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Cashback incentives: What is cashback?

Find out how to get cash rewards when you sign up for new bank products.

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.

What is a cashback incentive?

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.

Digital bank accounts with cashback offers

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.

Digital bank accounts with cashback offers

Name Product Monthly fee Card delivery Supported currencies Mobile payments
YouTrip
S$0
5-8 business days

10

Apple Pay, Google Pay

Use promo code FINDER5 to earn $5 on signup.

A prepaid Mastercard with no monthly fees, contactless payment features and fee-free transactions in over 150 currencies. NOTE: Promo code valid for new signups and Singapore residents only.
Wirex Standard
S$0
5 business days

12

Apple Pay, Google Pay

Get a Welcome Bonus of $15 USD in WXT when you sign up with Wirex through Finder.

A multi-currency card that supports over 150 currencies, including more than 8 cryptocurrencies at interbank rates.
Revolut Standard
S$0
Up to 9 working days

21

Apple Pay, Google Pay

Get 20% cashback on all eligible public transport expenses in Singapore when you pay with Revolut. Valid until 31 December 2021.

Enjoy no monthly fees, competitive currency conversion rates, and spend in over 150 currencies with Revolut’s Standard card.
Wirex Elite
S$29.99
5 business days

13

Apple Pay, Google Pay

Get a Welcome Bonus of $15 USD in WXT when you sign up with Wirex through Finder.

Access supercharged rewards and curated merchant offers in addition to standard Wirex digital payment features and travel card.
Revolut Premium
S$9.99
Up to 4 working days

21

Apple Pay, Google Pay

Get 20% cashback on all eligible public transport expenses in Singapore when you pay with Revolut. Valid until 31 December 2021.

On top of standard Revolut perks, this debit card comes with unlimited spending and free overseas ATM withdrawals, up to $700 per month.
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Credit cards with cashback incentives

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:

    BankPromotion
    DBS
    • DBS Live Fresh Card. Up to 5% cashback on online and Visa contactless spend. Additional 5% green cashback on selected eco-eateries, retailers and transport services. Get up to 28% cashback when you apply online (by 31 January 2022) with promo code ‘MORECASH and spend on your new DBS Live Fresh Card.
    • SAFRA DBS Card. 3% cash rebate on local Mastercard contactless transactions and online shopping, plus 0.3% on all other retail transactions.
    • DBS Visa Debit Card. Get up to 4% cashback on online food delivery, local transport and foreign currency (including online purchases).
    • DBS UnionPay Platinum Debit Card. Benefit from up to 5% cashback on all spend in Chinese Yuan (CNY), 1% cashback on all other foreign currency spend and 0.5% cashback on all local spend.
    • SAFRA DBS Debit Card. 2% cash rebate on local Mastercard contactless transactions and 1% cash rebate on online shopping. All other retail transactions will be entitled to 0.3% cash rebates.
    POSB
    • POSB Everyday Card. Up to 10% cash rebates on dining and online shopping at selected e-Marketplaces. Plus up to 3% cash rebates on your recurring utilities and telecommunications bills.
    • PAssion POSB Debit Card. Enjoy up to 10% cashback on dining, groceries and shopping, as well as 1-for-1 deals to selected family attractions and more.
    OCBC
    • OCBC 360 Credit Card. 6% cashback on dining and online food delivery. Additional 3% cashback on groceries, land transport, utilities and online travel.
    • OCBC Titanium Rewards Credit Card. 2% cash rebate for every dollar spent at BEST Denki stores.
    • FRANK Credit Card. 6% cashback for online spend, contactless mobile payments and other spending.
    • OCBC Cashflo Credit Card. Earn up to $100 rebates per month – 0.5% cash rebates for monthly bill below S$1,000 and 1% cash rebates for monthly bill equal or greater than S$1,000.
    • OCBC Great Eastern Cashflo Credit Card. Earn up to $100 rebates per month – 0.3% cash rebate for monthly eligible retail spend below S$1,000, and 1.2% for monthly eligible retail spend equal or greater than S$1,000.
    • BEST-OCBC Credit Card. 3% cash rebate for any amount charged at BEST Denki stores. Additional 2.5% rebate for annual spend of S$10,000 and above, and 2.5% rebate for annual spend of S$20,000 and above at BEST Denki.
    HSBC
    • HSBC Visa Platinum Credit Card. 5% cash rebate on dining, groceries and fuel. Plus, up to $200 cashback worth of sign-up gifts.
    • HSBC Advance Credit Card. 3.5% cashback with no minimum spend required, and up to $200 cashback worth of sign-up gifts.
    • HSBC Premier Mastercard Credit Card. Save up to S$1,800 annually with 5% cash rebate on dining, groceries, petrol and transport.
    UOB
    • UOB Absolute Cashback Card. 1.7% limitless cashback with no spend exclusions.
    • UOB One Credit Card. Up to 10% cashback on Shopee, Dairy Farm Singapore, Grab, UOB Travel and more.
    • UOB EVOL Card. Up to 8% cashback on online and mobile contactless spend. 0.3% cashback on all other spend.
    • Singtel-UOB Card. Up to S$360 cashback on Singtel bills and monthly GOMO charges every year.
    • UOB UnionPay Card. 2% cashback on all local and overseas spend with no minimum spend.
    • UOB Lady’s Debit Card. Up to 10% instant cashback annually for every UOB Cards transaction made in-stores at participating merchants.
    Maybank
    • Maybank Platinum Visa Card. Up to 3.33% cash rebate on all local and foreign currency spend. Plus up to S$100 cash rebates with a minimum monthly spend of S$300 for each quarter.
    • Maybank Family & Friends Card. Up to 8% cash rebates on eligible categories, such as groceries, transport, food, TV streaming and more. Also, 0.3% unlimited on all other spends.
    • Maybank DUO Platinum Card. 5% cash rebates on petrol in Singapore and Malaysia. 1.5% cash rebates in foreign currency
    • Maybank eVibes Card. 1% cash rebate on all spend. Receive S$50 cash credit with S$150 of eligible transactions within the first 2 months upon card approval.
    • Maybank FC Barcelona Visa Signature Card. 1.6% unlimited cash rebates for all purchases in Singapore with no minimum spend required.
    • Maybank Manchester United Platinum Visa Card. 1% unlimited cash rebate for every dollar spend. Up to 3% cash rebate for every dollar spent when Manchester United wins a Premier League match.
    Citibank
    Standard Chartered Bank
    • SC Unlimited Cashback Credit Card. Earn 1.5% cashback on all your spends. No minimum spend. No cashback cap. Get up to S$280 cashback and 6 months of Disney+ subscription when you activate and spend on the card within 30 days upon approval.
    • SC Spree Credit Card. 3% cashback on online spends in foreign currency and all vPost spend. 2% cashback on all online/mobile spend in local currency. 1% cashback on all other retail spend.
    • MANHATTAN Platinum/MANHATTAN World Mastercard® credit card. Earn up to 3% cashback on eligible purchases from shopping to dining and entertainment bills, both locally and overseas.

    Take note of all the fine print and compare your options

    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.

    Find a cashback credit card with a signup offer

    Name Product Cashback Offer Cashback Cap Annual Fee Min Income - Singaporean and PR
    UOB Absolute Cashback Card
    UOB Absolute Cashback Card
    Enjoy 1.7% limitless cashback with no minimum spend and no spend exclusions.
    N/A
    $0 annual fee for the first 1 year and $192.60 thereafter
    $30,000
    Apply and spend at least $1,500 within 30 days from card approval date and receive $150 cash credit. T&Cs apply. Valid until 28 Feb 2022.
    UOB EVOL Credit Card
    Up to 8% cashback on online and mobile contactless spend.
    $60 per month.
    $192.60 annual fee
    $30,000
    Apply and spend at least $1,500 and receive up to $218 cash credit. T&Cs apply. Valid until 28 Feb 2022.
    HSBC Revolution Credit Card
    Receive up to $200 cashback. T&Cs apply. Ends 28 Feb 2022.
    $200 for the entire promo period
    $0 annual fee
    $30,000
    New cardholders will be awarded with up to $200 cashback, $50 cashback for one qualifying transaction and $120 cashback upon $500 minimum spend. Receive an additional $30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive up to $60 cashback. Plus, get a chance to win in the Sure-Win Hong Bao game. T&Cs apply. Ends 28 Feb 2022.
    POSB Everyday Card
    up to 3% cash rebates utilities and telecommunications bills and up to 10% cash rebates on dining and online shopping at selected e-Marketplaces.
    $0 annual fee for the first 1 year and $192.60 thereafter
    $30,000
    Get up to 28% cashback with promo code ‘MORECASH' when you apply online via digibank or Myinfo with Singpass and charge a minimum of $600 within 30 days from card approval date. T&Cs apply. Valid until 31 Jan 2022.
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    Personal loans with cashback

    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:

    BankPromotionValid period
    DBS/POSB
    • Personal loan. Apply for DBS/POSB Personal Loan online using the promo code ‘POSBPL’ and receive 1% cashback on your approved loan amount. This promotion is only valid for loan amounts from S$10,000 onwards.
    Ends 31 March 2022
    OCBC
    • Balance transfer. Apply for a balance transfer online and receive up to S$320 cashback for your approved loan.
    • Cash-on-Instalments. Get 1.2% cashback when you apply for Cash-on-Instalments. New customers are also entitled to an additional S$100 cashback.
    • EasiCredit. Enjoy annual fee waiver for your EasiCredit account up till the age of 29 (Valid till 30 June 2022).
    Ends 31 March 2022
    HSBC
    • Personal line of credit (PLOC). Get S$100 in cashback when you’re approved of a loan with a minimum tenor of 2 years. Also, receive up to 1% cashback from the HSBC Personal Line of Credit Instalment Plan cashback promotion. Loan application must be approved by 30 April 2022.
    Ends 30 April 2022
    UOB
    • Personal loan. Enjoy a low interest rate of 3.4% p.a and receive up to S$600 cash rebate. Only applicable for a loan amount of at least S$30,000 and a loan tenor of 36, 48 and 60-months.
    Ends 28 February 2022
    Maybank
    • CreditAble (Personal Line of Credit). Receive S$388 cash credit when you apply for Maybank CreditAble Account and Maybank CreditAble Term Loan with a minimum approved loan amount of S$12,000.
    Ends 31 January 2022
    Standard Chartered Bank
    • CashOne personal loan. Apply for a Standard Chartered Bank CashOne personal loan and receive up to S$2,688 cashback upon approval. You can also earn an additional $200 cashback when you successfully refer your family or friends for an eligible SC personal loan.
    Ends 28 February 2022

    Home loans with cashback incentives

    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:

    BankPromotionValid period
    HSBC
    • Refinancing. Receive up to S$2,500 cash incentive when you refinance your existing home loan with HSBC.
    • Home equity. Receive up to S$2,000 cash incentive when you peg your home loan interest rate to the new 1-month Compounded SORA benchmark rate.
    Ends 31 December 2022
    UOB
    • HDB home loan. Benefit from a promotional interest rate and cash rebate of S$2,000 when you refinance your HDB home loan, plus enjoy a free package conversion after the loan lock-in period.
    Ends 30 June 2022
    UOB
    • Private home loan. Receive up to S$3,400 worth of cash and gifts (inclusive of S$2,200 in cash for refinancing) when you apply for a private residential property loan online.
    Ends 25 January 2022
    Maybank
    • Property loan. Receive up to S$300 voucher when you refinance your existing property loan with Maybank. You can also earn up to S$1,000 worth of shopping vouchers when you refer your family and friends to take up a residential or commercial property loan with Maybank.
    Ends 31 March 2022

    Other products that offer cashback deals

    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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