This is how one can earn miles in your revenue tax funds

Disclaimer: My bias in direction of CardUp is actual, particularly given the way it has been a fail-proof answer for me for the final 6+ years. However right here’s how the opposite choices at present stack up anyway, and how one can resolve for your self.

Since my current article on how you should use CardUp to earn miles whereas paying your revenue tax to IRAS (that will in any other case not have earned you any rewards), just a few of you will have reached out to me to ask if the financial institution cost amenities – Citi PayAll, SC EasyBill, UOB Cost Facility – could be higher.

The excellent news is, CardUp in all probability is aware of this as effectively, which could clarify why they’ve launched promo codes to scale back the admin payment charges. However they’re not the one one, as the assorted banks have additionally run time-sensitive promo codes to strive as they every struggle so that you can pay your taxes by means of them.

So…as a client, what do you have to select?

Right here’s the newest on present charges (after promo):

  Cardup Citi PayAll SC EasyBill UOB Cost Facility
Admin Payment 1.75% (Visa)
1.8% (AMEX – new)
1.9% (AMEX – current)
1.99% (MasterCard)
2.6% (beforehand 2.2%) As much as 1.9%
(slight discount from 1.99%)
1.9% – 2.3% (varies by playing cards)

(previously 1.7% – 2.2% for one-off, or 2.8% – 4.7% for month-to-month instalments)

Downsides Promo charges final till Aug 2024.

Can not use AMEX playing cards.

Minimal spend of S$8,000 applies. No possibility for recurring funds i.e. it’s important to pay your whole revenue tax in full without delay. Promo charges finish the earliest i.e. on 30 June 2023.
One-off solely i.e. it’s important to pay in full.
Prices and rewards (mpd) varies between UOB playing cards (verify right here).
Every financial institution cost facility limits you to utilizing solely the bank-issued card, whereas CardUp permits for a wider vary of bank cards for use for incomes rewards on. Former charges consult with charges charged in 2023.

The most important trade-off with utilizing your financial institution cost facility is that they both require you to make your tax cost in full, or impose a minimal spend. But when that isn’t an issue for you, then right here’s the way you would possibly need to resolve:

In case you’re a UOB cardholder, utilizing the UOB Cost Facility could be finest for limitless miles, albeit at a 2% admin payment. However when you’re utilizing the UOB PRVI Miles, then CardUp might be a more sensible choice as you’ll pay decrease charges (1.75% vs. 2.3%) and earn a better 1.4 mpd slightly than simply 1 mpd.

In case you’re a Commonplace Chartered cardholder who can repay your whole revenue tax in full without delay, then the SC EasyBill would possibly serve you higher.

In case you’re a Citibank cardholder, you may get 2 mpd once you select to pay by way of Citi PayAll on your tax transactions, and 1.6 mpd on all Citi PayAll non-tax transactions. The draw back? Each affords require a minimal spend of S$5,000 on non-tax transactions on a single card, which is dangerous information for you guys who’re simply hoping to pay their taxes and nothing else.

In case you’re a HSBC cardholder, you’d be foolish to make use of your HSBC card now that HSBC has discontinued its Revenue Tax Cost Programme, and particularly excludes CardUp funds from incomes rewards.

In fact, if not one of the above financial institution cost facility choices swimsuit you, then you might need to use CardUp as a substitute…which is what I personally do.

In case you’re questioning why I’ve not included iPayMy on this checklist, that’s as a result of they’re nearly much like CardUp (which I personally use) and at present cost a better payment for revenue tax funds made this 12 months, even after the promo charges. Additionally, the cardboard I exploit for revenue tax funds is a UOB card, which particularly excludes iPayMy so I can’t earn rewards and haven’t been ready to make use of it there.

Use CardUp when you want recurring funds

In case you’re paying your revenue tax in month-to-month instalments, CardUp is the only option amongst all the above choices, as a result of you’ll be able to arrange recurring funds each month and nonetheless benefit from the promotional charges (except you’re utilizing a MasterCard):

  Visa MasterCard
Promo code BBTAX24 MCTAX24
Payment cost 1.75% 1.99%
Cost kind One-off and recurring One-off and recurring
Expiry date Should be scheduled earlier than 31 August 2024 Should be scheduled earlier than 31 August 2024

You even have much more flexibility on the subject of which bank card you should use with the service, slightly than being restricted to the financial institution’s personal playing cards. Apart from HSBC playing cards, you should use playing cards from actually each different issuer on CardUp – though you might need to be good about which card you utilize by checking right here first.

Which bank card do you have to use on CardUp?

Personally, I’ve used my UOB PRVI Miles with CardUp since 2017 as a result of it has been incomes me a candy 1.4 mpd all through all these years. There’s no competitors, particularly when the identical card solely will get me 1 mpd if I had been to undergo the financial institution’s cost facility as a substitute.

For many of us, 1.4 mpd is the candy spot with many playing cards providing that earn price on CardUp, together with however not restricted to:

  • UOB PRVI Miles
  • UOB Visa Infinite Steel
  • Commonplace Chartered Visa Infinite (on native spend >S$2k a month)

In any other case, the 1.2 mpd class additionally has the widest vary of mass-market playing cards that may be paired with CardUp:

  • Citi PremierMiles
  • DBS Altitude
  • Maybank Visa Infinite
  • Krisflyer UOB

In case you’re privileged sufficient to personal a by-invite-only high-end card just like the DBS Vantage, DBS Insignia, Citi ULTIMA or UOB Reserve, then you’ll be able to doubtlessly earn a better 1.6 mpd in your CardUp funds.

If that is your first time utilizing CardUp, use the code BUDGETBABE to save lots of S$30 off your first transaction with no minimal spend required. This lets you earn free miles on a cost of as much as S$1,154 (primarily based on CardUp’s common admin payment of two.6%). 

Or use BBTAX24 to get the bottom 1.75% charges on your revenue tax funds.

In fact, except your cost on CardUp is exceptionally excessive, not one of the promo codes can struggle with the S$30 financial savings you’ll get if and once you use BUDGETBABE as a substitute.

But when your CardUp cost is something greater than $3,500, you then’ll be higher off utilizing both of the above promo codes – relying on whether or not you maintain a Visa / MasterCard card.

Like this hack? Bear in mind to share it along with your family members to allow them to cease shortchanging themselves of miles they might have in any other case earned! 😉

Save in your CardUp funds once you use my affiliate promo codes BBTAX24 (on your revenue tax) or BUDGETBABE (for each different cost varieties).

With love,
Price range Babe

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