If you have an invoice, one-off rental payment or tax bill to settle this month, credit card payments company ipaymy has a one-time promotional code unlocking a 1.99% fee using a Singapore-issued Visa card. For some of our readers this means ‘buying’ miles at a competitive 1.22 cents each, rising to 1.63 cents per mile for the more widely held cards.
The offer
ipaymy’s usual fee for payments using your Singapore issued Visa card is 2.25% (Mastercard 2.25%, Amex 3.3%).
Schedule a payment anytime this month and apply promo code APR199, with payment using a Singapore-issued Visa card, to be eligible for this 1.99% rate on a one-time transaction. Note that payment by Mastercard or Amex is not included in the offer, which also does not apply to recurring payments.
Obviously the bigger the payment, the bigger the saving, so if you have more than one transaction to make this month – remember to save the code for the most expensive one!
Note that the charge date for your transaction must be on or before 30th April 2020.
Cost per mile
Here are some cost per mile examples for Singapore-issued credit cards under this promotional deal at the 1.99% rate (applicable to any Visa payment):
| Card | Miles per S$1 | Cost per mile (1.99% fee) |
 UOB Reserve |
1.6 | 1.22¢ |
 Citi ULTIMA |
1.6 | 1.22¢ |
 UOB PRVI Miles Visa |
1.4 | 1.39¢ |
 Standard Chartered Visa Infinite |
1.4 | 1.39¢ |
 HSBC Visa Infinite |
1.25* | 1.56¢* |
 Citi PremierMiles Visa |
1.2 | 1.63¢ |
 DBS Altitude Visa |
1.2 | 1.63¢ |
 OCBC Voyage Visa |
1.2 | 1.63¢ |
* Based on HSBC’s ‘step up earn rate’, available only in year 2 onwards subject to a minimum spend in the previous year of S$50,000. See our review for details.
All of these are competitive rates to buy miles, we value KrisFlyer miles at 1.9 cents each (our upper limit to buy), and actually achieve around 2.4 cents per mile when we redeem.
Citi PayAll
Even if you have a Citi card, at a 1.99% fee this ipaymy promotional rate beats the Citi PayAll offer, which now applies a 2% transaction fee for all users.
That’s not only because the ipaymy fee is marginally lower, but you are also earning miles for the fee itself as well as the payment amount when you use a card payments company like this, whereas with Citi PayAll you do not accrue miles for the fee element.
A Citi PremierMiles customer, for example, is buying miles at 1.67 cents each making a payment through PayAll, 2.5% higher than with this new ipaymy offer (1.63 cents each).
1.79% on rental payments is still available
You may recall last month ipaymy launched a 1.79% fee promotion for recurring rental payments of six months or more, with a Singapore-issued Visa or Mastercard.
That ‘while it lasts’ offer is still available, and even if your tenancy agreement is for less than six months, ipaymy will still honour the promotional rate provided you contact their support team via support@ipaymy.com with proof of your tenancy agreement, so you can still benefit.
RentHero has also slashed its rental payment fee to 1.75% recently, however you’ll have to hold one of the five credit cards they support to take advantage, whereas ipaymy boasts a much longer list of eligible cards, including UOB products which are no longer on RentHero’s list.
Summary
Another attractive deal for miles earners in Singapore, with the ability to make any one-time payment this month with a Visa card and pay a 1.99% fee.
There are still some better offers for rental payments, however you can use ipaymy to settle all sorts of other invoice types including tuition fees, tax payments, home improvement works and even air conditioning service bills.
If you have a payment coming up this month where you’d otherwise be missing out on miles earning, consider using this code to buy miles at an attractive rate.
