- No, you won’t get your cashback credited into your bank account (or receive a wad of money in the mail, for that matter). Cash back credit cards don’t work that way, sadly. You won’t get actual “cash” that you can see and use right away. Instead, you’ll get the amount credited back to you on your card. When your cashback is in, your credit card statement will reflect a positive charge. In other words, you’ll have $X of credit to use for free. This basically gives you a discount off your next bill, so you’ll need to continue using your credit card after the cashback comes in.
- Cashback credit cards in Singapore are extremely competitive and dynamic. Just a year ago, 5% cashback seemed like a very generous offer, but by today’s standards, it’s bordering on misery. Banks have really upped their game especially when it comes to a merchant- or category-specific cashback. These days, it’s not uncommon to see 10% rebates or even 12%. However, many of these generous sounding rebates have tons of restrictions, most commonly minimum spends, cash back caps, and expiry dates. So they’re not THAT easy to get hold of.
- This is a totally subjective matter and it really, really depends on how you like to be rewarded. There are two main camps out there - Team Cashback and Team Air Miles. Team Cashback likes instant gratification. These are the folks who feel good about life when they snag a cup of bubble tea for $2.50 instead of $3. On the other hand, those on Team Air Miles would rather not waste time with small discounts and aim for big “prizes”, like free Business Class flights, and don’t mind playing the long game for a big payoff at the end. So ultimately, the only person who can say it’s worthwhile to get a cashback credit card is YOU.
- The best cashback credit card is the best one that fits your lifestyle perfectly. If you’re the type who would always tap your card for every payment, look into Standard Chartered Unlimited Cashback credit card. There’s no cap, so can shop all you want and earn unlimited cashback. When it comes to dining out, groceries and petrol, the Citi Cashback credit card takes the top spot. The AMEX True Cashback credit card is rather straightforward. They give out 1.5% cashback with no minimum spend, no cap and no strings attached. So if you want an uncomplicated card, this card is for you.
- Shop around and compare the best cashback credit cards. Check the categories that you usually spend on and the cashback rate. Then go for the one that matches your spending habits.