The Best Credit Cards in Singapore are Cashback Cards: Here’s Why

Person swiping credit card on a Point-Of-Sale Machine

If you didn’t know what cashback is by now, let me spell it out for you in the easiest way possible: you get literal cash back for spending your money. Think of it like a discount, or an incentive to splurge on the things you’ve always wanted – you can rest knowing that the expense is not as big of a burden on your wallet as you initially thought. 

As to how to get this cashback, the process is like signing up for any other card out there. Find a credit card that gives you the best benefits for your specific lifestyle. Sign up for that card. And lastly, spend away. 

However, finding the perfect card for you is not as easy as it may seem since there are varying benefits and costs from provider to provider, and even card to card within the same company. There are also many forms in which a company provides cashback. 

One way credit-card companies provide cashback is by proving a flat rebate. This means that you will receive a certain percentage of your money back for any purchases you make that fall into the category recognised by the credit-card provider. Cards like the UOB One Card can give u 5% cash back rebates and an extra 5% on select merchants, meaning you can save up to 10% of your money on necessary purchases you have to make anyway. 

There are many other ways credit card providers implement cash back that is not necessarily pure hard cash. For the avid traveler, cards such as the Citi Cash Back Card offer cashback both at home and abroad so that you can live that jetsetter lifestyle without feeling that massive pinch. If you like traveling in style, the DBS Altitude Visa offers customers 3 miler per dollar spent on flights and many more travel perks. 

Sick and tired of paying annual fees for cards and think this is all a scam? Do not fret as there is a cashback card for that too. OCBC 365 card offers great rebates with no annual fee, making its reward rates highly competitive on the market. Say you are an avid shopper, the Citi Cash Back+ Card has a top limitless rebate rate, making it perfect for the Orchard Road frequenter. 

If you are a massive foodie (and let’s be real, most Singaporeans are) the Maybank Family & Friends MasterCard offers a whopping 8% cashback on selected categories, one of which is dining and food delivery. 

These are only a few of the many, many perks you can enjoy when you sign up for a credit card with cashback. There are tons of options out there so be sure to take your time, explore the field, and consult resources to find out which one is four you. 

Check out this article for the full breakdown of the various credit cards out there or use our handy credit card comparison here to quickly see which card best suits your needs. 

Happy shopping and saving!