Credit Cards That Supercharge Your Savings On Open Electricity Market

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Besides shaving electricity bills with the right plan most suited to your household’s consumption patterns, it’s also a good idea to use the right credit card to maximise your savings.

Electricity bills are a standard fixture of every household’s monthly expenditure. While only about 48% of households have switched over to Open Electricity Market (OEM) retailers after the market was liberalised, you’ll be surprised how much money you could potentially save if you do your homework, pick the right plan and yes, deviate from SP Group. 

For the end consumer like you and I, deviating may not be such a scary thing after all. Not only are there savings to be had (plus additional savings if we use the right credit card to pay the bills), we now have plenty more options and flexibility when it comes to buying electricity and determining how our electricity bills are charged.

Why you should consider making the switch to Open Electricity Market providers

If your aim is to save money on your monthly electricity bills, definitely consider making the switch from the default SP Group to an OEM retailer of your choice. The 12 retailers are: 

Typically, contracts range from six months to two years. Given the competitive nature of the liberalised industry, it’s safe to say you will be getting the longer end of the stick, at least for the foreseeable future. 

The three main types of electricity plans are: 

  • Fixed rate plans 
  • Discount off the regulated tariff plans 
  • Non-standard plans

A fixed rate plan offers a flat rate per kilowatt hour (kWh) for a designated lock-in or contract period – this flat rate can change once your contract is over. 

A discount off the regulated tariff plan offers a percentage discount off the prevailing regulated tariff price, which is revised every calendar quarter. In other words, your electricity bill will always be X% less expensive than if you’d stuck with SP Group. 

A non-standard plan typically offers peak and non-peak pricing for electricity usage depending on the time of day. Most OEM retailers do not offer such plans but there are some that do if you know where to look

Fancy powering up your electricity bill savings? These credit cards will help.

Using the right credit card is a surefire way to multiply the savings you can potentially scoop up on your electricity bills. If you haven’t yet made the switch to an OEM retailer and you hold any of the following credit cards, definitely consider switching now to take advantage of generous promotions! 

#1 POSB Everyday Card 

Bank / Credit cardOEM retailers: One-time rebate (24-month)Monthly rebate24-month fixed rate
POSB EverydaySenoko Energy: Enter promo code NIUPOSB98 to enjoy $98 bill rebate + $30 referral rebate when you sign up and set up recurring bill payment with this card 

Sembcorp Power: Enter promo code POSB60 to enjoy $60 bill rebate + $20 referral rebate when you sign up and set up recurring bill payment with this card. Valid till 31 Mar 2021 

Sunseap: Enjoy up to $70 bill rebate when you sign up now at DBS Electricity Marketplace. Valid till 31 Mar 2021
Senoko Energy: NA

Geneco: 1% cash rebate

Best Electricity Supply: 1% cash rebate

Senoko Energy: 17.63¢/kWh

Sembcorp Power: 17.63¢/kWh

Sunseap: 17.60¢/kWh

Geneco: 17.66¢/kWh

Best Electricity Supply: 17.98¢/kWh

POSB Everyday Card lets you earn up to 8% cash rebates on dining, 3% on online shopping at selected E-Marketplaces, 5% at Sheng Siong, 3% at Watsons, 1% on recurring StarHub bills and selected recurring electricity bills, 0.3% on all other transactions. While there’s no minimum spend required to earn the cash rebates at Sheng Siong, Watsons and recurring bills, a minimum spend of $800 is required if you’re looking to earn the high cash rebates on dining and online shopping. 

Also, take note that there are cashback caps in place for dining ($15 per calendar month), online shopping ($15 per calendar month), Sheng Siong ($40 per calendar month) and recurring bills ($1 per calendar month). On a brighter note, POSB Everyday Card lets you save on up to 20.1% of your fuel purchases at SPC with no minimum spend — great if you drive! 

#2 UOB One

Bank / Credit cardOEM retailers: One-time rebate (24-month)Monthly rebate24-month fixed rate
UOB OneSenoko Energy: Enter promo code NIUYEAR68 to enjoy $68 bill rebate + $30 referral rebate when you sign up for or renew a 24-month plan 

Best Electricity Supply: Earn up to $80 bill rebate when you sign up for 24-month BEST Home Fixed or BEST Home Saver electricity plan. Valid till 31 Mar 2021 for UOB credit or debit cardmembers

Sunseap: Enter promo code SUNSEAPUOB70 to enjoy $70 bill rebate when you sign up and set up recurring bill payment with a UOB card. Valid till 31 Mar 2021
Senoko Energy: Up to 5% cash rebate

Sembcorp Power: Up to 5% cash rebate

iSwitch: Up to 5% cash rebate
Senoko Energy: 17.63¢/kWh

Best Electricity Supply: 17.98¢/kWh

Sunseap: 17.60¢/kWh

Sembcorp Power: 17.63¢/kWh

iSwitch: 17.76¢/kWh 

UOB One Card lets you earn up to 5% cash rebate depending on your monthly spend for three consecutive months based on qualifying quarters. Your spend includes recurring bills with electricity retailers like Senoko Energy. 

If you spend $500 or $1,000 per month (min. 5 purchases) for three consecutive months, you’ll earn a cash rebate or $50 or $100 respectively, translating to a cashback rate of 3.33%. To enjoy a cashback rate of 5%, you’ll have to spend $2,000 per month (min. 5 purchases) for three consecutive months to earn a cash rebate of $300. 

As a bonus, UOB One cardmembers can enjoy an additional 5% rebate on Shopee, Grab, UOB Travel and Dairy Farm Singapore merchants!

#3 OCBC 365

Bank / Credit cardOEM retailers: One-time rebate (24-month)Monthly rebate24-month fixed rate
OCBC 365Senoko Energy: Enter promo code NIUYEAR68 to enjoy $68 bill rebate + $30 referral rebate when you sign up for or renew a 24-month plan 

Sembcorp Power: Enter promo code OCBC60 to enjoy a $60 bill rebate + $20 referral rebate when you sign up and set up recurring bill payment with this card. Valid till 31 Mar 2021 
Senoko Energy: 3% cashback

Sembcorp Power: 3% cashback

Geneco: 3% cashback
Senoko Energy: 17.63¢/kWh

Sembcorp Power: 17.63¢/kWh

Geneco: 17.66¢/kWh

OCBC 365 Credit Card offers 3% cashback on your recurring telco and electricity bills every month when you make a minimum monthly spend of $800 on your card. As an all-round cashback credit card, OCBC 365 also lets you earn 6% cashback on dining, 3% on groceries, 3% on private hire rides and taxi rides, 5% on fuel spend, 3% on online travel bookings and 0.3% on all other expenses. Keep in mind that there’s a cashback cap of $80 per calendar month. 

#4 Maybank Family & Friends Card

Bank / Credit cardOEM retailers: One-time rebate (24-month)Monthly rebate24-month fixed rate
Maybank Family & Friends CardSenoko Energy: Enter promo code NIUMAYBANK106 to enjoy $106 bill rebate + $30 referral rebate when you sign up and set up recurring bill payment with this card

Diamond Electric: $10 bill rebate + 20% off regulated tariff + free emergency home assistance services when you sign up for 12-month Maybank Saver Plan and set up recurring bill payment with a Maybank card
NA
Senoko Energy: 17.63¢/kWh

Diamond Electric: NA

Maybank Family & Friends Card lets you enjoy 8% cash rebates year-round on groceries, fast food and food deliveries, transport, petrol, telco, online media subscriptions and more if you meet the minimum monthly spend requirement of $800. 

If you spend between $500 and $799 on your card, you’ll earn 5% cash rebates instead. For all other purchases, enjoy unlimited 0.3% cash rebates. Keep in mind that this credit card comes with a monthly cash rebate cap of $80!

#5 Citibank credit cards

Bank / Credit cardOEM retailers: One-time rebate (24-month)Monthly rebate24-month fixed rate
Citibank credit cardsSenoko Energy: Enter promo code NIUCITI98 to enjoy $98 bill rebate + $30 referral rebate when you sign up and set up recurring bill payment with a Citibank card

Geneco: Enjoy an additional $10 bill rebate when you make recurring payment with a Citibank card. Valid till 28 Feb 2021

Sembcorp Power: Enter promo code CITI120 to enjoy a $90 bill rebate + $20 referral bill rebate + $10 NTUC voucher when you sign up and set up recurring bill payment with a Citibank card. Valid till 28 Feb 2021
NASenoko Energy: 17.63¢/kWh

Geneco: 17.66¢/kWh

Sembcorp Power: 17.63¢/kWh

Citibank credit cards are some of the most rewarding ones available on the market. Regardless of whether you are looking to earn cashback, miles or rewards points, Citibank has it. Plus, the Citi Mobile app offers a stellar user experience to boot — read our digibank app article

Not sure where to begin? Take a closer look at Citi Cash Back+ if you want a fuss-free cashback credit card that earns you unlimited 1.6% cashback with no effort, no minimum spend.

Adore shopping a bit too much? Check out Citi Rewards as it offers 10X Rewards (4 mpd) on various categories up to a monthly cap of $1,000 for these transactions.

For an all-round family-friendly cashback credit card, definitely consider Citi Cash Back. This credit card lets you earn 8% cashback on groceries and petrol, as well as 6% on dining if you meet the minimum spend of $800 per statement month. It has an $80 cashback cap per statement month.

#6 HSBC credit cards

Bank / Credit cardOEM retailers: One-time rebate (24-month)Monthly rebate24-month fixed rate
HSBC Credit CardsSenoko Energy: Enter promo code NIUHSBC98 to enjoy $98 bill rebate + $30 referral rebate when you sign up and set up recurring bill payment with an HSBC cardNA
Senoko Energy: 17.63¢/kWh

HSBC credit cards are worth looking into if you appreciate extra perks and benefits, like no annual fee, ENTERTAINER with HSBC deals and e-commerce purchase protection.

Looking for a flexible rewards credit card? Look no further than HSBC Revolution Credit Card. It offers 10X rewards points (4 mpd) on online purchases, online travel bookings, food deliveries and contactless payments —no minimum spend required. 

Want a family-oriented cashback card? Shoot for HSBC Visa Platinum Credit Card as it offers 5% cashback on local dining (all F&B outlets except hotel dining), groceries (including online groceries), and fuel, in addition to exclusive offers for yourself and your kids. If you pump petrol at Caltex and Shell stations, you can look forward to an extra instant 16% discount! The relatively low minimum monthly spend of $600 per month required for all 3 months in a quarter is refreshing, too, as other competing cards tend to set higher minimum spend criteria for their cardmembers. 

If you are an HSBC Everyday Global Account holder and you typically spend a lot on your credit card monthly, consider HSBC Advance Credit Card. This cashback credit card lets you earn up to 2.5% base cashback on all your purchases, plus an additional 1% bonus cashback if you meet the HSBC Everyday Global Account monthly criteria. While you can earn cashback on recurring bill payments, keep in mind that utility bills are excluded!

*All Senoko Energy promotions are accurate as of 4 February, valid till 18 February 2021. T&Cs apply.

What else does Senoko Energy have to offer?

Fret not if you don’t hold credit cards from the above-mentioned banks. You can still enjoy a $68 bill rebate when you use the promo code NIUYEAR68 on any 24-month plan, or a $20 bill rebate when you use the promo code NIUYEAR20 on any 12-month plan. This promotion is valid till 18 February 2021, too. 

Don’t miss the lucky draw

There’s also a lucky draw for one winner to win a $6,800 cash angbao. Simply sign up or renew by 18 February 2021 and opt in to join the lucky draw.

Sweeten the deal with referral rebates, offers and vouchers

Senoko Energy’s customers can enjoy a $30 bill rebate for themselves as well as an extra $30 rebate for their friend when they switch to Senoko Energy (applicable for all price plans). If you have a referral code from a loved one or friend, enter it to earn the $30 referral rebate! 

Aside from rebates, the OEM retailer’s Smart Rewards programme offers customers a suite of exclusive retail and lifestyle offers all year round. Additionally, customers can look forward to snapping up $5,000 worth of GrabFood, Lazada or Redmart e-vouchers monthly via the ‘Smart Rewards’ tab on their Senoko Energy app on a first come first served basis — limited quantity available. 

Supercharge your bill rebates by stacking offers

  1. Promo Codes [$35 to $106] 
  2. Referral Code [$30] 
  3. Smart Rewards Monthly Giveaway e-vouchers

This article is written in partnership with Senoko Energy Singapore.

Read these next:
Best Credit Cards for Paying Utility Bills in Singapore
Open Electricity Market (OEM) Singapore: Complete Guide For 2021
Cashback vs Miles vs Rewards: Which Is The Best Type Of Credit Card For You?
Best SIM-Only Mobile Plans For Light, Moderate, And Heavy Data Users
Credit Card Benefits You Didn’t Know You Had


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.