Everyone wants to save money but not everyone is capable of doing it. Old people say that it is a better option to earn than to save but sometimes this is not an option at all. That’s why most of us possess credit cards and use them regularly. As you may know, if we don’t want to spend money on things that we want, credit cards would be needless. Of course, you all know that this is impossible so the better option is to have a good cash back credit card. That’s why we made a list of the best cashback credit cards you can have in Singapore.
Banks give many bonuses and rewards if you use their products and services. The economy is so competitive that the idea of bonus cash back is not even a new one. You probably know that some banks offer credit cards with miles and points. Cashback system is the same but instead points for discounts, you earn cash back into your account. Basic cashback is a term used for a minimal percent some banks offer. However, this is close to nothing because basic cashback is 1%. Today top cashback credit cards reach 16%. Amazing, right? The catch is in minimal spend you have to do before getting 16% back. In addition, some banks have requirements to spend your money in defined shops, restaurants or shopping centres. Other banks have cashback recap, which is the limit of cashback you can get.
Most people are not exploring all the possibilities because they are focusing on the higher percentage of cashback. This is completely wrong because if the clients can’t reach the minimum spend they lose the higher percentage and get nothing. That’s why if you are choosing a credit card with a big cashback you have to choose this one that has a higher percentage of a minimal level of spending. That’s the right formula for cashback credit cards. Otherwise, you risk seeing the cashback only on paper, not in your bank account. However, top credit cards in Singapore with a minimal level of spending and higher percent cashback reward are UOB One Card and HSBC Advance Credit Card. For the first one you have to spend $500 to get $50 bonus and the second one offers 2.5% cashback in general and if you reach $2,000 spending then you get 3.5%.
They are credit cards with cashback with no minimum spend. This means that no matter how much you spend, the cashback reward will be steady. Usually, risk in life is highly appreciated, that’s why this credit cards are with lower risk and lower percent cashback – usually 1.5%. The best-unlimited credit cards are American Express True Cashback Card, Maybank FC Barcelona Visa Signature Card and Standard Chartered Unlimited Cashback Credit Card. All of them has 1.5% cashback except Barcelona Visa – it has 1.6%.
The best cash back credit cards for dining and groceries in Easyrates have certain similarities. Bonus cashback for dining has interesting terms. For example, UOB YOLO Card has 8% for dining at weekends and 3% at weekdays. If you don’t want the demarcation you should check CIMB Visa Signature, which has 10% of local restaurants in Singapore. Both cards have a minimum spend of more than $500. UOB Delight Card has 8% for groceries and 3% for bills, but the catch is in $800 minimal spending. Therefore, if you are paying the bills for the whole family and shopping regularly then this is the best credit card for you. BOC Sheng Siong Card has basic cashback from 0.3% and 7% cashback at Sheng Siong supermarket. POSB Everyday Card has the same terms but with 5% cashback but with 3% medical and 1% for utilities.
If you want to know more about your alternatives then you should read carefully all the terms and conditions of every credit card. Credit cards give us amazing opportunity to spend money we don’t have so every bonus, rebate or cash back is God-given.