We choose credit cards depending on the type of benefits that we prefer to have. And personally, since I like to travel, I have always opted for travel credit cards. My current credit cards are both travel-oriented wherein I earn miles and gain free (and for a fee) access to airport lounges locally and internationally. But since travel will not be my main priority in the coming years except if it’s side-hustle related, I’m on the lookout for the best cashback credit cards in the Philippines.
After the lockdown is lifted, I might apply for a cashback credit card, I’m also considering to have one of my cards changed into a cashback credit card. I have not decided yet though which card to let go. I’ll keep you posted. I hope there will be free annual free for life promo in the coming months so I wouldn’t have to let go of any of my travel credit cards.
Advantages of Having a Cashback Credit Card
Cashback credit cards in the Philippines are geared towards people who shop a lot for both essentials and non-essentials products and services. Some cards aside from the cashback offer additional benefits to make their product stand out from their competitors.
I will not be including in this list co-branded cashback cards, or fuel cashback cards but rather, I’ll only be listing cashback cards for both general essentials and non-essential purchases.
If you’re also on the lookout for a new credit card, check out my list of best cashback credit cards in the Philippines.
Citibank Cash Back Card
Citibank is probably one of the most generous in cashback credit cards in the Philippines when it comes to supermarket purchases. They are offering as much as 6% with a P1,000 rebate cap per statement month and P12,000 rebate cap per anniversary year. They are also offering up to 2% cashback on Meralco bill payments through Citibank Online or Citi® One Bill®. The cashback rate for other purchases though is only 0.20%.
If your monthly grocery spend is really high then you’ll really benefit a lot from owning this card. If your family spends P2,000 per week on groceries or P8,000 per month on groceries, then you’d be able to get P480/month worth of cashback or equivalent to P5,760/year. In order to breakeven with the annual membership fee amounting to 3,500, you will have to spend at least P4861.2 every month on your supermarket purchases.
Citibank has an ongoing promotion for new to bank customers from April 1 to July 31, 2020, wherein you can get P5,000 SM Gift Pass Welcome Gift Spend if you accumulate at least PHP20,000 on your new Citi credit card within 60 days from receipt. Click here if you want to know more about this promo.
American Express® Cashback Credit Card
American Express® Cashback Credit Card as we all know is only available via BDO. You can get 1% cashback on local purchases and 2% on overseas purchases and you can enjoy a 5% cashback within the first 3 months of card issuance.
The cashback only applies to goods and services and there are excluded items that you need to check out before you sign up. The webpage says that you can get up to P2,500 cashback but it wasn’t specified if it’s for just one month or for the whole year. I’m guessing that it might be for the whole year since the cashback percentage is very minimal and since it’s offering additional benefits as well.
Aside from cashback, this card also offers additional benefits which include 24/7 Global Travel Assistance for emergencies and complimentary travel & inconvenience insurance protection. The first annual membership fee is also waived and your succeeding annual membership fees can also be waived if you meet the annual spend requirement amounting to P200,000.
HSBC Gold Visa Cash Back Credit Card
HSBC offers a well-rounded cashback credit card which I think is more geared towards car-owner urban professionals who eat our frequently. The supermarket rebate falls under the other purchases category which only means you’ll get 0.5% on your groceries.
However, it offers a 5% dining rebate with participating restaurants and a 3% Caltex fuel rebate all year round. You’ll also get a 6% rebate on your first transaction made at first transaction/purchase of products and services from any Valid CALTEX Station. At the same time, your fuel spend earns you Bonus Points, which you can use to redeem Rewards items or miles.
Cardholders can also get a 1% rebate for purchases made in May, June, July, and August on Back-to-school items with participating department stores. You’ll also get a 1% rebate on overseas spend for purchases made in January, April, May, and December.
EastWest Everyday Titanium Mastercard
EastWest Bank also offers a well-rounded card that gives up to 5% cash rebate on your everyday essential spend on supermarket, gas, and drugstore purchases. The essential rebates increase as your non-essential purchases increase. The rebate for non-essential purchases worth P5,000 and below is 0.5%, 3% for non-essential purchases worth between P5,000 and P10,000 and 5% for P10,000 and up non-essential spend.
Non-essential spend consists of non-supermarket, non-gas, or non-drugstore purchases. If you shop a lot on a monthly basis then you will be able to maximize the benefit of this card. However, if you don’t shop a lot of non-essentials, then this card might not be the right fit for you.
Annual income requirement and rebate cap are not mentioned on the website though, so better confirm this before you sign up with EastWest Bank.
EastWest Visa Platinum Credit Card
This card is geared towards shoppers and those who frequently eat out. You can get as much as 3% rebate on your department store purchases and dining spend worth P15,000 per month. For purchases exceeding P15,000, the rebate goes back to 0.3%.
However, for purchases made at supermarkets and other spend that falls under the non-promoted category, you’ll only get a 0.3% rebate.
Aside from rebate, you are entitled to a free travel accident and inconvenience insurance.
Security Bank Complete Cash Back Mastercard
This is probably the best card for moms and dads and breadwinners of the family. It offers a 5% rebate on supermarket purchases, 4% on gas, 3% on utilities, 2% on dining, and 1% on shopping. It offers cashback on all basic necessities of almost anyone.
The maximum rebate on a monthly bill is P1,000 and P12,000 annually. Please be aware that the cashback only covers participating shops covered on their list of merchant category codes.
The first year annual membership fee is also waived.
Chinabank Cash Reward Mastercard
Chinabank offers 6% on non-essentials and 1% on gas, groceries, drugstores and supermarket purchases with a monthly cap on rebate amounting to P1,000. If you often make non-essential purchases for either or personal use then this is the best card for you.
Maybank Platinum Mastercard
Another credit card that offers cashback is Maybank Platinum Mastercard. It offers a 1% rebate on overseas purchases with a P12,000 annual cap. However, it’s not indicated on the website the rebate for local purchases that’s why I didn’t include this on the table. Aside from the 1% rebate, you are also eligible to earn points that you can exchange for miles.
Which One is the Right Card for You?
It will all depend on your priorities and needs. If your priority is to save money and you often purchase only essential items then consider getting Citibank Cash Back Card or Security Bank Complete Cash Back Mastercard. If you have a business and you often make non-essential purchases, then you might be able to save more money when you get the Chinabank Cash Reward Mastercard.
Identify your priorities and needs. From there, choose the credit card that offers the best value. And also, do consider the annual fee that you will have to spend in order to maintain this card.
Before you Sign Up for a Card
Before you sign up for any credit card, be sure to read the terms and conditions and the fine prints on the bank’s website to ensure that you are getting the updated information. If you are unsure of some details, do not hesitate to contact the bank so their representatives can explain it further to you.
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Do you have any cashback credit cards? Feel free to share your tips and recommendations on the comment section below.