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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. You can receive a cashback incentive for credit cards, transaction and savings accounts, home loans and financial package deals.

Read on to learn more about cashback, including 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 after you’ve successfully applied for a financial product. Providers may also waive fees or charges with these offers, making them even more lucrative.

A cashback incentive is a great offer from providers because it allows you to spend the money however you like, and they can come in the form of actual cash or gift cards.

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

Data updated regularly
Name Product Monthly fee Minimum Initial Deposit Fall below monthly fees Mobile payments
POSB current account
S$2
S$0
S$2
Apple Pay, Google Pay, Samsung Pay, NETSPay, PayLah!
Benefit from automatic top-up feature and free chequebooks with this checking account.
CIMB StarSaver Account
S$1
S$5,000
S$0
Samsung Pay
This combined current and savings account offers three interest tiers based on the size of your account balance.
OCBC Frank Account
S$2
S$0
S$2
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, NETSPay
This fee-free starter account offers 4x higher interest than regular savings accounts and a customisable debit card.
UOB Current Account
S$0
S$1,000
S$7.50
Apple Pay, Google Pay, Samsung Pay
Manage your day-to-day finances with this statement-based chequeing account and enjoy a 3-year waiver on your UOB debit card.
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Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.
Data updated regularly
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.
Aspire Business Account
S$0
3-5 business days

1

Apple Pay, Google Pay
A virtual business debit card to help you manage business expenses. No foreign exchange fees and cashback perks of up to 1% on selected spending.
Wise Multicurrency Account
S$0
2 - 3 business days

6

Apple Pay, Google Pay
Wise (formerly TransferWise) is an international account for over 50 currencies, with instant, super-cheap money transfer, a card to spend in any currency, bank details to get paid in 30 different countries and multi-currency direct debits.
Revolut Premium
S$9.99
Up to 4 working days

21

Apple Pay, Google Pay
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 9 March 2021:

  • HSBC Revolution. Earn up to S$200 cashback: $50 cashback when you make one qualifying transaction, $120 cashback with a $500 minimum spend, plus $30 cashback when you apply with MyInfo via SingPass.
  • UOB Yolo Card. Enjoy up to 8% cashback on dining, travel, shopping and entertainment.
  • HSBC Advance. Take advantage of up to 3.5% cashback on all purchases, with no minimum spend required.

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 – and to understand all the fees and rates – before you sign up, to help you decide whether the cashback offer is really worth it.

Remember to compare plenty of options online before you settle on a card.

Find a cashback credit card with a signup offer

Name Product Cashback Offer Cashback Cap Annual Fee Min Income - Singaporean and PR
UOB Yolo Card
Up to 8% cashback on some weekend dining, travel, and entertainment and 3% cashback on online fashion, weekday dining, travel and more.
S$60 per month.
S$0 annual fee for the first 1 year and S$192.60 thereafter
S$30,000
Receive an iPhone 12 with 5G (first 20 successful applications) or up to S$50 cash credit (for subsequent 100 successful) when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date. Plus get up to S$76 cash credit when you apply for UOB One Account. T&C apply. Ends 7 April 2021.
HSBC Revolution Credit Card
Receive up to S$200 cashback. T&Cs apply. Ends 30 April 2021.
S$200 for the entire promo period
S$0 annual fee
S$30,000
New cardholders will be awarded with up to S$200 cashback. S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$30 cashback. T&Cs apply. Ends 30 April 2021.
HSBC Advance Credit Card
Enjoy up to 3.5% cashback on all purchases with no minimum spend
No cashback cap.
S$0 annual fee for the first 1 year (permanently waived for HSBC Advance banking customers) and S$192.60 thereafter
S$30,000
New cardholders will be awarded with up to S$200 cashback. S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$30 cashback. T&Cs apply. Ends 30 April 2021.
HSBC Visa Platinum Credit Card
Up to 5% cash rebates on groceries, dining and fuel with minimum monthly spend of at least S$600.
S$250 per quarter
S$0 annual fee for the first 2 years and S$192.60 thereafter
S$30,000
New cardholders will be awarded with up to S$200 cashback. S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$30 cashback. T&Cs apply. Ends 30 April 2021.
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Personal loans with cashback

A handful of lenders in Singapore offer cashback alongside personal loan products from time to time.

Standard Chartered is offering up to $1,200 cashback depending on your approved loan amount. You can also earn an additional $500 cashback when you successfully refer your family or friends for an eligible SC personal loan. Please note this offer was valid, at the time of writing, until 30 June 2021.

Be sure to check if any time-restricted offers are still valid before you make any application.

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 on offer is usually much higher than what you receive with credit cards or other financial products because 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 maybe even go on a spending spree to celebrate the purchase of your property.

Remember that selecting a home loan is a big decision and one that will be with you for a significant amount of time. Before applying, consider the interest rates, fees and the flexibility of the loan to see if it’s suitable for your financial needs.

Other products that offer cashback deals

There are a number of other financial products and services that lenders may offer cashback incentives for. A popular offer is a package deal, where if you package certain products together you will receive discounts and cashback rewards.

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 benefit lenders because it means you’ll have more products with them. And at the same time, these deals may also be beneficial for you due to the convenience of having all your products in one place.

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