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A cashback credit card, also known as a rebate credit card, is a type of rewards card that earns you cash rebates for every purchase. These cards make your life simpler because unlike other rewards credit cards, you know exactly how much you’ll be paid back without dealing with complicated point systems.
Using one is quite simple. When you shop using a rebate credit card, the issuing bank pays back a percentage—anywhere from 0.20% to 6%—of your monthly purchases into your credit card account. For instance, if a cashback credit card has 1% rebate, you’ll get ₱1 for every ₱100 qualified purchase.
- Cards with Variable Cashback Rates. These cashback credit cards offer tiered rewards, with different rates for different spending categories. There’s a higher rebate rate for certain categories. So it makes sense to choose a cashback card with the highest rebate for the category you spend most often.
- Cards with a Fixed Cashback Rate. Cashback cards with a flat rate are simpler to use than those with variable rates. You earn a fixed rebate percentage on all purchases with your cashback credit card. No need to remember confusing spending categories and double-check them with the issuing bank.
Most of the time, cashback credit cards are already perfect for shopping since they offer exclusive promos when you shop from partner establishments. Here are the best cashback credit cards in the Philippines.
Credit Card |
Rebates Earned |
Other Perks |
|---|---|---|
| BPI Amore Visa Cashback | Up to 4% cashback | Exclusive privileges at any Ayala Malls nationwide |
| Citi Cash Back Card | Up to 6% cashback | Save as much as ₱12,000 on purchases every year |
| HSBC Gold Visa Cash Back | Up to 5% cashback | Full and automatic cash back crediting |
| Maybank Platinum Mastercard | Up to 1% cashback | Low forex conversion at 1.75% |
| Metrobank Toyota Mastercard | Up to 3% cashback | 2x rewards points for every ₱20 spend at any Toyota dealer |
| RCBC Landmark Anson's Mastercard | Up to 5% cashback | Earn 1 point for every ₱50 spend at Landmark and Anson’s |
| UnionBank Platinum Mastercard | Up to 1.5% cashback | Free life insurance up to ₱400,000 |
Typically, cash credits earned from spending with cashback cards are credited to the cardholder’s account every month. The credit card provider may or may not require redemption of cash rebates.
For example, Security Bank and EastWest Bank automatically post cash credits to a credit card account, so cardholders don’t need to redeem. On the other hand, Citibank requires redeeming rebates online or via SMS.
Cashback credit cards aren’t exactly cheap to own. Their annual fees range from ₱2,500 to ₱3,500. Fortunately, interest rates in the Philippines are now capped at 2% so that’s one less worry for cardholders.
So when choosing a cashback credit card, make sure that the savings you’ll get from the rebates offset the high annual fee and interest rate. Consider also the other credit card fees that might cancel out your rewards.
Apart from its convenience and simplistic rewards system, credit cards with cashback can help you save money, cover some of your expenses, and even build a good credit history. Cashback credit cards in the Philippines vary not only in their rebate rates but also the ways to earn and redeem some cash back.
- Rebate Caps. Most credit cards with cashback in the Philippines put a limit on the amount you can earn every month. The maximum rebate is typically around ₱1,000. Once you exceed that, you can start earning cash rebates again at the start of the next cycle.
- Non-Eligible Transactions. Certain types of transactions may not be eligible to earn rebates. Check the fine print for the exemptions to earning rebates from a cashback credit card.
- Required Minimum Spend. To qualify for a certain cashback rate, you have to meet the bank’s minimum spend requirement.
- Cashback Eligibility Period. Cashback rates for most rebate credit cards in the Philippines can be earned any time of the year. But some credit cards with cashback offer seasonal rebates for specific spending categories.
To find the right cashback credit card for you, use the Moneymax free online comparison platform. You can filter the results based on your income, preferred provider, credit card fees, and other search parameters. This saves you time from comparing different credit cards from different websites.