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Citibank Cash Back+ Credit Card – MoneySmart Review (2021)

·8-min read

I have a soft spot for cash back credit cards. There’s none of that beating around the bush, trying to predict when your rewards points expire or getting slapped with fees for converting air miles. One of Citibank’s latest cash back cards introduced is the Citi Cash Back+ Card.

It features a familiar blue-and-white card face, but it’s not to be confused with the plain old Citi Cash Back Card, which is a very popular all-round cash back card in Singapore, but operates very differently.

In a nutshell, the Citi Cash Back+ Card falls under the “unlimited cashback card” category, offering 1.6% cash back on all purchases, with no minimum spending and no cash back cap. Let’s see how it stacks up.

Sponsored

Citibank logo
Citibank logo

MoneySmart Exclusive

No Expiry on Cash Back Earned

Citi Cash Back+ Mastercard®

Cash Back on Eligible Spend

1.6%

Min. Spend per month

S$0

Cash Back Cap

Unlimited

MoneySmart Exclusive:

Apply and spend $200 to get: $300 Cash OR an Ergotune Ergonomic Classic Chair (worth $399)

OR

Apply and spend $500 to get MORE: $350 Cash OR the NEW 10.2-inch Apple iPad Wi-Fi 64GB (worth $499) OR an Ergotune Ergonomic Classic Chair (worth $399)!

Valid until 30 Sep 2021

Apply Now

Apply Now

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More Details

Key Features

  • 1.6% cashback on your spend

  • No minimum spend required and no cap on cash back earned

  • Cash back earned does not expire

  • Redeem your cash back instantly on-the-go with Pay with Points or for cash rebate via SMS

See all card details

Citi Cash Back+ Card terms & conditions

Citi Cash Back+ Card

Annual fee & waiver

$192.60 (first year waived)

Supplementary annual fee

$96.30

Interest free period

25 days from date of statement of account

Annual interest rate

26.90%

Late payment fee

$100

Minimum monthly payment

1% of current balance (+ 1% of any outstanding unbilled installment amounts and interest charges + late payment charge or $50 whichever is greater

Foreign currency transaction fee

3.25%

Cash advance transaction fee

$15 or 6%, whichever is higher

Overlimit fee

$40

Minimum income

$30,000 (Singaporean / PR), $42,000 (foreigner)

Card association

Mastercard

Wireless payment

Yes – MasterCard PayPass, Apple Pay, Samsung Pay, Google Pay

How the Citi Cash Back+ Card works

The card’s main benefits are the following:

  • 1.6% cashback on everything.

  • No minimum spending requirement

  • No cashback cap

  • Typical exclusions apply: you can’t get cashback when you pay your income tax, late payment fees, etc

The Citi Cash Back+ Card’s strongest selling point is that it’s very straightforward. You don’t have to worry about meeting minimum spending requirements or rack your brains trying to remember what it offers cashback for.

This is typical of all unlimited cash back cards: They’re easy to use because they reward you for all kinds of spending, but the catch is that the cash rebate is relatively low. For such cards, 1.6% is already the market-high.

If you’re looking exclusively in that bag of cards, then the Citi Cash Back+ Card is a good contender. However, if you’re comparing cashback cards in general, then you’ll find that 1.6% is pretty low.

Other cash back cards that offer rebates for selected spending categories typically give a much better earn rate of 5% to 10%. Let’s take the Citi Cash Back (without a +) card for example — that one offers 8% cash back when you spend on dining, petrol and groceries.

Who should use the Citi Cash Back+ Card?

First of all, if you’ve already found a cashback card that suits your daily spending habits, you probably shouldn’t cancel it for the Citi Cash Back+ Card. You can continue using that — your usual card — for your typical expenses like dining out, grocery shopping and transport.

However, due to the lack of a minimum spending requirement, the Citi Cash Back+ Card is a good card to have on hand as a backup card to pay for things you just don’t have a better card for. Think super niche purchases, like repairs at the car workshop, dental appointments or music lessons, to name a few.

Additionally, once you hit your cashback cap for the month, you can switch over to the Citi Cash Back+ Card to continue earning rebates since 1.6% cash back is better than none.

If all that was mind-boggling and you don’t want to think about having multiple cards for different purposes, then this card could be great for you too. The Citi Cash Back+ Card is as straightforward and fuss-free as it gets: just swipe, earn some rebates, and that’s it.

Citibank Cash Back+ Card promotions

If you are not yet a Citibank card member and you sign up now, you get to choose between goodies or straight up cash. It changes every month, so keep a lookout on this page to see the promotions!

Alternatives to the Citi Cash Back+ Card

Here are the Citi Cash Back+ Card’s closest competitors.

UOB Absolute Cashback Card – This card has the highest cashback in the market at 1.7%, and work exactly like the Citi Cashback+ card. The main downside is that it’s an Amex card, so you’ll be hard-pressed to find smaller merchants to accept it.

UOB logo
UOB logo

MoneySmart Exclusive

UOB Absolute Cashback Card

Cash Back on Eligible Spend

1.7%

Min. Spend per month

$0

Spend Exclusions

No

MoneySmart Exclusive:

Get $30 Cash via PayNow and up to $300 Cash Credit from UOB when you apply and spend on your card!

Valid until 30 Sep 2021

Apply Now

More Details

See all card details

Maybank FC Barcelona These 2 are almost the same. They work the exact same way, and offer the same 1.6% cashback on everything, no minimum spending requirement, no cashback cap. There’s an annual fee of $120.

Maybank logo
Maybank logo

Maybank FC Barcelona Visa Signature

Cash Rebate on All Local Spend

1.6%

Cash Rebate Cap

Unlimited

Min. Spend per month

S$0

Apply Now

More Details

Cash Back Features

  • 1.6% Unlimited cash rebate on all local spend

  • No minimum spend and no cash rebate cap

See all card details

SCB Unlimited Cashback Card This card offers 1.5% cashback on everything, just slightly less than Citi’s. There’s also no minimum spending requirement, no cashback cap. The annual fee of $192.60 is waived for the first 2 years.

Standard Chartered logo
Standard Chartered logo

MoneySmart Exclusive

With 3-month Disney+ Subscription

Standard Chartered Unlimited Cashback Credit Card

Cash Back on eligible spend

Up to 1.5%

Min. Spend per month

S$0

Cash Back Cap

Unlimited

MoneySmart Exclusive:

Bring home an Apple TV 4K 32GB (worth $269) or $270 Cash via PayNow, both with 3-month Disney+ subscription only with Standard Chartered Credit Cards.

Valid until 30 Sep 2021

Apply Now

More Details

Cash Back Features

  • 1.5% cashback awarded for all eligible purchases, such as dining, online shopping, local and overseas spend

  • Cashback terms and conditions: General exclusions such as bills, payments to educational, financial, and governmental institutions, and GrabPay top up apply

See all card details

Amex True Cashback Card Like the SCB Unlimited Cashback card, this card gives you 1.5% cashback on everything. However, there’s an additional +1% cashback on foreign currency purchases, which could be useful. Again, no minimum spending requirement, no cashback cap. Annual fee of $171.20 waived for 1 year.

Sponsored

American Express logo
American Express logo

Online Promo

Unlimited Cashback

American Express True Cashback Card

Welcome Offer (min spend of S$5,000 in 6months)

3.0% Cashback

Cash Back Cap

Unlimited

Min. Spend per month

S$0

Online Promo:

Receive S$100 CapitaVoucher when you spend S$500 within first month of Card approval.

Valid until 30 Sep 2021

Apply Now

Receive S$100 CapitaVoucher within first month of Card approval

Apply Now

Receive S$100 CapitaVoucher within first month of Card approval image
Receive S$100 CapitaVoucher within first month of Card approval image
Receive S$100 CapitaVoucher within first month of Card approval image
Receive S$100 CapitaVoucher within first month of Card approval image

More Details

Cash Back Features

  • 3% Cashback for the first 6 months up to S$5,000 spend, 1.5% Cashback on any purchase you make thereafter

  • 2.5% Cashback on all foreign currency spend. Valid from 4 August 2019 to 30 June 2021

  • Unlimited Cashback - No min spend & no cap

  • First year fee waiver

See all card details

The Maybank FC Barcelona Card offers the same cashback amount, while the Amex True Cashback Card offers a more attractive 2.5% cashback on foreign currency purchases.

So, if you shop online or travel often, you would probably be better off going for the Amex card.

And as for the Maybank FC Barcelona Card, you can eventually switch to it if your request for an annual fee waiver for the Citi Cash Back+ Card gets rejected and vice versa—it’s always good to have options!

Are you planning to sign up for the Citi Cash Back+ Card? Tell us why or why not in the comments!

The post Citibank Cash Back+ Credit Card – MoneySmart Review (2021) appeared first on the MoneySmart blog.

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The post Citibank Cash Back+ Credit Card – MoneySmart Review (2021) appeared first on MoneySmart.sg.

Original article: Citibank Cash Back+ Credit Card – MoneySmart Review (2021).

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