Card payment provider ipaymy has a new offer running this month, with a discounted 1.99% fee for a one-time payment using a Visa card, allowing you to buy miles at a competitive rate with a range of credit cards for things like bill payments, insurance premiums, general invoices, taxes and property rental.

Additionally, ipaymy continues to offer a 1.79% fee on recurring rental payments, and a 1.85% fee for other recurring bills, alongside its year-round 2.25% fee for all payments made with Visa, Mastercard or American Express cards.

April 2024 offer – 1.99% fee

If you make a one-time payment through ipaymy anytime this month and apply promo code FLASH199 settled using a Singapore-issued Visa card, you’ll be eligible for a 1.99% rate for this payment, with no upper cap.

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 this month – try to save the code for the most expensive one!

FLASH199			2.25%	1.99%
For a one-time payment in April 2024 with a Singapore-issued Visa card.

There’s no upper transaction limit for this code, but the charge date must be on or before 30th April 2024 to qualify.

Simply set up your payment as normal using ipaymy, then at the ‘Review and pay’ step, enter the promo code FLASH199 in the ‘Promo 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 1.99% rate (applicable to any Visa payment):

Card	Miles per S$1	Cost per mile (1.99% fee)
DBS Insignia	1.6	1.23¢
Citi ULTIMA	1.6	1.23¢
DBS Vantage	1.5	1.31¢
Standard Chartered Visa Infinite	1.4*	1.40¢*
DBS Altitude Visa	1.3	1.51¢
OCBC Voyage Visa	1.3	1.51¢
OCBC 90ºN Visa	1.3	1.51¢
Citi PremierMiles Visa	1.2	1.63¢
SC Journey Card	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.

These are generally 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.

Note that ipaymy now adds a S$1 surcharge to the fee payable for ‘Fund Safeguarding’, which ensures your funds are protected and held in a segregated safeguarded account. For smaller payments, this does adversely affect the cost per mile.

Recurring rental payments at 1.79%

You can still pay only 1.79% fee for recurring rental payments in Singapore via ipaymy, using a local Visa or UnionPay card.

To benefit, you’ll have to schedule a minimum of three rental payments in a cycle, which will automatically trigger the discounted fee without the need to enter any promo code.

The first charge date must be on or before 31st January 2025.

Other recurring payments at 1.85%

For non-rental payments that are also recurring, ipaymy offers a 1.85% fee, again using a local Visa or UnionPay card.

To benefit, you’ll have to schedule a minimum of three recurring payments in a cycle, which will automatically trigger the discounted fee without the need to enter any promo code.

The first charge date must be on or before 31st January 2025.

All other payments at 2.25%

As a reminder, ipaymy charges a 2.25% fee for payments using Visa, Mastercard, American Express and UnionPay cards via its platform on a year-round basis.

There’s also a 2.8% fee level for international payments.

In the case of domestic payments using American Express cards, ipaymy offers the lowest fee in the market at 2.25%.

New to ipaymy? Get S$20 off your first payment

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 promo code SGNEW for S$20 off your first transaction fee.

This allows you to make a practically fee-free payment of up to around S$900, based on ipaymy’s year-round 2.25% regular fee, when using a Singapore-issued Visa, Mastercard, American Express or UnionPay card.

For a higher payment, of S$2,000 for example, it brings the usual S$45 fee down to S$25, the equivalent of buying miles for 0.77 cents each with a 1.6 mpd miles earning card like the Citi ULTIMA.

In this case, be sure to use the SGNEW code for your first payment, then if you need to make a second one in April use the FLASH199 code.

What about Citi PayAll?

For Citi Visa cardholders, this month’s 1.99% fee offer is a better deal that Citi PayAll is currently offering, with its year-round 2.2% fee.

For example, Citi ULTIMA customers are paying 1.38 cents per mile right now via PayAll, but this FLASH199 promotion via ipaymy comes in at 1.23 cents per mile.

However, do bear in mind that Citi PayAll tends to roll out a promotional deal in April each year, typically in the second or third week of the month, which can then change the equation significantly.

In 2022, this allowed Citi cardholders to buy miles for 0.8 cents each, and in 2023 it was 1 cent each, both of which are rates the card payment providers usually can’t match.

Therefore if you’re using a Citi card, before you dive in with ipaymy’s April promo code you may wish to wait and see what PayAll comes up with for 2024.

ipaymy is offering a 1.99% fee for a one-time payment using a Visa card during April 2024, which allows you to buy miles for as little as 1.23 cents each.

This deal is offered alongside a 1.79% fee for recurring rental payments and a 1.85% fee for other recurring payments using Visa or UnionPay cards, and the platform’s year-round 2.25% fee for all Visa, Mastercard, American Express and UnionPay payments.

Citi cardholders may want to hold out for a potential deal via the bank’s PayAll service, which is typically rolled out sometime in the month of April, before committing.

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(Cover Photo: Alex Knight)