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Rewards Credit Cards

Earn points as you spend and redeem them for travel, gift cards, shopping and more with a rewards credit card.

Sally McMullen
Sally McMullen

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Rewards credit cards offer you points for your everyday spending, which can be redeemed for a range of flexible travel and lifestyle rewards such as air miles, dining, discounts at the supermarket, and more. Plus, a number of providers in Singpore offer tempting sign-up offers like free luggage or bonus cash credits if you meet certain spending goals.

Read on to find out what you need to know about rewards credit cards, including the key benefits and costs to consider.

HSBC Advance Credit Card

HSBC Advance Credit Card

Receive S$150 cash back or a Prestige 69cm Spinner Exp luggage

Offer ends 31 Aug 2020

Eligibility criteria, terms and conditions, fees and charges apply

HSBC Advance Credit Card

Apply today and enjoy 3.5% cash back on all purchases. No minimum spend required.

  • Principal Annual Fee: S$0 annual fee for 1 year (permanently waived for HSBC Advance banking customers) - S$192.60 thereafter.
  • Cashback Rate: 3.5%
  • Annual Interest Rate: 25.9%
  • Minimum Income (Singaporean & PR): S$30,000
  • Minimum Income (Non-Singaporean): S$40,000
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Compare Rewards Credit Cards

Name Product Welcome Offer Reward Annual Fee
HSBC Advance Credit Card
HSBC Advance Credit Card
New cardholders will be awarded with a Samsonite Prestige 69cm Spinner Exp with built-in scale (worth SS670) or S$150 cashback with minimum spend of S$800 within the qualifying spend period. Receive an additional S$30 worth of grab rides when you apply online with MyInfo via SingPass. T&Cs apply. Ends 31 Aug 2020.
Enjoy annual fee waivers, up to 20.2% off your fuel, 1-for-1 lifestyle offers, and more
S$0 annual fee for the first 1 year (permanently waived for HSBC Advance banking customers) and S$192.60 thereafter
Earn up to 3.5% cashback and pay S$0 annual fee for (at least) the first year. Plus, no minimum spend applies.
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HSBC Visa Platinum Credit Card
HSBC Visa Platinum Credit Card
New cardholders will be awarded with a Samsonite Prestige 69cm Spinner Exp with built-in scale (worth SS670) or S$150 cashback with minimum spend of S$800 within the qualifying spend period. Receive an additional S$30 worth of grab rides when you apply online with MyInfo via SingPass. T&Cs apply. Ends 31 Aug 2020.
Earn 1 Reward point for every $1 on all spend.
S$0 annual fee for the first 2 years and S$192.60 thereafter
Get up to S$1,000 p.a. in cash rebates from your dining, grocery and petrol spending.
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HSBC Revolution Credit Card
HSBC Revolution Credit Card
New cardholders will be awarded with a Samsonite Prestige 69cm Spinner Exp with built-in scale (worth SS670) or S$150 cashback with minimum spend of S$800 within the qualifying spend period. Receive an additional S$30 worth of grab rides when you apply online with MyInfo via SingPass. T&Cs apply. Ends 31 Aug 2020.
Up to 5X Rewards points (2 miles per S$1 spent) on qualifying purchases
S$0 annual fee for the first 2 years and S$160.50 thereafter
Earn up to 5x reward points when you charge online, dining and entertainment expenses to the HSBC Revolution Credit Card.
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American Express True Cashback Card
American Express True Cashback Card
New members can get S$60 CapitaVoucher while existing members can get S$30 CapitaVoucher upon S$500 spend within first month of membership.
Enjoy free travel insurance benefits of up to S$350,000
S$0 annual fee for the first 1 year and S$171.20 thereafter
Apply today and get a 3% Cashback bonus when you spend S$5,000 in the first six months.
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American Express Singapore Airlines KrisFlyer Credit Card
American Express Singapore Airlines KrisFlyer Credit Card
Earn 5,000 KrisFlyer bonus miles the very first time you charge to your card.
Enjoy money-saving offers on Hertz, Grab and at restaurants in Singapore and overseas
S$0 annual fee for the first 1 year and S$176.55 thereafter
Earn 8,000 bonus KrisFlyer miles when you spend S$5,000 in the first 3 months of card membership. Ends 30 September 2020.
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American Express Platinum Credit Card
American Express Platinum Credit Card
Receive 25,000 Membership Rewards points upon spending S$6,000 in the first 3 months of membership and additional 25,000 upon spending S$6,000 in the 4th to 6th month of membership. T&Cs apply. Ends 30 September 2020.
Up to 50% off your food bill for unlimited visits at hotels around Singapore
S$321 annual fee
Get up to 77,000 Membership Rewards points with minimum spend in your first 6 months and when you successfully refer a friend. T&Cs apply.
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American Express Singapore Airlines KrisFlyer Ascend Credit Card
American Express Singapore Airlines KrisFlyer Ascend Credit Card
Get 5,000 bonus KrisFlyer miles when you make your first charge to your card.
Complimentary stay at a Hilton hotel in Asia Pacific each year. Plus, enjoy four airport lounge passes
S$337.05 annual fee
Earn 16,000 KrisFlyer miles if you spend at least S$10,000 within the first three months. Ends 30 September 2020.
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American Express CapitaCard
American Express CapitaCard
Receive an American Tourister Hypebeat 79/29 Spinner luggage (worth S$239) upon S$3,000 minimum spend within the first 3 months of card approval. Ends 30 September 2020.
Earn 3X STAR$ when you shop at participating CapitaLand malls, and more
S$0 annual fee for the first 1 year and S$171.20 thereafter
Receive an American Tourister Hypebeat 79/29 Spinner luggage (worth S$239) upon S$3,000 minimum spend within the first 3 months of card approval. Ends 30 September 2020.
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POSB Everyday Card
POSB Everyday Card
Get AirPods or S$200 cashback when you sign up by 31 July 2020.
Enjoy up to 8% cash rebates on daily essentials such as groceries and online food delivery
S$0 annual fee for the first 1 year and S$192.60 thereafter
Get AirPods or S$200 cashback when you sign up by 31 July 2020.
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DBS Woman's Card
DBS Woman's Card
Get AirPods or S$200 cashback when you sign up by 31 July 2020.
Up to 5X DBS Points (or 10 miles) per S$5 spent on online and overseas purchases
S$0 annual fee for the first 1 year and S$160.50 thereafter
Get AirPods or S$200 cashback when you sign up by 31 July 2020.
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DBS Live Fresh Card
DBS Live Fresh Card
Get AirPods or S$200 cashback when you sign up by 31 July 2020, use the correct promo code and meet the minimum spend requirements.
Up to 5% cashback on online and contactless spend (including SimplyGo rides)
S$0 annual fee for the first 1 year and S$192.60 thereafter
Get AirPods or S$200 cashback when you sign up by 31 July 2020.
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DBS Altitude Card
DBS Altitude Card
Get up to 38,000 miles or AirPods when you sign up by 31 July 2020.
Earn up to 4 miles per S$1 spend, with no expiry
S$0 annual fee for the first 1 year and S$192.60 thereafter
Get up to 38,000 miles or AirPods when you sign up by 31 July 2020.
Get fee waiver for the first year and up to S$192.60 thereafter, with 10,000 bonus miles.
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What's in this guide?

How do credit card rewards programs work?

Rewards credit cards usually earn you points for every S$1 spent on eligible transactions. When you have earned enough points, you can redeem them for rewards such as travel, flight upgrades, gift cards, cash back and merchandise.

Most rewards credit cards also have higher standard interest rates and annual fees than other options, because it costs lenders money to offer a rewards program. This makes it important to compare the potential costs against the value of a rewards card so you can decide if the benefits are worth it.

What rewards do credit cards offer?

The rewards you can get with a credit card depend on the card you choose and the rewards program. Some of the most popular reward categories include:

  • Instant shopping discounts
  • Petrol discounts
  • Accommodation
  • Taxi cab savings
  • Gift cards
  • Cashback
  • Fuel vouchers
  • Flights
  • Flight upgrades
  • Fashion items
  • Electronics
  • Tickets to concerts and other events

How can I use my credit card rewards?

The steps required to use your points to redeem rewards varies depending on the credit card and the rewards program. But there are a few key factors to remember:

  • Account login. You must log in to your credit card account or rewards program account to make redemptions. Once you’re logged in, it’s usually a simple process of going to the “Rewards” section, then selecting “Use points” and following the prompts.
  • Required points. Every reward option available for redemption has a specific point value (e.g. 12,000 points for a S$50 gift card). This means you need to have at least this amount of points in your account to redeem your chosen reward.
  • Points-plus-pay. Some programs allow you to use a combination of points and money to redeem your chosen rewards. This gives you more flexibility if you haven’t earned enough points when you want to make redemptions.

Types of credit card rewards programs in Singapore

There are a variety of different rewards credit cards you can compare and choose based on the benefits you want.

Many credit card companies in Singapore have their own branded rewards programs for customers. These options allow you to redeem points for a variety of rewards, including frequent flyer points travel, merchandise, gift cards and credit on your account. Some credit cards with their own rewards programs are:

Many of these rewards programs also offer auto-redemption for specific rewards, such as cashback, gift cards or frequent flyer points. For example DBS has rewards program in conjunction with Singapore Airlines and Air Asia with DBS Rewards KrisFlyer Frequent Flyer Program,

Frequent flyer programs are traditionally designed to earn you points and other benefits when you travel with a particular airline, such as Singapore Airlines. There are two main ways you can earn frequent flyer points with a rewards credit card in Singapore:

  1. Direct earn frequent flyer credit cards. These cards are linked with a specific frequent flyer program and rewards are added directly to your airline loyalty account. The frequent flyer programs that are linked to direct earn credit cards in Singapore such as the Krisflyer Rewards Credit Card linked to the Singapore Airlines and Air Asia.
  2. Indirect earn frequent flyer credit cards. These rewards credit cards let you transfer the points you earn to many different frequent flyer programs from all around the world, giving you more flexibility if you fly with a range of airlines. Credit card reward programs that indirectly earn frequent flyer points include American Express Membership Rewards, Citi Rewards, DBS Rewards, UOB Miles Card and many more.

These types of rewards cards add credit or “cash” to your account when you meet certain spending requirements. Most cashback credit cards offer a percentage of your total spends as cashback, or provide a one-time cashback sum as an introductory offer when you apply and are approved for a specific credit card.

You can also get cash back through most of the frequent flyer, credit card and supermarket or retail rewards programs outlined above. Just choose the “cash” or “gift cards” category of your rewards program to see what options are available.

How to compare reward credit cards in Singapore

Comparing credit cards helps you find the features that suit your lifestyle while also keeping costs affordable. Below, you’ll find a checklist of things to consider when you are comparing reward credit cards.

    Will a rewards credit card work for me?

    The value of a rewards credit card depends as much on the cardholder as the actual card you choose. A rewards credit card may be a great option if you don’t want the hassle of tracking too closely your expenditure in order to maximise for cashback or miles.

    However, instead of making a definitive statement about whether or not reward credit cards are valuable, let’s take a look at the key factors that make them likely or unlikely to work for you.

    A reward credit card could be worth it if you:

    • Pay off your credit card balance in full every month
    • Currently use a credit card on a regular basis
    • Have a clear idea of the type of points you want to earn
    • Are part of an existing reward program that could be complemented by a credit card (i.e. a frequent flyer program or shopping reward program)
    • Earn enough to pay a higher annual fee
    • Can regularly make use of the rewards or complimentary extras on the card, such as insurance

    A reward credit card might not be right if you:

    • Have a lot of credit card debt
    • Often carry a balance on your credit card
    • Rarely use a credit card
    • Won’t be able to regularly use complimentary extras on the card
    • Can’t afford a higher annual fee
    • Are tempted to overspend in order to earn rewards

    It’s worth noting that there are some exceptions to the guidelines above. If you can’t afford a high annual fee, for example, you might still get a lot of value out of reward credit card with no annual fee. On the other hand, if you regularly use a credit card but also have a lot of debt, it might be better to switch to a balance transfer or low interest rate credit card so that you get value out of paying less interest.

    While rewards credit cards can be a useful way to get something back for your purchases, it’s important to remember that you have to repay everything (plus interest). By factoring in both benefits and costs when you compare reward credit cards, you can find an option that suits your needs.

    Compare rewards cards and apply securely

    Frequently asked questions

    How can I view and manage my points?

    Most rewards programs allow you to to view your points through an online account centre. Usually, you need a membership number or username and password to log in. Once you’ve logged in, you should be able to view your points and redeem them for the desired rewards.

    I’ve redeemed a reward with my points, but I’ve changed my mind. Can I refund my points?

    This will depend on the credit card, but generally, you can’t refund rewards or points once the transaction has been made.

    What’s the difference between a tiered reward and a fixed reward?

    Tiered rewards are rewards which typically earn you more for spending more, because the percentage of your rewards increases (up to a cap). A tiered reward could offer you 1% cashback for the first $250 spent and 3% for the next $250 spent. A fixed reward system will usually offer the same rate, regardless of the amount of a purchase.

    What credit cards have the best rewards in Singapore?

    In truth, there’s no one ‘best’ rewards card as what will work best for you will depend on your individual circumstances, and factors including the way you like to spend.

    Which is better, cashback or rewards points?

    Again, that’s up for you to decide. It’s important to shop around and, if rewards are a deal-breaker for you, a good starting point may be to look at the ‘Bonus Rewards’ for spending on a certain category.

    On the other hand, if you don’t want to wait months for reward points to accumulate, you may want to think about a cashback credit card.

    Can I convert my points to frequent flyer points or rewards with another bank or program?

    Some credit card reward programs allow you to transfer points to frequent flyer programs, including American Express Membership Rewards, DBS Rewards and Citi Rewards. Other reward programs such as the Kris Flyer Rewards Program lets you earn and redeem points with partnered airlines and organisations.

    Read the terms and conditions or contact your rewards program provider directly to confirm where else you can earn and use your points.

    How many points will I need for a particular item or flight?

    The number of points you need depends on your credit card and the reward/s you want to redeem. For flights, most frequent flyer programs have a points calculator available on their website.

    In regards to other types of rewards, most programs have an online catalogue that allows you to browse the rewards on offer and see how many points you need to redeem them.

    How do I know which rewards program or rewards credit card is for me?

    As a financial comparison service, we don’t recommend any specific products. Instead, we provide you with the information you need to make an informed comparison and decision. When comparing rewards credit cards, consider your spending habits to determine whether the rewards you’ll receive will outweigh the costs of the card.

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