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We all want the best rewards for our credit card spending.

But with so many different schemes out there for different cards, it is hard to tell which ones are truly ‘rewarding’ and which ones won’t pay off for you.

Generally, Singapore credit cards reward spending in three ways: direct cashback on your monthly credit card bill, air miles, and reward points for redemptions. 

1. Cashback

Cashback Cards are an easy way to earn a money value amount for each dollar you spend and this is often directly deducted from your next month’s bill. These cashback rates range from 0.30%, 30 cents per 100 dollar spent, to as high as 7% on broader categories, thus earning you a discount of $7 per 100 dollar spent. However, do be aware of any limits set on cashback amounts and minimum-spend requirements.

2. Miles

If you like to travel, then a Miles Card might be your wisest choice. Miles cards reward you with air miles as you spend. These cards often also have extra benefits for overseas spend, making them an ideal travelling companion. Keep in mind that some cards charge a fee for converting your spend to miles, and these miles might not be compatible with the miles programme of your favourite airline.

3. Reward Points

Reward Points Cards allow you to redeem rewards of your choice through points you earn through spending on your credit card. This gives you the freedom to choose your benefit and change your reward preference each time you make a redemption. For most banks, rewards come in the form of retail vouchers, hotel stays, cashback, or air miles. So one year, you may decide to get $100 off at your favourite clothing store, and the next year, you may opt for a dining discount. Similar to the miles cards, banks may charge a fee for certain redemptions.

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So for each kind of reward, which card offers the more attractive perks? To help you to compare, you can use Gobear’s credit card comparison tool to see the cashback and miles reward systems of all the different credit cards. (We have attached a cash or miles value to the rewards offered by Reward Points Cards.) 

Now all you have to do is decide whether a cashback or miles reward suits you better, then find the card that works best for you!