How to Get Cashback and Miles on Your Income Tax, Insurance or Rent – Do It Before 2nd March!

Tax filing season is upon us and you better read this before paying your income tax. Death and taxes may be the only two certainties in life, but you bet I’m going to die before I let go of a mile/cashback earning opportunity when paying my taxes.

Things such as insurance, rent, or taxes are something that don’t typically give you cashback or miles on your expense. Remember what to do when a particular spending doesn’t give you card rewards, but accept payments via bank transfers?

Use ipaymy to get miles and cashback for your contribution to the nation and your insurance policies, and here is why you would want do this before 2nd March (that’s tomorrow):

CardRewardsFeeYield
Spree
+
GrabPay Mastercard
2% cashback
+
2% cashback
1.89%2.18%
cashback
CitiRewards
+
GrabPay Mastercard
4 mpd
+
2% cashback
1.89%4 mpd
+
0.15%
cashback
1.4 mpd card
+
GrabPay Mastercard
1.4 mpd
+
2% cashback
1.89%1.4 mpd
+
0.15%
cashback

The usual fee for ipaymy is 2.25%, but you get a much better cashback or miles yield with promo codes.

Register for an ipaymy account here and get $30 off your first payment! That’s around $1,330 of spend you can put on your credit card for free and earn free miles/cashback!

That 2% cashback in the form of GrabRewards points is going to be 0.8% once the nerfs hit. It’s still not a bad deal, but it’s much better to grab the extra cashback today for settling your insurance premiums early. In fact, it’s not just insurance you can pay, but also things like making your landlord happy with a rent payment a few weeks early. (Depending on my relationship with the landlord, I would even prepay a few months rent if I were a tenant.)

Note that Grab points are almost as good as cash; you can liquidate your points easily at 0.2 cents each by using them to pay for Grab QR payments, so you don’t have to use it on taxi rides as some may think.

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Rewards you can expect

Paying $1,000 of insurance this way and using the Spree card? You get $21.80 for doing very little work, and your money sits in your bank for an extra month earning you interest. CitiRewards users will get a sizeable sum of 4,000 miles for free since the fee is taken care of by the cashback.

Have a really huge payment? You’re limited to GrabPay MasterCard’s $10,000 monthly limit, and using a 1.4 mpd card gets you a cool 14,000 miles, on top of $15 for a decent lunch. Neat.

Here’s what it looks like after the nerf tomorrow:

CardRewardsFeeYield
Spree
+
GrabPay Mastercard
2% cashback
+
0.8% cashback
1.89%0.91%
cashback
CitiRewards
+
GrabPay Mastercard
4 mpd
+
0.8% cashback
1.89%pay 1.09
cent per mile
1.4 mpd card
+
GrabPay Mastercard
1.4 mpd
+
0.8% cashback
1.89%pay 0.779
cent per mile

Given that we can only pay our taxes when the NOA is out, this is as good as it gets for income tax payment.

Keep up to date on the best cashback/mile cards, savings accounts, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.

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