Loans . Useful Information

Which Are The Best Rewards Credit Cards In Singapore?

September 25, 2024

Key Takeaways

The best rewards credit cards in Singapore include options like the UOB One Card for high cashback, Citi Cash Back Card for food and fuel savings, and DBS Altitude Visa for travel rewards. Each card offers unique benefits, catering to different spending habits. To maximise rewards, consider combining multiple cards and using them strategically for recurring bills and big purchases.

When managing your finances in Singapore, one of the smartest moves you can make is choosing the right rewards credit card. With so many options, finding the perfect card tailored to your spending habits and lifestyle can be challenging. Whether you want to maximise cashback, earn travel miles, or simply enjoy some perks on your daily expenses, selecting the right rewards credit card can offer significant benefits.

But how do you know which card is best for you? In this article, we’ll guide you through the essential factors to consider and highlight some of Singapore’s top rewards credit cards.

Factors to Consider When Choosing a Rewards Credit Card

Choosing the right rewards credit card in Singapore isn’t just about grabbing the one with the highest cashback or the most attractive perks. It’s about finding the card that aligns with your spending habits and financial goals. Here are the key factors you should consider:

• Annual Fees: The first thing to look at is the yearly fee. Some of the best rewards credit cards come with hefty annual fees, but they often waive them for the first year or two.
• Cashback and Rewards: Cashback and rewards are the primary reasons people choose these cards. However, not all cashback credit cards are created equal. Some offer high cashback rates on specific categories, while others provide a flat rate across all purchases.
• Spending Requirements: Before getting swayed by the high cashback rates, consider the spending requirements. Many cards offer tiered rewards based on your monthly spending.
• Additional Perks: Beyond the standard cashback and rewards, look for additional perks that add value to your card. Travel rewards credit cards often come with benefits like complimentary travel insurance, airport lounge access, and bonus miles on specific airlines.

Best Rewards Credit Cards in Singapore

Now that we’ve covered the key factors to consider let’s explore some of the best rewards credit cards in Singapore. These cards have been selected based on their cashback rates, rewards programs, and additional perks that cater to different spending habits.

UOB One Card: High Cashback for Regular Spending

The UOB One Card is a standout option for those with consistent monthly expenses. This card offers one of the highest cashback rates available in Singapore, but it has some conditions you must meet to maximise its benefits.

The key features include:

• An annual fee of $192.60. The fee is waived for the first year
• Up to 10% cash back on general spending
• Up to 20.80% savings at Shell and 24% at SPC
• Up to 6% off on utility bills and
• A maximum of 10% on Grab, Shopee, Dairy Farm Singapore, and some UOB travel merchants

The UOB One Card is ideal if you spend at least $2,000 monthly. To unlock the maximum cashback rate, you must consistently meet this minimum spending requirement. For those who spend irregularly or less than this amount, there might be better fits than this card.

This card is perfect for individuals with predictable and consistent spending patterns. If your monthly budget often exceeds $2,000, the UOB One Card can provide substantial savings through its cashback program. However, it may not suit those with fluctuating or lower monthly expenses.

Citi Cash Back Card: Best for Food and Fuel Savings

The Citi Cash Back Card is a top choice for those who spend significantly on dining and groceries. It offers high cashback rates in these categories, making it an excellent option for families or individuals prioritising these expenses.

Key features include:

• An annual fee of $192.60 (waived for the first year)
• 8% cash back on groceries and dining, 0.25% cash back on all other purchases
• Up to 23.64% fuel savings at Esso, Shell and Caltex, additional cashback promotions for new Citibank cardmembers
• A $80 monthly cap on cashback earnings is something to remember if you’re a heavy spender in these categories.

This card is ideal for individuals or families who spend a lot on groceries and dining out. The generous cashback on these categories can lead to significant savings, especially if these are your primary spending areas. However, if your spending is more diversified, you might hit the cashback cap quickly.

DBS Altitude Visa: Best for Travel Rewards

If you’re a frequent traveller, the DBS Altitude Visa is a card you should seriously consider. It offers one of the most comprehensive travel rewards programs, with miles that never expire, making it a favourite among Singaporeans who love to travel.

Key features include:

• An annual fee of $196.20 (waived for the first year)
• 1.3 miles per $1 spent locally, 2.2 miles per $1 spent abroad, 3 miles per $1 spent on online bookings rewards.
• Complimentary travel insurance, airport lounge access, and dining privileges.
• If you spend at least $25,000 annually, your annual fee can be permanently waived, and you’ll also receive 10,000 bonus miles each year.

This card is best for frequent travellers who prefer earning air miles over cashback. The DBS Altitude Visa is particularly valuable for those who book most of their travel expenses online, as the card offers additional miles for online travel bookings. With miles that never expire, it’s a flexible option for long-term reward accumulation.

KrisFlyer UOB Credit Card: Best for Singapore Airlines Loyalists

The KrisFlyer UOB Credit Card is designed for frequent flyers who prefer accumulating miles with Singapore Airlines. It offers generous rewards for those who frequently spend on travel, dining, and online shopping.

Key features include:

• An annual fee of $192.60 (waived for the first year)
• 3.0 KF miles per $1 spent with Singapore Airlines, 1.2 KF miles per $1 on general spend
• 10,000 annual renewal miles, 3,000 welcome miles upon your first minimum purchase

This card is perfect for travellers who frequently fly with Singapore Airlines. Its rewards are geared towards those who prefer accumulating KrisFlyer miles for travel perks.

American Express Singapore Airlines KrisFlyer Card: Best for New Cardholders

The American Express Singapore Airlines KrisFlyer Card is another excellent option for frequent travellers, especially new card members looking for initial bonuses and benefits tied to Singapore Airlines.

Key features include:

• An annual fee of $179.85 (waived for the first year)
• 1.1 miles per $1 spent locally, 2 miles per $1 spent abroad
• Complimentary travel insurance, Hertz Gold Plus Rewards, and bonus rewards for new card members like Apple AirPods or cashback.

This card is ideal for new cardholders and frequent flyers, especially those seeking an intuitive and travel-focused card.

OCBC Frank Credit Card: Best for Millennials and Online Shoppers

The OCBC Frank Credit Card is well-suited for younger individuals who frequently make online or mobile payments. It offers generous cashback on digital spending.

Key features include:

• An annual fee of $80 (waived for the first two years)
• 6% cashback on online purchases, mobile payments, and contactless purchases
• 8% cashback on all local online purchases or purchases made in foreign currency at your favourite stores
• 2% cashback when you shop at selected green merchants like Scoop Wholefoods and Little Farms.
• $100 for every $800 you spend monthly

This card is best for millennials and individuals who spend heavily on online shopping and app-based payments.

Citi SMRT Card: Best for Commuters and Online Shoppers

The Citi SMRT Card is designed for young professionals who need cashback on groceries, dining, and commuting. It’s desirable for those who frequently shop online or commute via public transport.

Key features include:

• An annual fee of $196.20 (waived for the first 2 years)
• 5% cash back on groceries, 5% on online shopping, 5% on public rides and taxis
• 0.3% savings on other retail spend

The SMRT card is best for frequent commuters and online shoppers who value cashback on essential everyday spending.

Standard Chartered Unlimited Cashback Card: Best for High Spenders

The Standard Chartered Unlimited Cashback Card offers a flat cashback rate with no minimum spending or caps, making it an excellent choice for high-spenders who prefer simplicity.

Key features include:

• An annual fee of $196.20 (waived for the first year)
• Earn 8% in the 1st 2 months on all expenditure
• 1.5% cash back on every purchase, with no cap
• Get $130 once you refer a friend

It’s ideal for high-spenders who want a hassle-free cashback system with no minimum spending requirements or caps.

How to Maximise Your Rewards

The right rewards credit card in your wallet is only part of the equation. To truly make the most of your card, you must strategise how and where to use it. Here’s how you can maximise the rewards from your chosen credit card:

• Combine Multiple Cards for Optimal Rewards: Use multiple credit cards tailored to different spending categories. This approach allows you to maximise the best rewards across various spending categories.
• Take Advantage of Promotions and Sign-Up Bonuses: Credit card companies often offer attractive sign-up bonuses and limited-time promotions to entice new customers. These can include everything from bonus miles and cashback to exclusive gifts like vouchers or tech gadgets.
• Use Your Card for Recurring Bills and Big Purchases: Use your credit card for recurring bills, such as utilities, insurance premiums, or subscription services. This ensures you’re consistently earning rewards and helps you reach the minimum spending requirements.
• Pay Off Your Balance in Full Every Month: While carrying a balance to manage your cash flow might be tempting, doing so can quickly negate any rewards you earn. The interest rates on credit cards are typically much higher than the cashback or rewards you receive, so paying off your balance in full every month is crucial.
• Keep Track of Expiring Rewards: One of the common pitfalls of using rewards credit cards is losing out on rewards because they expire. While some cards offer miles that never expire, others may have time limits on how long you can accumulate and redeem your rewards.

If you need more than a rewards credit card to cover your financial needs, GS Credit can help. We offer personalised loan solutions to people looking for extra financial support. Whether you need help managing expenses or achieving your goals, we’ve got you covered. Apply for a loan today with GS Credit and take the next step toward securing your financial future.

Finding the Right Card for Your Needs

Choosing the best rewards credit card in Singapore depends on your unique spending habits and financial goals. By understanding the different types of rewards cards available, comparing their features, and aligning them with your lifestyle, you can select a card that genuinely enhances your financial well-being.

If your primary expenses are groceries, dining, and fuel, a cashback card like the Citi Cash Back Card might be your best bet. For frequent travellers, the DBS Altitude Visa offers unmatched value with travel perks and miles that never expire. The UOB One Card provides high cashback rewards for those with consistent monthly expenses, especially if you can meet the minimum spending requirements.

It’s also important to remember that rewards credit cards are just one piece of the financial puzzle. To maximise your rewards and avoid debt, always pay your balance in full each month, stay informed about your card’s terms and conditions, and track your rewards to ensure they don’t expire before you can use them.

If you’re not meeting your financial needs with a rewards card alone or need extra funds to manage your expenses, GS Credit is here to support you. We offer flexible loan options tailored to your individual needs. Apply now and take control of your financial future with GS Credit.