BestCreditCards.sg's Review of Citibank SMRT Platinum Visa Card
|Highlights||Credit Card Feature|
|Things We Like||Great savings on groceries, toys, books, fast food, movies and coffee|
|Our Least Favourite||Minimum monthly spend of $300 required to enjoy high rebates|
|Our Verdict||Great card for earning rebates on groceries, toys, books, fast food, movies and coffee|
- 3% savings* on online shopping
- 0.3% savings* on all other spend
- Redeem for cash rebate, vouchers or SMRT rides
- No convenience fee charge for EZ-Reload Auto Top-up transactions
- Save up to 14% on fuel at Esso and Shell.
- Intro Interest p.a.
Transfer your outstanding balances on any other bank's credit card or credit line to Citibank at 0% nominal interest rate for 3/6/12 months with upfront service fee from 1.58%. Eligible for new Citibank customers who apply for Citibank Ready Credit account with minimum $500 loan.
- Annual Fee
$192.60 (waived 2 years)
- Minimum Income
For Singaporeans and PRs, minimum annual income of $30,000
- Standard Interest p.a.
26% per annum
It was really the advertised savings of up to 5% for coffee that got me interested in this card from Citibank. Coffee is a big part of my waking life, and saving 5 cents for each dollar I spend on my regular coffee breaks sounded great. But should you make the Citibank SMRT Platinum Visa Card your coffee rebates card of choice, or is it only good for SMRT rides?
The confusing thing about this card is that it is the official co-branded card of SMRT, but the transport privileges are only a small part of what this excellent rebates card offers. Here we will clear up the confusion surrounding Citibank SMRT Platinum Visa Card to find out what type of cashback it really gives you.
Things We Like About Citibank SMRT Platinum Visa Card
5% savings on fast food, movies and coffee. As it turns out, I really can get 5% savings at my favourite coffee shops, including Gloria Jean's Coffee, Starbucks Coffee, Coffee Bean & Tea Leaf, Dome Café, Coffee Club and The Connoisseur Concerto (TCC). And fast food restaurants like BreadTalk, Burger King, KFC, McDonald's, Pizza Hut, PastaMania, Sakae Sushi, Subway, Toast Box.
But there is a small catch. You only earn this higher rebate when you spend $300 or more on your card every month (otherwise you earn 0.3% less). Ok, spending $300 a month is pretty easy, but there is more. You will only earn the 5% SMRT$ for transactions of $50 or more (a lot more than my average coffee shop purchase). The good news is that you still earn 3% SMRT$ for purchases under $50.
5% savings on groceries. You earn extra 5% SMRT$ rebate each time you spend at least $50 at FairPrice Supermarkets, Giant and Sheng Siong. I usually spend more than $50 on my grocery shopping, so it's easy to earn the high cashback here. I guess that means this is more of a grocery rebates card than a coffee rebates card.
Earn 5% cash rebates on toys and books. You earn 5% rebates at POPULAR Bookstores and at Toys 'R' Us. Being a mother, I think this is a nice extra discount. Again this is only for transactions of $50 or more, so try to do your shopping in bulk.
SMRT$ Rebates. Unlike many other rebate rewards programmes, I don't need to use a calculator to figure this one out. 1 SMRT$ = $1 worth of vouchers, and it's as easy as that. The only negative is that SMRT$ can only be redeemed for vouchers which you can use at certain restaurants and stores, or on SMRT passenger services (including taxis). Most of us can use those options, but there are other rebates that you can redeem for cash or miles as well as vouchers.
Discounts are one of my favourite things about this card. You can get up to 20% discounts when you use this card to pay at popular shops and food outlets. The exact deals and stores change regularly, but you will always find a good selection to choose from.
EZ-Link Card. You can use this card as an EZ-Link card to top up your EZ-Link value. There are other cards that do this, but this is meant to be a public transport card.
Citi Privileges are the same as you get on all consumer Citi credit cards in Singapore. In other words, the privileges that you get with this card are awesome. Earn up to 10% Citi rebates at over 300 merchant outlets, get the best dining deals, save up to 14% on petrol at Esso and Shell, and on the list goes. In other words you can save a lot of money by using this card.
Visa Platinum Privileges are all of those nice things you get with a Visa Platinum card. For example, you get a concierge service that you can contact 24 hours a day through toll-free phone hotline or via the online service. You also get minimum coverage of US$500,000 in travel accident insurance when you use a Visa Platinum card to pay for your travel in full.
Pay 0% interest rate on your balances transferred to this card from any other bank's credit card for 3, 6 or 12 months. If you have existing debt on other credit cards or credit line, you can transfer that debt to your credit card account with Citibank, such as this card, and pay 0% interest rate for the first 3, 6 or 12 months! Though you need to pay an upfront service fee starting at 1.58%, that's a lot cheaper that the prevailing interest rate on most credit cards, which is around 24% per annum. Let's say you have a $10,000 balance on a non-Citibank card, you can transfer the debt to this card. Upon approval, you pay $250 (2.5% service fee for the $10,000 funds transfer), and Citibank will credit the $10,000 to your designated bank account, which you can use to pay the balance on your non-Citibank card.
The minimum amount of transfer is $500 (must be in Singapore dollars) and it cannot exceed 90% of the permanent combined credit limit of all your Citibank credit cards. Make sure you have a good credit score, because that's an important factor that Citibank considers when reviewing your request. More importantly, make sure you pay off your debt within the first 3, 6 or 12 months of approval. After that period, the regular interest rate kicks in. To apply for this Citibank Ready Credit Balance Transfer program, you can either call the hotline or talk to a bank officer after you have applied for the credit card.
Our Least Favourite Things About Citibank SMRT Platinum Visa Card
$300 monthly spend. You will only earn the good rebates if you spend at least $300 each month on this card. If you use this as your primary grocery shopping card, then spending that much will be pretty easy.
Maximum of 280 SMRT$ each year. For a card this good to have a low limit on rebates is a real let down. Still, that is an extra $280 worth of rebates that you can earn every year. You will probably need a second grocery rebates card to take over once you hit the limit. However, this limit is only for the SMRT$ rebates, so you still get the unlimited Citi Rebates after you hit that cap.
How Other Cards Compare With Citibank SMRT Platinum Visa Card
|Intro APR:||Transfer your outstanding balances on any other bank's credit card or credit line to Citibank at 0% nominal interest rate for 3/6/12 months with upfront service fee from 1.58%. Eligible for new Citibank customers who apply for Citibank Ready Credit account with minimum $500 loan.|
|Regular APR:||26% per annum|
|Annual Fee:||$192.60 (waived 2 years)|
|Intro APR:||2.50% p.a. for 6 months on balance transfers or 4.88% p.a. for 12 months on balance transfers both with a processing fee of $88|
|Annual Fee:||$180 (First 2 years waiver)|
|Intro APR:||Transfer your outstanding balances on any other bank's credit card or credit line to OCBC at 0% nominal interest rate for 3/6/12 months with upfront processing fee starting at 1.80%|
|Regular APR:||26.88% per annum|
|Annual Fee:||$192.60 a year (First 2 years free)|
Citibank SMRT Platinum Visa Card lets you earn a great rate of cashback on supermarket spending and coffees, as long as you meet the requirements. It can work well if you frequently use SMRT and want to earn reward to cover part of your SMRT expenses.
The Citibank SMRT Platinum Visa Card is a fantastic rebates card for grocery shopping. In fact the amount of rebate you earn on grocery shopping is one of the highest I have seen on any card. I was a bit surprised that a SMRT credit card wouldn't offer rewards for SMRT transport charges, but it does let you redeem SMRT rewards towards SMRT transport. All things considered, Citibank SMRT Platinum Visa Card is a top of the line rebates card, even if you don't spend $50 per transaction or meet the minimum monthly spend . The only thing I find kind of sad is the 280 SMRT$ limit to the SMRT$ rebates you can earn each year. I find that a pretty low cap, but you do still earn the Citi rebates even after you hit the limit for SMRT$ rebates. If you want to earn some of the highest grocery rebates available and get rewarded big for big coffee shop spending (over $50) then this is one of the best cards you can get.
See more Citibank credit cards.