Cashback refers to a reward benefit or an incentive program that you receive on your Credit Card from a Bank. When you use your card for purchases, a percentage of the amount is paid back to the cardholder and this is referred to as cashback.
Some of the top cashback credit cards available in Singapore are as follows:
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.
It is the ultimate credit card from OCBC Singapore 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.
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.
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.
The eligibility criteria for these cards depends on the card issuer. However, there are certain common criteria which are as follows:
In order to apply for cash back credit cards in Singapore, you will mostly likely need to submit the following documents:
Most credit cards offer cashback as a reward program to its customers. While a few banks cap the amount that can be earned for the respective month, other credit cards do not have any cap on the how much you can earn.
For instance, if you are getting a cashback of 5% on grocery spends, this may be capped at S$50 per month and may require you to have a minimum card spend of S$200 every month. In case you do not spend S$200 on your groceries but spend S$200 on any other purchases, you may receive a flat rate of 0.50% that will amount to S$1.
If you consider this illustration, by spending S$200 on your groceries, you will get 5% cashback that equals to S$10 as opposed to S$1 when you do not meet the minimum spend requirement.
While there are plenty of credit cards that offer this benefit, not all of them give cashback for all the purchases you make. You may have to spend on select categories to reap this benefit.
Credit card companies will provide Cash rebate on specific spends such as groceries, dining, petrol, etc. When you spend on these particular categories, you will enjoy better savings. Some credit card companies will only provide cashback if you spend a minimum amount per month. However there are credit cards that offer a flat cashback rate on ALL purchases made using that credit card, but the rate will be lower when compared to cards that offer higher cashback on specific spend categories.
Depending on the credit card you have chosen, you will be able to earn cash back on eligible purchases as stated by the bank.
Banks generally allow you to redeem cash back in the following ways:
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.
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.
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
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.
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.