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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 1,000 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 Metal
S$19.99
Up to 4 working days

21

Apple Pay, Google Pay
An exclusive premium contactless card that allows for unlimited currency exchanges, a free Lounge Pass, and 1% cashback on expenses.
Wirex Elite
S$29.99
5 business days

12

Apple Pay, Google Pay
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 2 May 2021:

    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 S$150 cashback when you apply online (by 30 April 2021) with promo code ‘150CASH 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.
    POSB
    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.
    • OCBC BEST Denki 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
    UOB
    • UOB One Credit Card. Up to 10% cashback on online shopping, groceries, health and beauty, convenience stores, transport, food delivery, utilities and more.
    • UOB EVOL Card. Up to 8% cashback on dining and grab, plus 3% cashback on online fashion and travel 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.
    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 World Mastercard. 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. Apply and get up to 5% cashback on eligible transactions made within the first 3 months.
    • SC Spree Credit Card. 3% cashback on online spends in foreign 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
    S$0 annual fee for the first 1 year and S$192.60 thereafter
    S$30,000
    Receive up to 5% cashback (equivalent to S$150) when you apply for a new credit card and spend your first S$3,000. T&Cs apply. Ends 31 July 2021.
    UOB EVOL Card
    Up to 8% cashback on online and mobile contactless spend.
    S$60 per month.
    S$192.60 annual fee
    S$30,000
    Receive Apple Watch SE or Nintendo Switch Lite when you apply for a new UOB EVOL Credit Card and spend a minimum of S$1,000 within 30 days from card approval date. First 100 successful applicants. T&C apply. Ends 16 Aug 2021.
    HSBC Revolution Credit Card
    Receive up to S$200 cashback. T&Cs apply. Ends 31 Aug 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 31 Aug 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 31 Aug 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. 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 2 May 2021:

    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 August 2021
    OCBC
    • Balance transfer. Apply for a balance transfer online and receive up to S$320 cashback for your approved loan.
    • Cash-on-Instalments. Receive up to S$480 cashback when you apply for Cash-on-Instalments online.
    • ExtraCash loan. Apply online to receive 1% cashback on your approved loan amount.
    • EasiCredit. Get S$60 cashback and benefit from a promotional interest rate of 6% p.a. (till 30 September 2021) when you apply online.
    Ends 30 June 2021
    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. Loan application must be approved by 31 July 2021.
    Ends 30 June 2021
    UOB
    • Personal loan. Receive up to S$600 cash rebate when you apply for a loan amount of at least S$30,000 and a loan tenor of 36, 48 and 60-months.
    Ends 31 May 2021
    Maybank
    • Debt consolidation plan (DCP). Enjoy promotional interest rate and receive S$1,500 cash rebate (limited to the first 300 eligible
      customers only) upon approval.
    • CreditAble (Personal Line of Credit). Receive S$100 cash credit when you apply for a new Maybank Credit Card and CreditAble, and charge a minimum of S$250 to your card and withdraw from your CreditAble account for each of the first two consecutive months upon approval.
    Ends 30 June 2021
    Standard Chartered Bank
    • CashOne personal loan. Apply for a Standard Chartered Bank CashOne personal loan and receive up to S$1,200 cashback upon approval. You can also earn an additional $500 cashback when you successfully refer your family or friends for an eligible SC personal loan.
    Ends 30 June 2021

    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
    DBS/POSB
    • Home loan. Earn a higher cash reward (up to $3,500) when you refinance your home loan to the bank’s 5-year lock-in package.
    Ends 21 May 2021
    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 with a SIBOR-pegged package.
    Ends 30 June 2021
    UOB
    • HDB home loan. Benefit from a promotional interest rate and cash rebate of S$1,650 when you refinance your HDB home loan, plus enjoy a free package conversion after the loan lock-in period.
    • Private home loan. Receive up to S$3,200 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 31 May 2021
    Maybank
    • Property loan. Apply online using Singpass and receive up to S$300 voucher upon successful application. 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 May 2021

    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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