If you're interested in a more detailed analysis of Singapore's strongest cashback card options, check out our curated list of picks for different types of consumers.
- UOB One: Highest flat rebate on the market, earn up to $300/qtr
- Maybank Family & Friends: Up to 3.33% rebate with S$300 min. spend requirement
- Citi Cash Back: Up to 8% rebate on groceries & petrol, 6% on dining
- POSB Everyday: Rebates up to 8% in Singapore
- BOC Visa Infinite: Unlimited 1% earnings on all local purchases, no caps
How to Choose the Best Cashback Credit Card
Compared to other rewards credit cards, cashback cards are simple to understand: you get back a percentage of the amount you spend using the card, which is credited to your monthly statement. For instance, buying S$100 of groceries using a cashback credit card that gives you 5% cash back on groceries would lead to a credit of S$5 on your statement, or a total cost of S$95 to you on that purchase.
To find the best cashback credit card for your particular needs, fill out the spending categories in our tool as accurately as you can. If you can provide a good estimate of how much money you spend per month in different areas, our rewards calculator will automatically show you a list of cards that would give you the highest value after considering monthly caps and differences in category cashback rates.
A cashback credit card is a credit card that gives you a percentage of your spend back in cash, credited to your card. Some cashback cards will credit your account with cashback for your monthly purchases allowing you to choose which purchases to use that credit on, while others will credit your account automatically.
If your cashback credit card offers 5% cashback on all spend, then spending S$200 will earn you a S$10 credit on your card. However, it is important to keep in mind that most cards have a cap on how much cashback you can earn per month, quarter or year, as well as a minimum required spend per month to qualify for cashback. That is why selecting the right credit card for your spending profile is so crucial.
A cashback credit card is worth it if you are able to pay off your monthly credit card balance. Otherwise the cashback you will earn on your purchases will be outweighed by the interest you will have to pay on your balance. Read our guide to find the best cashback credit card for you.
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.
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.
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.
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