Credit Cards Deals KrisFlyer

Reminder: Pay 1.9% credit card fee on your rental payments with RentHero

Don't pay through the nose when you use a credit card to settle your monthly rent in Singapore. Check out our deal with RentHero, soon including a KrisFlyer UOB credit card option.

Cover Day

We wanted to do a quick reminder post today about our special offer code with RentHero, which gets you 15% off their usual fee for paying your rent in Singapore with a number of popular miles earning credit cards.

Several of our readers have already signed up with the payment service since our offer launched in February, and this is a great way to boost your annual miles earning at a competitive ‘cost per mile’.

Our offer

New RentHero customers making rental payments between now and February 2020 who apply promotion code MAINLYMILES will enjoy a discounted fee of 1.90%. This applies to both one-time and recurring payments.

That’s a 15% saving on the usual fee RentHero charges, already a competitive rate in the market at 2.25%.

RentHero Logo.png

SIGN UP HERE

Successful payments using RentHero with our promotion code pay MainlyMiles an affiliate commission.

Supported cards

RentHero currently supports seven major miles earning credit cards in Singapore. We spoke to the team this week and they confirmed that the new KrisFlyer UOB credit card, which we comprehensively reviewed last week, will also be eligible for their service in due course.

Card 2

We have therefore updated the earning and cost per mile tables below to include this payment option.

Card Miles per S$1 Cost per mile
(1.9% fee)
Card.pngBOC Elite Miles 1.5 1.24¢
Altitude Card.jpg
DBS Altitude Visa
1.2 1.55¢
HSBCvi.png
HSBC Visa Infinite
1.25 1.49¢
Card 2KrisFlyer UOB 1.2 1.55¢
Prioriry VA Card.png
Standard Chartered Priority Banking Visa Infinite
1.2 1.55¢
image_standard-chartered-visa-infinite@2x02.png
Standard Chartered Visa Infinite
1.4 1.33¢
Card Big.jpg
UOB PRVI Miles (Visa & Mastercard)
1.4 1.33¢
$UOB Reserve 3.png
UOB Reserve
1.6 1.17¢

The top two here for value are the UOB Reserve Visa, at 1.17 cents per mile, and the more accessible BOC Elite Miles card at 1.24 cents per mile.

Even at the upper end, 1.55 cents per mile with cards like the DBS Altitude Visa (and the new KrisFlyer UOB card) are justifiable miles purchase rates for most (we aim to get 2+ cents per mile on redemptions and actually achieve closer to 3 cents per KrisFlyer mile, even by some pessimistic valuation assumptions).

Singapore Condo from above.jpg
Paying a small fee on top of your monthly rental payment in Singapore can unlock tens of thousands of additional frequent flyer miles per year

You’ll notice a couple of popular credit cards are missing from RentHero’s list, that’s due to the nature of RentHero being a rental payments only facility, with that payment category except from miles earning in the terms and conditions of certain cards like the Citi PremierMiles Visa and OCBC Voyage.

Miles earned example

Here’s how RentHero illustrates the number of miles you can earn in a year, with an example for a rental payment of S$5,000 per month using the BOC Elite Miles World Mastercard as the payment method (earning 1.5 miles per S$1 spent).

5k example 1.jpg

In this example you’re ‘buying’ miles at 1.47 cents each (S$1,350 / 92,025). That’s based on the standard 2.25% fee charged by RentHero.

Let’s take a look at the same rental over a year, paid using the MAINLYMILES promo code with a 1.90% fee.

5k example 3.jpg

First thing you’ll notice is that you’ll actually earn fewer miles using our promo code. That’s because the fee is lower, and since the fee is also charged to your credit card it is also eligible for miles earning.

The key here is the rate at which you’re buying the miles. With this lower 1.90% fee, assuming you are using the BOC Elite Miles card, the miles ‘purchase’ rate is 1.24 cents each (S$1,140 / 91,710), over 15% cheaper than at the normal rate.

94A_2.jpg
91,500 miles is enough to fly Singapore Airlines’ latest 2017 Business Class to Hong Kong, not for one passenger, not even for two, but for three of you. (Photo: MainlyMiles)

Alternatives

RentHero won’t always be the cheapest way to buy miles when making your monthly rental payment, even using our 1.9% promo code, so remember to shop around.

For Citi credit card holders in Singapore, Citi PayAll now offers a 2.0% fee (1.5% for some users). Given that Citi cards are not eligible RentHero payment methods, PayAll may be your cheapest option.

PayAll Logo

If you’ve been selected for the 1.5% PayAll fee, with the exception of the Citi PremierMiles Visa, it is basically the cheapest method around for rental payments.

The following table assumes the 1.9% promo code (Mainly Miles reader rate) for RentHero, compared with the regular rates for CardUp, ipaymy and Citi PayAll.

Again we’ve added the upcoming KrisFlyer UOB credit card for comparison.

Cents per mile analysis for rental payments by card

Card RentHero CardUp ipaymy Citi PayAll
1.5% 2.0%
AMEXKFbluelarge.png
AMEX KF
n/a 2.30¢ 2.90¢ n/a
AscendCC.png
AMEX KF Ascend
n/a 2.11¢ 2.66¢ n/a
Card.pngBOC EM 1.24¢ 1.69¢ 1.47¢ n/a
citi-premiermiles-new.jpg
Citi PM Visa
n/a 2.11¢ 1.83¢ 1.25¢ 1.67¢
Citi Prestige Trans.png
Card.png
Citi Prestige / Citi PM Amex
n/a 1.95¢ 1.69¢ / 2.46¢ 1.15¢ 1.54¢
citi-premiermiles-new.jpg
Citi ULTIMA
n/a 1.58¢ 1.38¢ 0.94¢ 1.25¢
Altitude Card
DBS Alt Visa
1.55¢ 2.11¢ 1.83¢ n/a
HSBCvi.png
HSBC VI
1.49¢ 2.03¢ 1.76¢ n/a
Card 2KF UOB 1.55¢ 2.11¢ 1.83¢ n/a
Card.jpg
OCBC Voyage
n/a 2.11¢ 1.83¢ n/a
image_standard-chartered-visa-infinite@2x02.png
SCVI
1.33¢ 1.81¢ 1.57¢ n/a
Card Big
UOB PRVI
1.33¢ 1.81¢ 1.57¢ n/a
$UOB Reserve 3
UOB Reserve
1.17¢ 1.58¢ 1.38¢ n/a

Table assumes CardUp fee for rental payments of 2.6%, ipaymy of 2.25% (3.3% for Amex), Citi PayAll based on the rate applicable to your account (1.5% or 2.0%). Promotion codes are sometimes offered for other payment facilities and are not reflected here.

As you can see with the exception of Citi PayAll, our promotional rate with RentHero is the cheapest way to pay rent in Singapore with most of the popular cards listed above.

For example if you hold the BOC EM card and the Citi PM Visa card, even if Citi are quoting you the 1.5% PayAll rate, RentHero with BOC EM comes out better.

Terms and conditions

The following terms and conditions apply to this offer:

  1. Promo code MAINLYMILES must be applied at the review stage to get the 1.90% service fee instead of 2.25%.
  2. Any payment on and before 27th February 2020 will be affected by this promo code.
  3. Minimum payment of $500 per transaction.
  4. Standard website terms and conditions apply.
  5. RentHero only accept rental payments with valid tenancy agreements.
Promo Code.jpg
You’ll enter the promo code and see the discount reflected at the final stage

How it works

The process is fairly simple.

  • Let RentHero know your monthly rental amount.
  • Decide whether you wish to make a one-time or recurring payment (you can cancel recurring payments any time).
  • Provide your landlord details and a copy of your tenancy agreement.
  • Provide your eligible payment card details.
  • Review and sign up (this is where you’ll enter promo code MAINLYMILES).
  • The discount is applied at the final stage.

RH Promo.jpg

SIGN UP HERE

Successful payments using RentHero with our promotion code pay MainlyMiles an affiliate commission.

Don’t forget to apply the promo code MAINLYMILES at the ‘review payment’ stage when setting up your payment to generate the lower service fee. Clicking the sign up link alone will not automatically trigger the discount.

For further information about RentHero and a list of frequently asked questions, click here.

3 comments

  1. Hi Andrew.. Would you know..? especially in light of current presumably-true troubles that Mileslife is going through.. Would RentHero be paying the rent before they charge our credit card or after? What or who stops RentHero from charging to our credit cards and then not paying our landlord(s)?

    1. I believe the rental is paid to your landlord after the funds are received by RentHero from your card. Otherwise if your card is declined, then it turns out you can’t pay, they are going to be significantly out of pocket.

      Obviously I cannot personally guarantee 100% safety and security of any company, however from the FAQs section of their site:

      How secure is RentHero?
      RentHero does not manage or store your full credit card number. We use a PCI approved payment gateway certified to PCI Service Provider Level 1, the highest level of certification available in the payments industry.

      Are my payments safe with RentHero?
      All payments are made and held in a secure local bank in Singapore and are separate from our operational funds. Monies received never spend more than 48 hours in our bank account as we tend to receive payments on or 1 day in advance of the due date.

      Hope this helps!

      1. Thanks for the quick reply, Andrew.. Yeah.. I’ll pass on this one.. especially after getting a bit burnt (overall, not too badly, but still..) from Mileslife..

        Using banks as the instrument, no problem.. but using an unknown, with no real assurance.. for small amounts, fine.. not for $10,000 a month, I think..

        Still.. thanks for all the great work both you and Eddie do here… 🙇🏻🙇🏻

        😊

Leave a Reply