RentHero cuts admin fee for Milelion readers to 1.85%; pay rent and buy miles from just 1.14 cents

Back in February, RentHero launched a special promotion for Milelion readers, which allowed them to pay 12 months of rent at just 1.9% instead of the usual 2.25%. Depending on the credit card used, one could buy miles from as low as 1.17 cents each.

RentHero has now cut the admin fee from 1.9% to 1.85% for all transactions made from 1 July 2019 to 31 Dec 2019.

Sign up for RentHero via this link to enjoy the 1.85% transaction fee

If you’re an existing RentHero customer who signed up via The Milelion’s link, you’ll receive a promo code via email that will reduce the fees on your remaining payments for 2019 to 1.85%. Subsequent rent payments beyond 2019 will enjoy a discounted service fee of 1.90% up to 12-months from your signup date. 

For example, John signed up for RentHero in March 2019, and Jill signs up in July 2019. Here’s how their fees work:

How does this affect the cost per mile?

Here’s what a 1.85% fee means for your cost per mile:

Card	MPD	Cents Per Mile
DBS Altitude Visa KrisFlyer UOB Credit Card	1.2	1.55 1.51
HSBC Visa Infinite (>$50K spending in past year)	1.25	1.49 1.45
UOB PRVI Miles SCB Visa Infinite (>$2K per month) UOB Visa Infinite Metal Card	1.4	1.33 1.30
BOC Elite Miles World Mastercard	1.5	1.24 1.21
UOB Reserve DBS Insignia	1.6	1.17 1.14

*Citi and OCBC do not award points for rental payments, and RentHero cannot guarantee you’ll earn points with these cards

The fee cut means that you can now buy miles from as low as 1.14 cents each, which is a heck of a good price. Even if you don’t qualify for a UOB Reserve or DBS Insignia, your price will come down to 1.21 cents with the BOC Elite Miles World Mastercard or 1.3 cents with the UOB PRVI Miles.

Here’s how this price compares to other ways of buying miles in Singapore:

[table id=4 /]

How to make a payment with RentHero

In case you need a refresher, here’s a quick guide to getting started with RentHero. You can only access the 1.85% admin fee by signing up through The Milelion’s link. Once done, you should be directed to this sign up page.

After signing up, you’ll receive an email with your 1.85% promo code. This is for future transactions- your first transaction will in any case reflect the discounted 1.85% rate already. There’s no limit to the number of transactions you can make with your 1.85% promo code.

You’ll see your dashboard after that. Click on the “Get Started” box to pay rent with your credit card.

You’ll be prompted to enter your monthly rental amount, and whether you want to make a one-time or monthly payment. You should see the discounted service fee of 1.85% automatically on the top right of your screen.

Follow the instructions to create and activate your account. Once done, you’ll be brought back to the RentHero platform where you’ll enter your landlord’s details and upload the tenancy agreement.

The final step is to enter your credit card details.

That’s it! You’ll see a summary of your scheduled rental payments. Be sure to double check that the 1.85% admin fee is properly reflected. If the first rental due date is the earliest possible date that can be chosen on RentHero, payment will be charged immediately. Otherwise, payments are charged at 2pm on the charge date.

You can subsequently edit transactions if you need to, but the service fee will revert to the default 2.25%. It’s better to delete the transaction and add it back again as a new payment to enjoy the 1.85% rate.

All payments should be made at least 6 business days in advance if the rental due date falls on a weekend/public holiday, or 5 business days in advance otherwise.

Conclusion

The cost of buying miles in Singapore keeps coming down. Long may the trend continue.

Any questions or tech support requests can be sent to the RentHero team at hello@renthero.com.sg

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