Compare the Best Cashback Credit Cards in Singapore 2023

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?

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 and conditions.

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 Income FairPrice). These are awarded on top of the base cash rebate and can be pretty high - as much as 10%.

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 10% foodpanda cashback is capped at $15! Look at the cap, then work backward and figure out how much you can spend on the card before you hit the cap.

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.

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.