Earn Cashback on Home-Related Spending (Adulting 101)

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When it comes to managing your finances, every little bit helps. For homeowners in Singapore, learning how to earn cashback on home-related spending is an essential part of adulting. With the right strategies and tools, you can maximise the returns on your big-ticket purchases, including your home renovation and furniture! Here’s a comprehensive guide to help you make the most of your spending.

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Why Earning Cashback Matters

Cashback rewards are a great way to stretch your dollar. Whether it’s purchasing appliances, paying for renovations, or even settling utility bills, cashback can offset your costs. For major home projects, these savings can add up significantly, leaving you with extra funds to allocate elsewhere.

Let’s explore some credit card options available in Singapore that offer attractive cashback benefits, categorised by their cashback rates and spending limits. Kindly note that the information below is accurate as of December 2024, and the rates/benefits of these cards may be subject to change.

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The Best Credit Cards for Cashback on Home-Related Spending

High Cashback Rate Cards (5% and above)

These cards are perfect for homeowners who want the most bang for their buck:

• Maybank Family & Friends Card
  
  • Cashback Rate: Up to 8%
  • Spending Categories: Groceries, dining, transportation, and more.
  • Monthly Spending Requirement: Minimum $800 to qualify for 8% cashback.
  • Cashback Cap: $125 per month.
  • Why It’s Great: Ideal for everyday expenses like groceries and transport, helping homeowners earn while managing household needs.

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• OCBC 365 Credit Card
  
  • Cashback Rate: Up to 6%
  • Spending Categories: Dining, groceries, utilities, and online shopping.
  • Monthly Spending Requirement: Minimum $800 for maximum cashback.
  • Cashback Cap: $80 per month.
  • Why It’s Great: Comprehensive cashback coverage on home-related categories.

Moderate Cashback Rate Cards (1%-4%)

If you’re planning moderate spending or prefer lower monthly commitments, these cards are for you:

• UOB One Card
  
  • Cashback Rate: Up to 5% (with conditions)
  • Spending Categories: General spending, utilities, and recurring bills.
  • Monthly Spending Requirement: Minimum $500 to $2,000 to qualify.
  • Cashback Cap: Up to $100 per quarter.
  • Why It’s Great: A good all-rounder for consistent spenders.
• Citi Cash Back Card
  
  • Cashback Rate: 8% on dining, groceries, and petrol; 0.25% on other spending.
  • Spending Categories: Specific categories plus general spending.
  • Monthly Spending Requirement: Minimum $800 to qualify for category cashback.
  • Cashback Cap: $25 per category per month.
  • Why It’s Great: Perfect for targeted spending, such as grocery shopping.

Low Cashback Rate Cards (<1%)

For homeowners looking for flexibility in spending without specific category restrictions:

• Standard Chartered Unlimited Cashback Card
  
  • Cashback Rate: 1.5% on all spending.
  • Spending Categories: No restrictions.
  • Monthly Spending Requirement: None.
  • Cashback Cap: Unlimited.
  • Why It’s Great: Ideal for general spending without worrying about caps or conditions.
• American Express True Cashback Card
  
  • Cashback Rate: 1.5% on all spending (3% for first 6 months, up to $5,000).
  • Spending Categories: No restrictions.
  • Monthly Spending Requirement: None.
  • Cashback Cap: Unlimited.
  • Why It’s Great: Great for homeowners looking to earn consistently on any purchase.

‍Comparing Cashback Credit Cards for Home-Related Spending

‍Choosing the right cashback credit card can be overwhelming with so many options available in Singapore. To help you make an informed decision, we’ve created a comparison table summarising the key features of some popular cashback cards for home-related expenses.

Maximising Cashback on Big-Ticket Spending

For large expenses like home renovations or purchasing furniture, it’s essential to choose the right card and strategy:

• Plan Spending Around Cashback Cycles
  
  • Use cards with higher cashback caps for big purchases.
  • Space out expenses to maximise cashback over multiple billing cycles.
• Combine Cards for Different Categories
  
  • Use category-specific cards for items like utilities or groceries.
  • Use flat-rate cards for miscellaneous spending.
• Leverage Promotions and Bonuses
  
  • Look for sign-up bonuses or promotional cashback rates.
  • Some cards offer higher rates during specific periods or for specific merchants.

‍Maximise Cashback and Miles for Renovations with HomePay

HomePay is Singapore’s first renovation payment platform designed to prevent renovation scams. By using HomePay, you not only secure your renovation funds in escrow but also unlock a seamless way to earn cashback and rewards.Why Use HomePay?

• Low Transaction Fees: Unlike most credit cards charging a 4% fee for renovations, HomePay only charges a 2% fee. This means you keep more of your money!
• Earn Miles and Cashback: Use your preferred credit card to pay through HomePay and continue earning rewards while enjoying peace of mind.
• Secure Payments: Funds are only released to your interior designer (ID) upon the completion of agreed milestones, ensuring transparency.
• HomeProtect Coverage: In the unfortunate event of your ID going out of business, HomePay ensures another accredited ID takes over the project seamlessly.

Earning cashback on home-related spending doesn’t have to be complicated. By choosing the right credit cards, planning your expenses, and leveraging tools like HomePay, you can maximise your rewards while staying in control of your finances. HomePay not only ensures the security of your renovation funds but also helps you save with lower fees, making it the perfect companion for savvy homeowners.Ready to start adulting the smart way? Sign up for HomePay today and make every dollar count toward building your dream home.