ipaymy offering 4 payments at 1.79% fee – buy miles from 1.1 cents

Card payment provider ipaymy has a new offer running, with one of its lowest ever rates for payments made during June and July 2021 – a discounted 1.79% fee. This offer allows you to buy miles at a very competitive rate with a range of credit cards for things like bill payments, general invoices, taxes and property rental.

Better still, the promotion code is useable up to four times during the offer period.

June & July offer – 1.79% fee

If you make up to four payments (i.e. anything from a single one-time payment up to four separate one-time payments) through ipaymy anytime during June and July 2021 and apply promo code SGSUPPORT, settled using a Singapore-issued Visa, Mastercard or UnionPay card, you’ll be eligible for this competitive 1.79% rate (instead of 2.25%) for each of these transactions.

Note that this does not apply to recurring payments.

Obviously the bigger the payment, the bigger the saving, so if you have several transactions to make between now and the end of July – try to save the code for the most expensive ones!

SGSUPPORT			2.25%	1.79%
Up to four payments in June and July 2021 with a Singapore-issued Visa, Mastercard or UnionPay credit card.

There’s no upper transaction limit for this code, but the charge date must be on or before 31st July 2021 to qualify.

Simply set up your payment as normal using ipaymy, then at the final (fourth) step (the ‘Complete Your Payment’ stage), enter the promo code SGSUPPORT in the ‘Coupon Code’ section.

Once the code is entered the discount will be applied, as shown above.

Here are some cost per mile examples for Singapore-issued credit cards under this promotional deal at the 1.79% rate (applicable to any Visa, Mastercard or UnionPay payment):

Card	Miles per S$1	Cost per mile (1.79% fee)
UOB Reserve	1.6	1.10¢
Citi ULTIMA	1.6	1.10¢
UOB PRVI Miles MC/Visa	1.4	1.26¢
Standard Chartered Visa Infinite	1.4*	1.26¢*
Citi Prestige	1.3	1.35¢
OCBC Voyage Visa	1.3	1.35¢
DBS Altitude Visa	1.2	1.47¢
Citi PremierMiles MC/Visa	1.2	1.47¢
OCBC 90ºN	1.2	1.47¢
KrisFlyer UOB	1.2	1.47¢

* 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 to buy), and actually achieve around 2.4 cents per mile when we redeem, based on well over 1 million miles burned over recent years, even assuming current redemption rates.

Income tax rate 1.75%

Don’t use this 1.79% discounted rate promo code for a lump-sum income tax payment using ipaymy during the promo period, because there’s a better 1.75% offer for settling an IRAS tax bill between now and 31st July.

This reduces your cost per mile to as little as 1.07 cents each. See our full article regarding ipaymy’s promotional income tax rate for 2021 payments.

Before you make a decision on miles earning with your income tax payment this year though, be sure to check out our detailed and continually updated analysis of the options available across all the providers, since there are some great deals to be had this year depending on which cards you hold.

Income tax via GIRO

If you settle your IRAS tax payments by monthly GIRO, you may have already used the TAX2021 code (and/or CardUp’s CUTAX2021 code) against the first instalment, but this promotional code could be a perfect way to tick off the next couple of payments, while generating miles at a competitive rate.

That’s because provided you make payment at least five working days before your regular GIRO deduction date to IRAS from your bank account, the subsequent instalment will be ‘cancelled out’ and therefore won’t be taken.

Intermediate payments made this way will be listed as ‘E-Payment’ on your IRAS tax portal live online statement.

For example if you are paying your income tax bill in S$1,000 monthly instalments, deducted from your bank account by GIRO on 6th of each month, you could use this promo code to replace the following deductions as one-time payments from ipaymy, earning miles in the process:

Using a card like the UOB PRVI Miles @ 1.4 mpd will then net you 2,842 miles for these two transactions, for a total ipaymy fee of S$35.80 (cost of 1.26 cents per mile).

Your GIRO arrangement instalments would then kick off again as normal from 6th September 2021 onwards.

New to ipaymy? Use our reader code for a 1.78% fee first

If you’re new to ipaymy, or have set up an account but have yet to make your first payment using the platform, be sure to use our special reader promo code for a 1.78% fee on your first transaction, before the slightly higher 1.79% fee under this latest offer.

This allows you to buy miles from 1.09 cents each with a 1.6 mpd card on any payment type, and potentially gives you five ipaymy payments at a very competitive rate between now and the end of July, including the four payments under this latest offer.

You’ll be able to apply it just one single time, so our advice is therefore to use it for something big like a tax bill or a monthly rental payment to your landlord, to maximise the value.

MAINLY178			2.25%	1.78%
Any first-time payment with a Singapore-issued Visa or Mastercard.

There is no upper cap on the payment amount when using the MAINLY178 promo code, but since it’s for one-time use you won’t be able to apply it to recurring payments.

Your credit card must be charged on or before 31st December 2021 for the discounted rate to take effect.

OCBC offer via CardUp

If you’re holding the OCBC Voyage or OCBC 90ºN credit cards, remember there is a one-time 1.7% fee offer using CardUp for any payment type between now and late August 2021, which means buying miles even cheaper than through this ipaymy deal.

You should probably consider using that promo code first before this one, or you could choose to save the CardUp offer for use in August, in case ipaymy doesn’t have any decent deals by then.

See our article for full details on this one.

Citi cardholder? PayAll has an even better offer

Before you dive in with ipaymy’s latest promo codes, there’s a much better miles earning offer available if you hold one of the following Citi credit cards:

That’s because Citi has hiked the earn rate on all four cards to 2.5 mpd for PayAll transactions made between now and 31st August 2021, capped at S$120,000 total spend, which means buying miles at just 0.8 cents each even with the higher transaction fee of 2%.

See our article for full details of this excellent PayAll promotion.

Summary

This ipaymy offer for up to four payments at 1.79% fee is one of the most competitive ‘all purpose’ deals for settling bills not normally payable by credit card, earning some extra miles in the process at a competitive cost with most Singapore-issued miles earning credit cards.

If you pay your income tax by GIRO, it could be a great way to settle your next couple of monthly IRAS bills and earn some extra miles along the way, just be sure to send your payments with sufficient notice so that IRAS won’t take the regular deduction.

There are plenty of alternative deals on the market right now for earning miles on a variety of payments, so as always do consider the alternatives before committing.

Examples include specific offers for income tax payments, first time ipaymy payments, those for Citi cardholders through PayAll, and for some OCBC cards a competitive offer through CardUp too!

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