It has been 6 weeks since the circuit breaker began.
We have been slowly getting used to being stuck at home 24/7, turning our 1-hour morning commute into new 5-min rolling-out-of-bed routines.
While we are gleefully enjoying the reduction in transport bills, these monies are being slowly channeled into our utility bills.
As we type furiously on our work laptops, our fellow aircon brothers and water heater sisters have been working extra hard alongside us too.
In the first quarter of 2020, electricity tariffs have risen by an average of 3.5%.
As of April 2020, an average utility bill for a 4-room HDB household is $102.94 (without gas).
With our increase in electricity and water consumption, it has become even more important to find ways to shave a few more dollars off our bills.
The Singapore Power (SP) group is the main provider of basic utilities for Singaporeans, covering electricity, water, gas, and refuse removal.
Since the introduction of the Open Electricity Market (OEM), consumers have been able to explore different electricity retailers and choose plans which best suit their needs, allowing their electricity bills to now be more price competitive.
(Need help with the comparison between different retailers? We have the tool just for you!)
With the OEM in place, electricity retailers now have 2 ways to bill you:
- Via SP group (you will receive 1 bill, covering all utilities)
- Direct billing (you will receive 2 bills, 1 from the electricity retailer, another from SP group for water, gas & refuse removal)
Now, after having the option of switching electricity retailers, would there be any other ways we could save even more money?
Well, you just need the right credit card to do so!
TL;DR: Which is the Best Credit Card for Utilities Bills in Singapore 2020?
For this comparison, we will be looking at credit cards that offer the best cashback or rebates.
|Credit Card||Cashback or Rebate||Cashback cap||Minimum spend|
|UOB One Card||Up to 6% (SP Bills)||$50, $100 and $300 each quarter for spending of $500, $1000 or $2000 per month respectively||$2000 per month for 6%, $500 or $1000 per month for 4.33%|
|Maybank Platinum Visa Card||3.33%||$100 per month||$300 per month|
|OCBC 365 Card||3%||$80 per month||$800 per month|
|UOB Delight Card||3% SMART$ rebate||$50 per month||$800 per month|
|Citi Cash Back+ Card||1.6%||No cap||No minimum spend|
|ICBC Chinese Zodiac Card||1.6%||No cap||No minimum spend|
|Maybank FC Barcelona Visa Signature Card||1.6%||No cap||No minimum spend|
|American Express True Cashback Card||1.5% (3% on up to S$5,000 spend in first 6 months)||No cap||No minimum spend|
|HSBC Advance Cashback Card||Non-members - 1.5%|
(2.5% if spending is more than $2,000)
Advance Members - 2.5%
(3.5% if spending is more than $2,000)
|$125 per month||No minimum spend|
|POSB Everyday Card||1% (SP bills)||No cap for SP bills||No minimum spend|
Best for SP bills
The card which offers the highest cashback would be UOB One Card.
A highly popular card due to its quarterly cashbacks, the UOB One card offers an attractive rate of up to 6% rebate on Singapore Power (SP) utilities bills, if one were to qualify for the quarterly cash rebates.
As the UOB One Card offers quarterly rebates based on how much you spend, to get the maximum 5% cashback, there is a minimum spending of $2,000.
For utility bills, there is an additional 1% rebate, which is equivalent to 6%.
Otherwise, if you spend $500 or $1,000 every month in one quarter, you get $50 and $100 rebate respectively, which translates to up to 3.33%.
In this situation, the rebate for your SP bill would be 4.33% (3.33% + 1%). Still a pretty sweet deal.
This is definitely the BEST CARD out there if you’re paying for SP bills.
Note: This cash rebate is excluded for payments made via AXS.
Best for Non-SP retailers
For people who are using other electricity retailers other than SP, a great card to consider would be the Maybank Platinum Visa Card.
With just a minimum spend of $300, the Maybank Platinum Visa card is a good choice for the payment of utilities bills.
Perfect for low spenders.
For a spending of $300 per month in a quarter, the maximum cash rebate would be $30, which translates to 3.33%.
Not too shabby at all.
The cashback cap for this card is $100, which means the most you should spend with your card to maximize its cashback would be $1000 per month.
Best credit cards with no minimum spend
A relatively new card, the Citi Cash Back+ card offers attractive cashback rates, at 1.6% with no minimum spend, across all categories. This is higher than the market average of 1.5% for cashback.
The cashback is also unlimited too.
Since different credit cards usually have different cashback rates for specific categories, if you’re someone who enjoys a fuss-free approach of having a minimal number of cards, this card would be great for your wallet.
Another card to look out for is the ICBC Chinese Zodiac Credit Card.
Similar to the Citi Cash Back+ card, the ICBC Chinese Zodiac Credit Card also offers 1.6% cashback with no minimum spend, and also comes with unlimited cashback.
Currently, this card offers Free Worldwide VIP Lounge Access, a joint offer between ICBC and Dragonpass. Do check out its terms and conditions for more details.
The Maybank FC Barcelona Visa Signature Card also offers similar attractive cashback, also giving 1.6% cashback with no minimum spend, and also has unlimited cashback cap.
This card seems perfect for FC Barcelona fans, with a chance to win a trip for 2 to catch FC Barcelona LIVE every football season, as well as perks like discounts on merchandise from the FC’s official stores.
Best for Big Spenders
The HSBC Advance Cashback Card offers 1.5% cashback with no minimum spend.
However, something to note for this card is the different cashback rates available, depending on 2 factors:
|Monthly Spending||HSBC Advance Banking customers||Non-members|
|$2000 and below||2.5% cashback on all purchases||1.5% cashback on all purchases|
|Above $2000||3.5% cashback on all purchases||2.5% cashback on all purchases|
This means that if you’re a HSBC Advance Banking customer who spends more than $2000 monthly, this is a great card to consider as it offers 3.5% cashback for all purchases.
For anyone who is using a non-SP electricity retailer and is an HSBC Advance Banking customer who spends more than $2000 a month, this would be the best card to use for your electricity bills.
It is understandably not the easiest criteria to meet.
If that’s the case, consider the Maybank Platinum Visa card (mentioned above) instead.
Other Noteworthy Cards for Utilities Bills
OCBC 365 Card & UOB Delight Card
A pretty good cashback rate with a decently achievable minimum spend amount.
One difference to note between the two cards would be the cashback cap.
OCBC 365 has a cashback cap of $80 per month, while UOB Delight’s cashback cap is $50 per month.
American Express True Cashback Card
The American Express True Cashback Card offers a typical cashback rate of 1.5%, with no minimum spend required.
However, for the first 6 months, 3% cashback can be enjoyed on up to S$5,000 spend, giving this card a slight upper hand as compared to the rest of the cashback cards.
POSB Everyday Card
Last but not least, if you’re a sentimental snob like me who still holds a POSB Card, the POSB Everyday Card offers 1% cashback for SP bills.
Not the best rate out there, but it is a useful card to have to clock that credit card spend category if you are using the DBS Multiplier account.
Also, it’s always great to still have a cashback card that is fuss-free and has no minimum spending too.
Best Credit Cards for Utilities Bills in Singapore 2020
Here are some great cards to consider for the payment of your utilities bills.
Do remember to do your due diligence as different cards would come with different terms and conditions. Also, make sure that you pay your fees on time!
What’s the best credit card for you? Let us know in the comments below!