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

RentHero is cutting the admin fee for Milelion readers from 1.9% to 1.85%, further bringing down the cost of buying miles when paying rent.

This promo has been extended until 30 June 2020. Refer to this article for the latest. 

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:

JohnJill
Mar-191.9% (First month)
Apr-191.9%
May-191.9%
Jun-191.9%
Jul-191.85%1.85% (First month)
Aug-191.85%1.85%
Sep-191.85%1.85%
Oct-191.85%1.85%
Nov-191.85%1.85%
Dec-191.85%1.85%
Jan-191.9%1.9%
Feb-191.9% (Final Month)1.9%
Mar-192.25%1.9%
Apr-192.25%1.9%
May-192.25%1.9%
Jun-192.25%1.9% (Final Month)

How does this affect the cost per mile?

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

CardMPDCents Per Mile

DBS Altitude Visa
KrisFlyer UOB Credit Card
1.21.55
1.51


HSBC Visa Infinite (>$50K spending in past year)

1.251.49
1.45

UOB PRVI Miles
SCB Visa Infinite (>$2K per month)
UOB Visa Infinite Metal Card
1.41.33
1.30

BOC Elite Miles World Mastercard
1.51.24
1.21
Image result for uob reserve
UOB Reserve
DBS Insignia
1.61.17
1.14

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

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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:

MethodIncome RequiredCPM
DBS Insignia + RentHero$500K1.07
SCB Visa Infinite Tax Payment$150K1.14-1.6
HSBC Visa Infinite Tax Payment$120K1.2-1.5
HSBC Premier MC Tax PaymentAUM: $200K1.25
Citi ULTIMA + PayAll$500K1.25
HSBC Visa Infinite Welcome Gift$120K1.39-1.86
SCB Visa Infinite + EasyBill$150K1.43-2.0
DBS Altitude + RentHero$30K1.43
Citi Prestige + PayAll$120K1.54
UOB PRVI Miles + CardUp (GET225)$30K1.57
Citi PremierMiles + PayAll$30K1.67
HSBC Visa Plat/Revolution Tax Payment$30K1.75
DBS Altitude/Citibank PremierMiles + CardUp (GET225)$30K1.83
OCBC VOYAGE Tax Payment$120K1.9
UOB Reserve VI Payment FacilityInvitation1.9
OCBC VOYAGE Payment Facility$120K1.9-1.95
Citibank PremierMiles, DBS Altitude, KrisFlyer UOB Card, OCBC 90N Annual Fee$30K1.93
UOB PRVI Pay Facility$30K2.0
UOB VI Metal Payment Facility$150K2.0
OCBC VOYAGE Annual Fee- Option 2$120K2.14
Citi Prestige Annual Fee$120K2.14
DBS Altitude Tax Payment$30K2.5
OCBC VOYAGE Annual Fee- Option 1$120K3.25

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.

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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 [email protected]


Signing up for credit cards or making purchases through any of the links in this article may generate a referral commission that supports the running of the site. Found this post useful? Subscribe to our Telegram Channel to get these posts pushed directly to your phone, or our newsletter (on the right of your screen) for the latest deals and hacks delivered to your inbox.

Aaron Wong
Aaron founded The Milelion with the intention of helping people travel better for less and impressing chiobu. He was 50% successful.

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Tom

Not to be too critical but I think you should use the BOC card earning rate as the “buy miles from” figure in your titles.

Sure technically you can buy them cheaper but this will be misleading to 99.999% of your readers who don’t qualify for 500k/year cards. Whereas the BOC should be quite commonly held.

Using the Ultima etc rate is the equivalent of a store saying “up to 80% off” then having only one item 80% off and the rest 20%. Not wrong, just misleading….

Lenny Koh

Does Citi give miles for Ipamy with rennovation payment ?

Naro

Hi MileLion,

Any idea what is the MCC for RentHero? Will it become like iPayMy/CardUp where such payments will be excluded from reward points?

Cheers,
Naro

Ryan

I’m actually interested in this, what’s the MCC for renthero? Thank you!

Jimmie

Hi Aaron,

Thanks a lot for the useful information. Can you please post how you arrived at the calculation of 1.3 for SCB Infinite Visa (assuming the monthly spend is >2k) down from 1.33?

The calculation i am getting is 1.35 to 1.32? May be i am doing something wrong? Also, if we are earning the miles at 1.4 and cpm is also near about 1.4; is it a good way to buy?

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