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 2024.
Best cashback credit cards Singapore 2024
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- Best cashback credit cards in Singapore 2024
- UOB Absolute Cashback Card
- Citi Cash Back+ Card
- HSBC Visa Platinum Credit Card
- Standard Chartered Simply Cash Credit Card
- American Express True Cashback Card
- OCBC INFINITY Cashback Card
- CIMB World Mastercard
- UOB One Card
- Citi Cash Back Card
- DBS Live Fresh Card
- OCBC FRANK Credit Card
- POSB Everyday Card
- How do cashback credit cards work?
1. Best cashback credit cards in Singapore 2024
Here are our top picks for cashback cards with the highest cashback rates.
| Best for | Best cashback credit cards |
| Unlimited cashback | Citi Cash Back+, Standard Chartered Simply Cash, Amex True Cashback, UOB Absolute Cashback, OCBC INFINITY Cashback Card, CIMB World Mastercard |
| Regular expenses | UOB One, Citi Cash Back, HSBC Visa Platinum Credit Card |
| Online Shopping | DBS Live Fresh, OCBC FRANK, POSB Everyday |
| Low or no minimum spend | Citi Cash Back+, Standard Chartered Simply Cash, Amex True Cashback, UOB Absolute Cashback, OCBC INFINITY Cashback Card |
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2. UOB Absolute Cashback Card
UOB Absolute Cashback Card
Apply Now
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% unlimited cashback.
The only downside? It’s an Amex card, which means that it might be a challenge to find smaller merchants that accept it.
On the other hand, the UOB Absolute Cashback Card has a big plus—expenses like bills and insurance can earn cashback. So 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.
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3. Citi Cash Back+ Card
Unlimited
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Stand a chance to win a Sony PlayStation®5 SLIM Digital Edition (CFI-2018B01) (worth S$669) on top of your baseline gifts when you are one of 3 successful claims at 2pm & 9pm daily!
Unlock Exclusive Rewards
The rest can still earn 5,040 SmartPoints or S$300 cash when you apply and meet the minimum spend within 30 days from card approval date. T&Cs apply.
Why Choose SmartPoints?
Enjoy the ultimate flexibility to redeem ANY gift at our Rewards Store.
Short on points? Simply pay the difference with cash, and grab your desired gift today!
Valid until 26 Feb 2024
Unlike some cards which 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% cashback. This makes them ideal for big-ticket spending like wedding banquets 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% 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.
ALSO READ: Visa vs Mastercard vs American Express – Which is Best?
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4. HSBC Visa Platinum Credit Card
HSBC Visa Platinum Credit Card
[FLASH DEAL: WIN UP TO S$338 CASH!]
Get a Hinomi Q1 Ergonomic Chair (worth S$499) or a Samsung 27-inch Smart Monitor M5 (worth S$432) or S$300 GrabGifts Vouchers or S$250 Cash via PayNow when you apply for an eligible HSBC credit card and spend a min. of S$500 from Card Account Opening Date to the end of the following calendar month.
PLUS stand a chance to win an S$88 Cash Bonus on top of your baseline gift, when you meet the giveaway criteria! T&Cs apply.
Valid until 29 Feb 2024
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 UOB Absolute Cashback Card, Citi Cash Back+ Mastercard or Standard Chartered Simply Cash Credit Card.
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5. Standard Chartered Simply Cash Credit Card
Standard Chartered Simply Cash Credit Card
Unlock Exclusive Rewards
Earn 4,500 SmartPoints or up to S$350 cash* when you apply and meet the minimum spend within 1 month from card approval date. T&Cs apply.
Why Choose SmartPoints?
Enjoy the ultimate flexibility to redeem ANY gift at our Rewards Store.
Short on points? Simply pay the difference with cash, and grab your desired gift today!
Valid until 29 Feb 2024
The Standard Chartered Simply Cash Credit Card is a nice-but-not-the-best-in-the-world cashback card. As far as $0 minimum spend unlimited cashback cards go, it’s in third place after the UOB Absolute Cashback Card (1.7%) and Citi Cash Back+ Mastercard/OCBC INFINITY Cashback Card (1.6%), giving you 1.5% cashback on all eligible spending with no cashback cap and no minimum spending. Here, “eligible spending” refers to pretty much everything barring the usual exceptions—bills, taxes, insurance premiums and any top-ups to prepaid cards or accounts.
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 2 years. It’s also worth comparing their limited-time sign-up promotions to see which gets you a better welcome gift.
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6. American Express True Cashback Card
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American Express True Cashback Card
Get S$150 Cash via PayNow when you apply for an American Express True Cashback Card and spend a min. of S$500 in Qualifying Spends within the first month of card approval! T&Cs apply.
Valid until 28 Feb 2024
The Amex True Cashback Card is one of the longest-standing unlimited cashback cards around. It doles out 1.5% cashback on all spending with no minimum spending requirement and no cashback cap. The card also offers 3% cashback on up to $5,000 worth of spending in your first 6 months of use.
While the Amex True Cashback Card sounds like a better deal than the Standard Chartered Simply Cash Credit Card we just talked about, it’s harder to get. The Standard Chartered Simply Cash has a minimum income requirement of S$30,000 (Singaporean) or S$60,000 (Non-Singaporean), which is standard for an entry-level credit card. That’s what the Amex True Cashback Card is NOT—its income requirements aren’t even published, so it’s up to Amex’s discretion.
Do also note that the Amex True Cashback Card comes with an annual fee of $174.40. This is waived for the first year, but Amex is one provider that may not waive the card fee thereafter—no matter how nicely you ask.
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7. OCBC INFINITY Cashback Card
Up to 1.8%
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The OCBC INFINITY Cashback Card is yet another no minimum spend, unlimited cashback card. What sets it apart from its fellow $0 minimum spend contenders? For starters, it’s currently offering the highest (sorta) unlimited cashback rate in town at 1.8%. The catch is that this 1.8% cashback rate is:
- For a limited time.
- For a limited number of customers.
- Not really 100% unlimited.
Let me explain. The usual, non-promotional cashback on the OCBC INFINITY Cashback Card is 1.6%. This cashback is unlimited and has no minimum spend requirement, which means it ties with the Citi Cash Back+ we talked about earlier.
What brings the OCBC INFINITY Cashback Card’s cashback rate up to 1.8% is a special promotion OCBC is offering:
- From now till 31 Mar 2024, OCBC is awarding 0.2% bonus cashback for the first 6 months from your card approval date—hence it’s time-limited.
- This promotion is only valid for the first 2,000 new-to-OCBC cardmembers each month—hence it’s limited to a certain number of customers.
- The bonus 0.2% can only be applied on the first S$3,000 qualifying spend charged to your new card monthly—hence the 1.8% “unlimited” cashback isn’t fully unlimited. To be more accurate, it’s 1.6% unlimited cashback + 0.2% cashback capped at $6 monthly (0.2% of $3,000).
The 1.8% cashback on the OCBC INFINITY Cashback Card is still a very enticing offer, even with the fine print I broke down for you above. If you don’t spend more than $3,000 a month anyway, you can just treat the bonus 0.2% cashback as a power-up to enjoy while you can.
Plus, the OCBC INFINITY Cashback Card has an ideal cashback mechanism for lazy folks like myself—the cashback is automatically offset in the same month’s statement. There’s no need to log in to an app and redeem it or to even keep track of it at all.
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8. CIMB World Mastercard
CIMB World Mastercard
Get a Hinomi Q1 Ergonomic Chair (worth S$499) or a Samsung 27-inch Smart Monitor M5 (worth S$432) or a Sony WF-1000XM5 Wireless Noise Cancelling Headphones (worth S$429) or S$280 Cash via PayNow when you apply and spend a min of S$988. T&Cs apply.
Valid until 29 Feb 2024
As far as unlimited cashback cards go, one that’s often forgotten is the CIMB World Mastercard. No, despite it’s name, it’s not a miles card. The CIMB World Mastercard is actually quite a cashback heavyweight, bringing 2% unlimited cashback to the table.
Wait, isn’t that higher than the UOB Absolute Cashback Card and Citi Cash Back + Card? It is, but the catch is that this 2% unlimited cashback applies only to selected categories, with a $1,000 minimum spend. The selected categories are: Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, and Luxury Goods. On all other spends, you earn 1% unlimited cashback.
If credit card fees—or rather, calling up the bank to get them waived—bother you, you’ll be pleased to know that the CIMB World Mastercard promises no annual fees for life.
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9. UOB One Card
S$500
[FLASH DEAL: S$50 Cash Bonus]
Secure an extra S$50 Cash via PayNow on top of the online promotion by being one of the first 100 successful claims to apply through MoneySmart! T&Cs apply.
PLUS get up to 15% Cashback and S$350 Grab Vouchers from UOB when you successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 for 2 consecutive months from card approval date. T&Cs apply!
Valid until 29 Feb 2024
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.
| Cashback | $500/month and $1,000/month | $2,000/month |
| Base cashback per quarter | 3.33% | 3.33% |
| Additional cashback at selected partners | 5% | 6.67% |
| Enhanced cashback (for new card members who apply from now to 31 Mar 2024) | 6.67% | 5% |
| TOTAL | 15% | 15% |
The card gives you up to 3.33% on all retail spending if you spend $2,000 / $1,000 / $500 per month (at least 5 transactions) for 3 consecutive months. That’ll earn you a lump sum of $200/$100/$50 max cashback at the end of the quarter, which works out in all cases to up to 3.33% cashback.
However, in order to get additional cashback of 6.67% (making for a total of 10%) at partners like McDonald’s, Grab, Cold Storage, Shopee, 7-Eleven 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 5%.
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 now till 31 Mar 2024. The Enhanced Cashback will get you an additional 5% if you spend $2,000/month for 3 months, and 6.67% if you spend $500 or $1,000/month for 3 months.
If you add up the base retail spending cashback (3.33%), additional cashback at selected partners (5% or 6.67%), and UOB’s enhanced cashback (6.67% or 5%), you always get 15% 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 enhanced cashback promo was supposed to end on 31 Dec 2023, but UOB has been extending it for months—and we hope they continue to do so.
At the current cashback rates, 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.
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10. Citi Cash Back Card
Citi Cash Back Card
[FLASH DEAL: WIN A SONY PS5]
Stand a chance to win a Sony PlayStation®5 SLIM Digital Edition (CFI-2018B01) (worth S$669) on top of your baseline gifts when you are one of 3 successful claims at 2pm & 9pm daily!
Unlock Exclusive Rewards
The rest can still earn 5,040 SmartPoints or S$300 cash when you apply and meet the minimum spend within 30 days from card approval date. T&Cs apply.
Why Choose SmartPoints?
Enjoy the ultimate flexibility to redeem ANY gift at our Rewards Store.
Short on points? Simply pay the difference with cash, and grab your desired gift today!
Valid until 26 Feb 2024
Not to be confused with the Citi Cash Back+ Card, the Citi Cash Back Card without-a-plus gives you 8% cashback on groceries and petrol and 6% 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%.
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.
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11. DBS Live Fresh Card
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Singapore’s first-ever eco-friendly recycled card, made from 85.5% recycled plastic
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Earn up to 5% cashback on Online & Visa contactless spend with a minimum spend of S$600 per calendar month
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Additional 5% Green Cashback on selected Eco-Eateries, Retailers and Transport services
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Earn 0.3% cashback on all other spend
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Enjoy 1-year annual fee waiver
See all card details
DBS Live Fresh has rebranded itself as Singapore’s first eco-friendly card made from 85.5% recycled plastic, and offering up to 10% cashback at certain eco-businesses.
Putting aside the greenwashing for the time being, the card’s true benefit is actually 5% cashback on online and Visa contactless spending, capped at $20 per month respectively. In other words, at the 5% rate, the cashback maxes out at an expenditure of $400.
Now let’s look at the eco-benefits of the card. The DBS Live Fresh Card also gives you an additional 5% cashback at selected eco-friendly businesses, including:
- Eco-eateries: Just Dabao, Open Farm Community, The Summerhouse
- Eco-retailers: Little Farms, Scoop Wholefoods, The Green Collective
- Ec0-transport services: Bus/Train Rides via SimplyGo, BlueSG, Electric Vehicle Charging, SG Bike
Is there a catch? Yes, 2 in fact. Firstly, these cashback rates are subject to a minimum spending of $600 in a month.
Secondly, the cashback you can earn is capped. The cashback caps are:
- $15 on your eco-friendly spending ($300 spend, based on the 5% additional cashback earn rate)
- $20 on your online spending ($400 spend, based on a 5% earn rate)
- $20 on your Visa contactless spending ($400 spend, based on a 5% earn rate)
- $20 on everything else each month ($6667, based on a 0.3% earn rate)
This puts the maximum cashback you can earn in a month at $75—but you’d need to spend $7767 to get that. Realistically, you’re only going to use the DBS Live Fresh card for the first 3 categories.
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12. OCBC FRANK Credit Card
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Earn 8% cashback on online/ contactless mobile transactions in SGD
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Earn 8% cashback on Foreign Currency transactions
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Earn 2% bonus cashback at selected Green Merchants: SimplyGo, BlueSG, Scoop Wholefoods and more.
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0.3% cashback on other eligible spends
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To enjoy the cashback, you need to spend a minimum of S$800 based on posted transactions in a calendar month
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If you spend less than S$800, a flat 0.3% cashback is awarded
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Min. annual spend of S$10,000 from date of approval to qualify for automatic annual fee waiver
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At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
See all card details
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 8% cashback on foreign spending and all types of local online/contactless mobile 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 2% 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 $1oo cashback. To further break down the $100 cap, it’s actually a $25 cap per category among these 4 spend categories:
- Foreign spending (8% cashback, capped at $25)
- Local online transactions and mobile payment (8% cashback, capped at $25)
- Spending at green merchants (additional 2% cashback, capped at $25)
- All other spending (0.3% based cashback, capped at $25)
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13. POSB Everyday Card
POSB Everyday Card
Apply Now
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 5% cashback at Sheng Siong. For pet owners, use this card at Pet Lovers Centre for 3% cashback on regular-priced items, provided you hit the $15 minimum purchase amount.
If you drive, it also gets you 20.1% 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% on foodpanda and Deliveroo delivery, 8% on selected online shopping merchants such as Amazon.sg, Lazada, Shopee, RedMart, and iHerb, as well as 3% at Watsons and on dining expenses.
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14. 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.
Here’s how they work:How do Cashback Credit Cards work?Cashback cards rewardyou for spending money.When youspend money,you get a fraction backas a Cash Rebate.(Effectively a discount off yourcredit card bill.) Basic CashbackA simple percentage (e.g. 1%) that applies to all spend.Bonus CashbackRewards spending on certain merchants.Minimum SpendThe minimum you have to spend in order to receive the cash rebate.Cashback CapThe maximum amount of cash rebate you can get.Types of Cashback CardsRestrictions to look out forBasic CashbackA simple percentage (e.g. 1%) that applies to all spend.Bonus CashbackRewards spending on certain merchants.
Want to find out more about the best cash back credit cards in Singapore? Compare and apply on MoneySmart!
The post 12 Best Cashback Credit Cards in Singapore (2024) appeared first on the MoneySmart blog.
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Original article: 12 Best Cashback Credit Cards in Singapore (2024).
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