Credit Cards That Supercharge Your Savings On Open Electricity Market

Denise Bay

Denise Bay

Last updated 17 May, 2021

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.

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Looking for the best credit cards to complement your spending patterns and expenditure in 2024? Check out our Ultimate Credit Card Guide that covers all things credit cards in Singapore – from choosing between a cashback, miles, or rewards credit card to planning your credit card strategy.


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 card OEM retailers: One-time rebate (24-month) Monthly rebate 24-month fixed rate
POSB Everyday Senoko Energy: Enter promo code PLAYPOSB150 to enjoy S$150 bill rebate when you sign up and set up recurring bill payment with this card

Sembcorp Power: Enter promo code POSB110 to enjoy up to S$110 bill rebate when you sign up and set up recurring bill payment with this card

Geneco: Enter promo code GENECO80 to enjoy up to S$110 bill rebate when you sign up and set up recurring bill payment with this card
Senoko Energy: NA

Sembcorp Power: 1% cash rebate

Geneco: 1% cash rebate

Best Electricity Supply: 1% cash rebate
Senoko Energy: 19.08¢/kWh

Sembcorp Power: 18.83¢/kWh

Geneco: 19.58¢/kWh

Best Electricity Supply: 19.98¢/kWh

POSB Everyday Card lets you earn up to 10% 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 S$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 (S$15 per calendar month), online shopping (S$15 per calendar month), Sheng Siong (S$30 per calendar month) and recurring bills (S$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!

DBS/POSB Credit Card Welcome Gift: Receive up to S$388 cashback or 85,000 miles when you apply for select DBS credit cards and fulfil the relevant promotion criteria. T&Cs apply.


 

#2 UOB One

Bank / Credit card OEM retailers: One-time rebate (24-month) Monthly rebate 24-month fixed rate
UOB One Senoko Energy: Enter promo code PLAYUOB140 to enjoy S$140 bill rebate when you sign up and set up recurring bill payment with this card

Geneco: Enter promo code GENECO80 to enjoy up to S$100 bill rebate when you sign up and set up recurring bill payment with this card

Sunseap: Enter promo code SUNSEAPUOB-60 to enjoy S$60 bill rebate when you sign up and set up recurring bill payment with a UOB card
Senoko Energy: Up to 5% cash rebate

Sembcorp Power: Up to 5% cash rebate

iSwitch: Up to 5% cash rebate
Senoko Energy: 19.08¢/kWh

Geneco: 19.58¢/kWh

Sunseap: 18.91¢/kWh

Sembcorp Power: 18.83¢/kWh

iSwitch: 20.12¢/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 S$500 or S$1,000 per month (min. 5 purchases) for three consecutive months, you’ll earn a cash rebate or S$50 or S$100 respectively, translating to a cashback rate of 3.33%. To enjoy a cashback rate of 5%, you’ll have to spend S$2,000 per month (min. 5 purchases) for three consecutive months to earn a cash rebate of S$300. 

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

UOB One Card Welcome Gift: Enjoy the following rewards when you sign up for a UOB One Card:

Get S$350 Cash Credit as one of the first 200 new-to-UOB credit cardmembers with a minimum spend of S$1,000 per month for 2 consecutive months from card approval date. Valid till 30 June 2024. T&Cs apply.


 

#3 OCBC 365

OCBC365

 

Bank / Credit card OEM retailers: One-time rebate (24-month) Monthly rebate 24-month fixed rate
OCBC 365 Senoko Energy: NA

Sembcorp Power: NA

Sunseap: Enter promo code OCBCECO80 to enjoy S$80 bill rebate when you sign up. Promotion is only valid for OCBC Eco-Care Loan customers
Senoko Energy: 3% cashback

Sembcorp Power: 3% cashback

Geneco: 3% cashback
Senoko Energy: 19.08¢/kWh

Sembcorp Power: 18.83¢/kWh

Geneco: 19.58¢/kWh

Sunseap: 18.91¢/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 S$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 S$80 per calendar month.


#4 Maybank Family & Friends Card

Bank / Credit card OEM retailers: One-time rebate (24-month) Monthly rebate 24-month fixed rate
Maybank Family & Friends Card Senoko Energy: Enter promo code PLAYMB140 to enjoy S$140 bill rebate when you sign up and set up recurring bill payment with this card

Diamond Electric: S$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: 19.08¢/kWh

Diamond Electric: NA

Maybank Family & Friends Card lets you enjoy 8% cashback year-round on your five preferred categories from the following list: groceries, dining and food delivery, transport, data communication & online TV streaming, retail and pets, online fashion, entertainment, or pharmacy and wellness. This will apply if you meet the minimum monthly spend requirement of S$800. 

For all other purchases or if your monthly spend ranges from S$0 to S$799, enjoy unlimited 0.3% cash rebates. Keep in mind that this credit card comes with a monthly cash rebate cap of S$125 per calendar month, split into S$25 per category!


 

#5 Citibank credit cards

citibank-1

Bank / Credit card OEM retailers: One-time rebate (24-month) Monthly rebate 24-month fixed rate
Citibank credit cards Senoko Energy: Enter promo code PLAYCITI155 to enjoy S$155 bill rebate when you sign up and set up recurring bill payment with a Citibank card

Geneco: Enter promo code GENECO80 to enjoy up to S$115 bill rebate when you sign up and set up recurring bill payment with a Citibank card

Sembcorp Power: Enter promo code CITISAVER120 to enjoy up to S$110 bill rebate + S$10 NTUC voucher when you sign up and set up recurring bill payment with a Citibank card
NA Senoko Energy: 19.08¢/kWh

Geneco: 19.58¢/kWh

Sembcorp Power: 18.83¢/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 tad too much? Check out Citi Rewards as it offers 10X Rewards (4 mpd) on various categories up to a monthly cap of S$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 S$800 per statement month. It has an S$80 cashback cap per statement month.

CITI_CC_EURO_BLOGARTICLE_800x250

🎉SingSaver x Citi CC Euro Summer Kickoff Lucky Draw🎉: Be one of the 10 lucky winners to win 120k Max Miles each (enough for a pair of economy-class round-trip tickets to anywhere in Europe) when you sign up for an eligible Citibank Credit Card on SingSaver. A total of 10x pairs of tickets will be given away for over 2 weeks, with 5x pairs given weekly. Valid till 23 June 2024. T&Cs apply.

SingSaver's Exclusive Offer: Receive the following rewards and experience Fastest Rewards Fulfilment when you sign up for a Citi Credit Card:

📣ONLY AVAILABLE ON SINGSAVER📣: Citi PremierMiles Card and Citi Prestige Card:

Citi PremierMiles_Campaign_BLOGARTICLE_800x250 (1)

Get a Dyson Supersonic (worth S$699) or a Dyson Micro 1.5kg Vacuum (worth S$599) or an Apple iPad 10th Gen 10.9 WiFi 64GB (worth S$529) or S$450 eCapitaVoucher upon activating and spending a minimum of S$500 within 30 days of card approval. Valid until 30 June 2024. T&Cs apply.

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Other Citi Credit Cards: Receive a Sony Portable Theatre System HT-AX7 (worth S$759) or a Dyson Supersonic (worth S$699) or an Apple iPad 10th Gen 10.9 wifi 64GB (worth S$529) or S$450 eCapitaVoucher or S$300 cash via PayNow upon activating and spending a minimum of S$500 within 30 days of card approval. Valid until 30 June 2024. T&Cs apply.

Rewards Upgrade Campaign_BLOGARTICLE_800x250

⬆️Reward Upgrade Campaign⬆️: Upgrade your rewards when you top up S$999 for an Apple MacBook Air 13” (M3 chip) 256GB (worth S$1,599) or an Apple iPhone 15 Pro 128GB (worth S$1,664.25). Alternatively, top up S$1,488 for a Samsung Galaxy S24 Ultra Titanium Gray 12+512GB 5G (worth S$2,128). Valid till 30 June 2024. T&Cs apply.


#6 HSBC credit cards

hsbc-logo-png-transparent

Bank / Credit card OEM retailers: One-time rebate (24-month) Monthly rebate 24-month fixed rate
HSBC Credit Cards Senoko Energy: Enter promo code PLAYHSBC150 to enjoy S$150 bill rebate when you sign up and set up recurring bill payment with an HSBC card

Sembcorp Power: Enter promo code HSBC115 to enjoy up to S$115 when you sign up and set up recurring bill payment with an HSBC card

Geneco: Enter promo code GENECO80 to enjoy up to S$115 bill rebate when you sign up and set up recurring bill payment with an HSBC card 
NA Senoko Energy: 19.08¢/kWh

Sembcorp Power: 18.83¢/kWh

Geneco: 19.58¢/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 17% discount! The relatively low minimum monthly spend of S$600 per month required for all three 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 valid till 31 May 2021. T&Cs apply.

SingSaver's Exclusive Offer: Enjoy the following rewards when you sign up for an HSBC credit card.

HSBC Advance_BLOGARTICLE_800x250

HSBC Advance and Visa Platinum Credit Card: Receive a Dyson V8 Slim™ Fluffy (worth S$509) or an Apple iPad 9th Gen 10.2" WiFi 64GB (worth S$508.30) or S$350 eCapitaVoucher or 18K Max Miles (worth a trip to Tokyo) upon activating your card and spending min. S$500 by the end of the following calendar month from the card account opening date. Valid till 20 June 2024. T&Cs apply.

HSBC_TravelOne_KV1_BLOGARTICLE_800x250

HSBC TravelOne Credit Card: Receive a Dyson Supersonic™ hair dryer (worth S$699) or an Apple iPad 10th Gen 10.9"  WiFi 64GB (worth S$529) or an Apple Watch Series 9 (worth S$604.50) or S$375 eCapitaVoucher or 24K Max Miles upon activating your card and spending min. S$1,000 plus pay an annual fee of S$196.20 by the end of the following calendar month from the card account opening date. Valid till 20 June 2024. T&Cs apply.

Rewards Upgrade Campaign_BLOGARTICLE_800x250

⬆️Rewards Upgrade Campaign⬆️: Upgrade your rewards when you top up S$200 to get a Sony Portable Theatre System HT-AX7 (worth $$769). Alternatively, top up S$588 for a Sony ZV-1M2 Vlog Camera (worth $1,209) or top up S$1,099 for an Apple iPhone 15 Pro 128GB (worth S$1,664.25). Valid till 20 June 2024. 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 S$120 bill rebate when you use the promo code PLAY120 on any 24-month plan, or a S$20 bill rebate when you use the promo code PLAY20 on any 12-month plan. This promotion is valid till 31 May 2021, too.

Don’t miss the lucky draw

There’s also a lucky draw for five winners to walk away with a Nintendo Switch Gen 2 Console. Simply switch or renew by 31 May 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 S$30 bill rebate for themselves as well as an extra S$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 S$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 S$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
  2. Referral Code
  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
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

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.

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