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Based on a monthly spend of over S$6,000, we analyzed the best credit cards on the market to estimate the return-to-user value after 2 years, calculate repayments and net out annual fees. As a side note, the value of a dollar depends heavily on spending habits. Intangible benefits (such as free travel insurance and airport lounge access) are valuable but difficult to quantify.
Based on a monthly spend above S$6,000, the best unlimited cashback credit cards on the market were analyzed to estimate the return value to consumers after 2 years, calculating rebates and netting out annual fees. As a side note, the value of a dollar depends heavily on spending habits. Intangible benefits (such as free travel insurance and airport lounge access) are valuable but difficult to quantify.
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Many credit cards in Singapore advertise very high cashback rates – sometimes up to 10%. However, most of these cards also have monthly income limits. Cardholders who spend enough to maximize their rewards will receive a base rate of about 0.40% of their remaining spending that month. For moderate and lower consumers, this may not be a problem. For example, you need to spend S$2,000 to max out the S$100 bonus with a 5% cashback rate.
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However, those with larger budgets may be cut off quickly and earn a lower base rate on a significant portion of their spending. Finally, users who spend more than S$6,000 per month are most likely to benefit from unlimited cashback cards. Although rates are lower (typically 1-2%), the lack of caps allows high spenders to maximize their potential.
The UOB Absolute Cashback Card offers the highest fixed cashback rate at 1.7%, with no minimum spend and no exclusions. Although the 1.7% cashback rate may not sound like much, the lack of caps, minimums and exclusions means you can win everything without any complications. What makes this card unique is that you can even get cash back in categories that are often excluded by other cards, such as: insurance payments, school fees, medical bills and rent payments. Recharging your wallet, water and electricity services, and paying for your phone bill also earns you cash back.
Another benefit of the UOB Absolute Cashback Card is the exclusive benefits of the American Express Card, where you can enjoy a free 6-month Foundation Card membership and up to 50% savings on dining, shopping and accommodation. UOB Absolute also saves 20.8% at Shell stations and up to 24% at SPC.
Affluents spending around S$7,000 a month can earn more with the Standard Chartered Unlimited Cashback Card than almost any capped cashback card on the market. Users get a flat 1.5% cash back on all their spending – whether local or abroad – without worrying about minimum spending requirements or income caps.
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The SC Unlimited Card also features EasyPay, a 0% interest installment plan that allows users to split purchases over S$500 over 6 or 12 months. Unlike other installment plans, EasyPay rewards cashback on purchases made on the plan (although there is a 5% processing fee that can offset earnings). As a result, the SC Unlimited Cashback Card is a great option for high-spending shoppers who may sometimes prefer to pay for larger transactions over time.
Among unlimited cashback cards, the American Express True Cashback Card offers the best continuous login promotions on the market. While the flat rate is 1.5% cashback on all spend, cardholders get 3% cashback (up to S$150) in their first 6 months. This bonus can be maxed out by spending S$5,000, which makes perfect sense as those who are most likely to get the maximum possible bonus with the Amex Cashback Card spend around S$7,000 more in just one month. .
Cardholders can also enjoy benefits like American Express Selects, Global Assist, and card-specific True Cashback offers. These deals often offer perks and discounts at popular restaurants and lifestyle vendors — including wedding merchants. Overall, the Amex Real Cash Back card is a great option for high spenders who want the best sign-up bonus value along with various Amex benefits.
If you’re a big spender on a local budget, you might want to consider the Maybank FC Barcelona Visa Signature Card. Cardholders get 1.6% on all spending in Singapore, the highest unlimited rate currently on the market. In addition to this top rate, users also enjoy exclusive benefits such as discounts, promotions and raffles on FC Barcelona merchandise and games – perfect for sports fans.
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However, it’s important to note that overseas spend only earns 0.8 miles per S$1 (equivalent to about 0.8% cashback). As a result, this card is suitable for those on a local budget. Even so, almost all big spenders can take advantage of the Maybank FC Barcelona Card’s easy waiver – the low S$120.0 annual fee is waived at just S$10,000 in annual fees. Most other unlimited cards only offer a one-year waiver. Finally, the Maybank FC Barcelona card is a great option for local affluent spenders, especially sports enthusiasts.
The CIMB Visa Unlimited Card is one of the few unlimited cards on the market that gives travelers the opportunity to quickly maximize cashback rewards. While all spending earns a base rate of 1% unlimited cashback, this rate doubles on all travel spending (airlines, hotels, travel agencies, and more) and foreign currency transactions upon arrival. and reaches 2%. By far the highest unlimited cashback rate on overseas spending on the market right now.
The CIMB Visa Unlimited card also stands out because of the travel benefits typically found with cards that earn miles. Cardholders enjoy free lounge access, discounted limousine transfers, free travel insurance and more. Perhaps best of all, there is never an annual fee. Overall, the CIMB Visa Unlimited card is an ideal, low-cost cash option for people who travel abroad frequently.
Zoriana is a senior research analyst focusing on credit cards, savings and fixed deposits in Singapore. He holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining, Zoriana worked in treasury management consulting.
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Our experts have found the best credit card offers for you! Blue Preferred Cash Card from American Express: The best cash back card with revolving handles.
Best Cash Back Credit Cards for January 2022: If you make most of your day-to-day purchases with a credit card, it might be a good idea to have a rewards cash back card in your wallet in 2022. 4% cash back on eligible gas and grocery purchases;
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Find the right card for you. Our experts have found the best credit card offers for you! The Fast Money Card for Students from Capital One offers 1.5% cash back on every purchase. We bank the visa signature card in cash. The best cash back credit cards
The best cashback credit cards. Not as generous as the cash + signup bonus, but it lasts longer. The business cash® Credit Card is the best business credit card for cash back rewards, offering 5% cash back on the first $25,000 spent per year on combined purchases at office supply stores, internet and cable.
If you make most of your day-to-day purchases with a credit card, it might be a good idea to have a cash back card in your wallet in 2022. Not as strong as the citi cash back+ signup bonus, but it lasts longer. The best cash back credit cards of the capital student fast money card.
Unlimited Chase Freedom is the best Chase credit card for cash back. The best cash back card with rotating categories. The business cash® credit card is the best business credit card for cash back rewards because it offers 5% cash back on the first $25.
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