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.

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

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 Simply Cash 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.

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.

Best Cash Back Credit Cards Singapore 2023

Citi Cash Back+ Mastercard®

Cash Back on Eligible Spend: 1.6%
Min. Spend per month: ^S$0
Cash Back Cap: Unlimited

[6 Weeks Faster Gift Redemption* | SmartRewards | Your Points, Your Choice 🫵]

Apply and spend a min. of S$500 in "Qualifying Spends" within 30 days from the card approval date and enjoy the ultimate flexibility to CHOOSE ANY GIFT at our Rewards Store, including:

1. Apple iPad Wi-Fi 9th Generation, 64GB (5,040 SmartPoints)
2. Sony WH-1000XM5 Wireless Noise Cancelling Headphones (4,990 SmartPoints)
3. Nintendo Switch OLED (5,000 SmartPoints)

OR any other combination of gifts available in the Rewards Store, by earning 5,100 SmartPoints.

Alternatively, you can also choose S$300 Cash via PayNow. T&Cs apply

PLUS, stand a chance to win a Panerai Radomir Quaranta Timepiece (worth S$8,700) OR 16,490 SmartPoints (worth an iPhone 15 Pro, 128GB in the Rewards Store) OR 5,990 SmartPoints (worth an Apple Watch Series 9 (GPS), 41mm in our Rewards Store) when you apply through MoneySmart. T&Cs apply. Check out our past Lucky Draw winners here.

Valid until 17 Dec 2023 - See more details below

Compare the Best Cashback Credit Cards in Singapore 2023

Refine Your Results

Citi Cash Back+ Mastercard®

Standard Chartered Simply Cash Credit Card

UOB One Card

CIMB World Mastercard

OCBC 365 Credit Card

OCBC INFINITY Cashback Card

UOB Absolute Cashback Card

HSBC Revolution Credit Card

OCBC Frank Card

HSBC Advance Credit Card

Standard Chartered Smart Credit Card

HSBC Visa Platinum Credit Card

American Express True Cashback Card

POSB Everyday Card

DBS Live Fresh Card

DBS Vantage Visa Infinite Card

Citi Cash Back Card

Maybank Family & Friends Card

Maybank Platinum Visa Card

CIMB Visa Infinite