While cashback credit cards are a permanent fixture in many people’s wallets, they sure aren’t all the same. POSB Everyday vs Citi Cash Back vs OCBC 365: Find out which credit card fares the best in helping you milk every dollar as you spend on essentials.
Cashback credit cards designed for daily expenses exist. POSB Everyday, Citi Cash Back and OCBC 365 reward cardmembers with generous cashback when they spend on daily essentials like dining, groceries and fuel for their car.
The cashback rates offered by POSB Everyday, Citi Cash Back and OCBC 365 are much higher than those that flat rate cashback credit cards have to offer. However, in order to bag the generous cashback, cardmembers have to meet the monthly minimum spend requirement.
This may or may not work for you as it largely depends on your lifestyle and monthly expenses.
In this comparison article, we will pit three cashback cards against each other: POSB Everyday vs Citi Cash Back vs OCBC 365.
Find out what each card has to offer and which one could be the right fit for you.
- Similarities between these cashback cards
- Comparison #1: Cashback workings
- Comparison #2: Minimum spend required to earn high cashback
- Comparison #3: Cashback cap
- Conclusion: Which one should you choose?
POSB Everyday vs Citi Cash Back vs OCBC 365
|Credit card||Key benefits|
|POSB Everyday||Up to 10% cashback on dining and online shopping at selected e-Marketplaces|
Earn 0.40% p.a. or more with DBS Multiplier Account
|Citi Cash Back||8% cash back on groceries and petrol|
6% cashback on dining
|OCBC 365||6% cashback on dining and online food delivery|
3% cashback on groceries, land transport, utilities and online travel
What these cashback credit cards have in common
These three cashback credit cards rewards big time on everyday purchases, such as dining, groceries and petrol purchases. POSB Everyday, Citi Cash Back and OCBC 365 are accessible, too, requiring a minimum annual income of just $30,000.
How these cashback credit cards differ
While POSB Everyday, Citi Cash Back and OCBC 365 are cashback credit cards, they differ largely in their cashback workings and cashback caps.
Read on to find out what each credit card has to offer and if any one of them could be the right fit for you and your lifestyle.
Comparison #1: Cashback workings
|POSB Everyday||Citi Cash Back||OCBC 365|
|Cashback workings||Up to 10% cashback on dining|
5% cashback on online shopping on RedMart, iHerb, Lazada, Qoo10, Shopee and Amazon.sg
5% cashback at Sheng Siong
3% cashback at Watsons
Up to 20.1% fuel savings at SPC with no min. spend
1% cashback on electricity and recurring StarHub bills
0.3% cashback on all other transactions
|8% cashback on groceries at supermarkets and grocery stores worldwide|
Up to 20.88% fuel savings at Esso and Shell and 8% cashback at other petrol stations worldwide
6% cashback on dining worldwide
0.25% cashback on all other retail purchases
|6% cashback on dining and online food delivery|
3% cashback on groceries, land transport (Grab, Gojek, TADA, taxi rides), utilities and online travel
Up to 22.1% and 20.2% fuel savings at Caltex and Esso respectively
5% cashback on fuel spend at all petrol service stations
0.3% cashback on all other expenses
If you spend a fairly big chunk of your money on groceries every month, Citi Cash Back is a strong contender since it lets you earn a whopping 8% cashback on groceries daily and there’s no restriction on which supermarket you can purchase groceries from to take advantage of the generous cashback.
For regular ride-hailers, OCBC 365 might be a sweet addition to your arsenal of credit cards as it is the only one amongst the three that lets you earn cashback on rides.
Comparison #2: Minimum spend required to earn high cashback
|POSB Everyday||Citi Cash Back||OCBC 365|
|Minimum spend||Min. spend of $800 required to earn up to 10% on dining. Valid till 30 June 2021|
Min. spend $800 required to earn 5% cashback on online shopping on RedMart, iHerb, Lazada, Qoo10, Shopee and Amazon.sg. Valid till 30 June 2021
|Min. spend of $800 in a statement month required to enjoy 8% and 6% cashback|
Base cashback on all retail purchases stands at 0.25%
|Min. spend of $800 in a calendar month required to earn 6%, 5% and 3% cashback|
Base cashback on all purchases stands at 0.3%
POSB Everyday, Citi Cash Back and OCBC 365 all require cardmembers to make a minimum spend of $800 in order for the high cashback rates to kick in. The base cashback rates are 0.3%, 0.25% and 0.3% respectively.
That said, there’s something unique about POSB Everyday – you can earn cashback on Sheng Siong purchases, Watsons purchases, recurring electricity and StarHub bills as well as enjoy SPC discounts even if you don’t meet the $800 minimum spend.
Comparison #3: Cashback cap
|POSB Everyday||Citi Cash Back||OCBC 365|
|Cashback cap||Dining cashback capped at $15 per calendar month. Valid till 30 June 2021|
Online shopping cashback capped at $15 per calendar month. Valid till 30 June 2021
Sheng Siong cashback capped at $30 per calendar month
Cashback on Sembcorp Power, SP Group, Best Electricity, Ohm Energy and Tuas Power recurring electricity bills and StarHub recurring bills is capped at $1 per calendar month
|$80 cashback cap per statement month||$80 cashback cap per calendar month|
All three cashback credit cards come with cashback caps. Citi Cash Back and OCBC 365 both have a total cashback cap of $80 per month whereas POSB Everyday has varied cashback caps on most categories.
Conclusion: Which one should you choose?
POSB Everyday, Citi Cash Back and OCBC 365 are pretty different when it comes to their cashback rates and exact categories you can earn high cashback on even though they are all cashback credit cards.
Choose Citi Cash Back or OCBC 365: The most fussy card amongst the three is hands down POSB Everyday as it is more restrictive — you get to earn more cashback only when spending at certain merchants. This is the case for online shopping, online food delivery and groceries.
On the other hand, Citi Cash Back and OCBC 365 offer a more fuss-free experience for cardmembers as their cashback mechanics are much more general and straightforward. You can pretty much bag your cashback as long as you spend under those listed qualified categories and meet the minimum spend requirement for the month.
The cashback earned will be automatically credited to your card account; you don’t even need to lift a finger to redeem them. For Citi Cash Back, your cashback will be credited to your statement in multiples of $10 once you have accumulated $50 or more cashback in a month. For OCBC 365, expect your cashback earned to be credited into your card account in the following month.
SingSaver exclusive promotion: Get a Dyson AM07 tower fan (worth S$499) or S$350 cash via PayNow when you apply and make a qualifying spend of $200 within 30 days of card approval. Existing cardmembers receive $30 cash via PayNow. Valid till 30 April 2021. T&Cs apply. Pick your Citibank card here!
SingSaver promotion: Get S$100 GrabFood vouchers upon approval for new OCBC credit cardholders when you apply for the OCBC 365 credit card by 7 February 2021. Existing OCBC credit cardmembers who apply for this card will still receive $50 GrabFood vouchers if you are the first 1,000 existing OCBC cardmembers to spend at least $300 on the card by the end of the next month following card approval date.
Choose POSB Everyday: For POSB Everyday, your cash rebates never expire. Instead of just using them to offset your bill statements, you can use your cash rebates to offset purchases at more than 200 partner outlets as well as via the DBS PayLah! app.
While all three cashback credit cards require cardmembers to make a minimum spend of $800 in order to earn high cashback, things work slightly differently for POSB Everyday. Cardmembers can enjoy the SPC discounts and earn the 5% Sheng Siong cashback, 3% Watsons cashback and 1% recurring electricity bill and recurring StarHub bill cashback straightaway, albeit with caps on how much cashback one can earn on these spending (excluding Watsons).
Even if you can’t meet the $800 spend requirement, you can still earn cashback on purchases made at SPC, Watsons, Sheng Siong, as well as your eligible recurring bill payments with POSB Everyday. On the contrary, you will only earn the meagre base cashback on your spending with Citi Cash Back and OCBC 365 if you do not meet the $800 spend requirement!
DBS Promotion: Enjoy $250 cashback when you key in the promo code DBSFLASH upon application. One qualifying transaction must be made within 30 days of card approval. Valid till 29 April 2021. T&Cs apply.
If you’re not a new DBS/POSB credit cardmember, consider these promotions instead.
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By Denise Bay
While Denise has a thing for travel, K-dramas, 0% sugar bbt (with boba!), Japanese cuisine and flat white, her curious nature means all sorts of random tabs are open on her phone 24/7. She doesn’t like to pay full price for anything, too.