looking for rewards that are easy and straightforward, cashback may be the best option for you.

How to Compare Rewards Rates of Cashback, Points and Miles Cards

To determine which type of credit card is best for you, it’s important to understand how much value they’ll ultimately provide–how much money do you get back for the amount you spend? While comparing cashback to cashback or miles to miles is fairly easy, it can be difficult when you want to compare cashback rewards to miles rewards.

To figure out a credit card’s rewards rate, you first need to determine the worth of its miles or points. How many points (or miles) are needed to redeem a certain prize? Divide the dollar value of that prize by the number of points needed for redemption. This tells you the dollar value per point. Next, multiply this value by the number of points earned for every S$100 spent to determine 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.

Finally, each card offers 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 better calculate how much money you can save by using a card.

This analysis can help you accurately evaluate which card will result in the highest benefits for your budget.

*ValueChampion 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 ValueChampion's alone, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.