Soaring fuel costs may well be an irritant, especially if you’re completely dependent on your own transport to commute. Although Singapore has a relatively small area, the average citizens incurs a good amount on fuel expenses. With an aim to ease the mounting costs incurred on fuel, several top banks in Singapore offer excellent savings and discounts on fuel purchases at leading fuel stations across the Island State. The extent of discounts or cashbacks that can be enjoyed depends on the type of credit card offered and the bank offering the card. In cases where cashbacks and discounts cannot be availed on direct purchase of fuel, banks allow you to earn reward points on a wide range of other purchases, allowing you to completely offset the expenses incurred on your next few visits to fuel stations.
Features of Fuel Credit Cards
Depending on the type of credit card, you can earn cashbacks or reward points on fuel purchases. In some cases, as already mentioned, reward points can be earned on other purchases including shopping and retail. These reward points can be redeemed for discounts on fuel.
- Certain cards offer discounts at select stations in Singapore while others offer benefits at all fuel stations across Singapore.
- Discounts on fuel purchases can go over 20% in the case of some cards.
- The monthly statement for these cards are sent to your registered email id. Hard copy of monthly statements can also be obtained.
- These cards can be used to withdraw cash at ATMs. Cash withdrawals are subject to interest charges and handling charges.
- These cards also let you earn reward points and cashbacks on a wide range of other purchases including those at retail stores, payments made towards online shopping, etc.
Benefits of Fuel Credit Cards
Fuel credit cards offer a host of benefits, most of them primarily related to fuel savings and discounts at fuel stations. Here are some notable benefits that you can enjoy if you own one of them.
- Cashbacks on fuel can be obtained at fuel stations throughout the Island State.
- Multiple rounds of fuel purchase at petrol stations in Singapore can be offset through reward points accumulated on purchases made using these cards.
- Reward points can be redeemed for a spate of other offers and benefits from the rewards catalogue of the bank offering the card. This is, however, subject to certain conditions and certain rewards catalogues are specific to certain cards.
Eligibility Criteria for Fuel Credit Cards
As such, these cards have more or less the same eligibility criteria compare to other credit cards offered by banks. Eligibility parameters can vary from one card to another, depending on the bank offering the card. Here are a few eligibility parameters.
- The minimum age to apply for fuel credit cards is 21 years.
- The minimum income to be eligible to apply for these cards can range between S$20,000 to S$45,000 for Singaporean citizens and between S$45,000 and S$60,000 for foreign nationals.
- The card will be approved subject to the applicant submitting all the relevant documents as requested by the bank. Documents required include: Copy of NRIC, latest Income Tax Notice of Assessment, recent computerised payslips (for salaried individuals), banks statement for the last 3 months (for self-employed individuals and individuals with varied income), employment pass and employment letter (for foreigners).
- Banks also consider credit scores while reviewing the card application. Approval is at the sole discretion of the bank.
How to Apply for Fuel Credit Cards
You can apply for a fuel credit card of your choice by visiting the official website of the bank offering the card or visiting any branch of the bank. You will be required to fill out the application form, providing details such as information pertaining to residence, income, employment, etc. Once done, upload the relevant documents (documents to be submitted depend on your type of employment and citizenship) on the bank’s website, following which an executive from the bank will get in touch with you and help you complete the remainder of your application. Once all these formalities are completed, the bank will process and review your card application and approve it if all in house eligibility parameters are met.
Top Fuel Credit Cards in Singapore
- HSBC Credit Cards:
The HSBC Visa Platinum Credit Card: The card offers savings of up to 21% on fuel purchases at stations across Singapore.
- UOB Credit Cards:
The UOB One Card: This card lets you earn reward points on fuel purchases and save up to 24% on fuel expenses at popular fuel stations in Singapore.
- OCBC Credit Cards:
The OCBC 365 Credit Card: Earn reward points on fuel purchases and get cashbacks and discounts of up to 22% at fuel stations.
- Citibank Credit Cards:
The Citibank Visa Cashback Card: Enjoy fuel savings of up to 21% at participating Shell and Caltex fuel stations across Singapore.
- POSB Credit Cards
The POSB Everyday Card: With the POSB Everyday Card, you can enjoy discounts of up to 20.1% on fuel purchases.
Note: Most of these cards let you enjoy cashbacks and discounts on a certain minimum expenditure. The extent of discounts that can be earned is dependent on the amount spent on purchases. Besides letting you save big on fuel, these cards also provide you with a host of benefits on several other categories of purchases ranging from dining and entertainment to travel and shopping.