Who should consider applying for a petrol credit card?

If you drive one of Singapore’s more than half a million cars, each covering an average of around 18,000 kilometres per year, you’ll no doubt be looking for a way to save money on high fuel prices. You can do this with a credit card designed to give you a combination of fuel discounts and cash rebates, and possibly rewards points which can effectively be converted into spendable cash. An unfortunate downside of petrol cards is that the layers of discount and rebate can be extremely complicated, and you need to be alert to all the potential savings in order to maximise the benefit. A single card could combine an onsite discount on at a selected petrol station brand (say, 4%), plus a discount that comes with the credit card brand (perhaps 4%), plus a further discount for belonging to the petrol brand loyalty program (maybe 5%), an 8% credit card cashback on petrol purchases plus an additional cashback (say 3%) for reaching a monthly minimum spend. Who knew buying petrol could be so complicated? Because petrol credit cards are so potentially confusing, you may prefer to go for a flat rate rebate card (perhaps 5% on all spending) which still has significant onsite discounts on petrol.

Do all petrol credit cards offer the same percentage discounts and cashback?

No, the rates vary from card to card, although they nearly always have the potential to reduce petrol prices by between 14% and 24% with a combination of discounts and rebates.

What are the best brands in Singapore for petrol spend?

You can save money when you fill up at Shell, Esso, Caltex, and SPC and paying with a petrol credit card in Singapore. Some cards will offer savings on petrol spend outside Singapore too.

Can I get a cash rebate on other types of purchases, not just petrol, with the same card?

Yes. You could choose a flat rate card which offers a cash rebate on all spending, including petrol, since almost all cashback cards also let you take advantage of significant onsite petrol discounts. Alternatively, choose a cashback card which lets you combine petrol with another category of purchases for rebate returns (e.g. petrol + dining, or petrol + groceries).

Is there any cap on the rebate I can receive for petrol purchases?

Although there are a few cards with no cap on the amount you can earn, most cards will have a monthly limit (as low as $40 or as high as $100, depending on the card). Some caps are applied quarterly or annually.

Do I have to spend a certain amount on petrol or other items, in order to qualify for the cash rebate?

Many cards have a very low starting rebate each month (e.g. 0.3%), but once a monthly target spending level is reached (e.g. $600 total purchases in any category) a much higher rebate percentage will be applied to all of that month’s purchases.

How often will I receive my cashback into my account?

The cashback earned is usually paid into your account quarterly, at the beginning of the second month of the following quarter.

Does it matter what brand of petrol I buy, or where in the world I buy it?

Each card will often specify which brands of fuel qualify for the discount and cashback, e.g. Caltex only, or Shell and SPC stations only, or Esso and Caltex stations only. But there are cards which offer cash rebates on all petrol spending worldwide, regardless of the brand, although the onsite petrol discounts will only apply islandwide.

Can I get other benefits, in addition to petrol discounts and cash rebates, with my petrol credit card?

Yes. You can expect to get some of the following additional benefits with your card: First year annual fee waiver, or a two-year waiver A sign-up or first purchase cash or merchandise gift A petrol card pre-loaded with a credit amount (e.g. a $150 Caltex StarCard) A credit, discount or cashback for Grab rides Air miles or rewards points, including a sign-up points bonus in some cases

What are some of the costs associated with a petrol credit card?

In addition to an annual fee of between $80 and $195 or more, look out for possible foreign currency transaction fees of up to 3.5%, and don’t forget the high interest rate that will be applied to your purchase balance if you fail to pay it off on or before the monthly due date. Some cards waive their annual fee for the first year, or in any year that you spend a target amount, such as $12,500.

Best Petrol Credit Cards in Singapore

Best petrol credit cards

Everyone knows how expensive it is to own a car in Singapore. Using a petrol credit card to get cashback when you fill up helps to keep that cost down.

Who are petrol credit cards suitable for?

Motorists. Given the cost of driving in Singapore, anyone who puts in the miles for work or leisure can enjoy substantial savings from a petrol credit card.
Loyalty cardholders. Stay loyal to Esso, Caltex, SPC, Shell, or Sinopec and rack up points and discounts.
Budget-conscious consumers. Petrol discounts are usually not the only benefits from a petrol credit card. Anyone looking to save money — not just drivers — can benefit from their rewards, cashback, and partner benefits.

Features to compare for the best petrol credit cards

Discounts and cashback. Most of the best petrol credit cards in Singapore provide direct discounts or cashback on fuel spend.
Petrol chain affiliation. A credit card may be linked to specific petrol chains, offering cardholders added benefits for their continued loyalty.
Minimum spending requirement. Some cards have a minimum monthly spending requirement (some don't) to enjoy their full benefits and avoid forfeiting rewards accrued in that period.
Non-petrol benefits. It's not unusual for cards to also offer rewards points or cashback for non-petrol spending, although earn rates may be lower than on petrol spending. They may also come with other useful features, like travel insurance, lounge access in airports, etc.

How to compare Singapore's best petrol credit cards

Define your wants and needs. Consider factors such as your preferred petrol chain and your ability to meet the minimum spend per month.
Calculate potential savings. Assuming you put a typical month's spend through a card, what would you save thanks to petrol discounts?
Consider additional features and benefits. Apart from petrol discounts, what rewards, cashback, and other perks are beneficial to you?
Price in the annual fee. Although it's often waived for a year or two, is the card's package of benefits worth paying for? If you don't travel much, then added extras like lounge access and travel insurance might not be of interest or use.

Best petrol credit cards

Comparing petrol credit cards

HSBC Visa Platinum Credit Card

Cashback

Cashback cap

Minimum spend

Sign up bonus

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OCBC 365 Credit Card

Cashback

Cashback cap

Minimum spend

Sign up bonus

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Pros

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OCBC Frank Credit Card

Cashback

Cashback cap

Minimum spend

Sign up bonus

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Pros

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OCBC Great Eastern Cashflo Credit Card

Cashback

Cashback cap

Minimum spend

Sign up bonus

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Pros

Cons

OCBC Titanium Rewards Credit Card (Blue)

Cashback

Cashback cap

Minimum spend

Sign up bonus

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OCBC Titanium Rewards Credit Card (Pink)

Cashback

Cashback cap

Minimum spend

Sign up bonus

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Citi Prestige Credit Card

Cashback

Cashback cap

Minimum spend

Sign up bonus

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Pros

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Citi PremierMiles Card

Cashback

Cashback cap

Minimum spend

Sign up bonus

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Citi SMRT Credit Card

Cashback

Cashback cap

Minimum spend

Sign up bonus

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Maybank Family & Friends Card

Cashback

Cashback cap

Minimum spend

Sign up bonus

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