Danger: reading this post might be harmful to your Bank Manager
Yesterday we told you all about Petrol Station Branded Cash Back Credit Cards, how they’d save you money on your fuel bill and how to choose one based on your monthly fuel bill.
Today the RinggitPlus team want to wise you up on General Cash Back Credit Cards that give a great deal on petrol. As usual, we’ll kick off with a comparison table to help you see the savings at a glance.
GENERAL CASH BACK CARDS
|Card||Petrol Cash Back||Maximum cash back per month||Note / Limitations|
||5%||RM50||Any petrol stations|
|Citibank Cash Back Platinum Credit Card
Max RM600 monthly eligible spend on petrol
|RM30||Any petrol stations|
|UOB One Card
||5% Max RM600 monthly eligible spend on petrol||RM30||Any petrol stations
Additional 2% rebate, RM8, monthly for up to RM400 of Petrol at BHP stations
|Maybankard 2 Gold Card
||5% weekend cash back||RM50 per account||Any petrol stations|
|AmBank CARz Cards
|Any petrol stations
Revolver only pays the minimum or partial monthly amount, Transactor pays in full every month
|RHB Travel Money
||5% cash back on the 1st weekend and 2% cash back on other days
Max eligible petrol spend capped at 20% of total card spend
|RM60||Any petrol stations|
|Alliance You:nique Card
||RM 0-500: 0.50%
RM 501-1,350: 0.70%
RM 1,351-2,550: 0.90%
RM 2,551-5,000: 2.00%
|Any petrol stations|
Deciding which Cash Back Credit Card will work to give you the best discount on petrol comes down to the way that you use your card.
If you’re a light credit card user and your bill comes to about RM1,000 each month then the OCBC Titanium is best all-round cash back card here. There are no restrictions on minimum or maximum spending, no maximum rebates on categories like petrol or hypermarket spending, and no restrictions on weekdays and weekend spending. There’s just a simple RM50 maximum monthly rebate that’s simple and straightforward to achieve.
If you usually charge more than RM1,000 every month then the Citibank Cash Back Platinum Credit Card and UOB One Card both give a wide range of Cash Back rebates on different categories of shopping and spending. This includes 5% on petrol (capped at RM30 per month), 2% a month on hypermarket shopping (capped at RM60 per month), and 2% on your Maxis, Celcom and Digi phone bills (UOB is capped at RM6 per month). The UOB One Card also gives an additional 2% rebate, RM8, monthly for up to RM400 of Petrol at BHP stations.
The Maybankard 2 Gold Card offers a strong 5% Cash Back rate but is only valid on weekend spending – great if you’re stuck in an office all week, bad news if you’re out and about every day.
The HSBC Amanah Mpower Visa Platinum Credit Card-i will give you up to 8% Cash Back on your weekend spending and a maximum cash back of RM100 per month, making it one of the best Cash Back deals in the market. [Warning: we’ve not included this card in our comparison table because it is only a limited time offer that expires on 31st December 2012].
Last but not least, the AmBank CARz Cards are worth considering if you don’t pay your Credit Card bill in full every month. AmBank CARz helps out by offering a higher Cash Back rate on petrol – up to 5% for Platinum Card Holders.
The RinggitPlus Team’s Advice
If petrol is one of your largest credit card expenses every month think about applying for a Branded Card linked to your favourite petrol station. Read our previous article for the details.
Choosing between the Everyday Cash Back Credit Cards we have to recommend the OCBC Titanium card for pure convenience. Other cash back cards may offer higher maximum rebates and other benefits, but OCBC stands out for being the easiest card to use to achieve the RM50 maximum rebate every month. For heavier credit card users with monthly bills over RM1,000 the Citibank Cash Back Platinum Credit Card and UOB One Card may deliver better overall cash back but you will have to keep an eye on the petrol and hypermarket spending limits.
Finally, always make sure that you’re able to pay your credit card bills in full every month. If you miss any payments or don’t pay in full, chances are any cash back you enjoy will be erased by fees and charges.
Want to know what the best cash back cards are for hypermarket shopping or which credit card pays you the most just to sign up? How about whether cash back cards are better than rewards points cards? Well bookmark RinggitPlus.com or add us to RSS readers because we will be answering all these questions in the coming weeks.