Skip to content
Advertisements

Drip of Dividends – Cash Back Credit Cards 2017 (Singapore)

The recent months saw the introduction of 2 new Cashback Credit Cards with limited or no caveats to spending. While the history of cash back credit cards dates back many years to when UOB launch the ONE card where there were spending tier and minimal frills to the many other entrants in the cashback credit card scene. We take a look at some of the little to no frills credit cards in the market and how the rebates stack up against each other.

AMEX True Cashback

Amex True Cashback

Source: AMEX SG

Cashback – 1.5% | Cashback cap – none

Website – https://www.americanexpress.com/sg/content/true-cashback-card/

Standard Chartered Unlimited Cashback World Mastercard

SC Unlimited Cashback Credit Card

Source: Standard Chartered SG

Cashback – 1.5% | Cashback cap – none

Website – https://www.sc.com/sg/credit-cards/unlimited-cashback-credit-card/

HSBC Advance Visa

HSBC Advance

Source: HSBC SG

Cashback – 1.5% for below $2,000 spend and 2.5% for above $2000 spend
(Additional 1% for HSBC Advance customers)

Cashback cap at $70 for non-HSBC Advance customers and $120 for HSBC Advance customers

Website – https://www.hsbc.com.sg/1/2/advanceplatinum

Manhattan World Mastercard

Manhattan Card

Source: Standard Chartered SG

Cashback – 0.5% for below $1,000 spend, 1% for $1,000 to $2,999 spend, 3% for $3,000 and above

Cashback cap at $200 per quarter

Website – https://www.sc.com/sg/credit-cards/manhattan-world-mastercard/

What is the Verdict?

Scenario A – SGD$2,000 spending

Monthly spending of SGD 1,000 on Shopping, Travel and Dining (excluding bill payments for utilities and transport since some of the cards have such exclusion criteria in place).

Scenario B – SGD$3,000 spending

Monthly spending of SGD 2,000 on Shopping, Travel and Dining (excluding bill payments for utilities and transport since some of the cards have such exclusion criteria in place).

Scenario C – SGD$500 spending

Monthly spending of SGD 500 on Shopping and Dining (excluding bill payments for utilities and transport since some of the cards have such exclusion criteria in place).

The table below shows the cash back adds up when comparing all the 4 cards in the given scenarios above.

Cash Back Cards Rebate comparison

Note: *Rebate with HSBC Advance banking relationship

As you can see from the chart if you decide to hold $30,000 in savings, insurance and investments with HSBC by starting an HSBC Advance relationship you stand to gain in all tiers of spending.

On the contrary, if you decide that you prefer to just use whatever credit card is available and easy to apply for, then you might want to consider any of the mentioned cashback cards. Moreover, on the side note, if you constantly have a high spending then the Manhattan card will stand out at above $3,000 spending per month.

Ways to earn additional cash back with credit card spending

While the benefits of having a no frills cash back credit card do not stop here. There are third party websites like Shopback that enables shoppers like us to earn additional cash rebate while using our credit cards. You may read more about how to use Shopback in this review I wrote about my experience with Shopback.

Note: For every successful referral to Shopback, you receive SGD$5.00, while H Diary receives SGD$5.00 cashback too. The article is written for information sharing purpose only, and it not any form of credit card advertisement.

Advertisements

2 Comments »

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: