Disclaimer: My bias in direction of CardUp is actual, particularly given the way it has been a fail-proof answer for me for the final 6 years. However right here’s how the opposite choices presently stack up anyway, and how one can resolve for your self.
Since my recent article on how you can use CardUp to earn miles while paying your income tax to IRAS (that might in any other case not have earned you any rewards), a couple of of you might have reached out to me to ask if the financial institution cost amenities – Citi PayAll, SC EasyBill, UOB Fee Facility – can be higher.
The excellent news is, CardUp in all probability is aware of this as nicely, which could clarify why they’ve launched promo codes to scale back the admin price charges. However they’re not the one one, as the varied banks have additionally run time-sensitive promo codes to strive as they every struggle so that you can pay your taxes by way of them.
So…as a shopper, what must you select?
Right here’s the newest on present charges (after promo):
Cardup | Citi PayAll | SC EasyBill | UOB Fee Facility | |
Admin Charge | 1.75% (Visa) 1.8% (AMEX – new) 1.9% (AMEX – present) 1.99% (MasterCard) |
2.20% | As much as 1.99% | 1.7% – 2.2% (one-off) 2.8% – 4.7% (month-to-month instalments) |
Downsides | Promo charges final till Aug / Sept 2023. Can’t use HSBC playing cards. |
Minimal spend of S$8,000 applies. | No possibility for recurring funds i.e. you need to pay your complete revenue tax in full without delay. | Promo charges finish the earliest i.e. on 30 June 2023. One-off solely i.e. you need to pay in full. Charges and rewards (mpd) varies between UOB cards (check here). |
The largest trade-off with utilizing your financial institution cost facility is that they both require you to make your tax cost in full, or impose a minimal spend. But when that isn’t an issue for you, then right here’s the way you may need to resolve:
For those who’re a UOB cardholder who can act quick to arrange and get your tax cost accepted by UOB by 30 June 2023, then utilizing the UOB Fee Facility is perhaps greatest. However should you’re utilizing the UOB PRVI Miles, then CardUp will probably be a better option as you’ll earn 1.4 mpd slightly than simply 1 mpd.
For those who’re a Customary Chartered cardholder who can repay your complete revenue tax in full without delay, then the SC EasyBill may serve you higher.
For those who’re a Citibank cardholder who pays at the very least S$8,000 and also you don’t thoughts the two.2% admin cost, then Citi PayAll might be possibility. Pairing along with your Citi PremierMiles card, as an example, earns you 2.2 mpd which is a fairly first rate fee! And should you’re a brand new consumer, you’ll even get a $50 GrabGift voucher as extra perks.
For those who’re a HSBC cardholder, you’d be foolish to make use of your HSBC card now that HSBC has discontinued its Revenue Tax Fee Programme, and particularly excludes CardUp funds from incomes rewards.
In fact, if not one of the above financial institution cost facility choices swimsuit you, then chances are you’ll need to use CardUp as a substitute…which is what I personally do.
For those who’re questioning why I’ve not included iPayMy on this checklist, that’s as a result of they’re virtually much like CardUp (which I personally use) and presently cost a better price for revenue tax funds made this yr, even after the promo charges. Additionally, the cardboard I exploit for revenue tax funds is a UOB card, which particularly excludes iPayMy so I can’t earn rewards and haven’t been ready to make use of it there.
Use CardUp should you want recurring funds
For those who’re paying your revenue tax in month-to-month instalments, CardUp is your best option amongst the entire above choices, as a result of you possibly can arrange recurring funds each month and nonetheless benefit from the promotional charges (until you’re utilizing a MasterCard):
Visa | AMEX | MasterCard | |
Promo code | VTAX23 | AMEX18 (new) AMEX19 (present) |
MCTAX23 |
Charge cost | 1.75% | 1.8% – 1.9% | 1.99% |
Fee sort | One-off and recurring | One-off and recurring | One-off solely |
Expiry date | Have to be scheduled earlier than 30 September 2023 | Have to be paid earlier than 22 September 2023 | Have to be scheduled earlier than 31 August 2023 |
You even have much more flexibility on the subject of which bank card you need to use with the service, slightly than being restricted to the financial institution’s personal playing cards. Apart from HSBC playing cards, you need to use playing cards from actually each different issuer on CardUp – though chances are you’ll need to be good about which card you employ by checking here first.
Which bank card must you use on CardUp?
Personally, I’ve used my UOB PRVI Miles with CardUp since 2017 as a result of it has been incomes me a candy 1.4 mpd all through all these years. There’s no competitors, particularly when the identical card solely will get me 1 mpd if I had been to undergo the financial institution’s cost facility as a substitute.
For many of us, 1.4 mpd is the candy spot with many playing cards providing that earn fee on CardUp, together with however not restricted to:
- UOB PRVI Miles
- UOB Visa Infinite Metallic
- Customary Chartered Visa Infinite (on native spend >S$2k a month)
In any other case, the 1.2 mpd class additionally has a variety of playing cards that may be paired with CardUp:
- Citi PremierMiles
- DBS Altitude
- Maybank Visa Infinite
- Krisflyer UOB
For those who’re privileged sufficient to personal a by-invite-only high-end card just like the DBS Insignia, Citi ULTIMA or UOB Reserve, then you possibly can doubtlessly earn a better 1.6 mpd in your CardUp funds.
In fact, until your cost on CardUp is exceptionally excessive, not one of the promo codes can struggle with the S$30 financial savings you’ll get if and once you use SGBUDGETBABE as a substitute.
But when your CardUp cost is something greater than $3,500, you then’ll be higher off utilizing both of the above promo codes – relying on whether or not you maintain a Visa / MasterCard / AMEX card.
Like this hack? Bear in mind to share it along with your family members to allow them to cease shortchanging themselves of miles they might have in any other case earned! ?
Save in your CardUp funds once you use my affiliate promo code SGBUDGETBABE
With love,
Finances Babe