Compare the Best Cashback Credit Cards in Singapore 2019

Updated November 2019

Earn up to 8% cash rebates with a cashback credit card. Compare and find the best cashback credit card to earn the highest rebates based on your spending habits.

Popular Cash Back Credit Cards

CIMB Platinum Mastercard

10%

Cash Back on Wine & Dine, Petrol & Transport, Travel

S$800

Min. spend per month

S$100

Cash Back Cap

Online Promotion: Get a free return flight ticket!Valid till 31 Dec 2019.

10%

Cash Back on Wine & Dine, Petrol & Transport, Travel

S$800

Min. spend per month

S$100

Cash Back Cap

Online Promotion: Get a free return flight ticket!Valid till 31 Dec 2019.

Cash Back Features

  • 10% Cash Back on Wine & Dine
  • 10% Cash Back on Transport & Petrol
  • 10% Cash Back on Travel in Foreign Currency
  • 10% Cash Back on Health & Medical
  • 10% Cash Back on Electronic & Furnishing at Selected Merchants
  • 0.2% Unlimited Cash Back - no min monthly spend or cap
  • 10% is capped at S$100 per month and up to S$20 per category
  • 10% Cash back consists of the base Cash Back of 0.2% and an additional 9.8%

Annual Interest Rate and Fees

Annual Interest Rate25.90%
Principle Annual Fee$0
Supplementary Annual FeeFree
Fee WaiverAvailable
Minimum Monthly Repayment3% or S$50, whichever is higher
Interest Free Period23 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$60,000

Other

Card AssociationMastercard
Wireless PaymentMastercard PayPass
CIMB Visa Signature

10%

Cash Back on Beauty & Wellness, Online Shopping, Groceries

S$800

Min. spend per month

S$100

Cash Back Cap

Online Promotion: Get a free return flight ticket!Valid till 31 Dec 2019.

10%

Cash Back on Beauty & Wellness, Online Shopping, Groceries

S$800

Min. spend per month

S$100

Cash Back Cap

Online Promotion: Get a free return flight ticket!Valid till 31 Dec 2019.

Cash Back Features

  • 10% Cash Back on Beauty & Wellness
  • 10% Cash Back on Online Shopping
  • 10% Cash Back on Groceries and more
  • 10% Cash Back on Pet Shops & Veterinary Services
  • 10% Cash Back on Cruises
  • 0.2% Unlimited Cash Back - no min monthly spend or cap
  • 10% is capped at S$100 per month and up to S$20 per category
  • 10% Cash back consists of the base Cash Back of 0.2% and an additional 9.8%

Annual Interest Rate and Fees

Annual Interest Rate25.90%
Principle Annual Fee$0
Supplementary Annual FeeFree
Fee WaiverAvailable
Minimum Monthly Repayment3% or S$50, whichever is higher
Interest Free Period23 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$60,000

Other

Card AssociationVisa
Wireless PaymentVisa PayWave
OCBC 365 Credit Card

6%

Cashback on Everyday Dining (Including Local, Overseas and Online Food Delivery)

S$80

Cashback Cap per month

S$800

Min. Spend per month

Online Promotion: Get S$50 Cash Rebate! Applies to New-To-Bank customers.Valid till 30 Nov 2019.

6%

Cashback on Everyday Dining (Including Local, Overseas and Online Food Delivery)

S$80

Cashback Cap per month

S$800

Min. Spend per month

Online Promotion: Get S$50 Cash Rebate! Applies to New-To-Bank customers.Valid till 30 Nov 2019.

Cash Back Features

  • 6% cashback on local and overseas dining, everyday
  • 6% cashback on online food delivery e.g. Deliveroo and Foodpanda
  • Up to 23% fuel savings at Caltex stations
  • 3% cashback on local, overseas and online groceries e.g. Redmart, FairPrice Online and Honestbee
  • 3% cashback on local and overseas private hire rides e.g. Grab, ComfortDelGro, Go-jek
  • 3% cashback on online air, cruise, hotel and tour bookings e.g. Agoda and Airbnb
  • 3% cashback on recurring telco and electricity bills
  • 0.3% cashback on everything else

Annual Interest Rate and Fees

Annual Interest Rate26.88%
Principle Annual Fee$193
Supplementary Annual FeeS$96.30
Fee WaiverAvailable
Minimum Monthly Repayment3% or S$50, whichever is higher
Interest Free Period23 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$45,000

Other

Card AssociationVisa
Wireless PaymentVisa payWave, Apple Pay, Samsung Pay, Google Pay
DBS Live Fresh Card

Up to 10%

Cashback on Online, Visa Contactless & Transport Spend

S$80

Cash Back Cap per month

S$600

Min. Spend per month

Online Promotion: Enjoy up to S$180 cashbackValid till 31 Mar 2020.

Up to 10%

Cashback on Online, Visa Contactless & Transport Spend

S$80

Cash Back Cap per month

S$600

Min. Spend per month

Online Promotion: Enjoy up to S$180 cashbackValid till 31 Mar 2020.

Cash Back Features

  • Earn up to 10% cashback on your Transport spend (includes bus, train and taxi rides, and even ride-hailing services) with a minimum spend of S$600 per calendar month for the first 180 days from Card Approval Date
  • Earn 5% cashback on Online & Visa contactless spend with a minimum spend of S$600 per calendar month
  • Earn 0.3% cashback on all other spend

Annual Interest Rate and Fees

Annual Interest Rate26.80%
Principle Annual Fee$193
Supplementary Annual FeeS$96.30
Fee Waiver1 year
Minimum Monthly Repayment3.00% or S$50, whichever is higher
Interest Free Period20 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$45,000

Other

Card AssociationVisa
Wireless PaymentVisa Contactless, Apple Pay, Samsung Pay, Google Pay
UOB YOLO Credit Card

Up to 8%

Cash Back on Online, Grab, Dining and Entertainment spend

Up to S$80

Cash Back Cap per month

S$600

Min. Spend per month

Up to 8%

Cash Back on Online, Grab, Dining and Entertainment spend

Up to S$80

Cash Back Cap per month

S$600

Min. Spend per month

Cash Back Features

  • Up to 8% cashback on Online, Grab, Dining and Entertainment spend (3% weekday; 8% weekend)
  • Up to 28% off at ZALORA, Lazada and more
  • Total cash back cap: S$80 per month. S$80 cash back consists of S$60 base cash back and S$20 bonus cash back
  • 1 year principal card fee waiver; no annual fees for first supplementary card
  • Minimum spend of S$600 per statement month for 8% and 3% cashback, otherwise 0.3% cashback earned on all spend

Annual Interest Rate and Fees

Annual Interest Rate25.90%
Principle Annual Fee$193
Supplementary Annual FeeN/A
Fee WaiverAvailable
Minimum Monthly Repayment3% or S$50, whichever is higher
Interest Free Period21 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$40,000

Other

Card AssociationVisa
Wireless PaymentVisa payWave, Apple Pay, Samsung Pay, Android Pay, Mighty Pay
UOB One Card

Up to 10%

Cash Back on Grab

S$300

Cash Back Cap per quarter

S$2000

Min. Spend per month, per quarter

Up to 10%

Cash Back on Grab

S$300

Cash Back Cap per quarter

S$2000

Min. Spend per month, per quarter

Cash Back Features

  • Up to 5% cash rebate on all spend for spend above S$2,000/month per quarter (up to 3.33% cash rebate for spend of $500 or $1,000 monthly)
  • Up to 10% additional SMART$ rebate with UOB SMART$ Rebate Programme

Annual Interest Rate and Fees

Annual Interest Rate25.90%
Principle Annual Fee$193
Supplementary Annual Fee1st supplementary card free; $96.30 for subsequent cards
Fee WaiverAvailable
Minimum Monthly Repayment3% of S$50, whichever is higher
Interest Free Period21 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$40,000

Other

Card AssociationVisa
Wireless PaymentVisa payWave, Apple Pay, Samsung Pay, Android Pay, Mighty Pay
Citibank SMRT Card

5%

Cash Back at Selected Grocery Stores

S$600

Cash Back Cap per year

S$300

Min. Spend per month

Online Promotion: Get S$120 cash back when you spend S$1,200 in the first 3 monthsValid till 31 Dec 2019.

5%

Cash Back at Selected Grocery Stores

S$600

Cash Back Cap per year

S$300

Min. Spend per month

Online Promotion: Get S$120 cash back when you spend S$1,200 in the first 3 monthsValid till 31 Dec 2019.

Cash Back Features

  • Up to 5% savings on on Groceries. 4.7% (For transactions above $50. If transaction is $50 and below, 2.7% awarded instead) + 0.3% (If monthly card spend is at least $300)
  • Up to 5% savings on Fast Food, Movies & Coffee. 4.7% + 0.3% (if monthly card spend is at least $300)
  • Up to 3% savings on Online Shopping. 2.7% + 0.3% (If monthly card spend is at least $300)
  • Up to 2% savings on Health & Beauty. 1.7% + 0.3% (If monthly card spend is at least $300). Including GNC, Guardian, Nature's Farm, NTUC Unity Healthcare & Watson's
  • Up to 2% EZ-Reload Auto Top-up. 0.3% + 1.7% (If top-up more than $30. If $30 or less, 0.7% awarded instead)
  • Up to 5% savings for the following with monthly spend of at least $300. 5% at POPULAR Bookstores and Toys"R"Us, 5% at selected Town Councils for Service and Conservancy Charges, 1% savings on Telecommunication bills, 1% on selected Insurance providers, 1% on SPH Newspaper Subscriptions. If monthly spend is less than $300, SMRT$ earn rate will be 0.3% less.
  • Savings awarded in SMRT$. 1 SMRT$ = S$1 of vouchers. Vouchers available for Giant, Sheng Siong, SMRT, Popular, Watsons, Shaw Theatres
  • 0.3% awarded on all other spend categories

Annual Interest Rate and Fees

Annual Interest Rate26.90%
Principle Annual Fee$193
Supplementary Annual Fee$96.30
Fee WaiverAvailable
Minimum Monthly Repayment1% or S$50, whichever is higher
Interest Free Period25 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$42,000

Other

Card AssociationVisa
Wireless PaymentVisa payWave, Samsung Pay, Citi Pay
CIMB World Mastercard

2%

Unlimited cashback on Wine & Dine, Entertainment & Recreation, Automobile and DFS purchases

S$0

Min. spend per month

Unlimited

Cash Rebate cap

Online Promotion: Apply now and get up to S$150 Cash Credit!Valid till 31 Dec 2019.

2%

Unlimited cashback on Wine & Dine, Entertainment & Recreation, Automobile and DFS purchases

S$0

Min. spend per month

Unlimited

Cash Rebate cap

Online Promotion: Apply now and get up to S$150 Cash Credit!Valid till 31 Dec 2019.

Cash Back Features

  • 2% unlimited cashback on Wine & Dine
  • 2% unlimited cashback on Entertainment & Recreation
  • 2% unlimited cashback on Automobile
  • 2% unlimited cashback on DFS purchases
  • 1.5% unlimited cashback on all other spend
  • No minimum monthly spend required to enjoy unlimited cashback

Annual Interest Rate and Fees

Annual Interest Rate25.90%
Principle Annual Fee$0
Supplementary Annual FeeFree
Fee WaiverAvailable
Minimum Monthly Repayment3% or S$50, whichever is higher
Interest Free Period23 days

Minimum Income Requirements

Singaporean$50,000
Foreigner$60,000

Other

Card AssociationMastercard
Wireless PaymentMastercard PayPass
CIMB Visa Infinite

2%

Unlimited cashback on Travel, Overseas & Online Spend in Foreign Currency

S$2,000

Min. spend per month

Unlimited

Cash Rebate cap

Online Promotion: Apply now and get up to S$150 Cash Credit!Valid till 31 Dec 2019.

2%

Unlimited cashback on Travel, Overseas & Online Spend in Foreign Currency

S$2,000

Min. spend per month

Unlimited

Cash Rebate cap

Online Promotion: Apply now and get up to S$150 Cash Credit!Valid till 31 Dec 2019.

Cash Back Features

  • 2% unlimited cashback on Travel
  • 2% unlimited cashback on Overseas spending
  • 2% unlimited cashback on Online Spend in Foreign Currency
  • Min. monthly spend of S$2,000 to enjoy unlimited 2% cashback on the categories above
  • 1% unlimited cashback on all other spend

Annual Interest Rate and Fees

Annual Interest Rate25.90%
Principle Annual Fee$0
Supplementary Annual FeeFree
Fee WaiverAvailable
Minimum Monthly Repayment3% or S$50, whichever is higher
Interest Free Period23 days

Minimum Income Requirements

Singaporean$120,000
Foreigner$60,000

Other

Card AssociationVisa
Wireless PaymentVisa payWave
POSB Everyday Card

Up to 15%

Cash Rebates for everyday essentials

Up to S$80

Cash Rebates cap per month

S$800

Min. Spend per month

Online Promotion: Enjoy S$120 cashbackValid till 31 Mar 2020.

Up to 15%

Cash Rebates for everyday essentials

Up to S$80

Cash Rebates cap per month

S$800

Min. Spend per month

Online Promotion: Enjoy S$120 cashbackValid till 31 Mar 2020.

Cash Back Features

  • Get 5% cash rebates at Sheng Siong. S$50 cash rebates cap per calendar month
  • Get 3% cash rebates at Watsons
  • Get up to 2% cash rebates on electricity and utilities bills at Starhub, SP Group, Best Electricity, Geneco, iSwitch, Ohm Energy, Tuas Power and Union Power
  • Get up to 20.1% fuel savings at SPC
  • Get 0.3% cash rebates on everything else

Annual Interest Rate and Fees

Annual Interest Rate26.80%
Principle Annual Fee$193
Supplementary Annual FeeS$96.30
Fee WaiverAvailable
Minimum Monthly Repayment3.00% or S$50, whichever is higher
Interest Free Period20 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$45,000

Other

Card AssociationMasterCard Contactless
Wireless PaymentMasterCard Contactless
Standard Chartered Spree Credit Card

3%

Cash Back on Online Spends in Foreign Currency

S$60

Cash Back Cap per month

S$0

Min. Spend per month

3%

Cash Back on Online Spends in Foreign Currency

S$60

Cash Back Cap per month

S$0

Min. Spend per month

Cash Back Features

  • 3% cashback on all online spends in foreign currency and vPost spends
  • 2% cashback on all online spends in local currency, contactless and mobile payments
  • 1% cashback on all other retail transactions

Annual Interest Rate and Fees

Annual Interest Rate26.90%
Principle Annual Fee$193
Supplementary Annual Fee0.0
Fee WaiverAvailable
Minimum Monthly Repayment1% or S$50, whichever is higher
Interest Free Period

Minimum Income Requirements

Singaporean$30,000
Foreigner$60,000

Other

Card AssociationVisa
Wireless PaymentVisa payWave, Apple Pay, Samsung Pay, Google Pay
HSBC Visa Platinum Credit Card

5%

Cash Back on Dining, Groceries, Petrol

S$250

Cash Back Cap per quarter

S$600

Min. Spend per month, per quarter

Online Promotion: Get a Samsonite T5 Spinner (worth S$560) OR S$150 Cash Back with min. spend of $800 in first month of card approval + S$20 worth of Grab rides!Valid till 31 Dec 2019.

5%

Cash Back on Dining, Groceries, Petrol

S$250

Cash Back Cap per quarter

S$600

Min. Spend per month, per quarter

Online Promotion: Get a Samsonite T5 Spinner (worth S$560) OR S$150 Cash Back with min. spend of $800 in first month of card approval + S$20 worth of Grab rides!Valid till 31 Dec 2019.

Cash Back Features

  • 5% cash rebate on dining, groceries and petrol with min. S$600 spend/month for all 3 months in a calendar quarter
  • S$250 cap per account per quarter

Annual Interest Rate and Fees

Annual Interest Rate25.90%
Principle Annual Fee$193
Supplementary Annual Fee0.0
Fee WaiverAvailable
Minimum Monthly Repayment3% or S$50, whichever is higher
Interest Free Period20 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$40,000

Other

Card AssociationVisa
Wireless PaymentVisa payWave, Apple Pay
UOB Delight Card

Up to 8%

Cash Back at Selected Grocery Stores

S$50

Cash Back Cap per month

S$800

Min. Spend per month

Up to 8%

Cash Back at Selected Grocery Stores

S$50

Cash Back Cap per month

S$800

Min. Spend per month

Cash Back Features

  • 8% or 3% cash rebate at Cold Storage, Market Place, Jasons, Giant, and Guardian. Minimum spend: S$800/S$400 per month respectively
  • 3% cash rebate on ALL contactless transactions and selected recurring bills. Minimum spend: S$400/month
  • Cash rebate cap: S$50/month, no cap on SMART$ earned at SMART$ Merchants.
  • Base rate: 0.3% cashback on spends less than S$400 and on all other spend

Annual Interest Rate and Fees

Annual Interest Rate25.90%
Principle Annual Fee$86
Supplementary Annual Fee53.5
Fee WaiverAvailable
Minimum Monthly Repayment3% or S$50, whichever is higher
Interest Free Period21 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$40,000

Other

Card AssociationVisa
Wireless PaymentVisa payWave, NETS FlashPay, Apple Pay, Samsung Pay, Android Pay, Mighty Pay
OCBC Frank Card

6%

Cash Back on Online Spend

S$60

Cash Back Cap per month

S$300

Min. Spend per month on Offline Purchases

Online Promotion: Get S$50 Cash Rebate! Applies to New-To-Bank customers.Valid till 30 Nov 2019.

6%

Cash Back on Online Spend

S$60

Cash Back Cap per month

S$300

Min. Spend per month on Offline Purchases

Online Promotion: Get S$50 Cash Rebate! Applies to New-To-Bank customers.Valid till 30 Nov 2019.

Cash Back Features

  • 6% rebate on online shopping
  • 3% rebate on first 2 top-ups for NETS FlashPay Auto Top-Up
  • 0.3% rebate on everything else
  • Up to 5% rebate for entertainment
  • S$60 monthly capped rebate with monthly offline min. spend of S$400 (excludes online and NETS FlashPay Auto Top-Up spend)

Annual Interest Rate and Fees

Annual Interest Rate26.88%
Principle Annual Fee$80
Supplementary Annual Fee$40
Fee WaiverAvailable
Minimum Monthly Repayment3% or S$50, whichever is higher
Interest Free Period23 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$45,000

Other

Card AssociationVisa
Wireless PaymentVisa payWave, NETS FlashPay, Apple Pay, Samsung Pay, Google Pay
Maybank Family & Friends Card

Up to 8%

Cash Back on Groceries, Dining, Transport and Petrol in Singapore & Malaysia

Up to 8%

Cash Rebate on Shopping and Data communication & online TV streaming

S$800

Min. spend per month

Online Promotion: Get an American Tourister Linex 66/24 TSA Luggage (worth S$260)!Valid till 30 Nov 2019.

Up to 8%

Cash Back on Groceries, Dining, Transport and Petrol in Singapore & Malaysia

Up to 8%

Cash Rebate on Shopping and Data communication & online TV streaming

S$800

Min. spend per month

Online Promotion: Get an American Tourister Linex 66/24 TSA Luggage (worth S$260)!Valid till 30 Nov 2019.

Cash Back Features

  • Up to 8% cash rebate on groceries, dining, transport and petrol spend in Singapore and Malaysia
  • Up to 8% cash rebate on shopping and data communication & online TV streaming
  • 8% or 5% cash rebate with lowered minimum spend of S$800/S$500 per month respectively. Cash rebate cap at S$80 per month
  • Get 0.3% cash rebate on all other spend with no cap on cash rebates

Annual Interest Rate and Fees

Annual Interest Rate25.90%
Principle Annual Fee$180
Supplementary Annual Fee0.0
Fee WaiverAvailable
Minimum Monthly Repayment3% or S$20, whichever is higher
Interest Free Period20 days

Minimum Income Requirements

Singaporean$30,000
Foreigner$60,000

Other

Card AssociationMasterCard
Wireless PaymentMasterCard PayPass, Samsung Pay, Maybank Pay
Show more cards

Best Cashback Credit Cards

Best Credit Cards for Everyday Use

In order to maximize your credit card rewards, it is often a good choice to combine multiple credit cards each specializing in a particular spending type or card feature that best suits your lifestyle. Avoid paring Miles credit cards with Cashback credit cards since these reward types are incompatible. Points credit cards, on the other hand, are more flexible as they can be used to either get cash rebates on specific merchants or convert points into miles to redeem free flight tickets.

Reward Points

Reward Points Credit Cards

  1. Citi Rewards Card: Use for retail shopping to earn extra miles
  2. American Express CapitaCard: Use for shopping at CapitaLand Malls to earn cash rebates
  3. DBS Woman's World Card: Use for free gym memberships

Air Miles

Miles Credit Cards

  1. Citi PremierMiles Visa Card: Use for online hotel and flight bookings
  2. UOB PRVI Miles Card: Use for general local spend
  3. Standard Chartered Visa Infinite Credit Card: Use for spending in foreign currency

Compare the best credit cards for miles using Moneysmart's online comparison tool

Cashback

Cashback Credit Cards

  1. Citi Cash Back Card: Use for grocery shopping worldwide
  2. UOB One Card: Use for pumping petrol at SPC and Shell
  3. OCBC 365 Credit Card: Use for spending on everyday dining

How Do Cashback Credit Cards Work?

Rather than offering rewards points or air miles like other credit cards, a cashback credit card rewards you with a cash rebate instead. This amount is credited to your account, effectively giving you a discount off your credit card bill. New to the world of cash back credit cards? Here’s the lingo you should know before you jump in:

Introductory offers

Some cards offer introductory cashback promotions, such as a higher cashback rate for the first few months, or maybe a bonus rebate when you make your first purchase. Be aware of the limited nature of these promotions and of any terms & conditions.

Basic Cashback

Also known as “base rate”, this is the standard cash rebate you can expect to receive on your purchases, regardless of when, where, how or with whom it’s made. Typically this falls around 0.25%. Pathetic, right?

Bonus Cashback

Here’s where the real cash rebates are. Bonus cashback is awarded when you perform specific types of spending (e.g. online purchases or telco bills) or with the bank’s partner merchants (e.g. Grab or NTUC FairPrice). These are awarded on top of the base cash rebate and can be pretty high - as much as 10%.

Which is the Best Cashback Credit Card?

Despite all these frightening terms & conditions, cashback credit cards are actually good entry-level cards for everyday use - once you understand what you’re signing up for, that is. They typically come with low-income requirements (usually around $30,000 annually) which most young working adults can hit fairly easily, and in most cases, annual fees are waived.

You also don’t need to spend a huge amount of money in order to enjoy cash rebates. The secret is in choosing the best cash back credit card for you. To get the most out of your cashback credit card, pick one that is perfectly aligned to your actual spending habits. For example, if you spend a lot on clubbing or online shopping, look for a card that offers hefty bonus cashback rates on these categories or merchants.

If you are not a particularly big spender in any one category (or you simply can’t predict your spending patterns), go for one with a high base cashback rate, provided you can meet the minimum spend requirements.

More From The MoneySmart Blog

Check out our blog for more personal finance tips and insights.

Can You Really Get Unlimited Cash Back?

In most cases, no. Cashback credit cards come with loads of terms & conditions, which you’ll need to check before signing up. Not only do banks set limits on how much cash rebates you can get, but there are also additional requirements to fulfill each month. (Expected lah. If banks gave away money too freely, they wouldn’t be in business, right?. Here’s what to look out for:

Cashback Cap

Credit card issuers often have a cap on how much cash rebate you can earn each month. Some are evenly split by bonus category. You may be surprised to find that your 20% Grab cashback is capped at $10! Look at the cap, then work backward and figure out how much you can spend on the card before you hit the cap.

Minimum Spend

Many cashback credit cards require you to spend this amount before you qualify for the advertised cashback rates. These can range from reasonable amounts like $500 or $600, to hefty sums like $2,000 a month. If your planned expenditure is nowhere near that minimum, it makes little sense to apply for the card.

Cashback Categories

It’s very important to make sure that your credit card’s bonus cashback categories/merchants reflect your actual spending habits. An 8% rebate at supermarkets isn’t very useful if you mostly dine out. And if you usually pump petrol at Shell, then for goodness’ sake don’t get a credit card offering cash rebates at Caltex.

Minimum Balance Payment for Credit Cards

Is paying the minimum balance bad?

Because credit cards are effectively short-term loans, you are meant to pay off your bills in full every month. If you make only the minimum payment each month, you may accrue huge additional costs on top of your bill due to the credit card’s interest rate (typically 24%+)!

Does paying only minimum balance affect credit score?

Yes, If you plan to apply for any kind of credit or loan (such as a housing loan or car loan) in the future, be aware that any “bad behavior” with your credit card can come back to haunt you in the form of a bad credit score.

Frequently Asked Questions

What does it mean to get cash back on a credit card?

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.

What’s the highest cash back you can get with a credit card?

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.

Is it worth getting a cash back credit card?

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.

Standard Chartered Unlimited Cashback vs Citi Cashback vs AMEX True Cashback: Which is best?

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.

How to choose the best cashback credit card?

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.