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Cashback incentives are becoming an increasingly popular way for lenders and financial providers to attract new customers to their products — be it from credit card transactions, opening a new bank account, taking up a home loan or signing up for financial package deals.
Read on to learn more about cashback and how to take advantage of different incentives on offer.
A cashback incentive is basically what it sounds like — you receive cash (which may come in the form of actual cash or gift cards) after you’ve successfully applied for a financial product. This is a great offer to consider as it allows you to spend the money however you like.
These incentives are typically limited-time offers that are used by providers as a way to ‘seal the deal’ for people who are on the fence about the products offered by digital banks.
Our research has shown that digital banking is set to boom in Singapore — especially after the new licenses were granted — with almost one-third of the adult population expected to have a digital-only bank account by 2025. So, it’s worth keeping an eye out for any new digital banking deals in the near future.
Credit cards are one of the most popular products that providers offer cashback incentives. They are sometimes offered in conjunction with low purchase rates, balance transfer rates or other discounted rates or fees. These offers are usually for a limited time only and require you to apply for the card by a certain date.
Let’s take a look at three cashback offers, which were correct at the time of writing on 23 January 2022:
| Bank | Promotion |
|---|---|
| DBS |
|
| POSB |
|
| OCBC |
|
| HSBC |
|
| UOB |
|
| Maybank |
|
| Citibank |
|
| Standard Chartered Bank |
|
When considering these credit cards, remember to read the policy terms and conditions carefully. Be sure to understand all the fees and rates, before deciding whether the cashback offer is really worth it.
A handful of lenders in Singapore offer cashback alongside personal loan products from time to time. Be sure to check if any time-restricted offers are still valid before you make any application.
Here’s a list of personal loans with cashback offers, as of 23 January 2022:
| Bank | Promotion | Valid period |
|---|---|---|
| DBS/POSB |
| Ends 31 March 2022 |
| OCBC |
| Ends 31 March 2022 |
| HSBC |
| Ends 30 April 2022 |
| UOB |
| Ends 28 February 2022 |
| Maybank |
| Ends 31 January 2022 |
| Standard Chartered Bank |
| Ends 28 February 2022 |
Home loans offering cashback incentives aren’t exactly new, but they certainly have become more popular as of late.
The amount of cash incentive on offer is usually much higher than what you receive with credit cards or other financial products since a home loan is a much larger commitment. Some lenders may offer you gift cards worth thousands of dollars or give you cash when you settle. You can choose to put these towards your home loan, or even splurge on new furniture.
Remember that selecting a home loan is a big decision. Before applying, consider the interest rates, fees and flexibility of the loan to see if it’s suitable for your financial needs.
Take a look at some of the ongoing cashback promotion when you take up a home loan with these banks:
| Bank | Promotion | Valid period |
|---|---|---|
| HSBC |
| Ends 31 December 2022 |
| UOB |
| Ends 30 June 2022 |
| UOB |
| Ends 25 January 2022 |
| Maybank |
| Ends 31 March 2022 |
There are a number of other financial products and services that lenders may offer cashback incentives for. One popular offer is a bundled deal, where you’ll receive discounts and cashback rewards when you sign up for certain products together.
For example, lenders may offer you a cashback reward if you sign up for a credit card and savings account at the same time. These packages may be a win-win situation for both you and the lender. For lenders, this means that you’ll have more products with them. On the other hand, you’ll also benefit from the convenience of having all your products in one place.
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