Update: 6th August 2021
CardUp has further extended its CUTAX2021 income tax promo to the end of 2021.
Credit card payments platform CardUp has extended its latest offer codes for income tax payments, which can now be applied for due dates up to 7th September 2021, a slightly longer window than previously available.
We were hoping for a bigger extension to the deal than that, since not everyone has received their Notice of Assessment yet, but that could still be in the pipeline.
There’s also a 1.85% fee offer for up to six recurring payments, though unfortunately this does not include income tax payments.
Income tax offers
Here’s a reminder of CardUp’s income tax payment offers this year, starting at 1.75% fee.
| CUTAX2021 |  |
 |
1.75% | |
| One-time IRAS income tax payment with a Singapore-issued Visa or Mastercard. | ||||
Instead of setting up your payment by 24th August 2021 for a payment due by 27th August 2021, you can now set up the payment with a due date as late as 7th September 2021.
This is a one-time use promo code, so to maximise the value you should pay your annual tax as a single lump sum where possible.
Updated terms and conditions can be found here.
| AMEXTAX |  |
2.4% | ||
| One-time IRAS income tax payment with a Singapore-issued American Express card. | ||||
For American Express cardholders, a 2.4% fee is available, with a similarly extended payment due date window to 7th September 2021.
There’s also a 2.2% income tax payment fee offer for those new to CardUp using an American Express card (AMEXTAXNEW).
Updated terms and conditions for both codes can be found here.
Before you make a decision on miles earning with your income tax payment this year, 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.
Cost per mile
Here’s how the all-important cost per mile looks for some popular credit cards issued in Singapore.
You can refer to the latest full list of cards awarding points and miles for CardUp payments here.
Visa and Mastercard
| Card | Miles per S$1 | Cost per mile (1.75% fee) |
 UOB Reserve |
1.6 | 1.07¢ |
 Citi ULTIMA |
1.6 | 1.07¢ |
 UOB PRVI Miles MC/Visa |
1.4 | 1.23¢ |
 Standard Chartered Visa Infinite |
1.4* | 1.23¢* |
 Citi Prestige |
1.3 | 1.32¢ |
 OCBC Voyage Visa |
1.3 | 1.32¢ |
 DBS Altitude Visa |
1.2 | 1.43¢ |
 Citi PremierMiles |
1.2 | 1.43¢ |
 OCBC 90ºN |
1.2 | 1.43¢ |
 KrisFlyer UOB |
1.2 | 1.43¢ |
* 1.4 mpd subject to a minimum spend of S$2,000 in the same statement cycle, otherwise 1 mpd. CardUp payments do count towards the minimum.
Even with one of the widely-held 1.2 mpd cards like the DBS Altitude Visa and Citi PremierMiles options, an effective cost per mile of 1.43 cents is competitive.
For those lucky enough to have 1.6 mpd earning cards, the cost per mile drops to an excellent 1.07 cents.
American Express
| Card | Miles per S$1 | Cost per mile (2.4% fee) |
 Amex KF Ascend |
1.2 | 1.95¢ |
 Amex KF Blue |
1.1 | 2.13¢ |
As you can see you’ll want to avoid using the Amex KrisFlyer co-brand cards if you can – the cost per mile is too high to guarantee good value from your miles in most cases.
1.7% fee for OCBC cardholders
If you’re holding the OCBC Voyage, Premier Visa Infinite or 90°N cards, CardUp has a special one-time offer with a fee of 1.7% on any payment type (including income tax).
This deal has also been extended and is now valid for payments due by 7th September 2021, instead of 27th August 2021.
| OCBCAFFCARD |  |
 |
1.7% | |
| One-time payment with an OCBC Voyage or OCBC Premier Visa Infinite card (no cap). Full details here. | ||||
| OCBCCARDS |  |
1.7% | ||
| One-time payment with an OCBC 90°N or World Elite card, capped at S$10,000. Full details here. | ||||
You’ll still have to schedule your payments by 24th August 2021, but the last payment date itself has been extended.
The interesting thing about this deal is that despite the lower fee (1.7% vs. 1.75%), the flexibility of these codes (any payment) means that provided you have another bill to pay aside from your income tax, it’s usually better to save this one for an alternative payment and stick to the CUTAX2021 code to settle your tax bill.
See our dedicated article for full details on why, plus links to the updated terms and conditions.
Recurring payments offer
Good news for those setting up a recurring payment with a Visa credit card – CardUp has a new promo code valid through to 31st December 2021 (set up date) for a discounted fee on the first six payments.
Your payment due dates must be on or before 30th June 2022.
| RECURRING185 | |
1.85% | ||
| Up to 6 recurring payments with a Singapore-issued Visa card. | ||||
Your payments can be set up on a weekly, monthly or quarterly schedule, however recurring income tax payments are unfortunately not eligible.
The offer is capped at the first 300 users, with each customer able to use the code a maximum of three times.
How does it compare?
CardUp’s 1.85% fee for recurring payments comes in cheaper than ipaymy‘s current 1.89% promo, though there are some differences between the two, as outlined in the following table.
Recurring payments comparison
 |
 |
|
| Fee | 1.85% | 1.89% |
| Max. term | 6 payments | Unlimited |
| Payment frequency | Weekly, monthly or quarterly | Weekly or monthly |
| Instalment cap | S$10,000 | Unlimited |
| Car Loans? | ||
| Mortgage Payments? | ||
| Income Tax? | ||
| Offer cap | First 300 users; 3 setups per user | Unlimited |
 |
S$1,000 monthly payment example |
|
| Monthly miles* |
1,421 | 1,421 |
| Monthly fee* |
S$18.50 | S$18.90 |
| Cost per mile* | 1.30 cents | 1.33 cents |
* Based on using a UOB PRVI Miles Visa, earning 1.4 mpd
As you can see the CardUp recurring payment offer comes in at a lower cost per mile than ipaymy’s deal, though there is less flexibility since you can’t use a Mastercard nor pay recurring Income Tax instalments to IRAS using CardUp with this promo code.
On the other hand, CardUp does support monthly mortgage payments and car loan payments, which can’t currently be processed using ipaymy.
Pro Tip: Paying income tax by GIRO? See our recent article on how you can use both CardUp and ipaymy’s promo codes and then revert to the ipaymy recurring payment option to optimise the lowest cost miles earning strategy for your monthly instalments this year.Referral offer
CardUp is also running an enhanced referral bonus this month, with GrabFood vouchers ranging from S$15 to S$50 on offer in addition to the usual future payment fee credits for each successful referral.
Your referee will also receive up to S$30 (personal) or up to S$200 (business) fee discount on the first payment when they apply your invite code, which you can find under the ‘Refer & Save’ section of your account.
Citi cardholder? PayAll has better offers
Before you dive in with CardUp or ipaymy’s 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 six 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%.
The deal also stacks with a recurring payment offer including S$100 cashback, for fee-free miles in some cases. Unfortunately, Citi PayAll does not support recurring (monthly) income tax payments like ipaymy and CardUp, for those paying by GIRO.
Summary
A short extension from CardUp for this year’s income tax payment offer codes, plus the 1.7% fee offer for OCBC cardholders.
Though a longer extension may be in the pipeline, for now this means you can set up payments by 24th August 2021 (as before), but the payment due date can be as late as 7th September 2021.
CardUp has also added a 1.85% fee offer for recurring payments, which comes in as the cheapest way to earn miles with such an arrangement (provided you don’t have a Citi credit card), though the terms are a little less flexible in some areas than ipaymy’s ongoing 1.89% deal.
If you’re looking for a low one-time payment fee, ipaymy is currently offering up to four payments at 1.79% each (alongside its 1.75% income tax payment offer), though both of those deals expire on 31st July 2021, so you’ll have to be quick.
(Cover Photo: CardUp)