Have you ever stood at the cashier, pulling out all your credit cards, trying to pick the best one to make the payment? After all, what’s the point of having so many cards if you’re not making the best use of the rewards, right?
What if there was an easier way? This way is using what we call an all-category cashback card or an all-purpose cashback card.
What are all-category cashback cards?
These cashback credit cards offer a flat cashback rate on any and all purchases made on your card instead of varying cashback for selected categories. Many such cards also don’t have a cap on how much cashback you can earn.
Should you consider getting an all-category cashback card?
A cashback credit card for any kinds of spending can be especially useful for several reasons.
- It will save you a lot of time when making purchases because you eliminate the hassle of deciding which card to use. This will be great for those of us who hate to think about which credit card to use.
- As many such cashback cards don’t have a cap, they will earn you cashback no matter when or how many times you use the card, i.e. you never have to stop using it.
- Some of the all-category cashback cards don’t have minimum spends and offer a minimum of 1.5% cashback even if you only spend S$5 that month.
- When you have too many credit cards, it is difficult to keep track of all your statements and bills – a problem that will be eliminated by using a single all-purpose cashback card.
- No matter which cards you own, you will always make payments outside the selected cashback categories of dining, groceries, online shopping, etc. So an all-purpose cashback card can step-in and complement your existing card so you don’t lose cashback.
Intrigued yet? Here are some of the best all-purpose cashback credit cards in Singapore right now.
1. American Express True Cashback Card
- With this card, you will earn 3% cashback during the first 6 months after card approval up to purchases of S$5,000.
- After 6 months, you will earn a flat cashback rate of 1.5% on all purchases with no minimum spend requirement and no cap on cashback.
Interested in this card? Read our review here: American Express True Cashback Card Review: What to Know Before Applying
2. HSBC Advance Card
- Advance banking customers will earn 3.5% cashback when they spend above S$2,000 per month and 2.5% cashback when they spend below S$2,000 per month on this card.
- Non-advance customers will earn 2.5% cashback when they spend above S$2,000 per month and 1.5% cashback when they spend below S$2,000 per month.
- Cashback is capped at S$125 for Advance customers and S$70 for non-advance customers.
Interested in this card? Read our review here: HSBC Advance Card Review: Great for Everything You Love
3. Standard Chartered Unlimited Cashback Card
- You will earn 1.5% cashback on all transactions made with this card.
- There is no cap or minimum spend requirement.
Interested in this card? Read our review here: SC Unlimited Cashback Credit Card Review: A Cashback Card That Doesn’t Stop Giving
4. ICBC Global Travel MasterCard
- You will earn 3% cashback on all overseas spends made on this card.
- You will earn 1.5% cashback on all local spends.
- There is no cap on cashback or a minimum spend requirement.
5. UOB One Card
- On this card, you will earn 3.33% cash rebate on purchases if you spend at least S$500 per month for 3 consecutive months. Your quarterly cash rebate will be S$50.
- If you spend at least S$1,000 per month for 3 consecutive months, get 3.33% cash rebate on purchases. Your quarterly cash rebate will be S$100.
- You will earn 5% cash rebate on purchases if you spend at least S$2,000 per month for 3 consecutive months. Your quarterly cash rebate will be S$300.
- You need to make a minimum of 5 purchases per month to meet the minimum spend requirement.
6. Maybank Platinum Visa Card
- Earn cash rebate up to 3.33% on local spends with this card.
- Earn 0.3% cash rebate on overseas spends.
- Spend a minimum amount of S$300 per month to earn a quarterly cash rebate of S$30.
- Spend a minimum amount of S$1,000 per month to earn a quarterly cash rebate of S$100.
- Cash rebate is capped at S$100 per quarter.
7. Maybank FC Barcelona Visa Signature Card
- Get 1.6% unlimited cashback on all spends with this card.
- There is no minimum spend and no cashback cap.
- You also get to earn 2x TREATS Points per S$1 that you spend in foreign currencies.
In addition to the rewards you get when you use the card, you also get to enjoy a discount of 10% when you shop on the official FC Barcelona Asia Pacific store and 5% off at the FCBotiga official store in Camp Nou.
Finally, choosing an all-category cashback credit card is not a herculean task. You need to evaluate your spending habits and see if you can meet the minimum spend requirement (if any) on such credit cards.
If you can, then it is better to go for one that has a cap because they offer a higher cashback rate so you will earn cashback faster. If you can’t or don’t want to spend up to the minimum requirement, then you can go for one that doesn’t have that criterion.
But all-in-all, it is advisable to own at least one all-purpose cashback credit card where you don’t have to worry about spending only on select categories and losing benefits when you spend outside of them. They are also a good supplement to other credit cards you may use for perks in specific categories.
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Looking for specific cashback credit cards? Here are a few useful reads: