It’s been a few months since our last card payment promotion, but the ipaymy team is back with a new offer for Mainly Miles readers, valid from now until 31st December 2019.
Simply sign up for a new personal ipaymy account, or make the first payment on an account you have already opened previously but have yet to use, then apply our promo code MAINLYNEW in the ‘Coupon code’ field at the confirmation stage.
|Any payment type with a Singapore-issued Visa or Mastercard (first-time payment only).|
This is a one-time promo code, valid for your first ipaymy payment between now and 31st December 2019 using a Singapore-issued Visa or Mastercard. You’ll be able to apply it just one single time, so our advice is therefore to use it for something big like your income tax bill or a monthly rental payment to your landlord, to get the most value.
Top tip: You can usually overpay your rent if you wish, and your landlord agrees, which could be a nice way to maximise this offer as a one-time payment.
You can maximise this promotional rate by combining more than one invoice payment into a single transaction, for example one for insurance and another for tuition fees. This will allow you to pay more than one bill at the 1.88% promotional rate.
For a guide on how to pay multiple invoices with ipaymy, click here.
ipaymy maintains a list of cards which should earn rewards (i.e. miles, points or cashback) on transactions. Check out the full list here, which thankfully includes most miles-earning cards.
Note that OCBC cards should qualify for rent payments again, as they are no longer processed under the excluded MCC 6513.
This promotion is subject to a maximum one-time payment of S$50,000, and does not apply to recurring payments.
It is open to new personal and business account users. Any new account is eligible, so if you are currently using ipaymy with a business account you can also open a personal account to pay personal expenses using this offer, and vice-versa.
Your credit card must be charged on or before 31st December 2019 for the discounted rate to take effect.
Cost per mile
Here are a few cost per mile examples for Singapore-issued credit cards under this promotional deal at the 1.88% rate (applicable to any one-time Visa or Mastercard payment):
|Card||Miles per S$1||Cost per mile
BOC Elite Miles MC
Standard Chartered Visa Infinite
UOB PRVI Miles Visa / MC
HSBC Visa Infinite
Citi PremierMiles Visa
DBS Altitude Visa
This beats the Citi PayAll 2% rate, which is at a cost of 1.67¢ per mile for the Citi PremierMiles Visa for example (remember you don’t earn miles for paying the fee itself with Citi PayAll, so even if the headline rate was the same, the ipaymy offer would come out on top).
It’s also slightly ahead of the CardUp rent promo, running at 1.9% until the end of 2019, and ipaymy’s own rent promo of 1.89% for the rest of the year.
RentHero is still cheaper
If the purpose of your transaction is a rental payment then our ongoing offer with RentHero at 1.85% fee is still the best deal on the market, valid for the rest of 2019 before reverting to 1.9% from January 2020 to the end of June 2020.
Apply promotion code MAINLYMILES185 at the RentHero payment review page to take advantage of that rate, though note that this option is only valid for selected credit cards.
RentHero works out slightly cheaper than our ipaymy promotional code, but is obviously only any good if you have one of the listed cards, so if you are using a credit card RentHero does not support the one-time ipaymy option at 1.88% is the next best rate.
See our article here on RentHero’s promotion for full details.
ipaymy is also running a Mastercard promotion for the month of November, with a 1.89% fee open to all users (not just first time payments). Simply apply the promo code MASTER189 to unlock this rate for any payment type.
|Any payment with a Singapore-issued Mastercard.|
This is also a one-time promo code.
Top tip: If you’re a new user and have two Mastercard payments to make through the month of November, you can use our MAINLYNEW promo code to get a 1.88% fee on your first payment, then the MASTER189 code for a 1.89% fee on the second one.
If you have any questions about the promotion please let us know in the comments section below. We’ll pass any questions we can’t answer to the ipaymy team.
Using your credit card to make bill and invoice payments you would normally pay by cheque or bank transfer, including monthly rental and IRAS tax payments, is a great way to boost your annual miles total at a competitive cost.
We value KrisFlyer miles, for example, at 1.9 cents each, though you should be getting even more than that when you redeem. ‘Buying’ miles with this offer is costing you much less than that in most cases, especially for those with high earn rate cards in the 1.5 or 1.6 mpd range for local spend.
Remember that while card payment companies like ipaymy are probably best known for making rent payments you can effectively pay any invoice this way, including home renovation bills, plus things like tax, insurance, tuition fees and stamp duty.