Best credit cards for petrol in Singapore (2024)

Best credit card for petrol in Singapore (2024). (PHOTO: Getty) (sankai via Getty Images)

SINGAPORE — In a city where owning a car is very expensive, finding ways to save on daily expenses like petrol becomes crucial.

There are various credit cards available to drivers that offer attractive rewards, discounts, and cashback options that can help ease the cost of filling up their car tank. There are a number of petrol companies operating in Singapore, including Shell, Esso, and Caltex, and each of these petrol brands have its own loyalty programme. Credit card issuers often have tie-ups with petrol companies to offer rewards for drivers.

Which credit card is best for petrol in Singapore?

There is no straightforward answer as to which is the best credit card for petrol in Singapore. To maximise savings at petrol stations, it is essential for drivers to choose a credit card that complements their spending and refuelling habits.

The choice of having the best credit card for petrol is also dependent on the driver's preferred petrol station and whether cardholders are looking to earn cashback, air miles, accumulate reward points or get discounts at petrol kiosks.

"Petrol pricing in Singapore is a complicated mix of station, petrol loyalty programme and bank discounts," said Aaron Wong, founder of travel resource blog The MileLion. Wong is an expert at earning air miles, and generally prefers miles over other forms of credit card rewards.

"Even if we ignore the station or petrol loyalty aspect and just look at bank discounts, it's tricky because the best card to use for miles or cashback may not be the card which gives the highest discount. For example, there's little point in earning five per cent cashback on my petrol with Bank A's card if I could have obtained a ten per cent discount from the petrol station simply by using Bank B's card.

"At least with cashback, we're comparing percentages. With miles, how do you weigh a 10 per cent discount versus the opportunity to earn, say, four miles per dollar?"

Here's a look at some of the credit card perks from the petrol companies. Do note that credit card promotions are subject to change over time.

Best credit card for petrol at Shell

1. UOB

The UOB One Credit Card offers up to a 21.15 per cent discount at Shell stations. The rate is calculated based on the five per cent upfront Shell station discount, five per cent upfront Shell GO+ membership discount, seven per cent UOB One Card instant discount, and an additional cashback of up to five per cent. To unlock the additional cashback, cardholders must spend a minimum of S$2,000 monthly for each qualifying quarter with a minimum of five purchases per month.

2. Citibank

The Citi Cash Back Card gives up to 20.88 per cent on fuel savings at Shell stations. The rate is calculated based on a five per cent Shell station discount, five per cent Shell GO+ discount, four per cent Citi Card discount and up to eight per cent cash back (applies after Shell and Citi discount). A total minimum qualifying retail spend of S$800 per statement month is required to unlock the eight per cent cashback.

3. HSBC

The rewards offered by the HSBC Premier MasterCard Credit Card are similar to that of the UOB One Credit Card, in that it also offers up to 21.15 per cent discount at Shell stations. The difference is that the discount is only applicable for Shell V-Power and Shell FuelSave 98, which are higher-grade fuels. For lower-grade fuels such as the Shell FuelSave 95 and Shell FuelSave Diesel, the HSBC Premier MasterCard offers a lower discount of 14 per cent compared to the 17 per cent for higher-grade fuels. Cardholders will also be able to enjoy additional cashback of up to five per cent regardless of fuel type, although a minimum spend of S$600 in a calendar month is required to unlock the cashback.

• Also read: The Ultimate List of Credit Card Reviews in Singapore

• Also read: 11 Best Cashback Credit Cards in Singapore (2023)

• Also read: 9 Best Air Miles Credit Cards in Singapore (2023)

Best credit card for petrol at Esso

1. DBS

DBS Esso cardholders can enjoy an upfront fuel discount of 18 per cent at Esso stations. There is also an additional discount of S$8 with a minimum S$180 nett fuel spend at Esso per calendar month until 31 January 2024. New card users who apply for the DBS Esso Card online can enjoy a S$120 cash rebate with a minimum spend of S$300 within the first two months and at least one fuel spend per month from the date the card is approved. The promotion ends on 31 January 2024.

2. OCBC

The OCBC 365 Credit Card gives up to 21.04 per cent fuel savings at Esso, which consists of a five per cent Esso station discount, a five per cent Esso Smiles card discount, a six per cent card discount and up to 5.04 per cent cashback. The card discount will only be available if payment is made through the physical card and not through a mobile wallet. Cardholders will also need to spend a minimum of S$800 in a calendar month to get the 5.04 per cent cashback. If expenditure is less than S$800, a flat 0.25 per cent cashback is awarded instead. The cashback amount is capped at S$160 per calendar month.

3. Citibank

The Citi Cash Back Card gives up to 20.88 per cent on fuel savings at Esso stations. The rate is calculated based on a five per cent Esso station discount, a five per cent Esso Smiles card discount, a four per cent card discount and cashback of up to eight per cent (applies after Esso and Citi discount). A total minimum qualifying retail spend of S$800 per statement month is required to unlock the eight per cent cashback.

4. Trust

A Trust credit card will give up to 19 per cent savings at Esso stations. This consists of a five per cent Esso station discount, a five per cent Esso Smiles card discount, a five per cent card discount, and a 3.77 per cent Linkpoints rebate on nett transaction amount if the minimum monthly spend of S$450 per month is met.

Best credit card for petrol at SPC

1. POSB

POSB Everyday Card members enjoy up to 20.1 per cent total savings, consisting of a 10 per cent discount for SPC&U members (five per cent for non-members), a five per cent POSB Everyday Card discount and a six per cent cash rebate on the final charge amount after any other applicable discounts. This promotion is currently valid until 31 March 2024.

2. UOB

All UOB Visa/MasterCard/UnionPay Cards will receive up to 20 per cent discounts at SPC stations. This consists of a 10 per cent discount for SPC&U members (five per cent for non-members), a five per cent UOB Card discount and S$3 off every S$51 nett petrol purchase. The S$3 discount is only applicable after all station discounts or coupons have been deducted from the gross amount. The current promotion period ends on 31 March 2024.

3. American Express

American Express Cards issued by American Express International Inc. in Singapore are entitled to up to 21 per cent in discounts at SPC stations. This consists of a 10 per cent discount for SPC&U members (five per cent for non-members), a five per cent American Express Card discount and an additional 7.1 per cent discount on the final charge amount.

Petrol pricing in Singapore is a complicated mix of station, petrol loyalty programme and bank discounts.Aaron Wong

Best credit card for petrol at Caltex

1. HSBC

All HSBC Premier Mastercard or HSBC VISA Platinum Credit Card users will receive a 17 per cent upfront discount on all grades of petrol and diesel as well as a 5 per cent cash rebate, which works out to 21.15 per cent in fuel savings. The cash rebate requires a minimum spend of S$600 per calendar month to qualify.

2. OCBC

OCBC 365 card users will receive an 18 per cent upfront discount on Techron fuels and an additional six per cent cashback on nett fuel spend, which works up to 22.92 per cent fuel savings. The six per cent cashback requires a minimum qualifying spend of S$800. Existing OCBC cardholders (any credit or debit card) who are new to the CaltexGo app will enjoy a promotion of 25 per cent upfront discount on Techron fuels with no minimum spend. The promotion is valid until 30 June 2024.

3. Standard Chartered

With the Standard Chartered Simply Cash Card, cardholders will get a 17 per cent upfront discount on Techron fuels. There is also a 1.5 per cent cashback on the card, which brings total savings up to 18.3 per cent. All other Standard Chartered credit and debit cardholders will enjoy a 16 per cent upfront discount on Platinum 98 with Techron or a 14 per cent upfront discount on other grades of petrol and diesel.

4. Trust

Trust Credit Card holders will receive up to 20.09 per cent in fuel savings at Caltex. This consists of a 17 per cent upfront discount, a 0.22 per cent rebate with no minimum spend plus a 3.5 per cent Linkpoints rebate on nett transaction amount, which requires a minimum card spend of S$350. In addition, cardholders will earn two Linkpoints for every litre of Techron fuel purchased.

Best credit card for petrol at Sinopec

Sinopec has three petrol stations in Singapore and has seemingly done away with specific credit card tie-ups in offering discounts. Instead, it has come up with its own 'X Card', which allows members to accumulate points in exchange for fuel rebates.

Periodically, Sinopec comes up with campaigns at selected stations, such as the most recent 23 per cent fuel rebate at its Woodlands and Yishun stations from 6 to 9 October. Such campaigns typically offer fuel savings on any grade of petrol and diesel. For credit card holders, this means that the choice of card to use at Sinopec stations would depend on what the cardholder is aiming to maximise – either cashback, reward points, air miles or a combination of the reward types.

"I’m personally in favour of Sinopec because they keep things simple – a flat discount for everyone, though that makes you wonder, why not just build it into the base rate? Then you simply focus on picking the card that earns the most miles," Wong opined.

"If you want to earn miles, you have to come up with a valuation of a mile and then look at the tradeoff between discounts and earn rates. It's the only way you can decide whether a 10 per cent off and 1.2 mpd (miles per dollar) is better than a five per cent off and four mpd, for instance," said Wong.

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