Formally known as Citibank Dividend Card, the Citi Cash Back Card has long been touted by Citi as the best cash back card to the extent they changed the name of the card to make it clear that this card is all about cash back (8% cash back on Petrol, Groceries and 6% on Dining spend to be precise). The card certainly offers the best and highest cash back for spending on major expenses among Citibank Credit Cards and is now one of the best Cashback Credit Cards in Singapore after a recent update to the card removing the $25 cap for each category.
The card earns 0.25% base cash back for all retail purchases. There is no cap for base cash back. It also earns 7.75% bonus cash back on petrol and groceries and 5.75% bonus cash back on dining after monthly spending requirement of $800 is met. Monthly spend and cash back is calculated on a statement basis (Refer to your credit card statement date for the start date).
Cash back will be credited monthly and capped at $80. A minimum accumulated cash back of $50 is required before cash back will be posted to card statement account. For cash back above $50, it will only be posted in integral multiples of $10 cash back. Any remaining or excess cash back not posted due to failing to meet the minimum cash back of $50 or integral multiples of $10 will be used in the calculation of cash back for the next statement month
Citi Cash Back Card is a category-based cash back credit card and as such only offer an unlimited 0.25% base cash back for all transactions. This is somewhat low if you were to compare to tiered-based or no-frills Cash Back Credit Cards. Citi's Visa version of the card (Citi Visa Signature Cash Back Card) also provides complimentary basic travel accident insurance coverage of up to S$1,000,000 for you and your dependents when you book your flights using the card with coverage for travel inconveniences applicable to cardholder only. Cardholders need to activate their travel insurance here after booking their flights.
Citibank cardholders can also enjoy promotions and discounts under its Citi World Privileges due to extensive tie-ups with a wide range of merchants. These include discounts for shopping, restaurants, bars, online, travel, hotels, lifestyle, etc (See online shopping discount codes for extensive list of discounts at various online merchants).
Citibank is curently running a signup promotion for new Citibank credit cardholders where they can receive $300 cash rebate. Cardholders will need to spend a minimum $800 within first two months excluding month of card approval to qualify for the cash rebate. This adds up to about three months to spend $800 if you time your application properly at the start of the month. The minimum spend can also easily be met if you are eyeing the 6% to 8% cash back every month and will need to spend a minimum $800 a month. This is one of the best promotions among the current Signup Promotions for Credit Cards Cash Back and it is worth signing the card just for the sign up promotion.
The longstanding cash back policy that needs a cardholder to accumulate $50 cash back in order for cash back to be credited into the credit card account is somewhat irritating as cardholders might have to wait longer then other credit cards to see their earned cash back. Cardholders should be able to accumulate $50 monthly easily if they focus their spending on the three cash back categories and fulfill the minimum spend of $800 in a month but that is no excuse for Citibank for being the only bank to practice such a policy.
To conclude, Citi Cash Back Card has an attractive high 6% to 8% cash back rate for major spending categories but is bogged down by a minimum $50 accumulated cash back for cash back to be posted into the card account. The card has already improved its offerings as effective from 9 Dec 2020, the $25 category cap for cashback has been removed in favour of a combined cashback cap of $80 and the minimum spend to receive cashback has been lowered from $888 to $800. These changes are very much welcome and have instantly propelled Citi Cash Back Card to one of the best Cashback Credit Cards in Singapore.
Currently, Citi Cash Back Card offers one of the highest savings for fuel at Shell and Esso (See Best Credit Cards for Petrol), one of the highest cash back for any supermarket (See Best Credit Cards for Groceries) and also one of the highest cash back for everyday dining (See Best Credit Cards for Dining). These perks and the improved offerings ensure that the card definitely warrant a place among cashback chasers if one can fit the card into his or her daily spend.