Best credit card for grocery shopping in Singapore (2024): DBS, Trust, CIMB, Maybank and more

SINGAPORE — As the cost of living continues to rise, finding ways to stretch your dollar becomes increasingly important. This calls for more financial savviness among consumers, especially when it comes to spending on essential daily items at the supermarket.

Whether you're an individual who lives alone or with a family, frequent grocery runs can add up to a hefty bill. One method that could help save you some money is to use a credit card that offers rewards that go into offsetting your monthly grocery bills.

But with so many credit cards offering various tie-ups with supermarkets, selecting a suitable card that fits your individual spending habits can be hard. To help you make a more informed decision when choosing a card, Yahoo Finance Singapore has put together a list of the top credit cards in Singapore that can turn your routine purchases into valuable savings.

How to choose the right credit card for your grocery shopping

When choosing a credit card for grocery shopping, it's crucial to understand your spending habits and preferences. Consider factors such as the types of supermarkets you frequent, whether you shop online, and if you prefer earning cashback, air miles or rewards points. Some cards offer higher returns for specific grocery chains, while others may provide broad benefits across most major supermarkets.

• Also read: Best credit card for public transport in Singapore (2023)

• Also read: How to decide on the best cashback credit card in Singapore for your needs (2023)

• Also read: Best air miles credit card in Singapore (December 2023)

Here are three points to guide you in choosing a grocery credit card that is tailored to your individual preferences:

Evaluate rewards structure

Start by assessing the reward structure of potential credit cards. Look for cards that offer cashback, discounts or reward points specifically for grocery spending. Check the percentage of cashback or the rate at which you earn rewards for each dollar spent on groceries. Prioritise cards that provide the highest return on your grocery expenses.

Identify which supermarket you frequent most

As credit card providers may have exclusive tie-ups with the various grocery chains in Singapore, make sure you know where you frequently shop for groceries before selecting a card to shop with. Ensure that the card either rewards you for shopping at your preferred grocery store or better yet, at major supermarkets and grocery stores in Singapore. The broader the acceptance, the more convenient the card will be for your regular grocery shopping.

Check merchant partnerships

Credit card issuers often partner with various merchants to offer their members exclusive deals, discounts, and enhanced rewards. Before choosing a card, examine the list of merchant partnerships associated with the specific card. This will require an assessment of your spending habits and then selecting a card that has partnerships with merchants that you frequent, aside from groceries. This will help you make the most out of the card's perks and could potentially save you the hassle of owning multiple credit cards with varying purposes.

Best credit card for groceries

Here are the top credit cards for groceries in Singapore, at a glance. Do note that credit card terms and conditions are up to date as of January 2024 and are subject to change from credit card issuers.

Best credit card for grocery shopping at NTUC Fairprice

Regular shoppers at NTUC Fairprice don't have to look any further than the Trust Link Card. Trust, launched in 2022 as Singapore's first digital bank, is the product of a partnership between Standard Chartered Bank and FairPrice Group. As such, the Trust Link card is designed for its users to maximise savings when they shop at Fairprice Group outlets which include FairPrice, FairPrice Xtra, Unity, and Cheers. Earn up to 15 per cent rebates in the form of Linkpoints at these outlets when you meet the minimum spend, which can then be used to offset your FairPrice groceries and food purchases (100 Linkpoints = S$1). Additionally, using the Trust Link card on all other spend outside of FairPrice Group will not only help you meet the minimum spend requirement, but also earn you Linkpoints, although at a reduced rate. To top it off, NTUC Union members who apply for a Trust credit card will receive the NTUC Link Card instead, which offers a higher rebate of up to 21 per cent at FairPrice Group outlets.

Minimum spend: For the Trust Link Card, spend a minimum of S$450 monthly outside of FairPrice Group to receive a monthly bonus of five per cent rebates at FairPrice Group outlets. Meeting the minimum spend for three consecutive months will further unlock a quarterly bonus of 9.5 per cent rebates at FairPrice Group outlets. For the NTUC Link Card, spend a minimum of S$350 monthly outside of FairPrice Group to receive a monthly bonus of six per cent rebates at FairPrice Group outlets. Meeting the minimum spend for three consecutive months will further unlock a quarterly bonus of 10.5 per cent rebates at FairPrice Group outlets.

Eligibility: 21 years old and above with a minimum annual income of S$30,000.

Annual fee and waiver: None.

Benefits cap: For the Trust Link Card, the monthly bonus is capped at 5,500 Linkpoints, while the quarterly bonus is capped at 7,500 points. There is no cap on the base rate of 0.5 per cent for spending at FairPrice Group and 0.22 per cent for all other spending. The monthly and quarterly rewards cap are the same for the NTUC Link Card, but has a cap of 12,000 Linkpoints per year for the base rate of 2.5 per cent.

Promotion: Receive a S$25 FairPrice E-Voucher when you make your first credit card spend.

Best credit card for grocery shopping at Giant Supermarket and Cold Storage

In case you weren't aware, Giant and Cold Storage are both owned by DFI Retail Group. Therefore, having a credit card that partners with the company, which also owns and operates 7-Eleven and Guardian, is sure to benefit regular shoppers of both supermarkets – and that is the DBS yuu Card. This co-branded credit card between DBS and yuu Rewards Club earns up to 36X yuu points (equivalent to 18 per cent rebate) which can be redeemed at selected groups of popular retail chains for rebates when you spend. Points can also be redeemed for treats under the dining, shopping, and lifestyle categories. Besides DFI-owned supermarkets and grocery chains, the yuu rebate also works for merchants under five other retail groups. This includes brands under BreadTalk Group, Mandai Wildlife Group, Singtel, Gojek and foodpanda, making the card an ideal fit for regular shoppers at Giant or Cold Storage who want more flexibility.

Minimum spend: No minimum spend is required to earn the cash rebate base rate of five per cent (10 yuu Points). A minimum spend of S$600 per calendar month is required to unlock the bonus rate of 13 per cent (26 yuu Points).

Eligibility: 21 years old and above with a minimum annual income of S$30,000.

Annual fee and waiver: S$196.20, waived for the first year.

Benefits cap: No cap for points earned at the base rate. Bonus points are capped at S$78 per calendar month.

Promotion: New card members enjoy S$150 cashback upon signing up.

Best credit card for grocery shopping at Sheng Siong

For Sheng Siong shoppers, there are two niche credit cards to choose from, namely the BOC Sheng Siong Card and the DCS Sheng Siong Credit Card. Both cards offer similar rebate rates for purchases made at Sheng Siong, although the BOC Sheng Siong card has a slightly higher rate of six per cent for spending at the supermarket – capped at S$45 per statement month – and 1.5 per cent unlimited rebates for all other spending, with no minimum spend required. Meanwhile, the DCS Sheng Siong card offers five per cent of up to S$1,000 spent per month at Sheng Siong outlets in the form of REBATE$, with a monthly cap of S$45.87. However, it should be noted that REBATE$ expire after 30 days and is calculated based on the gross total amount before GST (Goods and Services Tax). Aside from REBATE$, spending on the DCS Sheng Siong card outside of Sheng Siong outlets will also earn you Club Rewards Points which never expire and can be redeemed for vouchers, merchandise or air miles. Between these two niche cards, the BOC Sheng Siong card appears to offer more flexibility in the form of unlimited cashback for spending outside of Sheng Siong.

Minimum spend: No minimum spend for both the BOC and DCS Sheng Siong cards.

Eligibility: 21 years old and above with a minimum annual income of S$30,000 for both the BOC and DCS Sheng Siong cards.

Annual fee and waiver: S$196.20, waived for the first year for both the BOC and DCS Sheng Siong cards.

Benefits cap: For the BOC Sheng Siong card, cash rebates are capped at S$45 per statement month for spending at Sheng Siong outlets but have no cap on all other spending. The monthly maximum REBATE$ entitlement from using the DCS Sheng Siong card at Sheng Siong outlets is S$45.87.

Best credit card for grocery shopping at all supermarket chains

If you're not particularly loyal to just one supermarket, it might be worthwhile to consider a broader credit card that also offers attractive cashback rates. Here's where a card like the Maybank Family and Friends Card comes in handy, with its option to select five out of 10 spend categories that range from groceries and dining to fashion and entertainment. The card offers a cashback rate of eight per cent on five user-selected categories. Additionally, the card also offers the same cashback rate for spending in RM on top of the five selected categories. making it an ideal multipurpose card for more flexibility and for those who frequently travel to neighbouring Malaysia. However, the downside is that there is a monthly cashback cap of S$25 per category and cardholders will have to meet the minimum spend requirement of S$800 per month.

Minimum spend: There is a minimum spend requirement of S$800 per month. If the minimum spend is not met, or for all other spending beyond the 10 categories, the cashback rate falls to 0.3 per cent.

Eligibility: 21 years old and above with a minimum annual income of S$30,000.

Annual fee and waiver: S$196.20, waived for the first three years.

Benefits cap: The cashback cap is S$150 per calendar month or S$25 per category, including expenses made in RM. The category selection is limited to five out of 10 and can be changed only once every three months.

Best for: Earning cashback on dining-related expenses and diners who enjoy eating in Malaysia.

Promotions: Spend a minimum of S$600 for each of the first two consecutive months after card approval and receive a pair of American Tourister Linex 66/24 Luggage TSA, or an AirPods (3rd generation) with Lightning Charging Case, or S$200 cashback. The offer is valid until 31 January 2024.

Best credit card for grocery shopping at online grocers

Those who want to skip the queue at supermarkets and prefer the convenience of buying their groceries online at grocery shops such as Redmart, FairPrice Online and Amazon should consider the CIMB Visa Signature Card. It has one of the highest cashback rates in the market at 10 per cent per month, offered across several categories which include online shopping, groceries, cruises, pet services, and beauty and wellness. The downside is the high minimum spend of S$800 per statement month and a low monthly cap of S$20 per category.

Minimum spend: Spend a minimum of S$800 per statement month to enjoy 10 per cent cashback on online shopping, groceries, beauty and wellness, pet shops, veterinary services and cruises. For all other retail purchases, cardholders will enjoy unlimited 0.2 per cent cashback with no minimum spend or monthly cap.

Eligibility: 21 years old and above with a minimum annual income of S$30,000.

Annual fee and waiver: No annual fees for life.

Benefits cap: The 10 per cent cashback is capped at S$100 per statement month and up to S$20 per category. The cashback rate of 0.2 per cent applies once the cap is exceeded.

Best for: Earning cashback on online spend.

Promotions: Receive complimentary travel insurance coverage of up to S$500,000 for you and your family.

Is it wise to use a credit card for groceries?

The answer is yes, provided you select a card that aligns with your profile and exercise some financial prudence when using the card.

While credit cards offer enticing rewards and discounts, it's essential to manage your spending responsibly. Ensure you pay your bills on time to avoid late interest charges and be mindful of your budget. Using a credit card for groceries can be a smart financial move if done prudently while helping you to maximise savings and accumulate valuable rewards at the same time.

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