Best Credit Card for Paying Electricity Retailer & SP Bills (2024)

Owning your first home is exhilarating. Until the recurring monthly electricity, Wi-Fi and conservancy bills wear it all down. It’s okay, you can still charge your bills to a suitable credit card and earn some cash back. Here are the best credit cards for paying your electricity bills.

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Best Credit Cards for Paying Electricity Bills in Singapore

Following the launch of the Open Electricity Market, many Singaporeans have switched to an electricity retailer. Doing so can reduce your electricity bill by 20% to 30%. Whether you're using SP or an electricity retailer like Sembcorp, Geneco or Keppel, here are the best credit cards for more savings.

Standard Chartered Smart Credit Card Cashback

MoneySmart Exclusive
EARN SMARTPOINTS | Up to 6% Cashback
MoneySmart Exclusive
EARN SMARTPOINTS | Up to 6% Cashback

Standard Chartered Smart Credit Card

Cashback from Netflix, Spotify, fast food joints and more. *T&Cs apply.
6%*
Annual Fee
S$0
Minimum Spend
S$0

Earn up to 1,890 SmartPoints or up to S$250 cash* when you apply, and spend a minimum of S$200 in "Qualifying Spends" within 30 days from card approval date, followed by another S$1,000 in "Qualifying Spends" within the following 30 calendar days.
 
Customers who choose SmartPoints will be free to choose ANY gift of choice at our Rewards Store. Enjoy ultimate flexibility today! T&Cs apply.

Valid until 07 Mar 2024

UOB One Card SP Bill Cashback

MoneySmart Exclusive
WIN UP TO S$11,550 WORTH OF PRIZES!
MoneySmart Exclusive
WIN UP TO S$11,550 WORTH OF PRIZES!

UOB One Card

Cashback on McDonald's, DFI Retail Group, Grab, Shopee, SP and more
Up to 10%
Cashback Cap per quarter
S$500
Min. Spend per month
S$500

[WIN UP TO S$11,550 WORTH OF PRIZES!]
 
Sign up through MoneySmart and enjoy 2 amazing exclusive offers for you! T&Cs apply.
 

  • Get a S$50 Extra Cash Bonus on top of the base online promotion when you are one of the first 300 customers to submit the claim form!
  • Stand a chance to win a Rolex Explorer 124270 or a Apple 14-inch MacBook Pro 512GB or a Sony PlayStation®5 (SLIM) Digital Edition when you participate in the MoneySmart x UOB March Lucky Draw.

 
PLUS get up to 15% Cashback and S$350 Cash Credit from UOB when you successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 for 2 consecutive months from card approval date. T&Cs apply!

Valid until 31 Mar 2024

The UOB One Card offers quarterly rebates based on how much you spend. This translates to a maximum of 5% cash rebate on all spend including recurring telco and electricity bills. There's also an additional 1% on SP bills, making it effectively 6%.

To get the maximum 5% equivalent of cashback, you need to spend a minimum of $2,000. 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%.

OCBC 365 Electricity Bill Cash Back

High Spend on Dining
High Spend on Dining

OCBC 365 Credit Card

Cashback on Everyday Dining (Including Local, Overseas and Online Food Delivery)
5%
with min. spend of $1,600 per month
Unlock up to $160 Cashback
with min. spend of $800 per month
$80 Cashback per month
The OCBC 365 offers 3% on recurring bill payments including telco and utility bills. In addition, the card offers 6% for dining and online food delivery and 3% off local, overseas and online groceries. There are petrol discounts at Caltex and Esso as well, making it a great breadwinner's card.

HSBC Advance Credit Card Electricity Bill Cash Back

MoneySmart Exclusive
Earn up to 2.5% Cashback | Instant Activation*
MoneySmart Exclusive
Earn up to 2.5% Cashback | Instant Activation*

HSBC Advance Credit Card

Cash Back on All Spend
Up to 3.5%
Base Cashback Cap per calendar month
S$70
Min. Spend per month
S$0

Get a Hinomi Q1 Ergonomic Chair (worth S$499) or a Samsung 27-inch Smart Monitor M5 (worth S$432) or S$300 GrabGifts Vouchers or S$250 Cash via PayNow when you apply for an eligible HSBC credit card and spend a min. of S$500 from Card Account Opening Date to the end of the following calendar month. T&Cs apply.

Valid until 06 Mar 2024

HSBC Advance Credit Card potentially allows you to receive a maximum of 3.5% cashback. It's only on two conditions: You consistently spend $2,000 a month and are also an HSBC Advance Banking customer.

Maybank FC Barcelona Visa Signature Card Electricity Bill Cash Back

Cashback on All Local Spend
1.6%
Cashback Cap
Unlimited
Min. Spend per month
S$0
For Maybank FC Barcelona, the cashback on telco payments is the same as all local spend at 1.6% (excluding insurance and town council payments). The greatest thing about this card is that there is no minimum spend and no cap, so you don't need to strategise about how to spend money in order to get the maximum cashback.

POSB Everyday Card Electricity Bill Cashback

Online Promo
Earn Cash Rebates that Never Expire
Online Promo
Earn Cash Rebates that Never Expire

POSB Everyday Card

Cash rebates on Online Food Delivery
Up to 10%
Cash Rebates on Groceries from Sheng Siong
Up to 5%
Cash Rebate on Online Shopping
Up to 5%
Online Promo:
Get S$388 Cashback when you apply and make the min. spend of S$800 within 60 days of card approval. T&Cs apply.
Valid until 31 May 2024
If you just started adulting, the POSB Everyday Card is a great hassle-free card that has no minimum spend and a reasonable cap of $80. The cashback rate for recurring Starhub bills, SP Group utilities bills and retailers such as Best Electricity, Geneco, Ohm Energy, iSwitch, Tuas Power, Union Power and Sembcorp is 1%. For town council payments and Prudential policy premiums, you get 0.3% cashback.

Diners Club CASHBACK Card Electricity Bill Cash Back

on all eligible transactions
Up to 5% Cash Rebate
Airport Lounge Access and Insurance Coverage
Complimentary
Annual Principal Fee
S$196.20 (inclusive of GST)

One of the highlights of this card is that you’ll be able to enjoy 5% cash rebate for all eligible transactions including payment for your electricity bills, with a minimum spending of S$400 (per month) on your DCS CASHBACK Regular Credit Card.

Best Credit Cards for Recurring Bill Payments (2024)

Credit Card Recurring Bill Payments Min spend
UOB One Up to 5% cash rebate on all spend including recurring telco and electricity, excluding town council and insurance premiums$500 / $1,000 / $2,000
Maybank FC Barca 1.6% cashback on all local spend, excluding insurance and town council payments None
HSBC Advance Credit Card 1.5% cash back on recurring telco and utility bill payments with no min. spend 2.5% Cash Back on on recurring telco and utility bill payments with $2,000 minimum spend per month Max 3.5%: Additional 1% for HSBC Advance banking customersNone
UOB Delight 3% cash rebate on telcos, town council, Singapore Power, SPH, UOI insurance $800
OCBC 365 Credit Card 3% cashback on recurring bills from Starhub, Singtel, M1, Circles Life, MyRepublic 3% cashback on recurring electricity bills from electricity retailers 1.6% cashback on all local spend, no exceptions $800
Maybank FC Barca 1.6% cashback on all local spend, few exceptions None

You could save up to 30% by switching to an electricity retailer and using a cashback card

Singapore Power (25.94c/kWh) Random Electricity Retailer (18.10c/kWh)
4-room HDB flat, estimated usage 380 kWh $98.57 $68.78
3% cash rebate $2.96 $2.06
Total bill $95.61 $66.72

Best credit cards for paying electricity retailer bills

Following the launch of the Open Electricity Market, many Singaporeans have switched to an electricity retailer as it reduces the electricity bill by 20% to 30%. To get the most cashback from paying your electricity retailer bills, charge it to either one of these 3 cards:

UOB One

Up to 6%

Additional 1% for Singapore Power transactions stacked on the flat quarterly rebate, potentially up to 6% in total

OCBC 365

3% cashback

3% cashback on recurring electricity bills from electricity retailers

Maybank FC Barca

1.6% cashback

1.6% cashback on all local spend, excluding insurance and town council payments

Best credit cards for paying SP bills in Singapore

If you still have not switched to another electricity retailer, here are the best credit cards for Singapore Power electricity bills.

UOB One

Up top 6%

Additional 1% for Singapore Power transactions stacked on flat quarterly rebate, potentially up to 6%

UOB Delight

3% SMART$ rebate

3% cash rebate on telcos, town council, Singapore Power, SPH, UOI insurance

Maybank FC Barca

1.6% cashback

1.6% cashback on all local spend, excluding insurance and town council payments

Frequently Asked Questions

Which credit card is best for electricity bill payment?

This question really depends on your lifestyle. The UOB One is an all-rounded card that gives you up to 6% on SP bills and up to 5% on electricity retailer bills, but only on the condition that you spend up to $2,000 a month consistently for the quarter. The "up to 5%" cashback is in the form of a flat quarterly cash payout. If such a minimum spend is too high, spending $500 to $1,000 still gives you up to 3.33% worth of cashback. On the other hand, OCBC 365 offers 3% cashback with a minimum spend of $800. It is also an all-rounded card when it comes to dining and groceries. If you don't want to contend with minimum spend at all, Maybank FC Barcelona Visa Signature and POSB Everyday Card are your best choices.

Who are the electricity retailers in Singapore?

There are currently 12 electricity retailers in Singapore, Best Electricity, Diamond Electric, Geneco, iSwitch, Keppel Electric, Ohm Energy, PacificLight Energy, Sembcorp Power, Senoko Energy, Sunseap Energy, Tuas Power Supply, Union Power.

What is the average electricity bill in Singapore?

The larger the property, the higher the electricity bill. The average monthly electricity bill of 4-room HDB is around $150. You can lower this amount by changing to an electricity retailer and charging your bill to a good cashback card.