Credit card issuers tend to incentivise use of cards by offering cash rebates and other rewards on eligible transactions. This helps users stretch every dollar they charge to their card and get a better return on their investment.
Everything About Cash Rebate Cards You Must Know
The Limit on Your Card:
The cash rebates on your card can be maximised if you remember the following:
- Check the minimum spend criteria.
- Check the list of eligible transactions. Not all transactions charged to your card may earn you rebates.
- Check the cap on cash rebates, if any. You can earn rebates only up to that limit during a particular period.
- Check for the cash rebate limit details under the terms and conditions section.
- Once you have reached the cash rebate limit for a particular period, you won’t earn cash rebates further.
- Switching to another card may be a smart move once you have reached the limit on cash rebates for the period on this card.
Terms and Conditions concerning your Credit Card
Find out all there is to know about the clauses governing the programme. Things you can find out from the terms and conditions include:
- Not all transactions charged to your card will fetch you cash rebates.
- Charges made towards your card bill and other maintenance charges typically won’t get you cash rebates.
- The offers will usually work only at select stores and select purchases.
- Find out which purchases will get you the best deals and optimise the use of your card to maximise the benefits.
Knowing the promotions and introductory offers on your Credit Card
- Some cards offer introductory cashback on your initial purchases which means that these offers are valid for a limited period only.
- Don’t confuse them with the actual rebates offered on your card.
- Keep an eye out for the expiry dates on these promotional offers. Once the offers expire, you won’t get cash rebates or cashback even if you charge considerable amounts to your card.
- Try to stretch the dollars you spend by charging more on eligible transactions during the promotion periods.
Pick a Cash Rebate Credit Card according to your spending habit
- Choose a cash rebate card based on your spending patterns to maximise your returns rather than opting for a card that offers lower rates of rebates on all transactions.
- If you mainly charge shopping purchases to your card, go for a shopping card that offers heavy rebates on online and offline shopping.
- Use your card mainly for transactions that get you these benefits.
Best Cash Rebate Credit Cards
Here are the top credit cards in Singapore that offer you the best cash rebates on purchases. The exclusive cash rebates offered is listed below for each card.
Citibank Cash Back Credit Card
Citibank offers one of the best cash rebate cards with excellent privileges and discounts.
- Get a 5% cash rebate on fuel purchases. When you refuel, save up to 18.1% at Shell and 18.3% at Esso stations.
- Earn 2% rebates when you dine at top restaurants across the world.
- Save on grocery shopping, health and beauty products with a rebate of 2%, applicable worldwide.
- Get a guaranteed cash rebate of 0.5% on all other purchases.
UOB One Card
The UOB One card comes with unbelievable cash rebates and fuel offers for Singaporeans.
- Get up to 3.33% cash rebates on all your credit card purchases, with a minimum spend of S$300.
- Overseas spends get you a cash rebate of 2%.
- Save on petrol with savings up to 21.74% on Caltex Platinum 98 petrol at Caltex.
- Get up to 20% SMART$ rebate on purchases at over 800 merchants across Singapore.
HSBC Platinum Credit Card
The Quarterly Cash Rebates Programme from HSBC offers you exceptional rewards on dining, fuel and grocery shopping across Singapore.
- Get up to 5% cash rebates with a minimum spend of S$800 in a quarter along with 14% discount at Shell and Caltex petrol stations.
- Grocery shopping earns you a cash rebate of 5%, with a minimum spend of S$800 in a quarter.
- Dine at top restaurant chains and get cash rebates of up to 2%, with a minimum spend of S$800 in a quarter.
- When you sign up for a HSBC Platinum Credit Card online, you can earn a cash rebate of S$20 after your card is approved.
OCBC FRANK Credit Card
The OCBC FRANK Credit Card is the best card for making online purchases and offers yearlong cash rebates to customers.
- Get up 6% cash rebates and save up to S$720 per year on online purchases, with a minimum spend of S$500 per month.
- Earn 0.5% cash rebates on all other credit card purchases.
- The OCBC FRANK Credit Card also acts as a NETS flashpay card with a Top-up feature for parking, MRT and bus rides. The 6% cash rebate also applies to the first 2 Auto Top-ups.
Credit Card Cash Rebate programme
A rebate is also a kind of cashback, where, you get back a percentage of the money you spend on certain purchases, as deemed eligible by the credit card issuer.
However, unlike cashback, you will not be able to cash the amount. The percentage of purchase that you get can be used to offset other purchases. This could be a very important tool for planning your monthly budget.
Usual terms of cash rebate programmes:
- The rebate offered may be limited to the merchants that are partnered with the bank. There are, however some credit cards which offer a lower percentage of rebate should you purchase from other places.
- These rebates may be credited to your account only if you spend the minimum amount set by the credit card issuer. In case you spent less than that, there could be a lower percentage of rebate, depending on the issuer.
- There could be a limit to how much rebate you can earn on your credit card spends.
- Rebates may be applicable only for purchases made in certain categories as determined by the bank.
Doing the math:
Suppose your card offers the following terms for cash rebate:
- 3% rebate for
- weekday dining & entertainment
- Online shopping
- Paying for travel with the card
- All other purchases will get you 0.3% rebate.
- You have to spend a minimum amount of S$600 per month to be eligible for the rebate.
Let us look at an illustration in the table below to understand how it works out for you in a month:
|Category||Amount spent in a month||Rebate|
|Weekday dining & entertainment||S$500||S$15|
|Paying for travel with the card||S$700||S$21|
For a total spend of S$1,600, you get a rebate of S$48. In case your total spend for a month was less than S$600, you will have to be content with a rebate of 0.3% on all spends.
There could be various promotions offered by banks from time to time which might offer higher rebates for a specific time-period. Understanding how rebates work will help you choose the best card to serve your purpose.