Disclaimer: My bias in the 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 determine for your self.
Since my current article on how you should use CardUp to earn miles whereas paying your earnings tax to IRAS (that may in any other case not have earned you any rewards), a number of of you may have reached out to me to ask if the financial institution cost services – Citi PayAll, SC EasyBill, UOB Cost Facility – can be higher.
The excellent news is, CardUp most likely is aware of this as nicely, which could clarify why they’ve launched promo codes to cut back the admin price charges. However they’re not the one one, as the assorted banks have additionally run time-sensitive promo codes to strive as they every combat so that you can pay your taxes by way of them.
So…as a shopper, what must you select?
Right here’s the most recent on present charges (after promo):
| Cardup | Citi PayAll | SC EasyBill | UOB Cost Facility | |
| Admin Charge | 1.75% (Visa) 1.8% (AMEX – new) 1.9% (AMEX – present) 1.99% (MasterCard) |
2.6% (beforehand 2.2%) | As much as 1.9% (slight discount from 1.99%) |
1.9% – 2.3% (varies by playing cards)
(previously 1.7% – 2.2% for one-off, or 2.8% – 4.7% for month-to-month instalments) |
| Downsides | Promo charges final till Aug 2024.
Can’t use AMEX playing cards. |
Minimal spend of S$8,000 applies. | No choice for recurring funds i.e. you must pay your total earnings tax in full directly. | Promo charges finish the earliest i.e. on 30 June 2023. One-off solely i.e. you must pay in full. Costs and rewards (mpd) varies between UOB playing cards (examine right 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 wish to determine:
When you’re a UOB cardholder, utilizing the UOB Cost Facility could be finest for limitless miles, albeit at a 2% admin price. However should you’re utilizing the UOB PRVI Miles, then CardUp will likely be a more sensible choice as you’ll pay decrease charges (1.75% vs. 2.3%) and earn a better 1.4 mpd relatively than simply 1 mpd.
When you’re a Commonplace Chartered cardholder who can repay your total earnings tax in full directly, then the SC EasyBill may serve you higher.
When you’re a Citibank cardholder, you may get 2 mpd once you select to pay through Citi PayAll in your tax transactions, and 1.6 mpd on all Citi PayAll non-tax transactions. The draw back? Each presents require a minimal spend of S$5,000 on non-tax transactions on a single card, which is unhealthy information for you guys who’re simply hoping to pay their taxes and nothing else.
When you’re a HSBC cardholder, you’d be foolish to make use of your HSBC card now that HSBC has discontinued its Revenue Tax Cost Programme, and particularly excludes CardUp funds from incomes rewards.
After all, if not one of the above financial institution cost facility choices swimsuit you, then you might wish to use CardUp as a substitute…which is what I personally do.
When you’re questioning why I’ve not included iPayMy on this record, that’s as a result of they’re virtually much like CardUp (which I personally use) and presently cost a better price for earnings tax funds made this yr, even after the promo charges. Additionally, the cardboard I take advantage of for earnings 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
When you’re paying your earnings tax in month-to-month instalments, CardUp is the only option amongst all the above choices, as a result of you’ll be able to arrange recurring funds each month and nonetheless benefit from the promotional charges (except you’re utilizing a MasterCard):
| Visa | MasterCard | |
| Promo code | BBTAX24 | MCTAX24 |
| Charge cost | 1.75% | 1.99% |
| Cost kind | One-off and recurring | One-off and recurring |
| Expiry date | Have to be scheduled earlier than 31 August 2024 | Have to be scheduled earlier than 31 August 2024 |
You even have much more flexibility in terms of which bank card you should use with the service, relatively than being restricted to the financial institution’s personal playing cards. Except for HSBC playing cards, you should use playing cards from actually each different issuer on CardUp – though you might wish to be good about which card you utilize by checking right 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 have 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 price on CardUp, together with however not restricted to:
- UOB PRVI Miles
- UOB Visa Infinite Steel
- Commonplace Chartered Visa Infinite (on native spend >S$2k a month)
In any other case, the 1.2 mpd class additionally has the widest vary of mass-market playing cards that may be paired with CardUp:
- Citi PremierMiles
- DBS Altitude
- Maybank Visa Infinite
- Krisflyer UOB
When you’re privileged sufficient to personal a by-invite-only high-end card just like the DBS Vantage, DBS Insignia, Citi ULTIMA or UOB Reserve, then you’ll be able to probably earn a better 1.6 mpd in your CardUp funds.
If that is your first time utilizing CardUp, use the code BUDGETBABE to save lots of S$30 off your first transaction with no minimal spend required. This lets you earn free miles on a cost of as much as S$1,154 (primarily based on CardUp’s common admin price of two.6%).
Or use BBTAX24 to get the bottom 1.75% charges in your earnings tax funds.
After all, except your cost on CardUp is exceptionally excessive, not one of the promo codes can combat with the S$30 financial savings you’ll get if and once you use BUDGETBABE as a substitute.
But when your CardUp cost is something greater than $3,500, then you definitely’ll be higher off utilizing both of the above promo codes – relying on whether or not you maintain a Visa / MasterCard 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 may have in any other case earned! 😉
Save in your CardUp funds once you use my affiliate promo codes BBTAX24 (in your earnings tax) or BUDGETBABE (for each different cost varieties).
With love,
Funds Babe
