Citibank Cash Back Card – MoneySmart Review 2022

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
Cash Back on Dining, Groceries & Petrol
Up to 8%
Total Cash Back Cap, per month
S$80
From Shell & Esso
Up to 20.88% savings
Stand a chance to be one of the 3 lucky winners of our 100% Cashback Lucky Draw when you shop at the MoneySmart Membership store with your Citibank Credit Card!

Valid until 30 Nov 2022

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 Deliveroo and Foodpanda

Save on your food delivery expenses as well from these two merchants. Valid until 30 November 2021.

Merchant Customer Promo code Deal
Deliveroo New CITINEW21 $4 off first 3 orders with minimum spend of $20
Deliveroo Existing CITI8NOV $8 off with a minimum spend of $40
Foodpanda New CITINC21 $8 off first order with a minimum spend of $15
Foodpanda Existing CITI21NOV $6 off with a minimum spend of $30
Foodpanda Existing CITI21NOV10 $10 off with a minimum spend of $60

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
Up to 10%
Cash Back Cap per month
S$100
Min. Spend per month on Total Purchases
S$800

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
MoneySmart Exclusive
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
MoneySmart Exclusive:

Apply and spend S$500 monthly for the first 2 consecutive months to get S$200 Cash via PayNow OR Apple Airpods Gen 3 (worth S$269) (First 200 applicants) or S$50 Cash via PayNow (201 applicant onwards). T&Cs Apply.

Valid until 30 Nov 2022

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.

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 up to $350 in cash if you’re new to Citi and sign up through MoneySmart by 30 November 2021:

Citibank logo
MoneySmart Exclusive
Cash Back on Dining, Groceries & Petrol
Up to 8%
Total Cash Back Cap, per month
S$80
From Shell & Esso
Up to 20.88% savings
Stand a chance to be one of the 3 lucky winners of our 100% Cashback Lucky Draw when you shop at the MoneySmart Membership store with your Citibank Credit Card!

Valid until 30 Nov 2022

Know someone who might like this credit card? Share it with them.