Maximising your spending power is a priority for many South Africans. Selecting a credit card with strong rewards is one way to achieve this, but with so many options available, finding the right one can be difficult. Whether you’re a frequent traveller, prefer premium benefits, or simply want to save on everyday expenses, understanding your options ensures you get the best possible value from your credit card.
Key Takeaways
- Cashback credit cards help South Africans save money: They return a percentage of spending as real cash, either as a statement credit or direct deposit. Some cards apply cashback to all purchases, while others focus on specific categories or partnered retailers.
- The best cashback credit cards vary in rewards, fees, and benefits: Some offer flat-rate cashback, while others provide higher returns on groceries, fuel, or online shopping. Monthly fees, interest rates, and minimum spending requirements impact overall savings.
- Choosing the right card depends on spending habits and financial goals: High spenders may benefit from tiered cashback, while category-based cards suit those with focused expenses. Understanding cashback caps, redemption methods, and additional perks ensures maximum value.
About Arcadia Finance
Get your loan effortlessly with Arcadia Finance. No application fees, just a seamless process with 19 trusted lenders, all fully compliant with South Africa’s National Credit Regulator. Secure the financial support you need with confidence.
What Are Cashback Rewards?
A cashback credit card returns a percentage of your spending, usually as a statement credit or direct deposit. Unlike reward points, cashback provides real money that can reduce your balance or cover purchases. The cashback rate depends on the card and may apply to all spending or specific categories. Some banks impose restrictions, such as minimum spending requirements or monthly caps on earnings.
Types of Cashback Credit Cards
Flat-Rate Cashback
Flat-rate cashback cards offer a fixed percentage on all purchases, making them ideal for those who prefer simplicity. For example, a 1.5% cashback rate means you get R1.50 for every R100 spent. While easy to use, these cards often provide lower rewards than category-based options.
Tiered Cashback
Tiered cashback cards reward higher spending with better cashback rates. For instance, spending R5,000 may earn 1% cashback, while spending above R10,000 could increase to 3%. These cards benefit high spenders but require tracking to maximise rewards. Those who spend less may earn minimal cashback.
Category-Based Cashback
Category-based cashback cards offer higher rates for specific purchases, such as groceries, fuel, or dining. Some allow users to choose their preferred categories, while others have fixed reward structures. For example, a card may provide 5% cashback on fuel, 3% on groceries, and 1% on everything else. These cards work well for those with consistent spending habits but require monitoring to ensure maximum benefits.
Partnered Merchant Cashback
Some credit cards provide cashback only at selected partner stores, such as supermarkets, fuel stations, or online retailers. A card might offer 6% cashback at Woolworths or 4% at Engen. These cards benefit brand-loyal customers but offer little to no cashback outside the partnered network.
Cashback Limitations and Restrictions
Most banks cap the total cashback earnings per month. For example, if a card has a R500 cashback limit, any spending beyond that won’t earn additional rewards. Some cards also require a minimum monthly spend, such as R3,000, before cashback applies.
Certain transactions do not qualify, including cash withdrawals, utility payments, government fees, and gambling-related purchases. Cashback may also expire after a set period, such as 12 months, if not redeemed.
If cashback rewards aren’t your priority, there are plenty of other credit card options tailored to different lifestyles. Whether you’re looking for travel perks, low-interest rates, or premium benefits, check out our curated list of the best credit cards in South Africa to find the perfect fit for your needs.
The Best Credit Cards for Cashback in South Africa
Discovery Bank Black Credit Card
The Discovery Bank Black Credit Card is designed for those who want more than just a standard credit facility. It offers premium banking benefits, personalised features, and a seamless digital experience. Cardholders can process EFT payments, set up third-party debit orders, and receive direct salary deposits. The card also includes a flexible credit facility with up to 55 days of interest-free credit on eligible transactions. Additionally, users can access Real-Time Forex Accounts anytime via the Discovery Bank app, making it easier to manage foreign currency transactions.
The card comes with a monthly account fee of R220, with interest benefits such as up to 2% on positive balances, up to 6.75% on demand savings accounts, and up to 4% off borrowing rates.
The application process is fully digital, allowing users to apply in under five minutes via the Discovery Bank app or request a callback through the website. Credit utilisation is based on the percentage of available credit currently in use, which can influence borrowing power.
Users appreciate the generous rewards programme, particularly the discounts on purchases, although the high monthly fee is a drawback for some.
Read More: Discovery Credit Cards Review
Nedbank Gold Credit Card
The Nedbank Gold Credit Card is linked to the Greenbacks rewards programme, allowing users to earn points every time they swipe. There are no restrictions on where or how much you can spend, and points can be used to withdraw cash or pay for purchases. The number of points earned depends on the type of card held. This makes it a versatile option for everyday spending while offering flexible redemption choices.
The card has a monthly service fee of R40, with a customised interest rate and up to 55 days of interest-free credit.
To apply, users must be South African residents aged 18 or older, earn at least R5,000 per month before tax, and have a good credit history. Credit utilisation should be kept below 30% of the available limit, as this impacts credit scores.
Customers appreciate Nedbank’s service quality, though the Greenbacks rewards programme requires a monthly fee to access.
Standard Bank Gold Credit Card
The Standard Bank Gold Credit Card offers a rewards programme through UCount Rewards, allowing cardholders to earn points and cashback when shopping at partnered retailers like Makro and Tiger Wheel & Tyre.
Customers can get up to 20% off purchases and receive R5 back per litre of Caltex/Astron fuel. Points can be redeemed at select merchants, used to pay off an existing Standard Bank loan, or donated to charities and students through the Feenix crowdfunding platform. While redemption options are broad, spending restrictions apply to where rewards can be used.
The card has a monthly fee of R23, with secondary cards costing R25 each. ATM cash withdrawals cost R8 per R1,000, with additional fees beyond R3,000. Personalised interest rates vary between 11.75% and 22.25%, depending on creditworthiness and National Credit Act regulations. Credit utilisation plays a key role in borrowing power, with financial experts recommending keeping usage below 30% of the credit limit to maintain a healthy credit score.
Many customers appreciate the fuel incentives, especially with rising petrol prices, but cash withdrawal fees remain a drawback.
Absa Flexi Core Credit Card
The Absa Flexi Core Credit Card offers access to Absa Rewards, a cashback programme that provides up to 30% back on eligible purchases. Cashback applies to groceries, fuel, health and beauty products, as well as purchases from partnered retailers and digital merchants. Cardholders can redeem rewards as direct deposits into their Absa account, store vouchers, airtime credits, or charitable donations.
This card has a monthly administration fee of R40, with no additional charge for rewards membership or digital fraud protection. Interest rates vary based on creditworthiness, with up to 57 days of interest-free credit on qualifying transactions.
Applicants must earn at least R2,000 per month, be 18 years or older, and provide proof of income, a South African ID, and proof of residence. The application process is fully online, allowing users to apply through the Absa website and complete a six-step assessment.
While the cashback rewards are highly rated, some users feel the card’s benefits are limited compared to other options.
Read More: Absa Credit Cards Review
FNB Aspire Credit Card
The FNB Aspire Credit Card is linked to FNB’s tier-based eBucks rewards programme, allowing cardholders to earn points through everyday spending. Fuel, groceries, and health and beauty purchases contribute to monthly eBucks earnings, with 10 eBucks points equalling R1. These points can be redeemed for purchases, travel discounts, and products from the eBucks store, making the programme one of the most rewarding in South Africa.
The card has a monthly fee of R45 and offers a customised interest rate with up to 30 days of interest-free credit.
To apply, users must submit a recent payslip, three months’ bank statements, a South African ID, and proof of residence. Credit utilisation is determined by dividing outstanding debt by the total available credit limit, impacting borrowing capacity.
Users appreciate the strong eBucks programme, though the high-income requirement may limit accessibility.
Read More: FNB Credit Cards Review
Not all applicants qualify for cashback cards—check if you meet the standard credit card application requirements before applying.
Standard Bank Blue Credit Card
The Standard Bank Blue Credit Card offers a reward-driven banking experience through the UCount Rewards programme. Cardholders earn points on purchases made at partner retailers such as Makro and Tiger Wheel & Tyre, with fuel rewards providing R5 back per litre at Caltex/Astron. Discounts of up to 20% on select orders further enhance savings. Accumulated points can be redeemed at participating stores, used to repay Standard Bank loans, or donated via the Feenix crowdfunding platform to charities, students, or family members.
The card carries a monthly fee of R40, with personalised interest rates ranging from 11.75% to 22.25%, depending on individual credit profiles and National Credit Act regulations.
Applications can be submitted online through Standard Bank’s Internet Banking platform, where users can check eligibility and follow guided steps. Credit utilisation is calculated by comparing total balances to available credit, influencing the borrower’s financial profile.
While the card offers valuable rewards and flexible redemption options, some users may find the higher repo rate a disadvantage.
FNB Gold Business Credit Card
The FNB Gold Business Credit Card is designed for business owners who want a cost-effective way to manage expenses while earning rewards. Cardholders benefit from FNB’s tiered eBucks rewards programme, where points are earned on everyday purchases such as fuel, groceries, and health and beauty products. eBucks can be redeemed for various purchases, including travel discounts and items from the eBucks store, with 10 eBucks equal to R1. This makes it a practical option for businesses looking to earn rewards on essential spending.
The card has a monthly fee starting from R85 (or R159 for Trust Entities). While the interest rate is not fixed, it is determined based on credit history.
To apply, businesses must hold an FNB Business Account and submit application forms through their relationship manager. The credit utilisation ratio is calculated by dividing the outstanding balance by the total available credit, which can impact future borrowing.
Many users find the low monthly fees beneficial, though the lack of a standardised interest rate can be a drawback.
Standard Bank Diners Platinum Credit Card
The Standard Bank Diners Platinum Credit Card offers exclusive rewards through the UCount Rewards Programme, allowing cardholders to earn cashback and discounts at partner retailers such as Makro and Tiger Wheel & Tyre. Users can get R5 back per litre of Caltex/Astron fuel purchased and enjoy discounts of up to 20% on selected purchases. UCount points can be redeemed at partnered stores, used to reduce outstanding Standard Bank loan balances, or donated to charities and students through the Feenix crowdfunding platform. While there are some restrictions on where points can be used, the programme provides multiple ways to maximise savings on everyday expenses.
The card has a monthly fee of R120, with customised interest rates starting from 11.75% (prime – 0.25%), which remain fixed once set.
To apply, users must provide proof of identity, proof of residence, and recent financial documents, with additional requirements for non-South African citizens. Credit utilisation is calculated by dividing the total outstanding balance by the available credit limit, influencing borrowing capacity.
Customers appreciate the competitive interest rates and rewards, though the fixed interest rate may not be beneficial if market rates decrease.
Absa Gold Credit Card
The Absa Gold Credit Card offers access to the Absa Rewards Programme, allowing cardholders to earn up to 30% cashback on various purchases, including groceries, fuel, health and beauty items, and both in-store and online shopping. Cashback can be transferred to an Absa account, converted into store vouchers or airtime, or donated to charity, giving users flexibility in how they redeem their rewards.
The card has a monthly account fee of R55 and provides a 57-day interest-free period on qualifying transactions. Interest rates are determined based on credit history and financial standing.
To qualify, applicants must earn at least R4,000 per month, be 18 years or older, and submit a valid South African ID, proof of residence, and three months’ proof of income. Managing credit utilisation is key, and Absa recommends keeping monthly spending below 30% of the total credit limit.
Users appreciate the smooth application process and strong customer support, though the reward options are somewhat limited.
Cashback rewards are fantastic, but not if you’re drowning in high-interest debt. If your credit card balance is getting out of control, it may be worth considering when to use a personal loan to pay off credit card debt. Consolidating your debt with a lower-interest loan can help you regain financial control while still taking advantage of credit card perks.
Cashback Credit Card Comparison Overview
| Credit Card | Monthly Fee (R) | Interest-Free Period (Days) | Rewards Programme | Minimum Income Requirement (R/month) | Key Benefits | Drawbacks |
|---|---|---|---|---|---|---|
| Discovery Bank Black Credit Card | 220 | 55 | Discovery Miles | R70 833 | Up to 6.75% on savings, forex accounts | High monthly fee |
| Nedbank Gold Credit Card | 40 | 55 | Greenbacks | R5 000 | Flexible redemption options | Greenbacks programme has a fee |
| Standard Bank Gold Credit Card | 23 | 55 | UCount | R5 000 | Fuel rewards, partner discounts | Spending restrictions on rewards |
| Absa Flexi Core Credit Card | 40 | 57 | Absa Rewards | R2 000 | Up to 30% cashback on purchases | Limited benefits compared to others |
| FNB Aspire Credit Card | 45 | 30 | eBucks | R7 500 | Strong eBucks rewards | High-income requirement |
| Standard Bank Blue Credit Card | 40 | 55 | UCount | R5 000 | Fuel rewards, flexible redemptions | High repo rate |
| FNB Gold Business Credit Card | 85 (R159 for Trust) | 55 | eBucks | Business Account Required | Business expense management, eBucks rewards | No fixed interest rate |
| Standard Bank Diners Platinum Credit Card | 120 | 55 | UCount | R91 667 | Competitive interest rates, premium rewards | Fixed interest rate may not be beneficial |
| Absa Gold Credit Card | 55 | 57 | Absa Rewards | R4 000 | Up to 30% cashback, flexible redemption options | Limited reward options |
Conclusion
A cashback credit card is a practical way to save money on everyday expenses while enjoying the convenience of credit. The best option depends on spending habits, cashback rates, fees, and additional perks. Some cards offer flat-rate cashback, while others provide higher rewards in specific categories like groceries, fuel, or online shopping. Understanding cashback limits, redemption methods, and restrictions ensures you get maximum value from your card. By comparing different options, you can choose a cashback credit card that aligns with your lifestyle and financial goals.
Frequently Asked Questions
How does a cashback credit card work?
A cashback credit card gives you back a percentage of your spending as real money. The cashback is usually applied as a statement credit, direct deposit, or store voucher, depending on the card’s terms.
Do cashback rewards expire?
Some banks set expiration dates for cashback rewards, typically within 12 to 24 months. If cashback is not redeemed within that period, it may be forfeited.
Are there any purchases that do not qualify for cashback?
Yes, most banks exclude cash withdrawals, utility bill payments, government transactions, and gambling-related purchases from cashback rewards. Always check the card’s terms to know which purchases qualify.
Is a cashback credit card better than a rewards card?
It depends on your spending habits. Cashback cards provide direct money savings, while rewards cards offer points that can be redeemed for travel, shopping, or vouchers. If you prefer simple and flexible rewards, cashback is often the better choice.
What is the highest cashback rate available in South Africa?
Cashback rates vary by card and spending category. Some cards offer up to 30% cashback on specific purchases, but most range between 1% and 5% for general spending. Checking each bank’s latest offers helps identify the best rates.
Fast, uncomplicated, and trustworthy loan comparisons
At Arcadia Finance, you can compare loan offers from multiple lenders with no obligation and free of charge. Get a clear overview of your options and choose the best deal for you.
Fill out our form today to easily compare interest rates from 16 banks and find the right loan for you.
