The Best Cashback Credit Cards in Singapore (2020) with No Minimum Spend and No Cap on Cash Rebates

Choosing credit cards over cash is definitely something that everyone should do (so long you pay off the outstanding balance each statement period) and by doing so, I have managed to travel in First and Business Class for free for the last six years or so - there are only a handful of credit cards in Singapore that will give you 4 miles per dollar on specific categories of spend (no one said it would be easy!) so you should definitely pick the right cards when it comes to mileage accrual. On the other hand, some people prefer cash rebates (or cashback) to airline miles and points and that's cool - here are the best cashback credit cards in Singapore that require no minimum spend and have no cap to the number of cash rebates you can earn each month.

Click HERE for the best credit card sign-up offers in Singapore!

American Express True Cashback Card

Photo Credit: American Express

3.0% Cash Rebate
Welcome Bonus
(capped at first S$5,000) 

1.5% Cash Rebate
Local Spend 

2.5% Cash Rebate
Foreign Spend

The American Express True Cashback Card is probably the best cashback credit card in Singapore - it offers 1.5% cashback on all eligible spend made in SGD and 2.5% for eligible spend made in a foreign currency (non-SGD). It is an extremely well-balanced cashback card but do keep in mind that even though American Express has one of the lowest FX fees (2.95%) in Singapore, the "cash rebate” that you earn from this card from foreign currency spend will not fully offset this fee. With that said, it is still a great cashback credit card with no cap to the amount of cash rebate you can earn each month. New American Express True Cashback Cardholders will enjoy a cashback rate of 3% the first S$5,000 (capped at S$150 cashback) worth of eligible transactions charged to the card within the first 6 months of card membership. As a quick clarification, the 3.0% bonus cash rebate does not stack with the base cash rebate of 1.5% (for local transactions) or 2.5% (for foreign currency transactions).

Additionally, new customers can also get S$60 (or S$30 for existing customers) CapitaVouchers when they spend at least S$1,000 within the first 30 days from card approval. If you are new to American Express, charging S$1,000 in the first 30 days of the card membership will get you S$30 cash back (from the 3.0% welcome bonus) and S$60 CapitaVouchers - this is equivalent to 9% cashback which is impressive! 

Citi Cash Back+ Mastercard®

Photo Credit: Citibank Singapore

+2.9% Cash Rebate (Additional)
New Welcome Bonus
(capped at first S$5,000) 

1.6% Cash Rebate
Local Spend 

1.6% Cash Rebate
Foreign Spend 

The Citi Cash Back+ Mastercard (not to be confused with the Citi Cash Back Card) is one of the newest cash back credit cards in Singapore and it offers a flat 1.6% cash back on all eligible transactions that you charge to this card. This means that regardless of whether your transaction was made in a local or foreign currency, you will receive a flat 1.6% cash rebate on the total amount charged.

For new-to-card Citi customers, you have two options - you can choose a S$200 cash bonus (but it requires you to apply for a different credit card first), or the 2.9% cash rebate bonus (capped at the first S$5,000) if you sign-up for the Citi Cash Back+ Mastercard directly. Since the latter will only give you S$145 cash rebate after spending S$5,000, I highly recommend that you sign-up for the Citi Rewards Card (there is fee waiver for the first year of card membership) first to get the S$200 cash bonus (valid until 31 May 2020 at the time of writing). Following the application and approval of the Citi Rewards Card, you can then proceed to apply for the Citi Cash Back+ Mastercard.

It goes without saying that getting S$200 cash (without having to spend anything) is way better than getting S$145 cash rebate after spending S$5,000 but if for some reason you decide to go with the latter offer, do note that the 2.9% additional cash rebate bonus will only be applicable to the first S$5,000 spent from the date of card approval to three full calendar months after the end of the first month.

ICBC Chinese Zodiac Credit Card

Photo Credit: ICBC

1.6% Cash Rebate
Local Spend 

1.6% Cash Rebate
Foreign Spend 

If you are looking for an alternative credit card, the ICBC Chinese Zodiac Credit Card is on par with the Citi Cash Back+ Mastercard - it offers 1.6% cash rebate on all eligible transactions but there is little reason to pick this over one that is issued by Citibank. Granted the ICBC Chinese Zodiac Credit Card has 3 years of annual fee waiver (Citi is only offering a fee waiver for the first year but it is usually easy to request for a waiver if you use your card regularly) and it does have a number of interesting card faces but I am personally a bigger fan of Citibank in general - you will definitely want to consider customer service, mobile app and internet banking experience before making this decision. Besides, if you are a new-to-card Citi customer, you will also be able to get S$200 cash bonus (transferred into your bank account via PayNow) if you apply for any eligible credit cards from Citibank.

The only silver lining in getting an ICBC-issued card is the ability to be upgraded to Sands Rewards LifeStyle Elite tier for 3 months and this gives you exclusive privileges like daily complimentary parking at Marina Bay Sands, access to ArtScience Museum as well as a number of attractions like kyPark Observation Deck, Sampan Rides and Digital Light Canvas.

CIMB World Mastercard

Photo Credit: CIMB

2.0% Cash Rebate
Selected Categories

1.5% Cash Rebate
Local Spend 

1.5% Cash Rebate
Foreign Spend 

If you do not mind taking a bit of hit on the cash rebate rate for a little more on specific categories, the CIMB World Mastercard is not a bad option either. While it may not offer the highest cash rebate on local and foreign spend, certain categories of spend will get accrue an additional 0.5% cashback (bringing the total cashback rate to 2.0%) which will be credited in the following month. To put things simply, the CIMB World Mastercard offers a base cashback of 1.5% on all eligible spend which will be credited in the same statement month. Additionally, it will also provide an additional 0.5% cashback (credited in the following statement month) for the following four categories of spending:

• Wine and Dine - all local and overseas transactions made at Caterers, Bars, Lounges, Clubs, Fast-Food Restaurants, Eating Places & Other Restaurants, except where they are made for Wedding Banquets and where such Bars, Lounges, Clubs, Restaurants, and other eating places are within hotels.

• Entertainment and Recreation - all local and overseas transactions made at Theatres, Video Entertainment Rental stores, Pool and Billiard Establishments, Game Arcades, Bowling Alleys, Golf Courses, Country Clubs, Amusement Parks, Aquariums and Tourist Attractions. For avoidance of doubt, this does not include transactions made at Airlines, Travel Agencies, Cruise Lines, Railways and third party travel websites.

• Automobile - all local and overseas transactions made at Vehicle Rental shops, Dealers, Repair and Service shops, Petrol kiosks and includes short-term car parking charges.

• Duty Free Stores - all local and overseas transactions made at Duty Free Stores.

Since this is also a World Mastercard, you will get to enjoy exclusive World Mastercard privileges with this credit card. From now until 31 May 2020, apply for the CIMB World Mastercard as a new customer and spend a minimum of S$200 per month for the first two months to receive a S$50 cash credit.

Standard Chartered Unlimited Cashback Credit Card

Photo Credit: Standard Chartered

S$100 Cash Back Bonus
(New to Card Applicants via MyInfo)

1.5% Cash Rebate
Local Spend 

1.5% Cash Rebate
Foreign Spend 

The Standard Chartered Unlimited Cashback Credit Card allows you to earn 1.5% cash rebate on all eligible local and foreign spend that you put to this card with no minimum spend required and no cap to the amount of cash rebates you can earn each month. Unless you have a real reason to stick with Standard Chartered (e.g. you hold a Priority or Private Banking relationship with them), you should definitely pick the Citi Cash Back+ Mastercard over this card as the latter card offers 1.6% cashback (0.1% more than Standard Chartered). Additionally, Standard Chartered also has a higher FX fee of 3.5% as compared to Citi’s 3.25% (for Visa and Mastercard) so you are really better off with the Citi Cash Back+ Mastercard.

If you have to pick this card, do note that New-to-Card Standard Chartered applicants will also be able to enjoy a S$100 cash back bonus if they apply for the Standard Chartered Unlimited Cashback Credit Card using MyInfo.

OCBC 90°N Card

Photo Credit: OCBC

S$100 GrabFood Voucher
(New to Card Applicants)

1.2% Cash Rebate
Local Spend 

2.1% Cash Rebate
Foreign Spend 

While the OCBC 90°N Card was not designed as a cashback card - it was positioned as a travel card a launch, offering up to 8 miles per dollar with no cap - it is actually a fairly decent card to consider even if you are interested in cashback. The card earns 1.2/2.1 Travel$ per S$1 (awarded in S$5 blocks of spending from 01 June 2020 unfortunately) which is equivalent to 1.2% and 2.1% cashback in local and foreign currency spend respectively.

As I have mentioned, OCBC will only be awarding Travel$ in S$5 blocks from 01 June 2020 (essentially you do not earn any Travel$ or cashback if you spend S$4.99 or less) so that is definitely something to keep in mind if you tend to make small-value transactions. While it does not offer up to 1.6% cashback for local spend, it does have a significantly higher cash rebate for non-SGD transactions. The OCBC 90°N Card is certainly not the best cashback out there but it does give you the option to switch between miles and cash rebate easily without having to commit to a miles-accrual or cashback strategy if you are undecided. The OCBC 90°N Card is also not a terrible miles card when you compare it against general spending cards like the Citi PremierMiles Card or the DBS Altitude Visa Signature Card which offer only 1.2/2.0 miles per dollar (even though miles are awarded on a per-dollar basis rather than a S$5-block basis).

Maybank FC Barcelona Visa Signature Card

Photo Credit: Maybank

S$30 Cash Reward + S$100 Cash Rebate
(Min Spend Required)
New to Card Applicants

1.6% Cash Rebate
Local Spend 

2X TREATS Points
Foreign Spend

The Maybank FC Barcelona Visa Signature Card offers a flat 1.6% cash rebate on all eligible local spend but it awards 2X TREATS Points per dollar (equivalent to 0.8 mpd) for eligible non-SGD transactions. While I debated against putting in this hybrid-credit card, it may be of interest to some people who have an existing banking relationship with Maybank. It is not a terrible credit card if you plan to use it only in Singapore but honestly, the Citi Cash Back+ Mastercard gives you more flexibility as it also allows you to enjoy the same 1.6% cashback rate on foreign transactions. At the time of writing, the FX fee for a Maybank credit card is only 2.75% (I believe this is the lowest in Singapore) while Citibank charges 3.25% and this is probably the only advantage that the Maybank FC Barcelona Visa Signature Card has.

If you are a new-to-card Maybank customer - applying for the Maybank FC Barcelona Visa Signature Card will get you S$30 bonus (transferred into your bank account via PayNow) and you can also get an additional S$100 cashback if you also apply for a CreditAble account and spend S$250 per month for the first two months - more information on the Maybank promotion here!