11 best cashback credit cards in Singapore (2022)

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Collecting air miles for your jet setting lifestyle sounds sexier than trying to scrounge for cash rebates, but now that Covid-19 has killed travel, most of us would rather get our card benefits in cold, hard cash.

You literally get free money when you use a cashback card, and given that’s there’s no free lunch in Singapore, there’s no way we’re saying no to that.

So let’s see which are some of the best cash back credit cards in Singapore.

Best cashback credit cards in Singapore 2022

Here are our top picks for cashback cards with the highest cashback rates.

Best for

Best cashback credit cards

Unlimited cashback

Citi Cash Back+, StanChart Unlimited, Amex True, UOB Absolute Cashback

Regular expenses

UOB One, Maybank Family & Friends, Citi Cash Back

Online Shopping


Low or no minimum spend

Citi SMRT, POSB Everyday

1. UOB Absolute Cashback

Move over, Citibank, because the new best cashback card on the market is UOB’s Absolute Cashback card. This card takes all the good things about Citi’s Cash Back+ card and adds another percentage point to its rebates — at 1.7 per cent. The only downside? It’s an Amex card, which means that it might be a challenge to find smaller merchants that accept it.

If you do stick to large merchants and put all your spending there, as well as bills, insurance premiums, school tuition fees, and the like, you’ll be able to get more mileage than the cards listed below.

2. Citi Cash Back+ Card

Unlike some cards whose benefits require a PhD to figure out, anyone with half a brain can successfully earn cashback on the Citi Cash Back+ Card.

Unlimited cashback cards like Citi Cash Back+ give you a flat cashback rate on everything with no cap. This makes them ideal for big-ticket spending like wedding dinners or home renovations, which would bust the cashback cap on most cards.

The Citi Cash Back+ Card currently plays second fiddle to UOB’s Absolute Cashback card offering 1.6 per cent cashback on all spending. With no minimum spending or cashback cap, there’s virtually nothing that would disqualify you from the 1.6 per cent cashback.

To sweeten the deal, you get 4.5 per cent cashback on up to $5,000 in your first three months with the card until March 31, 2022.

3. Standard Chartered Unlimited Cashback Card

The Standard Chartered Unlimited Cashback Card is a nice-but-not-the-best-in-the-world cashback card. The card gives you 1.5 per cent cashback on all spending with no cashback cap and no minimum spending.

Despite a slightly lower cashback rate than the Citi Cash Back+ Card, the Stanchart Unlimited Cashback Card has some advantages: for instance, its annual fee is waived for two years and you get up to five free supplementary cards.

4. American Express True Cashback Card

The Amex True Cashback Card is one of the longest-standing unlimited cashback cards around. It doles out 1.5 per cent cashback on all spending with no minimum spending requirement and no cashback cap.

You can also get $120 CapitaVouchers iff you spend a minimum of $500 in the first month.

The card also offers 3 per cent cashback on up to $5,000 worth of spending in your first six months of use. Not as generous as the Citi Cash Back+ sign up bonuses, but lasts longer.

5. UOB One Card

The UOB One card offers some of the most generous cashback rates out there, but is reviled for its complex as hell mechanism. Suitable only for those who like a challenge.

The card gives you up to 5 per cent on all retail spending. But in order to earn that amount, you need to spend $2,000 each month (at least five transactions) for three months consecutively. The cashback will then be paid out in a lump sum of $300 at the end of the quarter. That also means that spending more than $2,000 in any given month will lower your cashback percentage.

ALSO READ: 5 best unlimited cashback credit cards in Singapore (2022)

Can’t spend that much? If you spend $1,000/$500 per month for three consecutive months you get $100/$50 cashback, which works out in both cases to up to 3.33 per cent cashback.

If you qualify for any of the cashback tiers, you can also earn an additional 5 per cent bonus cashback at Shopee, Cold Storage, Giant, Guardian, 7-Eleven, Marketplace, Jasons and Jasons Daily, as well as Grab and UOB Travel. In the same vein, you can also get a bonus 1 per cent cashback on your Singapore Power utilities bills.

The UOB One card is indeed generous but once you hit the minimum spending requirements, it is a waste to spend more. So, you’ll need to monitor your spending on the card.

6. Maybank Family & Friends Card

This is the ideal card to use if you spend your time feeding hungry kids or comparison shopping at NTUC FairPrice.

You get 8 per cent cashback on all groceries (including online grocery delivery), dining and food delivery, transport including bus, train, ride hailing and petrol, and data communication/online TV streaming bills including the local telcos, Netflix and Disney+.

The 8 per cent cashback also applies to a random retail category which includes pet and vet services, POPULAR, Toys R Us and Yamaha Music.

Actually, now that Covid-19 has killed nightlife and travel, Family & Friends is extremely relevant to just about any working adult with or without a family.

To qualify for the 8 per cent cashback, which is capped at $125 per month and $25 per category, you have to spend at least $800 in a calendar month. Otherwise, the base interest rate is 0.3 per cent.

7. Citi Cash Back Card

Not to be confused with the Citi Cash Back+ Card, the Cash Back Card without-a-plus gives you 8 per cent cashback on groceries and petrol and 6 per cent cashback on dining, provided you meet the minimum spending requirement of $800 in a month.

The total amount of cashback you can earn is capped at $80 each month, which means it’s only worth spending $1,200 to $1,440 to earn maximum cashback.

8. DBS Live Fresh Card

DBS Live Fresh has rebranded itself as Singapore’s first eco-friendly card and now offers 5per cent cashback at certain eco-businesses. Participating merchants include eateries like Just Dabao, Open Farm Community and The Summerhouse, grocery stores like Little Farms and Scoop Wholefoods, and transport services like SG Bike, BlueSG and electric vehicle charging.

Ignoring that greenwashing, the card’s true benefit is actually 5 per cent cashback on online and Visa contactless spending, capped at $20 per month respectively.

This card is most useful for online shopping or to pay for electric car charging or rental, so long as you can meet the minimum spending of $600.

9. OCBC FRANK Credit Card

Don’t be fooled by this card’s rather fluffy branding. It is actually one of the more solid online shopping credit cards out there, offering 6 per cent cashback on all types of online spending, whether for clothes shopping, grocery purchases or your Netflix subscription.

You also get 6 per cent cashback whenever you pay with your smartphone via Apple Pay, Samsung Pay, Google Pay, Fitbit Pay or Garmin Pay.

The minimum spending requirement is $600 in a month. You’re entitled to up to $25 cashback on online spending and $25 on in-store spending (mobile payments) — that means you can earn cashback on up to $417 worth of online shopping and $417 worth of in-store spending.

10. Citi SMRT Card

The Citi SMRT Card has all the glamour of an Ezlink card, but who cares when it’s giving you a generous 5 per cent cash back on groceries, public transportation and online shopping if you meet the minimum spend of $500 a month. Otherwise, it’s a paltry 0.3 per cent base interest rate.

Total cashback is capped at $600 every 12 months, which works out to $12,000 worth of spending per year.

11. POSB Everyday Card

The POSB Everyday Card doesn’t look very alluring, but it’s good enough for life’s basic needs. There is no minimum spending requirement for you to earn 5 per cent cashback at Sheng Siong, 8 per cent cashback at Redmart, 3 per cent at Watsons and Pet Lovers Centre and up to 8 per cent on SP utility bills (if you spend above $800 on this card per month).

If you drive, it also gets you 20.1 per cent savings at SPC — everyone’s favourite cheap petrol kiosk.

Meanwhile, if you do spend at least $800 a month, you can unlock rebates of 10 per cent on foodpanda and Deliveroo delivery, 8 per cent on selected online shopping merchants such as Amazon.sg, Lazada, Shopee, RedMart, and iHerb, and 3 per cent on dining.

ALSO READ: POSB Everyday Card review: A cashback credit card with no minimum spend requirement

How do cashback credit cards work?

Before you get too excited about that hefty bonus cash rebate, remember that banks aren’t charities. They have to impose minimum spend requirements and cashback caps, or else they’ll just bleed money. So don’t get led astray by big fat cashback promises — the important details are usually in the T&Cs.

This article was first published in MoneySmart.

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