Yahoo Finance Since You Can’t Avoid Paying Your Utility Bills, Here’s How You Can Get Some Money Back
Bills, bills, bills. The one thing that keeps SingPost workers employed and also serves as an alternative to 3-ply toilet paper. But did you know that with a credit card and a little effort on your part, you can make your utility bills save you money?
Method 1 – Pay your utility bills using the POSB Everyday Card
The POSB Everyday Card gives you a 1% cash rebate on your utility bills if you set up a recurring payment arrangement with SP Services.
These cash rebates can be used to offset your POSB credit card bills or offset purchases at participating merchants like Watsons or SPC. The thought of saving money without lifting a finger seems like a great idea, right?
Until POSB decided late last year to cap the rebate at $1 per month. Which is fine if your bills are around $100 a month, since you will earn that rebate anyway. But if your utility bills come up to more than $200 a month, then you definitely want to read on.
Method 2 – Pay your utility bills using DBS Credit Cards
DBS Credit Cards also allow you to set up a recurring payment arrangement with SP Services. You can earn DBS Rewards Points for your trouble too. You earn 1 DBS Point for every $5 you spend on the card. Unlike the POSB Everyday Card, there’s no cap on how many points you can earn, so an average household that spends $200 on their utility bills will earn 40 DBS Points each month. YAY!
40 DBS Points is good…. right?
Just for comparison’s sake: A Golden Village movie voucher worth $10 is currently redeemable for 750 DBS Points. So the 40 Points you’ve earned are worth slightly over 50 cents. If you’re already earning DBS Points via other means, consider the convenience that a utility bills recurring payment brings, but if not, then our third method would be best.
Method 3 – Pay your utility bills using any credit card at the SP Customer Services Centres
By making payment for your utility bills in person at any of the three SP Customer Services Centres (in Somerset, Toa Payoh and Woodlands), you can actually earn rewards or cashback on your credit card. If any of these Customer Services Centres are convenient for you to visit, it would definitely go a long way to help you rack up those cashback or rewards points by paying your utility bills. Furthermore, SP Services allows you to make payment for 2 months in advance, meaning you only need to make the trip down four times a year.
Exactly how much can that extra effort save you? Let’s use our earlier example of $200 a month.
Citibank Rewards Card ($200 a month = 200 Citi Dollars)
A pair of Golden Village movie tickets is 4230 Citi Dollars, so 200 Citi Dollars is worth about $1.HSBC Advance Visa Platinum Card ($200 a month = 200 points)
One Golden Village movie ticket is 2500 points, so 200 points is worth about 80 cents.Citi DIVIDEND Card (0.5% rebate)
At $200 a month, you’re earning $1 in cashback rebates.
Of course, when it comes to your savings, every cent counts. Use our comparison tool to find the best cashback or rewards credit card that suits your lifestyle and start saving now.
Do you have a better method for paying your utility bills? Share your thoughts with us!
The post Since You Can't Avoid Paying Your Utility Bills, Here's How You Can Get Some Money Back appeared first on the MoneySmart blog.
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