Note: CardUp has now extended its promo code for Mainly Miles users to 23rd August 2020, and also removed Citi and Standard Chartered exclusions from the offer so all Singapore-issued Visa and Mastercards are now eligible.
Another batch of IRAS Income Tax Notices of Assessment were sent out on Monday for your 2019 earnings. In fact I just got my own statement this week, which is payable by mid-July 2020.
If you’re in the same boat you will no doubt want to consider the various ways to earn the most miles with your payment this year, but don’t wait too long to think about it because one valuable option is set to disappear just a week from now.
CardUp’s 1.75% fee offer
CardUp’s special offer for Mainly Miles readers this year means you can enjoy a discounted 1.75% fee on income tax payments using most Singapore-issued Visa and Mastercard credit cards.
This offer allows you to buy miles from as little as 1.07 cents each when settling your income tax bill with IRAS.
As many of you will already know, ipaymy is also offering a 1.75% promotional rate for income tax payments this year. That offer runs until 31st July 2020, so what’s the rush to use CardUp?
Well ipaymy has some exclusions on the Mastercard side under its promotional offer, specifically for Citi, OCBC and UOB Mastercards.
That means there are three miles earning cards exclusive to CardUp for income tax payments this year (at a 1.75% fee):
|UOB PRVI Miles Mastercard
|OCBC 90°N Mastercard
|KrisFlyer UOB Mastercard
If you’re planning to use one of these cards to settle your income tax bill this year then don’t forget to complete your payment using the MM175TAX20 code through CardUp before 23rd June 2020. Otherwise the rate will revert to 2.25% until 30th June, then 2.6% thereafter.
Full terms and conditions for the MM175TAX20 promo code are available here.
Another CardUp offer this year is for income tax payment using American Express cards with a 2.4% fee.
This one runs for an additional month and is valid until 23rd July 2020, before reverting to the usual 2.6% fee.
Here are a few Amex options you can take advantage of with CardUp this year for income tax payment at the discounted 2.4% fee, though these are generally more expensive than the Visa and Mastercard options.
|Amex Platinum Charge
|UOB PRVI Miles Amex
|Amex KrisFlyer Ascend
You can still use ipaymy’s promo code for a 1.75% rate on income tax payments until 31st July 2020, however do note that ipaymy does not support payments made using the cards we listed earlier – the UOB PRVI Miles Mastercard, OCBC 90°N Mastercard or KrisFlyer UOB Mastercard at the promotional rate (you’ll pay 2.25% instead), nor does it allow you to use Amex cards.
On the flip side there are some payment options offered by ipaymy but not supported by CardUp at their 1.75% promotional rate this year:
- Citi ULTIMA
- Citi PremierMiles (though this PayAll deal is cheaper)
- Standard Chartered X Card
- Standard Chartered PBVI
- Standard Chartered Visa Infinite (though the card’s own facility is cheaper)
|One-time IRAS income tax payment with a Singapore-issued Visa or selected Mastercard.|
Excluded Mastercards: Citi, OCBC, UOB
Before you commit to any particular income tax payment method, don’t miss our comprehensive guide to all the options available this year.
This will help you navigate to which option is best value for the credit cards you hold, including using some of the bank’s own direct payment methods, which can also make sense in some cases.
(Cover Photo: Shutterstock)