An enhanced perk, the POSB Everyday Card earns you 3% rebate on recurring utility bills from SP Group, Geneco, Sembcorp Power, Union Power, Tuas Power and 2% rebate on Keppel Electric and Senoko Energy.
The big plus about this card? No minimum monthly spend is required to earn rebates on your utility bills. But take note, the cash rebate is capped at POSB Daily$3 per calendar month for your electricity bill.
That's not all. You can also earn a 3% rebate on telco bills from M1, Singtel, Singtel GOMO, StarHub, StarHub giga, MyRepublic and Circles.Life as long as you spend a minimum of S$800 on retail transactions within the calendar month. Remember that your telco bill's cashback cap is set at POSB Daily$3 per calendar month.
Welcome Gift: Receive S$150 cashback when you key in the promo code 150CASH upon application and make a minimum spend of S$800 within 60 days of card approval. Valid till 31 January 2023. T&Cs apply.
To switch or not to switch?
It is entirely up to you! Switching to an OEM retailer can help you save money if you pick the right electricity plan. Sure, change can be difficult, but most retailers have processes in place to ensure a seamless transition to their respective plans.
Case in point, the cheapest electricity price plan at the time of writing is Geneco and Senoko Energy's 12-month plan at 30.98¢/kWh (including GST).
Just to reiterate, the current regulated SP electricity rate is 31.82¢/kWh (including GST).
Let’s assume you live in an HDB 4-room flat and your monthly average electricity consumption is 350kWh.
Switching to either Geneco or Senoko Energy means your electricity bill will be priced at S$108.43 monthly instead of S$111.37 if you stuck with SP Group.
That’s an estimate of S$35.28 in savings a year!
If you do match the switch, remember to charge it to a cashback credit card to reap even greater savings!
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