Fuel retailers and banks offer attractive discounts if you have the appropriate credit cards. There is an overwhelming selection to sift through, making for hard choices. Fret not though – we have selected the 5 best credit cards to own, specifically for petrol savings.
Refuelling is an inevitable part of car ownership (unless you own an EV). It is also where you can most easily save a pretty penny without a lot of extra hassle or input on your end. Car expenditure is exorbitant in the little red dot - we have some of the costliest on-road car prices in the world.
Couple that with one of the highest standards of living globally, and it’s only logical that you’d welcome cost savings of any kind.
A Couple Of Caveats
If you are a working adult, you’d most likely be eligible for a credit card. Generally, banks require Singaporeans and PRs to have a minimum annual income of at least $30,000, with foreigners having to rake in a yearly total of at least $60,000.
Another thing to also note is that credit card petrol cash backs are typically applied on top of the petrol vendor's native discounts. For instance, a typical 15% upfront discount is offered by the vast majority of the fuel brands, with additional perks being offered if you sign up for their membership. The credit card cashback is then applied on top of the nett fuel spend.
Realistically though, if you’re reading this article, you can probably already afford a car. It’s by no stretch of the imagination that you will be able to apply for almost any of the credit cards on this list.
5. Standard Chartered Unlimited Cashback Credit Card – 16% - 21.04% at Caltex, 1.5% At Other Retailers
Caltex will offer you a 16% upfront discount if you pump Platinum 98 petrol. All other grades and types of fuel will yield you 14%. These rebates are inclusive of the 5% site discounts offered by Caltex retailers.
Standard Chartered has a 5% rebate on the nett transaction, with a further 5% on the total sum charged. You'll also enjoy a flat 1.5% cashback on all other eligible purchases, such as dining, online shopping, local and overseas spending.
Best news of the lot? There's no catch, and no minimum spend!
4. DBS Esso Card - Up to 21.2% At Esso
Enjoy up to 21.2% off on your petrol spend at Esso with the DBS Esso card. You can also receive an additional $7 off your fuel with a minimum of $180 nett fuel spend at Esso per calendar month!
What's more, you can earn Smiles points on your qualifying shopping, dining and retail expenditure, and you can then redeem $10 and $30 worth of Synergy fuels with 300 and 750 Smiles Points respectively!
There's no minimum spend, though you are subject to an annual fee of $192.60, which is waivable for the first year!
3. OCBC 365 Credit Card – Up to 23% At Caltex, 14 - 20.4% At Esso, 5% At Other Retailers
The Caltex discount stands - you get a 14 or 16% upfront discount depending on the fuel grade. Esso offers you a 14% discount regardless of what you pump.
For a minimum monthly spending of S$300 and S$200, you'll enjoy an additional 2.8% and 2.1% cashback at Caltex and Esso respectively. $800 will get you 4.2% and 4.3% discounts at the same petrol chains.
Outside of fuel spending, the card has a comprehensive list of cashback on all facets of daily life. Generally, this figure is at 6% for dining, 3% for groceries, transportation and bills, and 0.3% for anything else!
2. Bank of China Zaobao Credit Card - Up to 23.5% savings on Petrol transactions at Caltex, Shell, Sinopec & SPC
When combined with the site and membership discounts, this credit card will offer you up to 23.5% cashback on all petrol transactions at Caltex, Shell, Sinopec & SPC.
If you aren't brand loyal for your fuel, this is perhaps the card for you. But you'll only be able to enjoy the additional savings if you accrue at least S$400 in monthly expenses on the card.
Again, that's realistically not too far-fetched. With attractive rebates outside of petrol spend, (think rebates of up to 10% on Zaobao & SPH newspaper subscriptions, 5% cash rebate on dining, department stores, online spend and MCST fees, as well as an unlimited 1% bonus cash rebate on all retail spend above S$2,000) this is a card that you should seriously consider!
1. UOB One Card - Up to 24% At SPC, Up to 5% At Other Retailers
Up to 20.8% savings can be had at Shell if you use this card. This figure is inclusive of the site discounts offered by Shell vendors. Up to 24% savings can be had at SPC, again, after factoring in the site discounts.
Cash rebates are on offer elsewhere too, if you meet the minimum spending requirements. For up to 3.33% cashback, you'll have to spend a minimum of S$500 or S$1,000 a month for three months.
Up to 5% is on offer if you are a big spender, charging at least S$2,000 per month for all three months.
It can be especially frustrating having to keep on top of all the discounts and promotions offered by the various banks.
If you're just looking to pump the most affordable fuels into your car regardless of the brand, what you'll need is a handy table, that updates in real-time to reflect the most accurate fuel pricing.
Wouldn't it be nice if such a thing exists?
We've got you covered once again. Our fuel price comparison table updates in real-time, allowing you to make out which retailer has the lowest cost petrol at any given time.
Also, there's a handy graph for you to keep check of the ever-changing petrol prices, and there's even a table with prices post discount for you to make an informed decision.
These handy features are readily available on the Motorist App. Download it now to help you save on fuel expenses and more!
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