Looking for the best credit card for petrol in Singapore?
If you own a car, you would feel the pinch in your wallet with the recent increase in the cost of living, especially with your monthly expenses for petrol, toll charges, and parking amounting to around S$600.
Amidst these challenges, it’s essential to find ways to save on petrol expenses. We’ve compiled a list of the best credit cards for petrol in Singapore, offering notable fuel discounts. These cards are valuable tools to efficiently manage petrol costs, allowing you to redirect savings to other enjoyable aspects of life.
Table of Contents
Compare the Best Petrol Credit Cards in Singapore 2024
1. OCBC 365 – Best credit card for petrol Caltex users
| Annual Fee: | S$194.40 with fee waiver for two years. Subsequently, automatic fee waiver with S$10,000 annual spend |
| Eligibility: | Minimum 21 years old with at least S$30,000 annual income |
| Minimum Spending: | At least S$800 or S$1,600 on the card |
Key Features:
- Category-Specific Cashback: The OCBC 365 credit card offers attractive cashback rewards across various spending categories.
- Fuel Savings:
- Enjoy fuel savings of up to 20.2% at Esso stations.
- Experience impressive fuel savings of up to 22.1% at Caltex, featuring an 18% immediate discount on Techron® fuels.
- Benefit from substantial fuel savings of up to 26.8% at the three Sinopec stations in Singapore.
- You can get a 25% discount on your initial CaltexGO payment for fuel and an ongoing 18% discount on all subsequent CaltexGO payments.
- Receive a 5% cashback on petrol expenditures at all service stations.
- Dining Rewards: The card provides a noteworthy 5% cashback on dining, encompassing both restaurant dining and online food delivery services.
- Grocery Cash Rebate: Cardholders earn a 3% cash rebate on grocery shopping, enhancing overall cashback opportunities.
✅ Advantages:
- Substantial Fuel Savings: The card provides noteworthy discounts on fuel purchases, especially at Caltex and Esso, making it an attractive option for frequent fuel spenders.
- Diverse Cashback Categories: In addition to fuel, the card extends cashback rewards to dining and grocery expenses, addressing various everyday spending needs.
- Increased Cashback for Higher Expenditure: Cardholders exceeding the S$800 monthly spend threshold can unlock elevated cashback rates, offering a potential maximum cashback of S$160 for those reaching a minimum spend of S$1,600.
❌ Drawbacks:
- Monthly Spending Requirement: To qualify for the cashback benefits, you must spend a minimum of S$ 800 monthly, which might be a consideration for individuals with lower monthly spending habits.
- Cashback Limit: The card imposes a cap of S$80 per month for cashback across all categories, potentially restricting the overall cashback potential, especially for those with higher spending patterns.
More things to know about OCBC 365 Card Overview:
If you are a new OCBC debit/credit card user on CaltexGO, you can receive 25% off your first payment with no minimum spending. Download the CaltexGO app to earn loyalty points and make cashless petrol payments seamlessly.
Click here to apply for OCBC 365!
2. DBS Esso Credit Card – Best credit card for petrol Esso users
| Annual Fee: | S$194.40 with fee waiver for first year |
| Eligibility: | Minimum 21 years old with at least S$30,000 annual income |
| Minimum Spending: | At least S$180 in petrol spend monthly |
Key Features:
- Highest cashback rate for Esso petrol.
- 18% instant fuel discount with additional seasonal promotions.
- Potential total fuel savings of 21.6%, excluding Smiles points.
- Automatic enrollment into the Esso loyalty program.
✅ Advantages:
- Exclusive driver benefits include 0% interest-free motor insurance and road tax instalment plans.
- High cashback rates and additional savings contribute to significant overall fuel savings.
- Membership in the Esso loyalty program provides additional perks.
❌ Drawbacks:
- Limited versatility; most beneficial for those who exclusively fuel up at Esso.
- It is considered a specialized card, lacking diverse benefits for non-Esso fuel purchases.
- Relies heavily on seasonal promotions for maximizing savings.
More things to know about DBS ESSO Card:
- Achieve up to 21.6% in fuel savings, complemented by an additional 2.4% in Smiles savings.
- Enjoy exclusive benefits, including 0% interest-free motor insurance and road tax installment plans.
- New DBS Esso cardholders can potentially enjoy up to S$120 NETT in fuel savings.
- Leverage Smiles Points for instant fuel redemption, offering savings of up to S$10.
- You can also apply for the Esso Smiles Driver Rewards Loyalty Programme to earn Smile Points—1 point for every liter of Synergy fuel at Esso. With just 300 Smiles Points, you can redeem S$10 on fuel or S$30 with as few as 750 Smiles Points.
Click here to apply for a DBS ESSO Card!
3. UOB One Card – Best credit card for petrol Shell users
| Annual Fee: | S$194.40 with fee waiver for one year |
| Eligibility: | Minimum 21 years old with at least S$30,000 annual income |
| Minimum Spending: | At least S$2,000 for three consecutive months every quarter |
Key Features:
- Up to 21.15% Fuel Savings: Enjoy significant savings of up to 21.15% when topping up petrol at Shell.
- Comprehensive Discount Structure: The 21.15% fuel savings include a 17% instant discount and up to 5% cashback.
- Detailed Breakdown of 17% Discount: The upfront 17% discount comprises a 5% Shell station discount, 5% Shell Escape discount, and a 7% UOB One Card instant discount resulting from the CVP change.
✅ Advantages:
- Cashback Potential: Offers a potential cashback of 15%, making it a lucrative choice for those who frequent Shell for petrol.
- Enhanced Cashback Tiers: The card provides enhanced cashback percentages based on different minimum monthly spending tiers.
- Fuel Savings at Shell and SPC: Not only applicable at Shell but also extends to SPC kiosks, offering up to 22.66% fuel savings.
- Cashback on Singapore Power Utilities Bill: Earn up to 4.33% cashback on Singapore Power utilities bills, providing additional savings.
❌ Drawbacks:
- Minimum Spend Requirements: To unlock the full 5% rebate, cardholders must consistently spend a minimum of S$2,000 per month for three consecutive months, which may be challenging for some users.
- Transaction Structure: The cashback is based on a cumulative spending structure, requiring at least five separate purchases, and not a single substantial transaction.
- Graduated Cashback for Lower Tiers: Cashback percentages decrease for lower spending tiers, with S$100 for spending between S$1,000 to S$1,999 and S$50 for spending between S$500 to S$999.
- Quarterly Spend Commitment: The enhanced cashback requires meeting the spending criteria for three consecutive months in a quarterly cycle, adding a level of commitment.
More things to know about UOB One Card:
If you are one of the first 200 new UOB One Card credit card users, you can grab S$350 Grab Vouchers. All you have to do is sign up (obviously) and spend a minimum spend of S$1,000 per month for two consecutive months from the card approval date. Offer valid until February 29, 2024, with terms and conditions.
Also, sign up within the promotional period to enjoy up to 15% cashback on quarterly spending from selected merchants and services, valid until March 31, 2024, with applicable terms and conditions.
You can also benefit from the Shell Escape Card, become a member and start racking up on points – up to 100 points online. The more you fill up, the more points you stash. And the best part? You can cash in those points for cool rewards like S$10 NEX vouchers or S$20 TANGS gift cards. Easy peasy!
Click here to apply for your UOB One Card!
4. POSB Everyday Card – Best credit card for petrol SPC users
| Annual Fee: | S$194.40 with fee waiver for one year |
| Eligibility: | Minimum 21 years old with at least S$30,000 annual income |
| Minimum Spending: | At least S$800 |
Key Features:
- Fuel Savings at SPC:
- Up to 20.1% fuel savings at SPC
- Breakdown: 10% SPC&U member discount, 5% DBS/POSB discount, and a 6% POSB Everyday card exclusive cash rebate (charged on the final amount)
- Additional Cash Rebate:
- Extra 2% cash rebate (capped at S$15) when monthly spend reaches a minimum of S$800
- Total Savings:
- With the additional rebate, the total savings amount to an impressive 21.8%
- Promotion Validity:
- Extraordinary fuel savings are valid until 30 November 2023
- Wide Range of Rebates:
- Cash rebates extend beyond fuel savings
- 5% cash rebate on Sheng Siong groceries
- 10% cash rebate on online food delivery
- 3% cash rebate on utilities and phone bills
✅ Advantages:
- Comprehensive Savings: Offers significant fuel savings and cash rebates on various everyday expenses.
- No Minimum Spend for Fuel Savings: Enjoy fuel savings at SPC with no minimum spend requirement.
- Additional Rebate Incentive: The extra 2% cash rebate provides an added incentive for higher monthly spending.
❌ Drawbacks:
- Category Spending Limitation: Low S$15 cashback cap per category combined with an S$800 minimum spend.
- Capped Cash Rebate: The additional 2% cash rebate is capped at S$15, with a minimum spending of S$800 per month.
- Petrol Station Exclusion: The card does not offer cashback at petrol stations. However, there is a promotion offering up to 21.8% in fuel savings at SPC service stations is valid only until 30 September this year.
More things you need to know about POSB Everyday Card:
If you want to enjoy an instant 10% member discount on petrol and 5% off on diesel at SPC service stations, you can unlock instant fuel savings by signing up for your complimentary SPC & U card.
Click here to apply for your POSB Everyday Card!
5. OCBC Frank – Best credit card for petrol Sinopec users
| Annual Fee: | S$196.20 (First 2 Years Fee Waived) |
| Eligibility: | Anyone 21 years old and above. With at least S$30,000 annual income |
| Minimum Spending: | At least S$800 monthly |
Key Features:
- Outstanding Fuel Savings: Use OCBC credit cards at Sinopec to enjoy impressive fuel savings of up to 27%.
- Limited-Time Promotions: Sinopec frequently runs limited-time promotions, offering additional discounts for OCBC cardholders.
- Discounted Petrol Rates: Standard petrol discounts of 23% at Bukit Timah and 20% at Yishun and Woodlands locations.
✅ Advantages:
- Additional Cashback: OCBC 365 cardholders receive an extra 5% cashback on NETT fuel spending (with a minimum monthly spending of S$800).
- Contactless Payment Benefits: OCBC Frank cardholders enjoy an additional 6% cashback on contactless payments (using a smartphone or watch) with a minimum monthly spend of S$600.
❌ Drawbacks:
- Limited Sinopec Kiosks: Sinopec has only three kiosks in Singapore, potentially limiting accessibility for some users.
- Cashback Calculation Note: The extra 5% cashback on NETT fuel spend is calculated after the discount, equivalent to 3.8% or 4% savings before the discount. Cashback is capped at S$80 per month.
More things you need to know about OCBC Frank:
To fully maximize your benefits, you should sign up for Sinopec’s X Rewards program at any kiosk to get the Sinopec X Card.
For every refuel, you can earn 1.5 X points per litre of Sino X Power petrol and 1 X point per litre of other petrol. Plus, once you accumulate 90 X points, you get a S$3 discount, providing around 1.3% fuel savings (subject to Sino Power 95 petrol price fluctuations).
Combine these X Rewards with your OCBC credit card discounts to maximize fuel savings – a must for discounted petrol life hacks!
Click here to apply for your OCBC Frank.
How Do Petrol Credit Cards Differ from Regular Credit Cards?
Petrol cards offer a competitive credit facility, requiring a credit check for business account setup. However, the key distinction lies in their purposes. A credit card provides a line of credit for immediate purchases across various goods and services, while a petrol card is exclusively designed for petrol, oil, and car wash purchases.
Thus, the two types of cards serve distinct purposes in facilitating different types of transactions:
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Check out our top 1o list of best credit cards in Singapore, highlighting the most rewarding options for cashback, travel perks, and low fees. Whether you’re a shopper, traveller, or food enthusiast, our concise guide will help you choose the ideal card to enhance your spending efficiency and savings.
Factors to Consider When Choosing a Petrol Credit Card
1. Cashback vs. Rewards Points: Which is Better?
Deciding between cash back and points? For avid travellers, a points card can be ideal, offering joy in maximizing redemptions and capitalizing on travel perks.
If loyalty lies with a specific hotel or airline, their dedicated cards can yield significant value. Opt for a points card with broad merchant redemption options for versatile rewards.
If simplicity is key, a cash-back card is perfect, especially for those seeking a no-fee rewards option or infrequent travelers.
The optimal choice might be a card offering both cash back and points, as several point-based cards allow cash redemptions. Enjoy the best of both worlds – it’s indeed possible to have your cake and eat it too.
2. Understanding Interest Rates and Fees
The interest rates on your credit card indicate the cost of borrowing if you carry a balance. Fortunately, paying off the entire monthly card balance typically exempts you from interest on purchases.
When comparing credit card interest rates, consider that a single card may have multiple rates, including:
- Ongoing Interest Rate: This is the standard rate for interest when carrying a balance.
- Introductory 0% Interest Rate: Card issuers often provide a promotional 0% intro interest rate on purchases and/or balance transfers to encourage new account openings. This promotional period usually spans from 12 to 21 months, after which the card’s standard rate applies to any remaining balance.
- Penalty Interest Rate: Many credit card companies impose a higher penalty interest rate when a cardholder’s payment is at least 60 days overdue.
- Cash Advance Interest Rate: Credit card cash advances may have a separate (often higher) interest rate, even if a 0% intro interest rate offer is in place for purchases and balance transfers.
3. The Importance of Petrol Brand Partnerships
When selecting a petrol credit card, assess its partnerships with major petrol brands like Caltex, Esso, and Shell. Opt for a card aligned with your preferred brand to maximize tailored rewards, discounts, and additional perks, enhancing your fueling experience.
4. Credit Card Acceptance at Different Petrol Stations
Consider the card’s acceptance across various petrol stations. Choose a card with wide acceptance to ensure convenience and efficiency in managing fuel expenses, irrespective of the petrol station or location. This flexibility allows you to enjoy benefits and savings wherever you choose to refuel.
Petrol Credit Card Specific Benefits Analysis
Cashback Rewards: A Closer Look
To optimize fuel savings, the strategic utilization of your petrol credit card becomes paramount. Seek out cards that provide the most substantial cashback or discounts at well-known petrol stations like Caltex, Esso, Shell, and SPC. Aligning the right card with the corresponding station maximises your savings with every refuelling.
Loyalty Points and How They Work
You will find out many of the best petrol credit cards in Singapore provide extra perks through loyalty programs like Esso Smiles and Shell Escape. These programs enable you to accumulate points or access exclusive discounts, amplifying your fuel savings. By combining these loyalty initiatives with your petrol credit card, you can maximize value and optimize every visit to the pump.
Additional Perks: Roadside Assistance and More
- Car Insurance and Roadside Assistance:
- Choosing the right car insurance is crucial, and some cards offer cashback on premiums
- Roadside assistance is provided by certain cards, like UOB One and HSBC Visa Platinum, ensuring peace of mind.
- Shopping, Dining, and Entertainment Rewards:
- Petrol cards offer rewards for everyday expenses, with options like cash rebates
- Dining and entertainment perks are available with cards like OCBC Frank enhancing lifestyle while saving on fuel expenses.
Conclusion
After exploring the best petrol credit cards in Singapore, each catering to diverse lifestyles, you’re equipped to make an informed choice. These cards offer potential savings of up to 21% on petrol purchases at major stations like Shell, Esso, SPC, and Caltex. By comparing their features, you can select the perfect card for your preferences.
When choosing the best petrol credit card for daily fueling needs, consider extras like companion fares, bonus miles, and free bags. With the right card, not only do you save significantly on fuel, but you also enjoy rewarding benefits every time you fill up. Make a savvy choice for the best petrol credit card in Singapore that suits your lifestyle.
And for a deeper dive into the financial tools that can enhance your lifestyle beyond the pump, be sure to check out our guide on the ‘Best Credit Cards in Singapore‘, where we uncover the top picks that promise value, rewards, and convenience across all your spending.
Financial Disclaimer:
The information provided is for general informational purposes only and should not be considered financial advice. It may not reflect the most current market conditions, and users are encouraged to conduct their own research and consult with qualified financial professionals before making any financial decisions. We do not guarantee the accuracy or completeness of the information and disclaim any liability for errors or damages arising from its use. Financial decisions involve risk, and past performance does not indicate future results. Users should consider their own financial goals and circumstances before making any investment decisions.
