Best Petrol Credit Cards for More Savings [Updated 2021]

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 with the pandemic in tow. Crossing the border this year, or even next year will be a near-impossible feat considering Malaysia’s 2nd Movement Control Order. 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 drivers are not sure which banks offer the best petrol credit cards in Singapore and tend to underestimate the amount you can save through a fuel discount card.

To help you, we’ve come up with the best petrol credit cards that will help you save more!

Petrol Prices

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 with 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 29 Jan 2021), you can see that the petrol prices are pretty competitively priced. However, the biggest difference comes in 98-octane petrol where prices can differ as much as $0.28. This is an increase from last year’s figure of $0.24! From the table above, it’s clear that SPC offers the best prices for all the different types of petrol.

When you know where to find the cheapest priced petrol and learn about the different promotions available, it’ll help you save even 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 in Singapore?

When you first think about petrol credit card discounts, 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 instant discount is between 12% to 16% and varies from different petrol stations. The different credit cards also offer additional discounts or rebates, bringing the total discount you can potentially enjoy to 20% – 24%.

Petrol credit cards will sometimes offer cashback rates as well. So you actually get to save even 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 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 2021

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. This year, we’ve updated our selection of credit card rates from last year and added new contenders for the best petrol credit card crown. 

Check out the breakdown of each of the best petrol credit cards.

DBS Esso MasterCard

As its name implies, you’ll get great discounts at Esso petrol stations! Although this card works exclusively for Esso stations, you’ll enjoy the highest Esso discount rate among all other cards. With a total fuel savings of 21.2% and additional Smiles savings of up to 2.4%, paying for petrol will only get easier!

And for all of you private hire drivers out there, you’ll get an additional 8% rebate! So make sure to mark Esso stations on your map as you’ll be frequenting them for their fuel savings.

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% discount at both Shell and Esso. Although Esso’s petrol discount decreased from 24.88% to 20.88% this year, it’s now a lot easier to hit the minimum spend! Falling from $888 to $800, it’s a welcomed change. 

Also if you happen to stray from your usual route and need to rely on other petrol stations, you’ll still get 8% off your petrol! There’s also an added bit of convenience with the credit card. You can use it to pay for your ERP charges. 

So if you need a card that nets at an amazing discount at every station everywhere, this is the card for you! Make sure to equip it in your credit card arsenal if you value convenience! 

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 22.1% discount at Caltex for Platinum 98 but only up to 16% for all other grades. 

The 365 card also offers a 20.2% discount at Esso which is an increase from last year’s rate of 18.3%. However, their Caltex rates have definitely fallen from last year. With the discounts falling from 23% to 22.1% for Caltex 98 petrol and 21.1% to 16% for other grades of petrol, you may be thinking twice before getting this credit card. But it still offers the best discount on the credit card market for Caltex.

So if you frequently pass by Esso and Caltex during your road travels, this is your go-to card! 

UOB One Card

The UOB One Card is one of the most consistent petrol credit cards with last year’s petrol discount rates still standing. This makes it one of the better petrol credit cards available.

With this card, you can enjoy a whopping maximum of 24% discount at SPC and 20.8% at Shell. Additionally, 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 cashback. 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. 

Considering how SPC has the best price on petrol, we recommend pumping at SPC with UOB One credit card which gives the highest petrol discount! Moreover, as its discounts are affiliated with the 2 largest petrol providers in Singapore, it’s your best bet when it comes to saving every penny!

However, do note that UOB took Caltex off its range of petrol discount offerings, so if you pump at Caltex, this card is not your best option. 

Not Only the Best But Also the Smartest

There’s actually a ton of other credit cards that offer similar discount numbers as the cards we’ve chosen. However, these 4 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 also acts as a rebate card for your petrol and many other things.

So stop overpaying for petrol and start saving more!