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    Best Cash Back Credit Cards

    We found 23 Best Cash Back Credit Cards

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    Credit Card BYTES FROM OUR KITCHEN

    Credit cards can offer you with a wide range of benefits and can also provide you with instant credit. They are no longer pieces of plastic used by select group of people and instead they are popular with people from all walks of life. If you are someone who would like to save money while you use your credit card, you can opt for a card that will offer you with cashback. Almost all the credit card issuers in Singapore offer cashback credit cards and these cards help people to save a lot of money when they use them for a variety of transactions.

    Apart from offering you with a percentage of the transaction amount as a cashback, these credit cards will also offer you with numerous deals, privileges and discounts that will enhance your experience as a credit cardholder. You will not need to pay a huge amount of fee to apply for a cashback credit card in Singapore. Every time you use your cashback credit card for dining, travel, shopping and entertainment, you will save money. Some of these cards will even allow you to earn loyalty reward points and you can then redeem the same for different types of vouchers and other items.

    Cash Back Credit Cards Overview

    What’s more enticing than being able to earn money while you spend? Cash back credit cards gives you the opportunity to save money by offering rebates on your expenses. But why would a credit card company pay you to spend money? You might be sceptical about cash back cards, so before you apply for one, find out if it’s really for you!

    The reason credit card companies offer cash back is simply to get customers to spend more on their credit cards. You could reap the benefits if you know how. If you’re a regular spender and pay your dues on time, these rewards can turn into savings. Cash back is definitely not a way to earn money, neither is it a way to pay off your interest. It just doesn’t work that way. If you miss a payment or carry a balance forward, your rewards might be negated and may even turn into interest, leaving you with no benefits. There are offers where cash back means cash value perks that the bank offers you and not necessarily tangible money. So watch out for the fine print. But for the highly responsible credit card user, cash back is an offer that’s hard to pass up.

    Cash back is a programme in which the credit card company pays back a percentage of the money a customer spends. It is a monetary amount that is either credited to the credit card account or is paid separately to the customer. Different banks offer different percentages of cash back on a range of purchases. Some of the ways you can earn cash back is on grocery shopping, movie tickets, other entertainment, online purchases, fuel and dining at select outlets. Some cards reward you for any expenditure on your card.

    Top 3 Cashback Credit Cards in Singapore

    Some of the top cashback credit cards available in Singapore are as follows:

    1. American Express True Cash Back Card – As its name suggests, this credit card from American Express is ideal for those who are looking for a cashback credit card. This card will reward you for each and every purchase of yours and will also allow you to save a lot money. It comes with very attractive interest rates and a ton of other beneficial features. With the American Express True Cash Back Card you can get up to 1.5 percent as a cash back for all your transactions. There is an annual fee of S$171.20 but it is waived for the first year and so you can enjoy numerous benefits without having to pay a lot of money as an annual fee for the card.
    2. OCBC Great Eastern Cashflo Credit Card – It is the ultimate credit card for those who want to save money through cash rebates. Instead of getting a percentage of your transaction as cash back later, you will get a cash rebate i.e. a discount on the transaction amount. Thus, the savings will be available to you instantly and you will be able to better utilize your credit card limit. You will get the option of choosing your preferred category and then you can get a cash rebate of 5 percent for dining, travel, hotels, restaurants, cinemas, bars etc. There is no minimum spend limit for availing the cash rebate benefit offered with this card.
    3. POSB Everyday Card – POSB offers only a single credit card in the island and it is adorned with so many beneficial features that it is one of the most preferred credit cards for Singaporeans. You will enjoy cash rebates of 2 percent when you use your card for transactions abroad. Thus, this card will be your ideal companion when you travel to any foreign country. Apart from cash rebates, you can also earn reward points and the same can be redeemed for a variety of deals, discounts and shopping vouchers from some of the top domestic and international merchants. The card also enjoys wide acceptability and comes with relatively lower interest rates.

    How do cashback and rebate cards work?

    With a cashback card, you will get a percentage of your transactions as a cash back at the end of a period, usually at the end of a calendar year. For example, if you make transactions worth S$10,000 in a year and if the card offers a cash back of 1 percent, S$100 will be credited to your credit card at the end of the year. On the other hand, cash rebate credit cards will offer you with access to instant discounts and will help you to save a lot of money in the process. For example, if a credit card offers cash rebates of 1 percent and if you make a transaction of S$500, you will get a discount of S$5 on the transaction amount. Thus, the benefits are available to you on an instant basis. Depending on your needs, you can either apply for a cashback credit card or a cash rebate credit card and then enjoy the benefits offered by them.

    Features & Benefits of Cash Back Credit Cards

    • Earn a discount on expenses in the form of cash rebates.
    • Cash back may be credited to the credit card account or paid separately.
    • Cash back maybe redeemable at cash value on vouchers, products or as discounts at preferred outlets.
    • The total outstanding due should be paid on time and in full.

    Eligibility For CashBack Credit Cards

    The eligibility criteria for these cards depends on the card issuer. However, there are certain common criteria which are as follows:

    • You should be minimum 21 years of age
    • You should have a minimum annual income of S$30,000.
    • If you do not meet the income criteria, you should pledge your fixed deposit account as a collateral and the balance of your fixed deposit account should be minimum S$50,000.
    • You should be a Citizen or Permanent Resident of Singapore
    • You should be a foreigner residing in Singapore who has valid work permits and other documents.

    Cashback Credit Card - Documents Required

    In order to apply for cash back credit cards in Singapore, you will mostly likely need to submit the following documents:

    • Photocopy of your NRIC (both sides);
    • Proof of residential address;
    • Income proof;
    • Photocopy of passport or employment pass;
    • Photocopy of CPF statement etc.
    • Assessment of Income

    Cash Back Rewards in Singapore

    • American Express True Cashback Card offers 1.5% cash back on any purchase you make at any time. It also waives the annual fee for the first year.
    • Citibank DIVIDEND Card enables you to save up to 18.3% on fuel, 5% on groceries, health and beauty, and 2% on dining.
    • MANHATTAN World MasterCard from Standard Chartered offers up to 3% CashBack (up to a maximum of $800 a year) on eligible purchases plus a suite of exclusive lifestyle privileges.
    • UOB One card offers up to 3.33% cash rebate on all spends, an additional 2% on overseas spend, and you could also earn up to 20% SMART$ rebate at over 800 merchants.

    Latest Promotions & Offers

    Banks offer many introductory offers and promotional offers on cash back credit cards. You could get a chance to get the best credit card suitable for you at the best deals on reward points, annual fees and other charges. Look out for these offers to maximise your total rewards and benefits.

    Cashback Credit Card - FAQs

    1. How can I earn cash back?
    2. Depending on the credit card you have chosen, you will be able to earn cash back on eligible purchases as stated by the bank.

    3. How do I redeem cash back earned?
    4. Banks generally allow you to redeem cash back in the following ways:

      • Redeem it for gift vouchers.
      • Credit to the credit card account.
      • Use it to pay for purchases at preferred outlets.
      • Donate it to charities.
      • Electronic transfer to your savings account.
    5. Is there a minimum cash back I need to earn in order to redeem it?
    6. Yes, there may be a minimum limit set by your bank to be able to redeem cash back earned. It may be $25 or even $100 depending on the terms and conditions set by the bank.

    7. Can I use cashback to pay off my credit card dues?
    8. No, most banks will not allow you to use cash back against your balance. Furthermore, cash back earned may be negated if you have an outstanding balance carried forward.

    News About Cashback Credit Cards

    • Now earn cashback on your daily spends with OCBC 365 credit card!

      OCBC 365 credit card is well known for its cashback rewards. Up until now, the card offered cashback rewards on Dining, Online shopping, Petrol, Telecommunication and other minor expenses. Recently the card added another benefit to its already extensive range of cashback benefits. Now you can avail cashback rewards on everyday spends. OCBC 365 credit card is now offering 3% cashback on spends on personal care at Body Shop, Watsons and Unit pharmacy and at supermarkets all over Singapore. The cardholder should spend a minimum of S$600 in a calendar month to avail the cashback offer. For purchases below S$600, cashback of 0.3% is awarded. The cashback is capped at S$80 per calendar month.

      16th November 2016

    • 5 percent cash back with all the overseas spends

      Run Time: This is an ongoing promotional offer and this will continue till 31st May, 2016

      Particulars: This particular promotional offer is valid for all the BOC credit card holders. When you spend a minimum amount of SGD 200 using your BOC credit card, you can avail a cash back of 5 percent.

      Terms and conditions

      Please, contact the bank to know more about the terms and conditions of this promotional offer.

    • OCBC Credit Cards SGD 35 Cash Rebate Promotion

      Run Time: This promotion is available from 1 Feb, 2016 to 30 Apr, 2016.

      Get a cash rebate of SGD 35 by spending a minimum amount of SGD 3,500 for a single transaction through the 0 percent interest instalment plan available with OCBC Credit Cards.

      Terms and conditions laid down by OCBC Bank might be applicable.

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