American Express cards: Pay income tax via CardUp with 2.2% or 2.4% fee

Last month, CardUp launched an 1.75% admin fee promotion for new or existing users paying  income tax with Visa and Mastercard cards. 

Today, they’ve launched two offers for American Express cards- a 2.2% fee (new users) or 2.4% fee (existing users) on a single income tax payment scheduled by 24 August 2021. 

American Express: 2.2% or 2.4% admin fee

New CardUp users (defined as those who have not made a payment on CardUp before) will enjoy a special rate of 2.2% on income tax payments with the promo code AMEXNEWTAX. 

Existing CardUp users will enjoy a special rate of 2.4% on income tax payments with the promo code AMEXTAX.

The following terms apply to both codes:

• Each code is limited to the first 80 users (but you’ll be able to see if the quota has been exhausted before making payment)
• Valid for all American Express cards issued by American Express International in Singapore, excluding those issued by DBS or UOB (Citibank no longer issues AMEX cards, and on the off chance you still have one, it won’t be valid for this offer either). 
• A minimum payment of S$1,000 must be made
• Payments must be scheduled by 24 August 2021, with a due date by 27 August 2021
• Promo codes can be redeemed a maximum of once per user

The full T&C for this code can be found here.

CardUp can be used to pay any amount, up to and including the total tax due amount on the NOA. Monthly payment options are also available for income tax, but the 2.2/2.4% admin fee will only apply to the first payment of a recurring tax payment series. 

What’s the cost per mile?

If you’re paying with an American Express card, your best option is the AMEX KrisFlyer Ascend- all the other cards yield a cost per mile figure that’s higher than the generally-agreed ceiling. 

Card	Miles per S$1	Cost Per Mile (2.2% fee)	Cost Per Mile (2.4% fee)
AMEX KrisFlyer Ascend	1.2	1.79	1.95
AMEX KrisFlyer Credit Card	1.1	1.96	2.13
AMEX Centurion	0.975	2.21	2.40
AMEX Platinum Charge	0.78	2.76	3.00
AMEX Platinum Reserve or Credit Card	0.69	3.12	3.40

However, it’s important to think about sign-up bonuses too. CardUp payments will count towards American Express sign-up bonuses, so if you’ve just gotten approved for an AMEX card and are looking for ways to meet the spending target, it might still be worth exploring this. 

For example, Milelion readers who sign up for the AMEX KrisFlyer Ascend will enjoy 7,500 miles when they spend S$2,000 in the first 3 months, and a 1-night Shangri-La staycation + 10,000 miles when they spend a further S$3,000 (i.e S$5,000 total). 

Assuming you spent that entire amount through CardUp income tax payments, your admin fee would be S$110 (or S$120, if you’re an existing CardUp customer). That’s not too bad, considering how it helps you unlock 17,500 bonus miles and a 5-Star staycation. 

How do I use the promo code?

After you’ve logged in to your CardUp account, click the “Schedule Payment” button and select “Taxes & Stamp Duty”. Select “Income Tax”, acknowledge the terms and conditions and click “Next”.

Enter the amount you wish to pay. This should match the amount reflected on your NOA

Next, enter the date on which you wish to make payment.

You’ll also be prompted to upload your NOA and enter the relevant promo code.

Ensure the discounted fee reflects on the final screen, then submit your payment for approval.

What are my other options for paying tax?

I’ve published the updated Milelion guide to earning miles with income tax payments, so be sure to check it out for the full range of options. 

2021 Edition: How to pay IRAS income tax with your credit card (and earn miles)

Conclusion

CardUp offered a promotion rate of 2.4% for all AMEX users last year, so this year’s is slightly better if you’re a new user (albeit with a cap on the promo code usage, so decide soon). 

If you haven’t received your NOA yet, sit tight. NOAs are sent out in batches from now till September 2021, so you’ll get yours sooner or later.