Miles vs Cashback

Best Credit Cards for Renovation

Renovation is a large, lumpy expense, and that changes the maths. Bonus cashback cards cap their best rate at a low monthly spend, so most of a renovation bill drops to the base rate. An uncapped flat-rate card earns the same rate on the whole sum, and a 0% instalment plan can spread the cost. Note that many contractors take bank transfer or cheque rather than cards.

  1. 1
    Cashback

    Why it fits: Uncapped flat cashback, so a large renovation bill earns the same rate end to end.

    Annual fee S$196.20 · Min income S$30,000

    Pros

    • +Flat 1.6% cashback on every purchase with no minimum spend and no cap
    • +Cashback is earned on foreign-currency spend as well as local spend, with no spend categories to track
    • +First-year annual fee waived, and the standard S$196.20 fee can typically be waived on request thereafter

    Cons

    • −1.6% flat rate is lower than category cards that pay 5-8% on dining, groceries or transport, so heavy category spenders earn less
    • −Standard S$196.20 annual fee applies from year two unless waived
    • −On overseas spend the ~3.25% Mastercard FX/admin fee exceeds the 1.6% rebate, so net return is effectively negative
    • −The headline sign-up rate (e.g. 8% welcome cashback) is a capped promo for the first months only, not the ongoing 1.6% rate
    Full breakdownOfficial site →
  2. 2
    Cashback

    Why it fits: Flat cashback on general spend with no category cap to blunt a big purchase.

    Annual fee S$174.40 · Min income S$30,000

    Pros

    • +1.5% flat cashback on everything, uncapped, no min spend
    • +3% intro cashback first 6 months, up to S$5,000 spend
    • +First-year annual fee waived
    • +Simple and beginner-friendly, no categories to track

    Cons

    • −S$174.40 annual fee from year two
    • −1.5% base rate is low vs tiered cashback cards
    • −Amex less widely accepted in Singapore than Visa/Mastercard
    Full breakdownOfficial site →
  3. 3
    Cashback

    Why it fits: Simple uncapped cashback, a clean choice for a one-off large spend.

    Annual fee S$196.20 · Min income S$30,000

    Pros

    • +1.5% flat cashback on all spend, no categories to track
    • +Cashback is uncapped, no monthly limit
    • +No minimum spend needed to earn rewards
    • +Simple and beginner-friendly

    Cons

    • −Not free for life: S$196.20 annual fee after first year
    • −Flat 1.5% is low vs category cards' higher tiered rates
    Full breakdownOfficial site →
  4. 4
    Miles

    Why it fits: If you would rather earn miles, a strong general earn rate that is not capped like a category card.

    Annual fee S$261.60 · Min income S$30,000

    Pros

    • +First-year annual fee waived (S$261.60 thereafter)
    • +~2.4 mpd base on foreign spend
    • +Airport lounge access included
    • +Visa option means wider acceptance than Amex variant

    Cons

    • −S$261.60 annual fee from year two onwards
    • −Local rate only ~1.4 mpd, weak for SG spend
    • −Standard foreign-currency fee still applies on FX spend
    Full breakdownOfficial site →

Frequently asked questions

Should I use a cashback card or an instalment plan for renovation?
They solve different problems. A flat-rate cashback card maximises rewards if you can pay in full; a 0% instalment plan spreads the cost but usually earns little or nothing. If cash flow is tight, the instalment plan matters more than the rewards. Read our guide on credit card instalment plans for the trade-offs.
Can I pay my renovation contractor by credit card?
Sometimes, but many interior firms prefer bank transfer or cheque, and some add a surcharge for card payment. Confirm with your contractor before counting on card rewards for the full renovation cost.
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