Citibank Cash Back Card – MoneySmart Review 2020

The Citibank Cash Back Card is one of the most eye-catching cashback cards in Singapore, promising a very huat 8% cash rebate 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:

 

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 major spending categories – groceries, dining and petrol — as long as you hit the minimum spend of $888 a month.

Each category is capped at $25, which means that ideally, you won’t exceed a certain amount of expenditure each month. Here’s a break down of the categories:

Spending category	Cashback	Cap	Max. expenditure
Dining (restaurants, cafes, bars)	8%	$25	$312.50
Groceries (all supermarkets, Redmart)	8%	$25	$312.50
Petrol (all stations, but bonus savings up to 20.88% at Esso & Shell)	8%	$25	$312.50

(Note that most of these are worldwide, so if you travel frequently or go to JB to buy groceries often, that’s not a problem.)

Spending in all other retail purchases will earn a 0.25% cashback, no cap.

 

Who should use the Citibank Cash Back Card?

The Citi Cash Back Card appears to cover all the bases, but because of the specific cashback caps, it takes a very specific spending profile to truly maximise this credit card.

Let’s call our ideal user Joe Average. He’s probably been in the workforce a few years and is earning enough to comfortably spend about $1,000 a month on life’s essentials.

Whether single or married, he doesn’t cook at home much, so a grocery bill of about $300 each month should take care of the pantry staples and toiletries. Most of the time he dines out (3 to 4 times a week, nothing too pricey) or orders food delivery.

Joe drives a regular (non-luxury) car to work every day, spending about $300 on petrol each month. 

Notice also that Joe Average has a very regular, predictable lifestyle, and is not prone to wild fluctuations in these three main categories of expenses.

If you’re the type to randomly fly off to exotic countries for a “sabbatical” or are always indulging in your latest lifestyle craze — be it splurging on a luxury bag or the latest iPhone — then maybe this isn’t the right credit card for you.

Citibank Cash Back Card promotions

Citibank is currently having an offer for new sign ups where you can receive a welcome gift of $120 cash back by spending at least $1,200 in the first three months. This promotion runs until January 2021.

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.

Merchant	Customer	Promo code	Deal
Deliveroo	New	CITINEW	$4 off first 3 orders with minimum spend of $25 (valid till 31 Dec 2020))
Deliveroo	Existing	CITI6AUG	$6 off with a minimum spend of $30 (valid till 31 Aug 2020)
Deliveroo	Existing	CITI12AUG	$12 off with a minimum spend of $50 (valid till 31 Aug 2020)
Foodpanda	New	CITINEW	$8 off first 2 orders with a minimum spend of $15 (limited redemptions available; valid till 31 Aug 2020)
Foodpanda	Existing	CITIAUG	$6 off with a minimum spend of $30 (limited redemptions daily; valid till 31 Aug 2020)
Foodpanda	Existing	CITIAUG10	$10 off with a minimum spend of $50 (limited redemptions daily; valid till 31 Aug 2020)

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

Alternatives to the Citibank Cash Back Card

Unless you are exactly like Joe Average, it will be challenging to try to adjust your lifestyle to the credit card. You may be better off with one of the many other cashback cards in Singapore that don’t impose category-specific cashback caps.

There are tons of these but we’ll highlight just 3 all-purpose cards:

OCBC 365 Credit Card – With a lower minimum spend of $800, the OCBC 365 is more accessible than the Citi Cash Back Card, but it loses out as the rebates are much lower and more dining-focused: 6% on dining, 3% on grocery, land transport, online travel and recurring telco and electricity bills, plus up to 22.1% savings at Caltex and up to 20.2% at Esso. 

POSB Everyday Card – If you find the Citi Cash Back Card’s minimum spend rather annoying, the POSB Everyday Card is a no-hassle alternative for 5% cashback at Sheng Siong (capped at $50) and 3% at Watsons.

BOC Family Card – Minimum spend of $800, but still pretty competitive rebates across a whole bunch of categories: 10% on dining and the movies, 5% on selected merchants (BEST Denki, Popular Bookstore, Unity Pharmacy, Watsons and Welcia-BHG), 3% on groceries, online shopping, MRT and bus rides in Singapore, capped at $25 cash rebates per category. You will have to use a separate petrol credit card if you drive though.

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 a pair of Airpods Pro or Nintendo Switch Lite if you’re new to Citi and sign up through MoneySmart by 4 Aug 2020: