Electricity powers our lives, but that doesn't mean we should be paying an arm and a leg for it. While there might have been a number of price hikes recently due to the increasing costs of electricity, households and businesses in Singapore are now also eligible to explore the Open Electricity Market to search for a provider that fits their specific needs at a comfortable price.
The Open Electricity Market offers more price plans for different lifestyles and usage behaviours. Whether you need to run servers 24/7 or a retail shop for 6 hours a day, you can get the best price for your usage with multiple cost-effective options available to choose from.
However, with so many different choices, and where each provider is offering different payment methods – how do you choose the best way to pay your electricity bills?
New: Pay ANY electricity provider with your favourite credit card with CardUp
Many of these electricity providers offer the ability for multiple payment methods, such as through GIRO, AXS, and even GrabPay. After looking through and comparing between all retailers it would be a disappointment to realise that not all of them accept credit cards. And for those that do, not all cards are eligible for rewards to be earned on your electricity bills.
For an ongoing payment like your electricity bills, wouldn’t it be great if you could rely on and consolidate this spend on your favourite credit card to make this payment smoothly?
With CardUp, you’d be able to charge your electricity bill payment to your credit card regardless of whether your selected provider accepts cards, and be assured of rewards on your monthly bills.
Besides, by shifting these recurring expenses to your credit card with CardUp, you can also enjoy a host of rewards and advantages:
- Earn more rewards on your existing credit cards (both miles and cashback)
- Maximise your rewards by contributing to your card’s monthly minimum spend requirements, if any
- Free up cash for other uses
- Digitise payments by shifting them online
Do note that we are unable to support payments to SP Group at the moment.
How much rewards can you earn on your electricity bills?
The average cost of a residential electricity bill can range anywhere from $50 to $300, while for businesses it can also be a substantial expense. While putting your electricity bills on your credit card via CardUp is subject to a CardUp fee per transaction, the potential rewards earned on your cards can easily outweigh this fee. Here are some scenarios to illustrate how:
Scenario 1: Miles card users
While simply putting your electricity bills on your credit cards will not earn you sufficient air miles for most flights, combining them with other spend might just earn you a luxurious flight out!
By combining your bill with your existing day-to-day spend (food, travel, etc) and other CardUp spend such as helper salary, insurance, education fees and more, you might be able to earn sufficient miles to fly business class to Japan for less than half the price:
In the example above, with existing day-to-day spend of about $1,000 each month, the air miles earned would not be sufficient for return business class tickets. Through CardUp, you’re now able to earn sufficient miles to fly to Japan on business class (worth $4,000), while paying only $1,215 in fees!
Scenario 2: Cashback card users
One of the most popular cashback cards in the market is the UOB One Card, which gives up to 5% cashback on all expenses, CardUp spend included. However, the minimum requirements to attain this 5% cashback is to have a monthly minimum spend of $2,000.
For many cardholders, you may fall into the 3.33% cashback category if your monthly spend sits at $1,000. By using CardUp, you can now put payments such as your monthly electricity bill ($200), helper salary ($600), and insurance premiums ($200), bumping you up to the next tier of cashback rewards!
Other benefits of putting your electricity bills through CardUp
For businesses, paying your electricity bills with your credit card via CardUp also brings about other benefits, such as:
Freeing up more cash on hand
By using your company or personal credit card through CardUp to pay your business electricity bill, you get to leverage the interest-free period on your credit card and free up cash for other uses.
Digitising your payments online
By being able to make electricity bill payments on your credit cards online anytime, anywhere, you no longer have to process manual cheque or cash payments. Your company can also track and monitor all past and upcoming electricity bill payments made through CardUp on your dashboard when you log in to your account, helping to improve the efficiency and transparency of your company’s payables processes.
Here's how you can get started paying your electricity bill with CardUp
CardUp makes paying your bills a breeze! You can sign up for a free account and set up your first payment in minutes, allowing you to spend less time paying your bills and more time enjoying the bill pay benefits.
- Sign up for a free account, or log in to your existing account
- Select “Electricity” as the payment type
- Choose a pre-loaded electricity provider or add a new recipient if your provider is not listed. Fill in the relevant details, such as provider’s name and bank account number
- Upload your electricity bill / invoice showing your name and payment amount due
- Complete your payment amount and details. Please note that as the payment amount differs each month, you are only able to set up one-off payments for your electricity bills.
- Select your credit card, review and confirm your payment!
With electricity bills as a new payment type on CardUp, you'll be able to rack up even more rewards on your favourite credit cards, even faster!