What is the Best Credit Card for Cash Back

 

What is the Best Credit Card for Cash Back

What is Cash Back

Cashback or Cash rebate refers to the credit that is credited back into your credit card after you have made your purchases with your credit card. It is typically a small percentage of the overall purchase and could be subject to various terms and conditions. The cash back could be credited when you receive your monthly credit card bills or in some cases at the end of a quarter. Credit Cards offering cashback typically do not offer bank reward points.

Types of Cashback Credit Cards

Credit cards with cashbacks are typically divided into category-based, tiered-based or no-frills. Category-based credit cards usually award high cashback only for specific categories such as Shopping, Dining, Groceries, Overseas Spending, etc and users can read more about them under various Lobang Reviews. These credit cards might target more than one category and cashback is usually only awarded if cardholders spend a minimum amount in a month. Comparatively, tiered-based credit cards are more straightforward as cardholders are awarded higher cashback for higher spending while no-frills credit cards are credit cards that offer a fixed cashback for all spending. Our table below will cover category-based credit cards, tiered-based credit cards and no-frills credit cards with the intention of covering the best cashback credit cards for everyday spend.

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Credit Card Issuer and Type of Credit Card Minimum Requirements / Conditions Rate for Cash Rebate

BOC Family Card

Minimum spend of $800 in a month

Earn 10% cashback on dining and movies, 3% on supermarkets, telco bills, online spend and selected merchants and up to 0.3% on all other spend

Citi Cash Back Card

Minimum spend of $888 in a month

Earn 8% cashback on petrol, dining and groceries and 0.25% on all other spend

Maybank Family & Friends Card

Minimum spend of $1000 or $500 in a month

Earn 8% or 5% cash rebate at popular selected merchants that include supermarkets, petrol stations, fast food delivery, theme parks, pharmacies, etc

UOB Delight Card

Minimum spend of $400 or $800 in a month

Earn 3% SMART$ rebates on selected supermarkets and Guardian, telcos, Prudential Insurance, United Overseas Insurance, Town Councils, SPH newspapers, selected contactless payments and ATUs. Earn 8% SMART$ rebate for supermarkets and Guardian if higher tier spending met.

Citibank SMRT Card

Minimum spend of $300 in a month

Earn up to 7.3% SMRT$ rebate at popular selected merchants that include supermarkets, movies, coffee, fast food, restaurants, pharmacies, recurring bills, etc

POSB Everyday Card

Minimum monthly spending requirements for dining

Earn up to 15% rebate for online food delivery, 6% at key merchants, 5% for dining and 0.3% on all other spend

OCBC 365 Credit Card

Minimum spend of $800 in a month

Earn up to 6% cashback on dining, 3% on online spend, groceries, travel expenses, recurring bills and 0.3% on all other spend

DBS Live Fresh Card

Minimum monthly spend of $600 in a month

Earn 5% cashback on contactless and online payments

HSBC Visa Platinum Credit Card

Minimum monthly spend of $600 for all 3 months in a quarter

Earn 5% cash rebates on petrol, groceries and dining

UOB One Card

Minimum monthly spend of $2000 for all 3 months in a quarter

Earn 5% cash rebates on all transactions

BOC ZaoBao Card

Minimum spend of $600 in a month

Earn 23% cash rebate on petrol and 5% cash rebate on dining, online spend, department stores. Earn up to 10% cash rebate at other selected merchants and up to 5% cash rebate for spend in China.

HSBC Advance Credit Card

HSBC Advance customers / Non-HSBC Advance customers with minimum monthly spend of $2,000

Earn 3.5% / 2.5% cashback for all spend

Earn 2.5% / 1.5% cashback for all spend if minimum spend requirement not met

Maybank Platinum Visa Card

Minimum spend of $300 / $1,000 in a month for all 3 months in a quarter

Earn 3.33% cash rebate on local spend

ICBC Unionpay Dual Currency Card


ICBC Visa Dual Currency Card

Minimum spend of $500 a month for all 3 months in a quarter. Cashback only applicable on spending in excess of $500 each month

Earn up to 2% / 5% / 8% cashback for 1st / 2nd / 3rd month in a quarter on all spend in excess of $500 for each month

American Express True Cashback Card

Maximum spend of $5,000 for first 6 months

Earn 3% cashback on any purchase, 1.5% cashback after first 6 months

ICBC Koipy Dual Currency Card

Minimum spend of $1,000 in a month

Earn 3% cashback on all spend

Standard Chartered MANHATTAN World MasterCard

Minimum spend of $3,000 in a month

Earn 3% cash rebate on all spend

SAFRA DBS Credit Card

Minimum spend of $500 in a month

Earn 3% rebates on PayPass and online spend

UOB Visa Signature Card

Minimum monthly spend of $1000 in a statement period

Earn 2.3% cash rebates on petrol, online, overseas, VisapayWave and mobile payments

StanChart Spree Card

None

Earn 2% cashback on contactless and mobile payment and 1% cashback on any purchase

UOB UnionPay Card

None

Earn 2% cash rebates on all transactions

Maybank FC Barcelona Visa Signature Card

None

Earn 1.6% cashback on local spend

ICBC Chinese Zodiac Card

None

Earn 1.6% cashback on local and overseas spend

ICBC Global Travel MasterCard

None

Earn 1.5% cashback on local spend and 3% cashback on overseas spend

Standard Chartered Unlimited Cashback Card

None

Earn 1.5% cashback on any purchase

Cashback Credit Cards Worth a Mention

The POSB Everyday Card offers up to 6% rebate from key merchants, 5% rebate from dining and 0.3% on everything else. It is a versaile card as it covers most major expenses with 5% cash rebate for groceries at Sheng Siong. Cardholders can also earn cash rebate for recurring bills as well as petrol at SPC. In fact, it offers one of the highest petrol savings of 20.1% at SPC for motorists.

Maybank Family & Friends Card rewards cardholders with up to 8% cash rebate at selected merchants such as Cold Storage, FairPrice supermarkets, Leading petrol stations & hypermarts in Malaysia, Leading petrol stations in Singapore, Guardian, Unity NTUC Healthcare, Watsons, Legoland, theme parks in Malaysia, etc. It has one of the highest rebate for spending on groceries and petrol in Singapore and Malaysia and is flexible in the sense that if you fail to meet the minimum $1,000 spend to attain the 8% cashback, you can still get 5% cashback with a minimum monthly spend of $300.

UOB One Card awards potential cashback of 5% for everyday purchases. However, the 5% cashback comes with plenty of conditions such as three minimum purchases per statement period and a minimum monthly spend of $2000 for all three months in a quarter. Failing to spend the minimum monthly spend will still earn you 3.33% cash back provided you still have a minimum monthly spend of $500 for all three months in a quarter. Additional perks include enrolment in the SMART$ rebate programme, a huge rarity among credit cards that already earn cash back in the first place.

BOC ZaoBao Card awards 5% cash rebate for online purchases and dining as well as an attractive 23% cash rebate for fuel at Shell, Caltex, Sinopec and SPC allowing savings of up to a whopping 32.3%. However, the low maximum cash rebate of $30 for fuel ensures that cardholders will need to spend on dining and online spend (cash rebate also cap at $30) to hit the minimum spend of $600 in a month. Furthermore, fewer restaurants and online merchants accept UnionPay and cardholders could find it difficult to spend the required $600 minimum spend to obtain the 5% cash rebate.

The BOC Family Card was the previous champion for cashback but the terms to qualify for cashback has been revised several times to disadvantage cardholders. Nevertheless, it still provides cash rebates for a large number of spending categories and is still worth a consideration. It still awards 10% cashback for both dining and movies as well as a less than impressive 3% cashback for telco bills, supermarkets and online spend. There is a higher minimum spend of $800 and lower cash rebate cap of $25 or $30 for each spending category.

The Standard Chartered MANHATTAN World MasterCard gives out 3% cash rebate with minimum spending of $3,000 a month capped at $200 a quarter. The cashback might not sound impressive but this card is a handy card to have around as it allows cashback for any spending and allows some benefit when you have to buy big-purchase items.

The Best Cash Back Credit Card

After the heroics of CIMB Visa Signature Card in the first half of 2019 (goodbye 10% cash back for Dining, Online spend and Groceries) which we have earlier predicted was not going to last due to its unsustainability, the baton for the best cash back credit in Singapore has now been passed to the modest and more dependent DBS Live Fresh Card (see Best Cash Back Credit in Singapore 2019 for comprehensive review). The DBS Live Fresh Card awards a sustainable 5% cash back on online and Visa contactless spend. The 5% cash back on Visa contactless spend makes it the perfect general everyday spend card as most merchants now accept contactless payments. It has a lower minimum spend of $600 a month compared to other credit cards listed in the table above which can be easily met by shifting daily expenses either to online spend or through Visa contactless payments.

However, every consumer has different spending pattern and it will be a better idea to scroll through our list of Cash Back Credit Cards to select the best credit card to suit your spending pattern.

 

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Topic: Best Credit Cards for Cash Back
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v
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Apr 2019
v says...

Very helpful! Is there an updated review in 2019? Thank you!

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Money Lobang
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Sep 2014
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Money Lobang says...

Hi,

Our articles are constantly updated to list the best credit cards for cashback and the cards you see here are actually the full list of credit cards with the highest cashbacks. However, we will take your suggestion into account and try to narrow the list down with a comprehensive review in the near future. Thank you for the great suggestion!

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Money Lobang
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Money Lobang says...

Hi,

We have taken up your suggestion and added a comprehensive review on the Best Cash Back Credit Card in Singapore for 2019. Please see http://www.moneylobang.com/best-cash-back-credit-card-singapore.php

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Lee Zhimin
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Dec 2017
Lee Zhimin says...

Good extensive list of cashback cards. Keep up the good work!

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Kelvin
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Oct 2017
Kelvin says...

Maybank family n friends card is a very much underated card. V useful for msia. Btw to get 5% cashback is $500 spend instead of $300.

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Money Lobang
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Money Lobang says...

Thank you for spotting the error. It has since been rectified.

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