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Cashback debit cards
Gain cash rebates from your daily expenses with a cashback debit card.
Linked to your transaction account, a cashback debit card allows you to reap attractive rebates from your purchases. If you wish to get back some value from your purchases without the risk of accumulating debt and interest, a cashback debit card may be ideal for you.
Compare cashback debit cards in Singapore
What's in this guide?
- Compare cashback debit cards in Singapore
- What is a cashback rewards programme?
- How do I get cashback from my debit card in Singapore?
- Bank accounts that offer cashback with debit card spending
- How do I compare debit cards that offer cashback?
- Benefits of cashback debit cards
- Are there any caveats to look out for?
- Frequently asked questions
What is a cashback rewards programme?
A cashback or rebate reward programme is an incentive that pays back a percentage of the amount spent to the cardholder. Providers often offer cashback programmes to incentivise their customers to spend on their card.
How do I get cashback from my debit card in Singapore?
When you open a transaction account with a Singapore bank or financial institution, you’ll typically be issued a debit card so that you can withdraw funds or make cashless purchases. Depending on the provider, the debit card may be linked to Mastercard, Visa or other networks.
Your debit card may also be linked to a cashback programme – allowing you to earn back a portion of your eligible card spending, which is usually credited directly into your account the next month. For example, you need to use your POSB PAssion debit card at Giant, Cold Storage or Guardian stores to earn a 4% cashback on the transaction.
Bank accounts that offer cashback with debit card spending
Here are some of the cashback debit cards available in Singapore:
|Debit card||Cash rebates||Requirements|
|DBS Visa Debit Card|
|PAssion POSB Debit Card|
|OCBC Plus! Visa Debit Card|
|OCBC Frank Debit Card|
|OCBC Yes! Debit Card|
|UOB One Debit Card|
|HSBC Everyday Global Debit Card|
|Revolut Metal Card|
Note: Information provided is accurate at the time of writing (15 November 2020)
How do I compare debit cards that offer cashback?
- Fees. Check to see if you’ll need to pay any annual fees for the use of your cashback debit card.
- Required criteria. You may need to transact a minimum amount to your card, spend at a specific merchant or avoid withdrawing over a certain sum each month to be eligible for cashback.
- Spend categories. Banks may offer cashback for different categories, such as online shopping, grocery or dining spend. So make sure to apply for one with rewards that suit your spending habits.
- Cashback rates. Pay attention to the cashback rates between different cards and find one that offers decent rebates for your expenses.
- Earn cap. Most debit cards impose a limit to the maximum cashback you’re allowed to earn per month, so make sure to find one that offers a higher earn cap.
- Daily limits. Look closely to ensure that you’re not limited in how much you can purchase daily using your cashback debit card.
Benefits of cashback debit cards
- Typically fee-free. Unlike cashback credit cards, cashback debit cards generally don’t come with any annual fees.
- Credit rating doesn’t matter. Unlike a credit card, you don’t have to worry about your debit card application getting rejected due to your credit history.
- No risk of debt. With debit cards, any transaction you make will be withdrawn directly from your available funds. This way, you won’t need to worry about overspending and accumulating any debt when you make purchases with a cashback debit card.
- Earn cashback. Your everyday shopping expenditures may accumulate cashback, allowing you to save as you spend.
Are there any caveats to look out for?
Earning part of your spending back in cash does sound like an enticing offer, but keep a look out for the following:
- Required criteria. Most cards will require you to fulfill specific criteria such as meeting a minimum spend or make a certain number of card transactions to be eligible for cashback.
- Maximum earn cap. Cashback programmes usually limit the amount of cashback you can earn in a month. For example, you can only earn a maximum of $20 per month in cashback on the DBS Visa debit card.
Frequently asked questions
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