Best Cash Back Credit Card in Singapore 2024 Review

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Last updated on 2024-10-04

1. Best Cash Back Credit Card in Singapore 2024

2. How to Earn Cash Back?

3. Other Maybank Family & Friends Card Benefits and Promotions

4. Maybank Family & Friends Card Review

Best Cash Back Credit Card in Singapore 2024

The Maybank Family & Friends Card is the best cash back credit card in Singapore 2024. While most other Cashback Credit Cards have regressed in the post-covid era and made it more difficult for users to earn more cashback, Maybank Family & Friends Card have improved on their cashback offerings and made it easier for users to earn cashback.

How to Earn Cash Back?

Earn 8% cashback on 5 preferred categories up to $125 per month, cap at $25 per category. The categories include groceries, dining, transport, data communication & online TV streaming, retails & pet, online shopping, entertainment and pharmacy & wellness. Select the categories via Maybank TREATS SG mobile app and preferred cashback categories apply for 3 months after confirmation. One may change his preferred categories every 3 months. Track the spending and cashback on different categories via benefit optimizer in the Maybank TREATS SG mobile app.

Other Maybank Family & Friends Card Benefits and Promotions

Annual fees are waived for the first three years for the Maybank Family & Friends Card. Cardholders also enjoy an automatic 8% cashback on Malaysia Ringgit and Indonesia Rupiah spend capped at $25 per month. Enjoy 0.3% cashback in months the minimum monthly spend of $800 is not met and on all other spend as well as non-selected categories. AXS bill payments is included for all other spend but cashback is only awarded on the first $50 bill payment. Cardholders will also get to enjoy other benefits associated with Maybank Credit Cards which include deals for dining, shopping, lifestyle and travel. New cardholders can earn $200 cashback or Samosnite luggage or Apple airpods when they charge a minimum of $1,300 within the first two months of approval.

Maybank Family & Friends Card Review

Unlike most other cash back credit cards Maybank Family & Friends Card cash back cap of $25 for each category and minimum spend of $800 makes it very possible for one to hit the maximum 8% cashback by spending an average of $160 across all 5 categories. Categories like groceries, dining, transport, data communication & online TV streaming, online shopping are very much part of everybody's daily needs and furthermore, Maybank customers can use the card spend to fulfill 1 of the 3 eligible financial products for  Maybank SaveUp Account so as to receive the maximum effective interest.

Hence, Maybank Family & Friends Card is able to outshine its competitors like DBS Live Fresh Card, OCBC Frank Credit Card, UOB EVOL Card which all promote themselves as high cashback credit cards but cardholders are realistically unable to attain the high headline cashback rates due to various conditions such as low cashback cap or few useful eligible categories.