Which Are The Best Rewards Credit Cards In Singapore?

Key Takeaways

When considering which are the best rewards credit cards in Singapore, options like the UOB One Card, Maybank Family & Friends Card, and DBS Altitude Visa offer tailored rewards. These cards cater to various spending habits, from dining and groceries to fuel and travel. The right card depends on your spending patterns, offering cashback, air miles, or exclusive perks based on your lifestyle.

When it comes to managing expenses effectively while enjoying perks, rewards credit cards in Singapore offer numerous options that cater to diverse spending habits and financial goals.

Whether you’re a frequent diner, an avid traveller, or someone who manages daily expenses, there is likely a credit card that fits your lifestyle and spending pattern perfectly.

This guide will help you with the broad range of rewards credit cards available in Singapore, providing you with the knowledge to select a card that maximises your benefits while minimising costs. From understanding cashback percentages to comparing annual fees and rewards categories, we’ll cover the essential aspects you must consider before choosing.

Top Considerations When Choosing a Rewards Credit Card

When selecting a rewards credit card in Singapore, several key factors should guide your decision to ensure that the card meets your needs and enhances your financial flexibility without adding undue burden.

Here’s what to consider:

Minimum Spending Requirements

Many rewards credit cards have minimum spending requirements to qualify for the best cashback rates or reward points. Understanding these requirements is crucial as they can significantly impact the card’s benefits.

If the spending threshold is higher than your usual expenditure, you might spend more just to hit the target, which can defeat the purpose of the rewards.

Cashback and Rewards Caps

While attractive cashback percentages and reward points are appealing, it’s essential to check if there are any caps on how much you can earn over a period.

Some cards may offer high cashback rates but have a monthly cap that limits the actual cashback you can accumulate. Knowing these caps can help you plan your expenses around different cards to maximise returns.

Annual Fees

Rewards credit cards often come with annual fees that can vary significantly from one card to another. Some cards waive these fees for the first year or offer fee waivers upon meeting certain spending milestones.

It’s worth calculating whether the benefits and rewards you receive from the card outweigh the cost of the annual fee.

Types of Rewards

Different cards excel in various spending categories. Cards that offer higher rewards for dining and entertainment expenses are ideal for those who frequently eat out or spend on leisure activities.

If your major expenses revolve around household needs and groceries, look for cards that provide enhanced cashback or points for these categories.

For travellers, cards that convert spending into air miles or offer travel-related perks like lounge access and travel insurance may be more beneficial.

Comparison of the Best Rewards Credit Cards in Singapore

When choosing a rewards credit card, it’s crucial to compare the different offerings to find one that best matches your spending habits and lifestyle needs. Here’s a detailed look at some of the most popular rewards credit cards available in Singapore:

UOB One Card

Annual Fees: $196.20, waived for the first year.

Cashback Percentages: Up to 10% on daily spending.

Rewards: Earn up to 10% on Grab, Shopee, and selected merchants. Additionally, enjoy up to 24% savings at Shell and SPC.

Ideal User: Best for people who consistently spend around $2,000 monthly and seek straightforward cashback for their expenses.

Maybank Family & Friends Card

Annual Fees: $180, with a three-year fee waiver available.

Cashback Percentages: 8% rebate on food and drinks, groceries, and transport, up to $125 per calendar month, capped at $25 per category, provided spending is above $800 per month. After reaching the cap, you earn 0.3% cashback on further expenditures.

Ideal User: This is great for lower spenders who want significant returns on everyday purchases and those who spend time in Singapore and Malaysia.

Citi Cash Back Card

Annual Fees: $196.20, waived during the first year.

Cashback Percentages: 6% on groceries, 8% on private commute and petrol spending worldwide, and 0.2% on all other purchases.

Rewards: Up to 23.64% fuel savings at Caltex, Esso and Shell, including 8% cashback.

Ideal User: This card benefits those who primarily spend on food and transport, especially with its high cashback rates on dining and groceries.

DBS Altitude Visa

Annual Fees: $196.20, waived for the first year for the primary card and $98.10 for the supplementary card.

Cashback Percentages: Not applicable. Focuses on air miles.

Rewards: Earn up to 5 miles per $1 spent on online bookings, up to 2.2 miles per $1 spent on overseas shopping and up to 1.3 miles per $1 for local dining. Miles do not expire.

Ideal User: Perfect for travellers who frequently book flights and hotels online, offering significant air mile accumulation and travel perks.

OCBC 365 Card

Annual Fees: $196.20, waived for the first two years with a minimum annual spend of $10,000.

Cashback Percentages: Up to 5% on dining and online food delivery, 3% on groceries, 6% on fuel and up to 27.6% off fuel at Caltex, Esso and Sinopec.

Rewards: Comprehensive cashback covering various daily expenses such as utilities, land transport, and streaming.

Ideal User: Suited for those seeking a versatile card that provides cashback across multiple categories, making it suitable for comprehensive daily use.

Each card offers unique benefits tailored to different spending habits, from dining and groceries to travel and fuel. Consider your average monthly expenditure and primary spending categories to choose a card that will offer the most value for your lifestyle.

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Rewards Categories Breakdown

To make the most of your rewards credit card, it’s essential to choose one that aligns closely with your spending habits. Here’s a detailed breakdown of the key reward categories to consider:

Dining and Food Delivery Rewards

Cards like the Citi Cash Back Card and OCBC 365 offer significant cashback on dining and food delivery services.

• Citi Cash Back Card: 6% cashback on dining.
• OCBC 365 Card: 5% cashback on dining and online food delivery.

These cards provide excellent returns on such expenses.

Grocery Rewards

Many cards provide enhanced rewards for grocery purchases.

• Citi Cash Back Card: 6% cashback on groceries.
• Maybank Family & Friends Card: 8% grocery rebate if monthly spending exceeds $800.

This card is ideal for shoppers looking to maximise savings on their regular supermarket visits.

Fuel and Transport Rewards

Several cards offer cashback or discounts on fuel and other transport-related expenses.

• Citi Cash Back Card: Up to 23.64% fuel savings at Caltex, Esso and Shell.
• OCBC 365 Card: 6% rebate on fuel purchases.

It is ideal for drivers who want to reduce their fuel expenses.

Travel and Air Miles Rewards

For those who travel frequently, some cards offer rewards that can be redeemed for air miles.

• DBS Altitude Visa: Earn up to 5 miles per $1 spent on travel bookings.
• Citi PremierMiles Visa Card: 1.2 miles per $1 spent in Singapore; 2 miles abroad.

Frequent travellers who spend significantly on flights and hotels. These cards provide opportunities to earn air miles, often with additional travel perks such as lounge access and travel insurance.

Additional Benefits to Look Out For

When choosing a rewards credit card, the primary cashback percentages and reward points are crucial, but additional benefits can significantly enhance the card’s overall value. Here are some extra perks to consider that could sway your decision:

Fee Waivers

Many credit cards offer the first year’s annual fee waived as an incentive. Beyond this, consider cards that provide ongoing fee waivers contingent upon meeting certain spending thresholds.

Example: The OCBC 365 Card waives the annual fee with a minimum annual spend of $10,000.

Bonus Rewards or Welcome Gifts

Credit card issuers often provide attractive sign-up bonuses or welcome gifts to new customers, ranging from cash bonuses to electronics or vouchers, which can add immediate value upon card activation.

Travel Insurance and Lounge Access

For frequent travellers, complimentary travel insurance and access to airport lounges worldwide can significantly improve their travel experience and peace of mind.

Example: The Citi PremierMiles Visa Card offers free travel insurance and complimentary lounge access, enhancing your travel experience without additional costs.

Exclusive Cardmember Privileges

Look for cards that offer exclusive discounts, promotional offers, and access to events or experiences that align with your lifestyle.

Example: The American Express Singapore Airlines KrisFlyer Card provides discounts and additional miles when shopping with partner brands or through specific platforms like Grab.

Rewards Flexibility

It is important to be flexible about how you can redeem your points—whether for travel, shopping vouchers, cashback, or even paying off your card balance.

How to Maximise Your Rewards

Effectively utilising a rewards credit card involves more than just choosing the right card; it also requires strategic usage to maximise the benefits received. Here are some essential tips to help you get the most out of your rewards credit card:

Understand Your Card’s Rewards Structure

Familiarise yourself with your card’s specific rewards structure, including any rotating categories, special bonus offers, or time-limited promotions that could enhance your earnings.

For instance, if your card offers extra cashback on dining during weekends, plan your dining out to coincide with these times.

Use Your Card for All Eligible Spending

Use your rewards card for all possible purchases to accumulate rewards quickly. This includes everyday spending, recurring bills, and large one-time expenses.

Pay Off Balances in Full

Always pay off your card balance in full each month to avoid high interest charges, which can negate the value of any rewards earned. Set reminders or automate payments to ensure you never miss a payment deadline and maintain a healthy credit score.

Leverage Card-Linked Offers

Many cards provide additional savings through card-linked offers or partnerships with retailers, restaurants, and online platforms. Regularly check your card’s offers page for discounts or cashback opportunities at your favourite stores or services.

Plan Major Purchases

If you are planning a major purchase, consider timing it to maximise sign-up bonuses or to meet spending thresholds for additional rewards. For example, if you’re considering buying a new laptop, wait until your credit card has a promotional period before purchasing.

Regularly Review Your Card’s Performance

Evaluate your card’s performance at least once a year to ensure it aligns with your spending habits and that you maximise its potential benefits. If your spending patterns have changed or new cards offer better benefits, consider switching to a more suitable card.

Making the Most of Your Financial Choices

Selecting the right rewards credit card in Singapore can significantly enhance your financial management by turning everyday expenses into valuable rewards. However, choosing a card that aligns with your spending habits and financial goals is crucial to ensure you get the best possible return on every dollar spent.

Responsible use of a rewards credit card can be a smart financial strategy. It provides numerous benefits and rewards while helping you manage your finances more effectively. So, choose wisely, use strategically, and enjoy the rewards your credit card brings to your financial life.

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