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 or Mastercard this month. 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.
That makes ipaymy one of the cheapest ways to generate miles from a single payment of any type this month, even beating Citi PayAll’s 2% fee.
The offer
ipaymy’s usual fee for payments using your Singapore issued Visa or Mastercard for an invoice payment is 2.25%.
Schedule a payment anytime this month and apply promo code PAY199, with payment using a Singapore-issued Visa or Mastercard, to be eligible for this 1.99% rate on a one-time transaction. Note that this 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 31st October 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 or Mastercard 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 MC/Visa |
1.4 | 1.39¢ |
 Standard Chartered Visa Infinite |
1.4* | 1.39¢* |
 Citi Prestige |
1.3 | 1.50¢ |
 Citi PremierMiles |
1.2 | 1.63¢ |
 DBS Altitude Visa |
1.2 | 1.63¢ |
 OCBC Voyage Visa |
1.2 | 1.63¢ |
 OCBC 90ºN |
1.2 | 1.63¢ |
 KrisFlyer UOB |
1.2 | 1.63¢ |
* 1.4 mpd subject to a minimum spend of S$2,000 in the same statement cycle, otherwise 1 mpd. ipaymy payments do count towards the minimum.
All of these are competitive rates to buy, we value KrisFlyer miles at 1.9 cents each (our upper limit), and actually achieve around 2.4 cents per mile when we redeem, based on well over 1 million miles burned over recent years, assuming current redemption rates.
Citi PayAll
Even if you have a Citi card, at a 1.99% fee this ipaymy promotional rate beats Citi PayAll, which 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).
 |
 |
|
| S$5,000 charged | S$5,000 x 1.2 = 6,000 miles |
S$5,000 x 1.2 = 6,000 miles |
| Admin Fee | 2% (S$100) |
1.99% (S$99.50) |
| Admin Miles | No miles awarded for payment of the admin fee | S$5,000 x 1.99% = S$99.50 x 1.2 = 119 miles |
| Total | = 6,000 miles | 6,000 + 119 = 6,119 miles |
| Cost per mile | S$100 / 6,000 = 1.67 cpm |
S$99.50 / 6,119 = 1.63 cpm |
As you can see despite an almost identical fee between Citi PayAll (S$100) and ipaymy (S$99.50) for a S$5,000 transaction, using the current ipaymy promo code you’re earning more miles and paying slightly less by using ipaymy.
1.79% on rental payments is still available
You may recall earlier this year 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.
Summary
Another attractive deal for miles earners in Singapore, with the ability to make any one-time payment this month with a Visa or Mastercard and pay a 1.99% fee using ipaymy.
You can use ipaymy to settle all sorts of 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.
