Citibank Cash Back Card – MoneySmart Review 2021

Citi Cash Back Card Review

The Citibank Cash Back Card is one of the most eye-catching cashback cards in Singapore, promising up to 8% cash rebate (huat ah!) on everyday spending categories.

In contrast, the average cashback card offers only 3% to 5% rebates at best, which can leave you feeling a tad underwhelmed. Let’s take a closer look at the Citi Cash Back Card and see if it’s as good as it sounds.

Note: The Citi Cash Back Card T&Cs were updated on 9 Dec 2020. This article reflects the new T&Cs.

 

Citibank Cash Back Card terms & conditions

Citi Cash Back Card
Annual fee & waiver $192.60 (waived for 1 year)
Supplementary annual fee $96.30 (waived for 1 year for first 2 supp cards)
Interest free period 25 days
Annual interest rate 26.90%
Late payment fee $100
Minimum monthly repayment 1% or $50, whichever is higher
Foreign currency transaction fee 3.25%
Cash advance transaction fee 6% or $15, whichever is higher
Overlimit fee $40
Minimum income $30,000 (Singaporean) / $42,000 (non-Singaporean)
Card association Mastercard 
Wireless payment Mastercard PayPass, Samsung Pay, Citi Pay

 

How the Citibank Cash Back Card works

The Citibank Cash Back Card is an everyday cashback card for the average Singaporean that covers most of our daily spending categories i.e. food and transport.

It gives you a very impressive 8% cashback on groceries and petrol and 6% cashback on dining, which represents the bulk of a typical Singaporean family’s spending. Here’s a break down of the categories:

Spending category Cashback
Groceries (all supermarkets, Redmart) 8%
Petrol (all stations, but bonus savings up to 20.88% at Esso & Shell) 8%
Dining (restaurants, cafes) 6%
All other spending 0.25%

Citibank did a great job updating this credit card in Dec 2020. The main changes are:

  • Dining cashback was reduced from 8% to 6%
  • Minimum spend reduced from $888 to $800
  • Cashback cap was $25 per category, but now $80 across all categories

Yes, they’ve lowered the dining cashback slightly, but it’s a fair trade-off in exchange for the lower minimum spend and more relaxed cashback cap. No more split caps = no need to track your spending to the dollar anymore!

 

Who should use the Citibank Cash Back Card?

The Citi Cash Back Card appears to cover most of the essentials of Singaporean middle class life. It works great for anyone who:

  • Drives a car
  • Buys groceries
  • Dines out

The $800/month minimum spend may be a tad high, but it should be no problem if you’re the breadwinner of a family or a couple sharing their household expenses on one card.

For singles, this requirement may be a bit high unless you dine out a lot. Note that bars and nightspots do not count as dining.

However, note that recurring expenses like utilities are also not covered, nor are online purchases and offline shopping. You’ll probably need a backup credit card for those categories.

 

Citibank Cash Back Card promotions

Citibank logo
MoneySmart Exclusive
Cashback on Dining, Groceries & Grab
Cash Back on Dining, Groceries & Petrol
Up to 8%
Cash Back Cap per category, per month
S$80
Min. Spend per month
S$800
Apple AirPods Pro (worth S$379) or $350 Cash via PayNow - get them for free when you apply for a Citi Credit Card today! Simply make a transaction of any amount within 30 days.
Valid until 31 Jan 2021

If you’re new to Citibank cards, sign up through MoneySmart by 13 Dec to get $300 cash via PayNow upon your first swipe. Plus, stand a chance to win an Apple Watch Series 6 or a Samsung Watch 3.

Citi Cash Back card for SG Deli and Grocer

Save on your grocery bills if you order from SG Deli and Grocer with the following promo codes:

  • CITI20 – 20% off first order for new SG Deli and Grocer customers
  • CITI10 – 10% off orders for existing SG Deli and Grocer customers

This promo is valid till 31 Dec 2020.

Citi Cash Back card for Deliveroo and Foodpanda

Save on your food delivery expenses as well from these two merchants. Valid until 31 Dec 2020.

Merchant Customer Promo code Deal
Deliveroo New CITINEW $4 off first 3 orders with minimum spend of $25
Deliveroo Existing CITI10DEC $10 off with a minimum spend of $40
Foodpanda New CITINEW $8 off first 2 orders with a minimum spend of $15
Foodpanda Existing CITIDEC $6 off with a minimum spend of $30
Foodpanda Existing CITIDEC10 $10 off with a minimum spend of $50

For more food delivery codes, bookmark our more comprehensive post.

 

Alternatives to the Citibank Cash Back Card

The Citibank Cash Back Card is one of the best credit cards on the market for steady, predictable household expenses. That said, it does have plenty of competition.

Here are some all-purpose credit cards that might also suit your lifestyle:

OCBC logo
Cash Back on Online Spend
6%
Cash Back Cap per month
S$75
Min. Spend per month on Total Purchases
S$600

Despite a lower minimum spend of $600, the OCBC FRANK Card gives you the market-leading 6% cashback on online spending and mobile payments. Unfortunately this credit card suffers from the dreaded split cap of $25 per category, meaning you’ll need to track your expenses.

UOB logo
Rebate on Shopee, Dairy Farm Group, Grab, SP and more
Up to 10%
Rebate Cap per quarter
S$300
Min. Spend per month
S$2,000

The UOB ONE Card doesn’t restrict your spending to specific categories, so it covers things like recurring bill payments. But you’ll need to spend consistently every month, or you might lose your whole quarter’s rebates.

UOB logo
on Online, Grab, Dining and Entertainment spend
Up to 18%
Cash Back Cap per month
Up to S$80
Min. Spend per month
S$600

If you’re mainly interested in cashback on dining, the UOB YOLO Card may be a better choice with 8% cashback on weekends for dining and entertainment. It also gives you 3% on online fashion, and the minimum spend and cashback caps are the same as the Citi Cash Back Card.

Still, if you happen to be a good fit for the Citibank Cash Back Card, it’s pretty damn impossible to find a better deal out there. As a bonus, you’ll get $300 in cash if you’re new to Citi and sign up through MoneySmart by 13 Dec 2020:

Citibank logo
MoneySmart Exclusive
Cashback on Dining, Groceries & Grab
Cash Back on Dining, Groceries & Petrol
Up to 8%
Cash Back Cap per category, per month
S$80
Min. Spend per month
S$800
Apple AirPods Pro (worth S$379) or $350 Cash via PayNow - get them for free when you apply for a Citi Credit Card today! Simply make a transaction of any amount within 30 days.
Valid until 31 Jan 2021

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