Launched in 2020, the Citi Cash Back+ Mastercard® aims to give you competitive cashback across all categories, regardless of what you’re spending on.
With its newest card, Citi Cash Back+ Mastercard, Citi is offering a product that caters to users who prefer a simple and convenient way of earning cashback on their spend. Let’s take a look at who it’s good for and how it fares against other credit cards.
Reasons to get the new Citi Cash Back+ Mastercard
#1 Enjoy competitive cashback rate of 1.6%
Earn 1.6% cashback on all your credit card spend, anytime and anywhere, regardless of the category you spend in (excluding bills).
#2 No minimum spend required
Earn 1.6% cashback regardless of how much you spend, even if it’s just $10.
#3 No cap on cashback earned
The sky’s the limit. Even if you are a big spender and can shell out thousands of dollars each month, the amount you can earn in cashback is not limited.
#4 Cashback you earn does not expire
The cashback that you earn from your spending goes back into your card account and will not expire. You can also redeem your cashback instantly on-the-go with Citi Pay with Points or for cash rebate via SMS.
#5 Earn up to 4.5% cashback
From now till 31 May 2021, get 4.5% cashback on up to S$5,000 spent in the first 3 months. This means that you can earn up to S$225 cash back. How this is calculated:
- 1.6% Base rate: What you earn on all your spend, with no cap on the amount of cashback you can earn.
- 2.9% Bonus rate: Can be earned on up to the first S$5,000 eligible spend made within the first 3 months. Cashback earned under this bonus rate is capped at S$145.
This offer is available directly on the Citibank website only.
#6 First-year annual fee waiver
Your annual fee of $192.60 will be waived for the first year.
SingSaver exclusive promotion: Snag an ErgoTune Supreme (worth S$599) or an Apple Watch SE (worth S$419) or S$350 cash when you apply and make a qualifying spend of S$500 within 30 days of card approval. Existing cardmembers receive S$30 cash. Valid till 31 October 2021. T&Cs apply. Pick your Citibank card here!
|Minimum Monthly spend||S$0|
|Annual Income Requirement||S$30,000 (Singaporeans/PR)|
|Annual Fee (Waiver)||S$192 (First year waived)|
Who should get the new Citi Cash Back+ Mastercard?
If you want a cashback card that’s good for all categories
Different credit cards have different cashback rates for specific categories. These may include groceries, dining, petrol, travel, retail, entertainment and more. For those that do not want the hassle of trying to optimise your spending for the different categories, the Citi Cash Back+ Mastercard could be a great credit card to have in your wallet. With the Citi Cash Back+ Mastercard, you will be earning some form of cash back regardless of what you buy (i.e. which category you spend on) and how much you spend.
If you want a cashback card but don’t want to be subjected to a minimum spend criteria
Some cashback cards only give you higher cashback rates if you hit the minimum spend. However, for many fresh graduates and those starting their career, it is unlikely that you will be spending so much every month. With no minimum spend imposed, you can earn 1.6% cashback regardless of how much you spend.
If you’re not sold on the Citi Cash Back+, you can consider these other eligible Citibank credit cards instead:
- Citi Rewards: Earn 10X Rewards (4 Miles) on every S$1 spent online
- Citi PremierMiles: Earn 1.2 per S$1 local spend (45,000 welcome miles promotion available)
- Citi Cash Back: Enjoy 8% cashback on groceries and petrol, 6% cashback on dining
- Citi Prestige Card: Earn 1.3 miles per S$1 local spend
SingSaver Exclusive Offer: Get rewarded with an Samsung Galaxy Tab S7 FE 5G (worth S$898) or an Apple iPad Air (worth S$879) when you successfully apply for a Citigold account and pump in a min. of S$250,000 within 90 days of account opening. You’ll also enjoy exclusive privileges, from personalised wealth advisories to a dedicated Relationship Manager – all to close the gap to your financial milestones.
This is applicable for all new to bank users that do not have an existing Citigold or Citibank current/savings account. If you own a Citibank credit card or personal loan, you will still be eligible. Promotion is valid till 20 October 2021. T&Cs apply.
Fees and charges
Here are the fees and charges you could incur with the Citi Cash Back+ Mastercard.
|Annual fee||S$192.60 (first year waived)|
|Late payment charge||S$100|
|Interest on purchases||26.9% per annum subjected to compounding if full payment is not made by payment due date|
|Interest on cash advance||26.9% per annum compounded daily on the amount withdrawn from the transaction date until the date that full payment is made|
Credit cards similar to new Citi Cash Back+ Mastercard
Here are 5 credit cards in the market that are similar to the Citi Cash Back+ Mastercard:
- Standard Chartered Unlimited Credit Card: The Standard Chartered Unlimited credit card offers cardholders 1.5% cashback with no minimum spend and no cap. If you have an Unlimited$aver Account with Standard Chartered Bank, you earn a higher cashback rate of 5%.
- Maybank FC Barcelona Visa Signature Card: Gives 1.6% unlimited cash rebates on all your local spend with no cap and no minimum spend required.
- American Express True Cashback Card: You can earn 1.5% cashback on all spend with no cap and no minimum spend required. Your first $5,000 spend during the first 6 months will get you a cool 3% cashback.
- HSBC Advance Credit Card: Get 1.5% cashback on all purchases when you spend less than $2,000. You can earn 2.5% cashback with the HSBC Advance credit card when you spend more than $2,000 a month. HSBC Advance banking customers get an additional 1% cashback, giving them a cashback rate of 3.5%
- CIMB World Mastercard: CIMB Mastercard holders get 2% unlimited cashback on these categories: wine & dine, entertainment & recreation, automobile and duty-free store purchases. 1.5% unlimited cashback on all other spend with no minimum spend required.
With 1.6% cashback on all your spending, the Citi Cash Back+ Mastercard makes a great option for those looking for a go-to cashback card to use across multiple categories.
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By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. This Manchester United fan enjoys sharing knowledge on personal finance while chasing the dream of financial independence.