Which Are The Best Rewards Credit Cards In Singapore?

Written by Shannon Wong on July 8, 2024

Key Takeaways

Choosing the best rewards credit card in Singapore involves analyzing your spending habits and understanding each card’s benefits. Key cards include UOB One Card, Maybank Family & Friends Card, Citi Cash Back Card, DBS Altitude Visa Card, OCBC 365 Card, and Standard Chartered Unlimited Cashback Card. Consider cashback rates, travel perks, annual fees, and spending categories to maximize rewards and fit your lifestyle.

Credit cards are more than a convenient payment method; they can also be a strategic financial tool if chosen wisely. In Singapore, rewards credit cards are popular because they offer users a way to earn back a portion of their spending through points, cashback, and other perks.

This article will guide you through selecting a rewards credit card. Whether you’re a frequent diner, a savvy shopper, or someone looking to maximise savings on daily expenses, understanding the specific benefits of each card is vital. We will compare some of the top rewards credit cards available in Singapore, highlighting their features, benefits, and ideal user profiles to help you make an informed decision.

By the end of this guide, you should have a clearer idea of which rewards credit card will best suit your lifestyle, allowing you to enjoy greater benefits while managing your expenditures effectively.

Key Considerations Before Choosing a Rewards Credit Card

Several factors should influence your decision when selecting a rewards credit card in Singapore. Understanding these considerations can help maximise the benefits while minimising potential financial strain. Here are some of the critical aspects to consider before committing to a card:

Analyse Your Spending Habits

Begin by reviewing your monthly expenses across different categories, such as dining, groceries, travel, and online purchases. Identifying where you spend the most will help you choose a card that offers the best returns on those expenditures.

Understand the Fee Structure

  • Annual Fees: Some cards waive the annual fees for the first year or offer a fee waiver upon meeting certain spending thresholds.
  • Cashback Caps and Minimum Spend: Be aware of the limits placed on how much cashback you can earn within a month or specific spending categories, as well as any minimum spending requirements to qualify for rewards.

Cashback Percentages and Rewards

Different cards prioritise various reward structures:

  • Dining and Groceries: Some cards offer higher cashback rates for dining out or grocery shopping.
  • Travel Perks: Others might focus on travel-related benefits, like air miles and lounge access.
  • Online Shopping: Look for cards that provide bonuses for online transactions if you frequently shop online.

Special Features and Promotions

  • Introductory Offers: Many cards come with attractive signup bonuses or promotional offers, such as high cashback rates for the first few months or welcome gifts.
  • Additional Perks: Consider other benefits such as fuel savings, travel insurance, and exclusive access to sales or events.

Choosing the Right Card for Your Needs

After understanding the key considerations, it’s essential to align them with the features offered by various credit cards. Here’s a brief overview of some popular options, detailing how each is suitable for different spending habits:

  • For High Monthly Spenders: Cards offering high cashback percentages with higher caps or no caps would be ideal if your monthly spending is consistently high.
  • For Budget-Conscious Users: If you tend to spend less, consider cards with lower or no annual fees and those that still offer rewards even at lower spending levels.
  • For Frequent Travellers: Look for cards that accumulate air miles quickly, offer free travel insurance, and have international acceptance without hefty fees.

This detailed look at the factors to consider when choosing a rewards credit card will help ensure that you select a card that maximises your benefits based on your individual spending patterns and financial goals.

Top Rewards Credit Cards in Singapore: A Comparative Overview

Singapore offers various rewards credit cards, each designed to cater to different spending habits and lifestyle needs. Below, we explore several popular options, highlighting their unique features and the type of spender they best suit.

UOB One Card

  • Annual Fees: $192.60, waived for the first year.
  • Cashback Percentages: Up to 5% rebate on all spending, with higher rates on specific categories like Grab and Shopee.
  • Rewards and Benefits:
    • Up to 10% on Grab, Shopee, and Dairy Farm Singapore.
    • 6% on utility bills.
    • Up to 21.15% savings at Shell and 22.66% at SPC.
    • For low spending, get a $50 cash rebate for every $500 spent at a rate of 3.33% per quarter.
  • Ideal User Profile: Best suited for individuals who maintain a consistent monthly spending of around $2,000 and seek straightforward cashback.

Maybank Family & Friends Card

  • Annual Fees: $180, with a three-year fee waiver.
  • Cashback Percentages: Up to 8% on chosen categories such as dining, groceries, transport, online fashion, data, and communication, depending on the spending tier.
  • Rewards and Benefits:
    • Rebates of up to 8% on food and drinks, gas, and selected streaming services.
    • Additional 8% rebates for cross-border expenses in Malaysia.
  • Ideal User Profile: This profile is great for users who spend moderately and frequently in Singapore and Malaysia, particularly on family-related expenses.

Citi Cash Back Card

  • Annual Fees: $196.20, waived for the first year.
  • Cashback Percentages: 8% on petrol, 5% on groceries, private commute and dining, 0.2% on other purchases with a minimum monthly spend and a $80 cashback cap for each category.
  • Rewards and Benefits:
    • Great cashback for everyday spending.
    • Up to 20.88% fuel savings at Esso and Shell.
  • Ideal User Profile: Individuals who spend heavily on dining and groceries will benefit most, particularly those who can take advantage of the high cashback on daily essentials.

DBS Altitude Visa Card

  • Annual Fees: $196.20, waived with an annual spend of $25,000.
  • Rewards and Benefits:
    • Earn air miles on every spend – 1.2 miles per SGD spent locally, 2 miles overseas, and 3 miles on online flight and hotel transactions.
    • Complimentary travel insurance and airport lounge access.
  • Ideal User Profile: Tailored for frequent travellers who prefer to earn miles over cashback and often book flights and hotels online.

OCBC 365 Card

  • Annual Fees: $196.20, waived for the first two years with a minimum annual spending of $10,000 per year.
  • Cashback Percentages: Various rates such as 5% on dining and online food delivery, 3% on online groceries, 3% on streaming, 3% on land transport and up to 6% on fuel.
  • Rewards and Benefits:
    • High cashback on everyday categories.
    • Visa Signature Privileges and unique travel deals.
  • Ideal User Profile: This versatile card is perfect for everyday use, and it offers consistent savings across a wide range of spending categories, such as utility, streaming, dining, and transport.

Standard Chartered Unlimited Cashback Card

  • Annual Fees: $192.60, waived for the first two years.
  • Cashback Percentages: 1.5% on all purchases without any cap or minimum spend.
  • Rewards and Benefits:
    • Up to 21.3% rebate on fuel at Caltex.
    • Reward points for overseas spending
  • Ideal User Profile: Ideal for high spenders who prefer simplicity and flexibility without tracking specific spending categories or caps.

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Making Your Decision: The Best Rewards Card for You

Selecting the right rewards credit card in Singapore is about more than attractive perks and promotions; it’s about finding a card that complements your lifestyle and spending habits. Each card offers unique benefits tailored to different types of spending—whether it’s dining, groceries, travel, or general purchases. By carefully considering what you value most, you can optimise your rewards and make your spending work for you.

It’s important to remember that while rewards are enticing, they should not encourage overspending. Always aim to pay off your balance in full each month to avoid interest charges that could negate the benefits of any rewards earned.

Take the Next Step

Now that you’re equipped with the information on some of the top rewards credit cards in Singapore, it’s time to evaluate your spending habits and choose a card that offers you the best returns. Consider the cashback percentages, annual fee waivers, and specific benefits like travel perks or dining discounts that each card provides. Don’t forget to check for any ongoing promotions or signup bonuses that could add additional value.

If you’re ready to apply or if you need further guidance to make an informed decision, don’t hesitate to reach out for personalised advice. Choosing the right credit card is a step towards smarter financial management and maximising your financial benefits. Start comparing today and find the card that best fits your lifestyle!

Additionally, if you need financial assistance to consolidate debt or finance your plans, consider taking a personal loan with us at 1AP Capital. We offer tailored loan solutions that can help you manage your finances more effectively. Apply now to see how we can support your financial journey.

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