What is the best cashback card? - Seedly
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Michelle

Asked on 21 Nov 2019

What is the best cashback card?

Any recommendations? Pros and cons?

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Answers (24)

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Hi anon,

With an expected CC spend of less than $400, you will want a card with no barriers to earning the cashback. Hence, SCB unlimited cashback card can be a good option for you as there are no restrictions.

After that, cancel the card before the fee becomes due (2 year waiver) and switch to the American Express True Cashback Card (1 year waiver and no restrictions also). Then switch back again to the SCB card. Although by then, you would know if you would want to switch to a miles card.

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👍 9
Wallace Chai
Wallace Chai
Level 9. God of Wisdom
Answered on 09 Dec 2019

For me i want it to be unlimited cashback. So i would choose Standard CHartered Unlimited Cashback CC. But of cuz you can apply a few credit cards with those capped one. After maximizing one then use the other.​​​

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👍 5
Hwee Kian
Hwee Kian
Level 7. Grand Master
Answered on 05 Dec 2019

Consider Citi SMRT card, as you get 4.7% cashback if your spending hits minimum $300, for some of the general spend categories.

Otherwise, the typical SCB Unlimited or AMEX Truecash card might suit your needs as well.

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Junus Eu
Junus Eu
Level 9. God of Wisdom
Answered on 10 Dec 2019

Standard chartered unlimited cashback card!

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Sarah Chan
Sarah Chan, Business Administration at NUS
Level 6. Master
Updated on 21 Jun 2019

Hey Minghui!

Thanks for the question! We've got an article breaking down the best cashback credit cards based on different types of expenditure here: https://blog.seedly.sg/best-cashback-credit-cards/#big%20ticket

More importantly, you should determine the following:

1) How much do you spend every month on average? This helps determine whether you can hit the min. spend for some of the cards.

2) What's the proportion of your different types of spending? E.g. mostly spent on eating out OR mostly spent on transport .etc. This helps determine if the cashback rates for the different types of spending (e.g. 8% dining, 3% grocery) are satisfactory based on your expenditure behaviour. Also, if most of your spending is on the exempted expenditure, you might not get to qualify for the cashback too so do read the T&Cs!

My personal recommendation would be UOB YOLO & POSB Everyday Card. They both have pretty decent cashback rates for shopping & dining out, which comprises the main bulk of my expenditure. I hope this helps! :-)

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Minghui Chng
Minghui Chng

21 Jun 2019

Thanks for sharing :)))
HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 9. God of Wisdom
Updated on 21 Jun 2019

It's quite a complex games depends on your spending nature, monthly spending amount , and the card min spending and cash back category caps. As each card has very refined T&C, exclusion clause.

To find the best cash back card , you need to know your spending.

1) Find the last 2 months all the credit card bill online , download them to CSV format and open in Excel. Next group each transaction according to category like online shopping , dining , travel and transport and sum each category total. Note on the monthly total spend.

2) With that you will know your monthly total spend to see if you can hit the credit card min spend for cash back, total of each category (online shopping , dining , travel and transport).

3) Next go to singsaver , GoBear or Moneysmart to check the best cash back card , then go to each card website to check the details T&C , to see if your figure in (2) is able to meet the card T&C to get the cash back and possible cash back amount.

If you're willing to do the above 3 steps , you'll be able to find the best cash back suited for your lifestyle.

If the deals no good , suggest to try milescard instead to get miles for travel 😃

2 comments

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Minghui Chng
Minghui Chng

21 Jun 2019

This is so helpful 👍
HC Tang
HC Tang

21 Jun 2019

Welcome 😀👌
BL
Brian Lee
Level 4. Prodigy
Answered on 19 Jun 2019

Common Expenses:

OCBC 365

6% cashback on everyday dining

3% cashback on groceries, land transport, online travel, telco and electricity

General Expenses:

UOB One

5% retail with $2k/mth expenses :

Rebate $300/q

3.33% with either $500/m or $1k/m expenses :

Rebate $50/q or $100/q respectively

Note: % based on exact spending. If spend $5k for 3 mths, rebate still $300/q which equivalent to 2% only

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Huanc
Huanc
Level 3. Wonderkid
Updated on 01 Mar 2020

Maybank Platinum Visa card will best fit your spending. It is very similar to UOB ONE card.

If you managed to spend at least 300 for quarterly(3 months), you will get S$ 30 cashback (3.33%).

The card has free waiver for 3 years and a fee of $20/quarter, waived if you spent in that quarter. ​​​

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Bjorn Ng
Bjorn Ng
Level 9. God of Wisdom
Answered on 24 Dec 2019

Hey there, if you meet the income requirements, I recommend getting either SC Unlimited or HSBC Advance - both give about 1.5% cashback on all spend (no min. spend required). HSBC Advance also gives 2.5% for $2000 spending in statement month, but there is a cap @ $70. Most other cashback cards require about $500 min. spend.

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Eveline Lau
Eveline Lau
Level 6. Master
Answered on 09 Dec 2019

If you're expecting <$400 spending, your best bet might be Citibank SMRT credit card, which requires a minimum spending of $300. What many others have quoted (HSBC Advance, UOB One) either don't meet your spending pattern or don't give as good a cashback. However, if you expect some months to have lesser spending than $300, you may want to consider either having Standard Chartered Unlimited or AMEX True Cashback as well, which gives you 1.5% without minimum spending so that on the months where you don't expect yourself to spend more than $300, you can still earn some cashbacks. Alternatively, HSBC Advance is not a bad choice because it also gives 1.5% cashback just that I found their TnC stricter and their customer service always give conflicting and wrong information (personal experience). HSBC Advance comes with a scaled-down version of The Entertainer, which you may want to factor into your consideration too, if you do dine in restaurants and cafes from time to time.

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For dining, you may wish consider Maybank Family and Friends credit card. If you spend $800 or above, you get 8% cashback. Alternatively, you may consider Citi Cash Back card - 8% cashback for dining when you spend $888 or more in a statement month. Otherwise, you may consider POSB Everyday card where you will receive 5% cash rebate.

For online food delivery, you may consider POSB Everyday card. In return you get 15% cash rebate.

For general spending, you may wish to consider UOB One credit card. If you spend $2,000 consistently every month for a billing quarter, you will receive 5% cashback.

For online spending, you may wish to consider Standard Chartered Spree credit card. In return, you earn 2% cashback for all online spend in local currency or 3% cashback for all online spend in foreign currency.

Here is everything about me and what I do best.

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Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 9. God of Wisdom
Answered on 24 Dec 2019

Consider SCB Cashback for unlimited cashbacks. It is flexible compared to One Card that needs you to be consistent monthly before the cashback is rebated to you on a quarterly basis.

Or use OCBC 365 card for cashback, this is especially good for dining out.

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ST
Smith Tay
Level 2. Rookie
Answered on 24 Dec 2019

Maybank Platinum visa card

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JO
Joanne Ong
Level 4. Prodigy
Answered on 11 Dec 2019

I would say go with SCB unlimited.

If you can fulfill any of the HSBC advance account retirement. Go sign up for the HSBC advance credit card for a 2.5% cashback and perpetual waiver on annual fees.

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Isabelle W
Isabelle W, Business Development Manager at TrustTech
Level 4. Prodigy
Answered on 11 Dec 2019

Below S$400: Standard Chartere's unlimited cashback card

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Isabel Wong
Isabel Wong
Level 6. Master
Answered on 10 Dec 2019

You can choose either the SCB unlimited cashback card or the hsbc advance card. If you can bring up your spending to $500 (offer to pay for meals) then you can get the UOB one card.

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J
juan
Level 3. Wonderkid
Answered on 10 Dec 2019

I am using BOC card with substantial cashback on grocery shopping + online shopping. Also, it ties up with the BOC account for bonus interest.

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Teck Lun
Teck Lun, Computer Science / EEE at NUS / NTU
Level 3. Wonderkid
Answered on 10 Dec 2019

I'm using standard chartered unlimited card. Less hassle as there is no longer a need to track all the spending. it is a flat 1.5% rate cashback. If hardworking, you can consider BOC, or UOB One card.

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Felicia Lee
Felicia Lee
Level 3. Wonderkid
Answered on 10 Dec 2019

I use SC Unlimited cashback card as my main card because no min spend! I also have the American Express True Cashback card because sometimes AE has unique offers and I like to catch those!

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VC
Vicki Chng
Level 6. Master
Answered on 10 Dec 2019

If you can hit $500 the UOB one would be good. Otherwise the Citibank SMRT card with a minimum spend of $300 or the SC unlimited card would be good for you!

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