I got the Citibank cashback plus credit card about 3 months back but I'm intending to cancel it. Will there be any penalties/payment or will it affect my credit score or anything?

As Tony mentioned, if you signed up for the card to get some sign up bonus recently, there are probably some terms & conditions saying that they are allowed to recall your gift if you cancel it too early.

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It will affect your credit score, but it won't be long lasting, so I wouldn't worry too much about it.

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It might be better to just hold on to the card and don't use it until the 1 year is up and cancel before the 2nd year starts.

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In the meantime, you can consider using a different credit card instead. Most other cards automatically redeem the cashback on your statement, which is more convenient. Possible alternatives include UOB Absolute and SCB Simply Cash.

Did you receive any welcome bonus or bonus cashback? there are terms and conditions you cannot cancel the card within a certain period of time. check the terms and conditions or you can check with the bank.

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Yes, cancelling credit card may lower your credit score but that's depends how much in total the credit limit and the credit balance you have.