In the crowded credit card market space in Singapore, it is easy for consumers to get confused about which cards they should get for themselves. While in the past most credit cards started as rewards cards, the market has now largely changed with banks offering more and more cashback cards. This is because consumers here have shown a strong preference for the practicality of cashback cards – a straightforward discount in cash when you spend and meet the card’s criteria.
Cashback cards in Singapore give rebates in the range of 3% to 10%, but each card tends to have a unique target audience in mind. While some of these cards target those who use their cards for everyday shopping in grocery stores, others may target those who love eating out, giving them higher rebate rates on a specific category.
Here, we present to you the 3 best cashback cards for 3 different spending profiles.
For Home Managers: POSB Everyday Card
POSB Everyday Card
Easy cashback for everyday spenders in Singapore & Malaysia.
Pros
- Benefits highly diversified spend with large food budgets
- Great fit for commuters seeking a convenient, an all-in-one card
Cons
- Not suitable for consistent spend of S$2k+/mo
- Lacks travel rewards
- Has an annual fee
The home manager is likely to be the one who holds the key to the finances in the family. You take care of paying all the utility bills, buying the grocery at home to ensure that you never run out of food in the fridge and shampoo in the bathroom, and probably take the pleasure to cook over the weekends for a family meal.
Home managers will love POSB Everyday card because it offers a well-rounded cashback on things you tend to spend on a day-to-day basis. For instance, it offers 10% cashback on online food delivery, 5% on grocery shopping at Sheng Siong, 3% on online shopping and other dining spend, up to 20.1% fuel savings at SPC and even 3% cash rebate on recurring utility bills. The rebates are, however, capped at anywhere from S$3 to S$30 per category per month, depending on the category.
For High-Spenders: UOB One Card
UOB One Credit Card
Maximum cashback for stable budgets.
Pros
- Good fit for budgets of at least S$2,000 per month
- Easy cashback on daily spend
- Gives rebates for paying bills
Cons
- Doesn't fit inconsistent budgets
- Annual fee
One of the best types of spenders who will benefit greatly from a cashback card are those who tend to spend a relatively high amount on their credit cards every month. Consumers in this category may be those who tend to travel a lot, or simply love using their cards for all their payments due to the convenience of having all their monthly spending detailed on their credit card bill at the end of the month.
For this group of users, the UOB One card gets you the highest flat rate cashback if you spend at least $2,000 per month. A major pain point for this card is that you need to fulfil other criteria in order to qualify for this rebate:
- Spend $2,000 per month Perform at least 3 transactions per month
- Spend the minimum amount for at least 3 consecutive months to qualify for the quarterly rebate
The UOB One card also offers 2 lower tiers of spending, respectively at $500 per month and $1,000 per month, and you need to fulfil the same criteria in order to claim the rebates successfully. This will probably work for those who have recurring payments per month or fixed expenditures so that they will not have such a hard time in tracking that they have fulfilled these criteria.
For Food-Lovers: CIMB Visa Signature Card
CIMB Visa Signature
With CIMB Visa Signature Card, you can earn 10% cashback on online retail, beauty, pet shops, groceries, and cruise line transactions.
Pros
- Rewards online shopping, groceries and beauty spend
- Rewards pet spend and cruises
- No annual fee credit card
Cons
- Lacks discounts on transport & petrol
- Doesn't fit frequent travellers
- 10% cashback is capped at S$100 per statement month
Singaporeans love good food, and being able to eat relatively cheaply in restaurants compared to other countries means there are lots of opportunities to use the right credit card to help you earn rebates.
If you are looking for a good cashback credit card to use whenever you dine, look no further than the CIMB Visa Signature Card . The card gives you 10% cashback on dining, which essentially waives off that service charge we all hate when dining out. The card is also great to use when you are travelling overseas, since it has a very low 1% foreign transaction fee, so you can continue to use it when dining overseas!
You will have to spend a minimum spend of $800 per month to qualify for the high cashback rebates. If you dine out for at least twice a week or volunteer your card to pay the bill at social gatherings, it shouldn’t be hard requirement to qualify.
If you are interested in learning even more about other great cashback and miles credit cards, explore our credit card results page below!
Compare The Best Credit Cards in SingaporeFind Out More
Read More:
- Best Cashback Credit Cards in Singapore 2024
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- 4 Ways to Save Money When Comparison Shopping Online
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- You Should Always Use A Credit Card For These 5 Expenses
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