5 best unlimited cashback credit cards in Singapore (2022)

Many cashback credit cards are like those fast food ads featuring massive burgers oozing with juice. You buy one, only to discover that the real product looked more like a deflated balloon. They can promise a super generous 15 per cent cashback, until you read the fine print and discover that it’s capped at $10 a month. Pfft.

If you’ve got a huge expense coming up, like a wedding dinner or a new car, that cashback cap is going to cramp your style like an overprotective mother at the playground.

Unless you manage to find a credit card that gives you unlimited cashback, meaning you can spend as much as you like knowing you’ll be rewarded for every cent.

Here are the unlimited cashback cards we’ve found with no minimum spend requirement and no caps.

Best unlimited cashback credit cards in Singapore (2022)

1. Citi Cash Back+ Mastercard

Not to be confused with the Citi Cash Back Card, the “+” symbol on the end of the Citi Cash Back+ card makes a whole lot of difference.

Unlike its “plusless” counterpart, which has a minimum spending requirement of $800 per month, the Citi Cash Back+ Card has no minimum spend to fulfil and no complex requirements to earn the cashback.

This doesn’t mean that there are no exclusions to the type of spend to be eligible for the cashback, though! Your bills or insurance premiums do not qualify.

But when you do stick to the eligible categories — groceries, online shopping, dining and other forms of regular retail spending — you will be rewarded with an uncapped 1.6 per cent cashback on all these spends.

The Citi Cash Back+ Card comes with a welcome gift of up to 4.5 per cent cashback in the first three months. This is good for up to $5,000 of spending and cashback is capped at $225.

2. Standard Chartered Unlimited Cashback Credit Card

Stanchart’s Unlimited Cashback Credit Card is the card to sign up for when you’re about to spend a bomb.

This credit card offers you up to $250 cash upfront, and 1.5 per cent cashback. There’s no cap as to how much 1.5 per cent cashback you can amass.

With this card, you’re also entitled to promotions under StanChart’s The Good Life programme, which include plenty of staycation and dining deals around town.

We also like its two-year annual fee waiver. That’s one less thing to worry about when you apply for this card on MoneySmart for the freebies. (C’mon, admit you’re tempted.)

3. American Express True Cashback Card

The American Express True Cashback Card was one of the first fuss-free unlimited cashback cards on the market.

This credit card offers you 3 per cent cashback in the first six months of card membership, up to $5,000 worth of spending.

So it’s well worth it to bide your time, and then sign up just before you’re about to enter an expensive phase in your life, like moving to a new home or having a baby.

After you hit the $5,000 expenditure cap or the 6-month mark, you will earn the usual rate of 1.5 per cent. There’s no cap as to how much 1.5 per cent cashback you can amass, however.

That cashback also applies to almost anything you could possibly spend on, including commonly excluded expenses like insurance premiums or bill payments — provided they accept Amex, of course.

4. UOB Absolute Cashback Card

UOB Absolute Cashback Card offers unlimited cashback of 1.7 per cent with practically no spending exclusions. This means that insurance premiums, school fees, e-wallet top-ups, utilities bills and even rental payments are included in the cashback perk.

But, and this is a very big but, the card is an American Express card. It might be the third biggest card association in the world — but it still plays third fiddle to Visa and Mastercard in Singapore. You’re less likely to find smaller merchants that will accept this card.

The welcome bonus is alright, offering 8 per cent (capped at $120) additional bonus cashback when you hit $1,500 worth of spending by Dec 31, 2021.

That being said, it’s an amazing card to keep using for everyday spending as opposed to one big ticket item. You’ll probably earn more cashback with this card than with the others!

5. Maybank FC Barcelona Visa Signature Card

Whether you’re a football fan or not, this randomly-named Maybank FC Barcelona Visa Signature Card is a pretty good unlimited cashback card to consider.

The cashback rate of 1.6 per cent this card gets you is quite attractive. That said, it lacks a welcome offer like the rest of the cards on this list.

While you don’t need to be an FC Barcelona fan to sign up, it does come with perks for soccer lovers, such as a chance to win a trip for two to catch FC Barcelona live every football season. However, with no updates on when travel will resume, it’s unlikely you’ll benefit from that anytime soon.

This article was first published in MoneySmart.