We all know how expensive car ownership is. And so, it comes naturally to many Singaporeans to try their hardest to save on costs that owning a car entails. From driving into Malaysia to pump petrol to mastering fuel-saving techniques and even reusing parking coupons. Many of us will go to crazy lengths to bring down these additional costs.
While driving into Malaysia to pump petrol will definitely save you a ton, it’s not very feasible. So how else can you be saving money on petrol?
Two words. Credit Cards!
It sounds obvious enough, doesn’t it? We all know about the promotions and discounts you get from paying for petrol with a credit card. It shouldn’t come as a surprise, right?
Well, you’re actually wrong.
Recently, the Competition Commission of Singapore (CCS) found that Singaporeans overspend on petrol and it’s not by a little. The figures reported were as much as S$40 million each year. The report also cites a lack of a clear idea of petrol prices across all the brands. Additionally, many Singaporeans are not sure of the best credit cards that will help them save the most.
To help you, we’ve come up with the best petrol credit cards that will help you save more!
But before we get into the best petrol credit cards, check out the difference in petrol prices across the different petrol stations.
To keep up to date of petrol prices islandwide, you can consider joining Petrol Watch Singapore. The Facebook group shares the development of fuel prices and discounts from various fuel stations in Singapore.
From the table above (updated September 2018), you can see that the petrol prices are pretty much the same. However, the biggest difference is with 98-octane petrol. It’s clear that SPC offers the cheapest for this variant.
When you know where to find the cheapest priced petrol and learn about the different promotions available, it’ll help you save more. Plus, it’ll also help you choose the best petrol credit cards that are right for you. Because different petrol stations partner with different banks to offer the best savings.
How do Petrol Credit Cards Work?
When you first think about petrol credit cards, it might seem really confusing. But it’s actually very simple. When you use a petrol credit card, it gives you an instant discount. Usually, the discount is between 18% to 24% and varies from different petrol stations to the different credit cards you use.
Petrol credit cards will sometimes offer cashback rates as well. Which means, you get to save more. Also, you can use your petrol credit card and the petrol station’s loyalty card to save even more!
While almost all credit cards offer some type of petrol discount, the differences can be substantial. Additionally, some petrol credit cards offer more savings at certain petrol stations. So it’s important for you to choose a petrol credit card that works the best for your chosen petrol station.
If you don’t already have a preferred petrol station, you should think of choosing one. As a general rule of thumb, the ideal petrol station should be one that’s near your home or office.
Best Petrol Credit Cards
We’ve searched high and low and we’ve finally come up with the three best petrol credit cards you should be using. These three petrol credit cards offer an excellent discount and cashback rate at multiple petrol stations. So, you won’t be limited to patronizing just one company.
Check out the breakdown of each of the best petrol credit cards.
Citi Cash Back Visa Card
Overall, whether you’re using it to pay for petrol or for other things, the Citi Cash Back Visa Card helps you save more. When you use it for petrol, the card offers a 20.88% and up to 24% discount at Shell and Esso respectively. But that’s not all. You’ll also get $120 cash back when you continuously spend $200 with the card over a 6 month period. Which is pretty easy to hit if you’re using it for petrol. There’s also an added bit of convenience with the credit card. You can use it to pay for your ERP charges.
OCBC 365 Visa Card
Just like the Citi Cash Back Visa Card, the OCBC 365 Visa Card offers an insane amount of cashback options across various merchants. The OCBC 365 Card offers a 23% discount at Caltex but only an 18.3% discount at Esso. Nevertheless, the discounts are pretty good and you get a bit of cash back for all purchases made with the card.
UOB One Card
The UOB One Card offers the most discount at a whopping 24% at SPC! Furthermore, the card has a low-interest rate and an excellent rebate structure. Further adding to the draw of the UOB One card is the 20.88% you’ll get at Shell. But wait. There’s even more! The UOB One card offers a unique quarterly cashback incentive scheme. All you have to do is spend $2,000 per month per quarter and you’ll get an additional $300 cash back. It might sound like a lot, but if you pay for petrol, bills and use your credit card for your spending (instead of cash), it’s actually attainable.
Not Only the Best But the Smartest
There’s actually a ton of other credit cards that offer similar discount numbers as the cards we’ve chosen. However, these three cards are the smartest options available for you. Why? Because you can use them at more than one petrol station and you get an excellent discount and cashback rate.
So stop overpaying for petrol and start saving more!