Cashback credit cards

Be rewarded with cash instead of points with a cashback credit card.

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credit cards

Cashback credit cards reward you for your spending. There are a few different types of cashback offers available in the Singapore market, with some cards offering a one-off cashback payment as part of a special promotion and others earning cashback as a percentage of your spending. You can use this guide to compare cashback credit card options, learn how they work and discover how you can get the most value out of this type of credit card.

UOB Yolo Card

UOB Yolo Card

Get up to S$180 cashback when you apply and open an account online.

Offer ends 29 February 2020

UOB Yolo Card

  • Principal Annual Fee: S$0 annual fee for 1 year - S$192.60 thereafter.
  • Cashback Rate: 8%
  • Annual Interest Rate: 25.9%
  • Minimum Income (Singaporean & PR): S$30,000
  • Minimum Income (Non-Singaporean): S$40,000
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Compare cashback credit cards

Name Product Cashback Offer Cashback Cap Annual Fee Min Income - Singaporean and PR
UOB Yolo Card
Enjoy up to 8% cashback on dining, travel, shopping and entertainment. Plus, a further 3% cashback in selected categories
N/A
S$0 annual fee for 1 year - S$192.60 thereafter
S$30,000
Apply today and get up to S$230 in bonus cash credits. T&Cs apply.
HSBC Revolution Credit Card
S$150 cashback when you make S$800 in qualifying transactions in the first month of your account. Ends 31 March 2020
S$150 for the entire promo period
S$0 annual fee for 2 years - S$160.50 thereafter
S$30,000
Get free Samsonite T5 68cm Spinner luggage worth S$560. Simply make S$800 in qualifying transactions in the first month of your account. Or choose $150 cashback. Ends 31 March 2020.
Citi PremierMiles Visa Card
Up to 10% cash back at selected merchants
no cap
S$0 annual fee for 1 year - S$192.60 thereafter
S$30,000
Get 37,300 miles when you spend S$9,000 in the first 3 months. Annual fee applies. Ends 31 March 2020.
Standard Chartered Unlimited Cashback Credit Card
Earn 1.5% cashback with no limit. Plus, there's no minimum spend
S$120 for the entire promo period
S$0 annual fee for 2 years - S$192.60 thereafter
S$30,000
Apply today via MyInfo and receive up to S$100 cashback. End 31 May 2020.
Citibank SMRT Card
Redeem S$10 cash back for shopping vouchers with every 10 SMRT$ earned
600 SMRT$ per year
S$0 annual fee for 2 years - S$192.60 thereafter
S$30,000
Get a welcome gift of S$120 cash back when you spend S$1,200 in the first 3 months. T&Cs apply. Ends 31 January 2021.
HSBC Advance Credit Card
Enjoy up to 3.5% cashback on all purchases with no minimum spend
S$125 per month, S$150 for the entire promo period
S$0 annual fee for 1 year (permanently waived for HSBC Advance banking customers) - S$192.60 thereafter
S$30,000
Get free Samsonite T5 68cm Spinner luggage worth S$560. Simply make S$800 in qualifying transactions in the first month of your account. Ends 31 March 2020.
Citi Cash Back Card
8% cash back on dining, groceries and petrol transactions
S$25 per category per month
S$0 annual fee for 1 year - S$192.60 thereafter
S$30,000
Get a welcome gift of S$120 cash back when you spend S$1,200 in the first 3 months. T&Cs apply. Ends 31 January 2021.
Standard Chartered Rewards+ Credit Card
Apply today via MyInfo and receive up to S$100 cashback. End 31 May 2020.
S$80 for the entire promo period
S$0 annual fee for 2 years - S$192.60 thereafter
S$30,000
Apply today and enjoy a range of perks including 1-for-1 movie tickets with Cathay Cineplexes. Plus, complimentary travel medical insurance.
HSBC Visa Platinum Credit Card
Up to S$150 cash back when you spend
S$800 in your first month. Ends 31 March 2020

S$250 per quarter


S$150 for the entire promo period
S$0 annual fee for 2 years - S$192.60 thereafter
S$30,000
Get free Samsonite T5 68cm Spinner luggage worth S$560. Simply make S$800 in qualifying transactions in the first month of your account. Or choose $150 cashback. Ends 31 March 2020.
Citi Rewards Credit Card
Up to 20% cash back at selected merchants
no cap
S$0 annual fee for 1 year - S$192.60 thereafter
S$30,000
Get 30,000 Citi Thank You points when you spend S$3,000 in the first 3 months. T&Cs apply. Ends 31 March 2020.
Standard Chartered NUS Alumni Platinum Credit Card
Apply today via MyInfo and receive up to S$100 cashback. End 31 May 2020.
S$0 annual fee for 2 years - S$192.60 thereafter
S$30,000
Apply today via MyInfo and receive up to S$100 cashback. End 31 May 2020.
Standard Chartered Spree Credit Card
Apply today via MyInfo and receive up to S$100 cashback. End 31 May 2020.
S$60 for the entire promo period.
S$0 annual fee for 2 years - S$192.60 thereafter
S$30,000
Enjoy up to 3% cashback on all online spend in foreign currency and all vPost spend. Plus, up to 25% off on postal services and lots more.

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How do cashback cards work?

A cashback credit card gives you rewards in the form of dollars or credit on your account. These offers vary between cards, with some earning cashback as part of an ongoing rewards program and others providing a one-off cashback reward offer for new customers.

The cashback you earn each month is accumulated, after which you can use them to offset your spending for the month, depending on several requirements. It must be emphasised that cashback rewards do not grant you instant discounts per transaction. As well as using points for flights or merchandise, some credit card rewards programs give you the option to redeem your points for cashback on your account.

Many cards also have a cashback promotion for new customers. These offers usually require you to apply before a set date and spend a specific amount within the first few months you have the card.

Is there a catch?

Just like other reward credit cards, you need to meet the spending requirements or eligibility requirements to earn cashback. For example, cashback may only be earned on “eligible purchases”, with common exclusions including cash advances, balance transfers and refunded purchases. Some cashback credit cards may also cap or limit the amount of money you can earn per month or year. Make sure you read the card’s Product Disclosure Statement for more information.

How to compare cashback credit cards

Here are the key details to look at when you’re comparing different cashback credit card options:

  • The cashback amount. Weigh up the value of the cashback you can earn based on your spending habits and the overall cost of the card (i.e. the annual fee and purchase rate). This will help you decide if the rewards are worth it.
  • Reward caps. Some cashback cards limit the amount of money you can get from them. For example, you might be able to get 1% cashback per S$1 but have a limit of up to S$20 per month.
  • Introductory offer requirements. If the cashback reward is offered as a special promotion, make sure you understand the terms and conditions before signing up. Depending on the offer, you may want to look for the date the offer expires, spending requirements or participating retailers to take advantage of the cashback reward.
  • Ineligible transactions. While most everyday purchases are eligible to earn cashback rewards, transactions such as cash advances, bill payments and credit card fees are usually ineligible. Check these details before you get a card to decide if it suits your spending habits.
  • Rewards value. If you have a card that earns points and want to redeem them for a cashback reward, check to see if there are other rewards (such as flights, travel upgrades or merchandise) that have a retail or regular price value that is higher than the cashback amount. This will help you get the most value out of your rewards.
  • Annual fee. Weigh the card’s annual fee against the cashback you expect to earn to work out how much value you’ll get from the rewards. Ideally, the amount of cashback you get should be worth more than the annual fee.
  • Other card features. Make sure you also consider the card’s standard variable purchase rate, as well as any additional charges, fees and complimentary extras. Along with the rewards and annual fee, these features will help you decide if the card suits all your needs.

What are the advantages and drawbacks of cashback credit cards?

Weighing up some of the pros and cons could help you determine whether a cashback credit card is right for you.

Pros

    • Money in your pocket. This type of reward offer gives you the chance to get money back for paying with plastic.
    • Dollar value. Instead of earning points per S$1 spent, cashback credit cards offer a straightforward dollar value for the rewards you earn.
    • Other extra features. Credit cards with cashback promotions may offer other features such as complimentary travel insurances, rewards programs and concierge services.

      Cons

        • Annual fees. It is an open secret that certain banks are quite open to waiving your annual card fees but do not take that as an assumption. Some banks openly state the minimum annual spend in order for you to get a fee waiver. Ideally, the value you get back from the rewards should be higher than the annual fee.
        • Rates of interest. If the cashback offer is a feature of a more premium product, you may find that it comes with higher interest rates. Make sure you can repay the amount you’ve charged for the cashback (as well as other purchases) before the end of the statement period.
        • Limited rewards. Most cashback credit cards come with a cap on the maximum cashback you can earn. Compare the total amount of cashback you can earn based on your spending habits to help you choose the most suitable card for you.

            How to apply for a cashback credit card

            If you’ve decided you want a cashback credit card, you can apply online in around 5-10 minutes via a secure web service. But before you apply, make sure you meet the eligibility requirements and have the necessary documents needed to complete your application. These will vary from card to card, but you can usually expect the following eligibility:

            Eligibility requirements

            • Age. Cardholders must be at least 21 years of age. Some student cards allow applicants to be at least 18 years old, but will require parental consent.
            • Residential status. Most credit cards are open to application for Singaporeans, Permanent Residents(PR) and foreigners alike, subject to varying income requirements and additional documents.
            • Minimum income. The minimum income requirement will vary between cards, but they usually start at S$30,000 p.a. for most basic credit cards and S$80,000 and above for higher-tier products.
            • Credit history. All credit card issuers require applicants to have a good credit history.

            Necessary documents and information

            • Proof of identification. You’ll be required to provide a copy of your identity card. For foreigners, you will need to provide a copy of your passport with at least 6 months’ validity, as well as an Employment pass with at least 6 months’ validity.
            • Proof of income. Singaporeans and PRs have to submit your latest 12 months’ CPF contribution history statement, latest income tax assessment or 3 months’ computerised payslip. Foreigners can provide their latest computerised payslip and submit any latest income tax assessment where available. If you have only worked for less than 3 months, you can provide a company letter instead, certifying your employment and salary dated within 3 months from the date of your credit card application.

            Once you’ve provided all of this information and hit “submit”, you should receive a response regarding your application within 60 seconds. If you’re approved, you’ll receive your card in the mail within a week. If the card has a cashback offer, you should read the Product Disclosure Statement to confirm the terms and conditions and when you can expect to receive the cashback credit in your account.

            If you’re looking for a new credit card, a product with a cashback offer could provide you with extra incentive to pay on plastic. While cashback offers can be rewarded, they always come with terms and conditions, so make sure you understand what these are and compare your options before you apply for the card.

            Compare cashback cards and apply securely

            Frequently asked questions about using cashback credit cards

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