What Is Cardup/iPayMy?
CardUp/iPayMy are third-party services that allow you pay income tax with credit card and earn rewards like cashback or miles.
How It Works:
- CardUp/iPayMy charges your credit card for the tax amount + a fee.
- They handle the bank transfer to IRAS for you.
Maximise Your New User Benefits First On Cardup or iPayMy
If you’re new to these platforms, use these codes on other payments (e.g. insurance, rent, education) to maximise your first-timer discount before using the tax promo codes:
New Users:
- CardUp: Use
IJTLFREEto get $30 off your first payment (sweet spot payment amount: $1,154). - iPayMy: Sign up via this link to get $30 off (sweet spot payment amount: $1,250).
- CardUp: Use
Then after which, you can use this code to take advantage of the tax promotion.
Optimisation Strategy Example To Maximise New User Benefits
- Pay $1,154 using
IJTLFREE(CardUp). - Sign up via referral link & Pay $1,250 (iPayMy).
How To Calculate Cost Per Mile:
For an admin fee for CardUp is 1.75%, with a 1.4 miles per dollar card and a tax amounting to S$1,000, here is the calculation:
Amount x Admin fee = Service Fee
S$1,000 x 0.0175 = S$17.5 service fee
Amount x (1 + Admin Fee) x Earn Rate = Miles Earned
S$1,000 x (1+0.0175) x 1.4 miles per dollar = 1,424 Miles
Service Fee / Miles Earned = Cost per Mile
S$17.5 / S$1,424 = 1.23¢ cost per mile
Below will be the step-by-step guide for Cardup and iPayMy:
How to pay income tax, insurance, rent, helper’s salary etc with credit card using CardUp:
Sign Up for an account
2. Schedule a payment by selecting the relevant payment type
3. Select the recipient (eg. IRAS)
4.Fill out details such as payment amount, choose the card and select “Standard payment“
5. Schedule a monthly recurring payment (more on that later)
6. Key in your IC Number, enter promo code below and click “Continue”:
- For new users, use IJTLFREE for S$30 off your first payment to maximise your rewards
7. Submit your documents
- Statement of Account showing your Name, NRIC, Outstanding balance and Date of outstanding balance
After all that, you’re good to go!
- Some photos and Information are from cardup.co
Your dashboard will show the scheduled payments like this:
How to pay with credit card using iPayMy:
Sign Up for an account on iPayMy to get S$30 off
On the dashboard’s upper right, click “Make a Payment”, then select the relevant payment type
3. Enter the details
4. Choose the Schedule Type whether One-Time or Recurring
5. Choose your Payment Date, but note that your card will be charged a few days earlier
6. On the Payment Details screen, you’ll choose the saved credit card you’d like to use, and the standard ipaymy fee of 2.4% will be shown.
7. If you signed up via my referral link, you should have an email (check spam/junk mail) that looks like this, with the promo code that you should enter.
8. Once you applied the code, you should see S$30 deducted off the service fee. Make sure the fee (2.4%) portion is ZERO before proceeding.
💳 Credit cards change their T&Cs every so often and it is difficult to stay updated. That’s why I created a Telegram Broadcast where you can receive timely bite-sized updates to get the most out of your spending.
💡 We believe in always paying our credit card bills on time and in full. It is only by doing that, can we fully maximise our credit card benefits.
