Saving money on petrol is a constant concern for drivers in Singapore. With fluctuating fuel prices, finding the right credit card can significantly reduce your monthly expenses. This guide will explore the best credit cards for petrol in Singapore in 2024, helping you make an informed decision and maximize your savings at the pump.
Comprehensive Credit Card Comparison Table
| Credit Card | Key Benefits & Discounts | Important Considerations |
|---|---|---|
| DBS Esso Card | Up to 21.2% fuel savings at Esso (comprising of 5% Esso station discount, up to 16.2% DBS Esso Card discount), 2% cashback on recurring telco and electricity bills, and 0.3% cashback on all other eligible spend. | Requires a minimum spend of $1,800 per quarter to unlock the highest petrol discounts. Lower discounts apply for spending less. Discounts are subject to Esso's prevailing promotions. Cashback on telco and electricity bills is capped. |
| OCBC 365 Credit Card | Up to 23% fuel savings at Caltex (18% card discount + 5% OCBC 365 discount) and 22.1% fuel savings at Esso (21.1% card discount + 1% OCBC 365 discount). Also offers cashback on dining, groceries, online shopping, and utilities. | Requires a minimum spend of $800 per month to unlock the highest petrol discounts and other cashback categories. Cashback is capped at $80 per month. Discounts are subject to Caltex and Esso's prevailing promotions. |
| UOB One Card | Up to 22.4% fuel savings at SPC (15% SPC discount + up to 7.4% UOB One Card discount). Offers up to 5% cashback on all eligible spend, awarded quarterly. | Requires a minimum spend of $500, $1,000, or $2,000 per month for three consecutive months in a quarter to unlock the cashback tiers. Cashback is capped at $200 per quarter. Discounts are subject to SPC's prevailing promotions. |
| Citi Cashback Card | Up to 20.88% fuel savings at Esso (14% Esso discount + 6.88% Citi Cashback Card discount). Offers 8% cashback on dining and groceries, and 0.25% cashback on all other eligible spend. | Requires a minimum spend of $800 per month to unlock the 8% cashback on dining and groceries. Cashback is capped at $80 per month. Discounts are subject to Esso's prevailing promotions. |
| Maybank Platinum Visa Card | Up to 15% petrol savings at Shell (10% Shell discount + 5% Maybank Platinum Visa Card discount). Offers up to 3.33% cashback on local spend. | The 3.33% cashback is earned as TREATS Points, which can be redeemed for cashback. A minimum spend of $300 per month is required to earn the cashback. Discounts are subject to Shell's prevailing promotions. |
| HSBC Visa Platinum Credit Card | Up to 21% fuel savings at Caltex (16% Caltex discount + 5% HSBC Visa Platinum Credit Card discount). Offers 5% cashback on dining, groceries, and petrol. | Requires a minimum spend of $600 per month to unlock the 5% cashback on dining, groceries, and petrol. Cashback is capped at $250 per quarter. Discounts are subject to Caltex's prevailing promotions. |
| Standard Chartered Smart Credit Card | Up to 7% cashback on online spending, dining, and petrol at selected merchants. | This card offers cashback at various merchants, but you need to select your preferred merchants to maximize your cashback. Cashback is capped at $60 per month. |
| American Express CapitaCard | Up to 6.5% cashback on all eligible spend, redeemable for CapitaVouchers. Often comes with introductory offers that may include petrol vouchers. | The cashback is earned in the form of CapitaStars, which are redeemable for CapitaVouchers. While it doesn't offer direct petrol discounts, the CapitaVouchers can be used at CapitaLand malls, which may include petrol stations. |
| Trust Card | Up to 21% fuel savings at Caltex (18% Caltex discount + up to 3% Trust Card discount). Requires FairPrice Group Linkpoints redemption. | The 3% discount is earned through FairPrice Group Linkpoints redemption, requiring you to be a Link member. Discounts are subject to Caltex's prevailing promotions. |
| PAssion POSB Debit Card | Enjoy discounts at SPC petrol stations. The exact discount may vary and is generally lower than dedicated petrol credit cards. | This is a debit card, so it draws directly from your bank account. The petrol discounts are usually less significant compared to credit cards that are specifically designed for petrol savings. |
Detailed Explanations
DBS Esso Card:
The DBS Esso Card is designed for drivers who frequently fuel up at Esso stations. It offers significant fuel savings, combining Esso's station discount with an additional discount from the card. The card also provides cashback on recurring telco and electricity bills, making it a versatile option for everyday spending. However, meeting the minimum spending requirement is crucial to unlock the highest discounts.
OCBC 365 Credit Card:
The OCBC 365 Credit Card is a popular choice for its comprehensive cashback benefits. It offers substantial fuel savings at Caltex and Esso, along with cashback on dining, groceries, online shopping, and utilities. This card is ideal for individuals who spend across various categories and can consistently meet the monthly spending requirement. The cashback cap should be considered to ensure you maximize your rewards.
UOB One Card:
The UOB One Card stands out for its quarterly cashback system. It provides significant fuel savings at SPC, combined with cashback on all eligible spend. The card is best suited for those who can consistently meet the minimum spending requirements for three consecutive months within a quarter. The cashback is awarded quarterly, so it's important to track your spending to ensure you qualify for the desired tier.
Citi Cashback Card:
The Citi Cashback Card is a strong contender for its fuel savings at Esso, along with its generous cashback on dining and groceries. This card is a good option for individuals who spend heavily on these categories and can meet the monthly spending requirement. The card's cashback cap should be factored into your spending strategy.
Maybank Platinum Visa Card:
The Maybank Platinum Visa Card offers a straightforward discount at Shell petrol stations. While the petrol savings might be lower compared to other cards, it provides cashback on local spend, earned as TREATS Points. This card is suitable for those who prefer a simpler rewards system and frequent Shell stations. Remember that the cashback is earned as TREATS Points, which need to be redeemed.
HSBC Visa Platinum Credit Card:
The HSBC Visa Platinum Credit Card offers substantial fuel savings at Caltex, combined with cashback on dining, groceries, and petrol. This card is ideal for those who can consistently meet the monthly spending requirement to unlock the cashback benefits. The quarterly cashback cap should be considered when planning your spending.
Standard Chartered Smart Credit Card:
The Standard Chartered Smart Credit Card offers a flexible cashback program, allowing you to choose your preferred merchants to maximize your rewards. It provides cashback on online spending, dining, and petrol at selected merchants. This card is a good option for those who want to tailor their cashback rewards to their specific spending habits. Carefully select your preferred merchants to optimize your cashback earnings.
American Express CapitaCard:
The American Express CapitaCard offers cashback on all eligible spend, redeemable for CapitaVouchers. While it doesn't offer direct petrol discounts, the CapitaVouchers can be used at CapitaLand malls, which may include petrol stations. This card is suitable for those who frequently shop at CapitaLand malls and are comfortable with redeeming their rewards as vouchers. Remember that the rewards are earned as CapitaStars, which are redeemable for CapitaVouchers.
Trust Card:
The Trust Card provides competitive fuel savings at Caltex, but requires FairPrice Group Linkpoints redemption. This card is a good option for those who are already FairPrice Group Link members and can easily redeem their Linkpoints for petrol savings. Being a Link member is essential to fully utilize the card's benefits.
PAssion POSB Debit Card:
The PAssion POSB Debit Card offers discounts at SPC petrol stations. As a debit card, it draws directly from your bank account. While the petrol discounts are generally lower than dedicated petrol credit cards, it can be a convenient option for those who prefer using a debit card. The petrol discounts are typically less significant compared to dedicated petrol credit cards.
Frequently Asked Questions
- Which credit card offers the highest petrol discount in Singapore?
The DBS Esso Card and OCBC 365 Credit Card often offer the highest potential discounts, but they require meeting specific spending criteria.
- Do I need to meet a minimum spending requirement to get petrol discounts?
Yes, most credit cards with significant petrol discounts require a minimum monthly or quarterly spending to unlock the highest savings.
- Are petrol discounts applicable at all petrol stations?
No, petrol discounts are usually specific to certain petrol station chains like Esso, Caltex, Shell, or SPC.
- Can I combine petrol discounts with other promotions?
It depends on the card's terms and conditions. Some cards allow you to combine discounts, while others do not.
- What is the difference between a credit card and a debit card for petrol savings?
Credit cards offer potentially higher discounts and rewards, while debit cards draw directly from your bank account and typically offer lower savings.
- How do I choose the best petrol credit card for my needs?
Consider your spending habits, preferred petrol station chain, and ability to meet minimum spending requirements to maximize your savings.
- Are there annual fees associated with petrol credit cards?
Some credit cards have annual fees, while others offer fee waivers based on spending. Check the card's terms and conditions.
- What are Linkpoints and how do they relate to petrol savings?
Linkpoints are reward points earned through the FairPrice Group. Certain credit cards, like the Trust Card, allow you to redeem Linkpoints for petrol savings at specific stations.
Conclusion
Choosing the best credit card for petrol in Singapore depends heavily on your individual spending habits and preferences. Consider factors like your preferred petrol station, monthly spending, and willingness to meet minimum spending requirements. By carefully evaluating your options, you can select a card that maximizes your fuel savings and helps you save money on your daily commute.