Singapore: A country of card rebates

A savvy consumer is one who looks to get the best deal and most cash rebates from his/her spending. Over the weekend, a few readers reached out to us for a more detailed comparison on cards. As working adults, we spend almost on a daily basis. Thus, we dived deeper to compare the best cashback cards in Singapore.

We focus on working adult scenarios

  • Leaning more toward heavy categories such as F&B dining and Online spending
  • With less emphasis on petrol discounts
  • Regular monthly card spending between $0 to $1,000

One BIG problem with comparison sites in Singapore (eg. aggregators such as MoneySmart and SingSaver etc), which compares based on cashback percentage and may not be complete due to not all cards being available and do not take into account monthly spending. We decided to do one based on scenarios instead as this is as accurate and unbiased as it gets.

Editor’s note: Seedly and Shares Investment do not get any commissions from any of these recommendations.

Cashback-Cards-Comparisons

For simplicity sake, we are focusing on the main six Cashback cards used by most Singaporeans today: DBS VISA Debit, OCBC365, UOBONE, CITI Cashback, BOC Family Card and AMEX True Cashback Card.

We are NOT comparing the promotional deals for accounts that are usually for a shorter term. We will update this blog also as new information comes up regarding these credit cards, check back often! (updated 11 Sept 2017)

The best cashback cards

Here are the winning Cashback cards based on the following scenarios:

Monthly SpendWinnerCashback %
$0 to $500DBS VISA Debit Card5.0% for all PayWave
(Capped at $50/mth)
$500 to $600BOC Family Credit CardAvg 6.0% for Dining, Groceries and Online
(Capped at $100/mth)
$900 or moreCITI Cashback CardAvg 8.0% for Dining, Groceries and Online
(Capped at $100/mth)
More than $6,666
(or 1-time purchase)
AMEX True Cashback card3.0% for a $5000 spend in first six months, 1.5% after (unlimited no cap)

visadebit

Scenario 1: Monthly spend $0 to $500 (DBS VISA Debit)

If you fall into this bracket, it would be important to just focus on saving more money, rather than spending rebates.

Thus the obvious winner here would be a really simple card like the DBS VISA Debit which gives you 5.0% cash back on all your various VISA Paywave purchases. This card is also recommended for those spenders who are unable to control their spending with Credit Cards.

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Scenario 2: Monthly spend $500 (BOC Family Card)

This is actually a pretty interesting option for most young working adults and young families. Created by the Bank Of China, this card gives you a good selection of rebates (for example, 7.0% on all dining). You can refer to the chart below where we illustrate how you can get close to $25 of cashback.

Find out more at the product page and apply here.

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Scenario 3: Monthly spend $600 (BOC Family Card)

The BOC Family card wins again. Especially when it caters to a large selection of categories like weekday and weekend dining. Interesting to note, the OCBC365 card unlocks it’s Cashback and is rather close to the UOB ONE card at around $20 of rebates. But BOC has more than $30 cashback.

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image_citi-cashback-visa@2x

Scenario 4: Monthly spend $900 (CITI Cashback Card)

Used to be dubbed as the Dividend card, created by CITI, this card gives you a good selection of rebates of over 8.0%. You can refer to this chart below where we illustrate more of this here where you get close to $52 cashback. Interesting to note, this is unlocked beyond the $888 spend that you need to hit all these bonus cashback!

Find out more at the product page and apply here. (seems like MoneySmart has the biggest promo here so will link them here. But we are independent of them.)

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Scenario 5: Spend $6,666 or more (AMEX True Cashback Card)

A classic card by AMEX, it gives you an unlimited, no minimum spend cashback of 1.5%. You can refer to this chart below where we illustrate more of this here where you get close to $100 of cashback.

If you’re wondering why we’re using $6,666 as a benchmark, it’s because you should use the other cards described above if you were to spend less. And all the other cards have a HARD CAP at $100 per month.

If you are spending on wedding or banquet down payment, this could be a really interesting card to consider! You even get a bonus 3.0% for the first six months up to $5,000 spend. This could be really useful because there is NO CAP!

Find out more at the product page and apply here. (seems like ShopBack has the biggest promo here which gives you $50 cash so we will link them here. But we are independent of them.)

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Conclusion: Find the best card which suits your monthly spend

As with any financial product in the market, here are the top things to consider before jumping on board.

  • Do you spend $0 to $500 or more in a month?
  • Can you pay your card bills in full? (if not, you should only look at debit cards)
  • Think twice if you need it before signing up because of the sign-on gifts (e.g luggage, extra cashback etc)
  • Card annual fees often can be waived off (between $150 and above per year)
  • Take note of the different tiers that these cards provide and read the terms and conditions closely

With all these in mind, you should be in a good place to decide which card suits you the best.

This article originally appeared on Seedly’s blog.