|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.
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:
|Mar-19||1.9% (First month)|
|Jul-19||1.85%||1.85% (First month)|
|Feb-19||1.9% (Final Month)||1.9%|
|Jun-19||2.25%||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:
|Card||MPD||Cents Per Mile|
DBS Altitude Visa
KrisFlyer UOB Credit Card
UOB PRVI Miles
SCB Visa Infinite (>$2K per month)
UOB Visa Infinite Metal Card
BOC Elite Miles World Mastercard
*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:
|Method||Income Required||CPM||Annual Miles Limit|
|DBS Insignia + RentHero||$500K||1.07||Rental amount|
|SCB Visa Infinite Tax Payment (≥$2K p.m)||$150K||1.14||Tax bill|
|BOC Elite Miles + RentHero||$30K||1.15||Rental amount|
|HSBC Visa Infinite Tax Payment (≥$50K in prev. yr)||$120K||1.2||Tax bill|
|SCB Visa Infinite (≥$2K p.m) + RentHero||UOB PRVI Miles: $30K|
SCB Visa Infinite/ UOB Reserve: $150K
|HSBC Premier MC Tax Payment||AUM: $200K||1.25||Tax bill|
|Citi Ultima + PayAll||$500K||1.25||Bill amount|
|HSBC Visa Infinite Welcome Gift- Premier customer||$120K + AUM $200K||1.39||35K|
|SCB Visa Infinite (≥$2K p.m) + EasyBill||$150K||1.43||Bill amount|
|DBS Altitude/SCB X Card + RentHero||$30K||1.43||Rental amount|
|BOC Elite Miles + CardUp (GET225)||$30K||1.47||Bill amount|
|HSBC Visa Infinite Tax Payment (<$50K in prev year)||$120K||1.5||Tax bill|
|Citi Prestige + PayAll||$120K||1.54||Bill amount|
|UOB PRVI Miles + CardUp (GET225)||$30K||1.57||Bill amount|
|SCB Visa Infinite Tax Payment (<$2K p.m)||$150K||1.6||Tax bill|
|Citi PremierMiles + PayAll||$30K||1.67||Bill amount|
|SCB Visa Infinite Welcome Gift||$150K||1.68||35K|
|HSBC Visa Plat/Revolution Tax Payment||$30K||1.75||Tax bill|
|Cardup with DBS Altitude/Citibank PremierMiles||$30K||1.83||Bill amount|
|HSBC Visa Infinite Welcome Gift- Regular Customer||$120K||1.86||35K|
|OCBC VOYAGE Tax Payment||$120K||1.9||Tax bill|
|UOB Reserve VI Payment Facility||Invitation||1.9||Unlimited|
|Citibank PremierMiles, DBS Altitude, KrisFlyer UOB Card, OCBC 90N Annual Fee||$30K||1.93||10K|
|OCBC VOYAGE Payment Facility||$120K||1.9 or 1.95||Unlimited|
|UOB PRVI Pay Facility||$30K||2.0||Unlimited|
|UOB VI Metal Payment Facility||$150K||2.0||Unlimited|
|SCB Visa Infinite (<$2K p.m) + EasyBill||$150K||2.0||Bill amount|
|OCBC VOYAGE Annual Fee- Option 2||$120K||2.14||150K|
|Citi Prestige Annual Fee||$120K||2.14||25K|
|DBS Altitude Tax Payment||$30K||2.5||Tax bill|
|OCBC VOYAGE Annual Fee- Option 1||$120K||3.25||15K|
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.
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]
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