Income tax season is upon us, and if you’re thinking of earning some miles when paying, here’s an offer for you.
CardUp is offering Milelion readers a special rate of 1.99% (normally: 2.6%) on income tax payments scheduled by 31 May 2019 with the promo code MILELIONTAX. This applies to payments made via Visa and Mastercard only.
To use this code, simply click on Schedule Payment…
Select Tax & Stamp Duty –> Income Tax
Enter your payment details, upload the supporting documentation and enter MILELIONTAX in the promo code field
That’s it! You’ll see the discounted rate of 1.99% at the final screen.
The T&C for this promo code can be found here. This promo code can be used a maximum of once per user.
If this is your first ever payment with CardUp, you can opt to use the promo code MILELION instead and get $20 off a minimum payment of $1,000
- If your tax amount is less than $1,000, you can only use MILELIONTAX
- If your tax amount is $1,000 to $3,278, MILELION is a better deal if you’re eligible
- If your tax amount is >$3,278, MILELIONTAX is a better deal
CardUp has teased that anyone who uses the MILELION or MILELIONTAX codes will receive a surprise promo code in June for their next payment. I don’t know what that is, but look out for it in your inbox.
You will need to submit a copy of your NOA to CardUp as supporting documentation, and you can only pay off your entire tax due amount. You won’t be able to pay in installments; IRAS doesn’t allow that through CardUp.
Also note that unlike the tax payment facilities offered by banks where funds are transferred to your account and you make the payment, CardUp makes payment directly to IRAS on your behalf.
How does this compare to other payment options?
Back in March, I wrote about the various methods of earning miles on your income tax payments. Since then, we’ve had some new developments so I’ve updated the table accordingly:
|Method||Processing Fee||Earn Rate||Cents Per Mile|
|Standard Chartered Visa Infinite (≥$2K spend p.m)||1.6%||1.4||1.14|
|HSBC Visa Infinite (≥$50K spend in prev year)||1.5%||1.25||1.20|
|CardUp with DBS Insignia/Citi Ultima/UOB Reserve||1.99%||1.6||1.22|
|HSBC Premier Mastercard||0.5%||0.4||1.25|
|Citi PayAll with Citi Ultima||1.5% (targeted) or 2%||1.6||0.94 or 1.25|
|CardUp with BOC Elite Miles World Mastercard||1.99%||1.5||1.30|
|CardUp with UOB PRVI Miles||1.99%||1.4||1.39|
|HSBC Visa Infinite (<$50K spend in prev year)||1.5%||1.0||1.50|
|CardUp with Citi Prestige||1.99%||1.3||1.50|
|Citi PayAll with Citi Prestige/PremierMiles AMEX||1.5% (targeted) or 2%||1.3||1.15 or 1.54|
|Standard Chartered Visa Infinite (<$2K spend p.m)||1.6%||1.0||1.60|
|CardUp with DBS Altitude/Citi PremierMiles Visa||1.99%||1.2||1.63|
|Citi PayAll with Citi PremierMiles Visa||1.5% (targeted) or 2%||1.2||1.25 or 1.67|
|UOB Visa Infinite Payment Facility||2.0%||1.0||2.00|
|UOB PRVI Pay||2.1%||1.0||2.10|
A quick word about the CardUp calculations: you may be wondering why the math to derive cents per mile is not Fee/MPD. That’s because the CardUp fee itself also earns miles. For example, if I pay $1,000 with my Citi Ultima card:
- The total amount charged by CardUp is $1,000 + $19.90= $1,019.90
- I earn $1,019.90*1.6≈ 1,632 miles
- Cost per mile= 19.90/1,632=1.22 cents each
There are no 10X opportunities with CardUp, so there’s no point using cards like the DBS Woman’s World and Citi Rewards. All general spending cards should earn points for income tax payments with CardUp, so stick to these and you’ll be fine.
Have a read of this post for the full list of options available when paying income tax.
A 1.99% fee represents a great opportunity to pick up miles for less, so be sure to schedule your payments before 31 May 2019.
You can also refer your friends to CardUp and get $20 for every new user who makes a payment, plus a bonus $30 (till 30 June) when three friends make an income tax payment with your code.
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