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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 at the moment stack up anyway, and how one can determine for your self.
Since my latest article on how you should utilize CardUp to earn miles whereas paying your earnings tax to IRAS (that might in any other case not have earned you any rewards), a number of of you might have reached out to me to ask if the financial institution cost amenities – Citi PayAll, SC EasyBill, UOB Cost Facility – could be higher.
The excellent news is, CardUp most likely is aware of this as properly, which could clarify why they’ve launched promo codes to cut back the admin charge charges. However they’re not the one one, as the varied banks have additionally run time-sensitive promo codes to attempt as they every struggle so that you can pay your taxes by means of them.
So…as a shopper, what must you select?
Right here’s the most recent on present charges (after promo):
| Â | Cardup | Citi PayAll | SC EasyBill | UOB Cost Facility |
| Admin Charge | 1.75% (Visa) 1.8% (AMEX – new) 1.9% (AMEX – current) 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 possibility for recurring funds i.e. you must pay your complete 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. Fees and rewards (mpd) varies between UOB playing cards (verify right here). |
The most important 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 would possibly wish to determine:
When you’re a UOB cardholder, utilizing the UOB Cost Facility could be greatest for limitless miles, albeit at a 2% admin charge. However should you’re utilizing the UOB PRVI Miles, then CardUp shall be a more sensible choice as you’ll pay decrease charges (1.75% vs. 2.3%) and earn the next 1.4 mpd fairly than simply 1 mpd.
When you’re a Normal Chartered cardholder who can repay your complete earnings tax in full directly, then the SC EasyBill would possibly serve you higher.
When you’re a Citibank cardholder, you will get 2 mpd once you select to pay by way of Citi PayAll to 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 dangerous 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.
In fact, if not one of the above financial institution cost facility choices swimsuit you, then you could wish to use CardUp as an alternative…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 nearly just like CardUp (which I personally use) and at the moment cost the next charge 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 in a position 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 your best option amongst all the above choices, as a result of you possibly can arrange recurring funds each month and nonetheless benefit from the promotional charges (except you’re utilizing a MasterCard):
| Â | Visa | MasterCard |
| Promo code | BBTAX24 | MCTAX24 |
| Charge cost | 1.75% | 1.99% |
| Cost sort | 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 utilize with the service, fairly than being restricted to the financial institution’s personal playing cards. Except for HSBC playing cards, you should utilize playing cards from actually each different issuer on CardUp – though you could wish to be good about which card you employ 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 had been to undergo the financial institution’s cost facility as an alternative.
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 Metallic
- Normal 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 possibly can doubtlessly earn the next 1.6 mpd in your CardUp funds.
If that is your first time utilizing CardUp, use the code BUDGETBABE to avoid wasting 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 charge of two.6%).Â
Or use BBTAX24 to get the bottom 1.75% charges to your earnings tax funds.
In fact, except 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 BUDGETBABE as an alternative.
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 together 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 (to your earnings tax) or BUDGETBABE (for each different cost sorts).
With love,
Finances Babe
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