Pro-tip: Meet Spend Requirement of Bonus$aver With CardUp or ipaymy

Been using a Bonus$aver account or recently signed up because of the attractive promo? Perhaps you have yet to sign up because you’re worried about meeting the spend requirement of the account. 

In any case, the good news is that you can use payment services like CardUp or ipaymy to easily clock the spend requirement of Bonus$aver to earn more interest. 

Standard Chartered Bonus$aver


Until 31st August 2024 (promo by StanChart)

A new-to-Bonus$aver customer is defined as someone who must not have had a previous Bonus$aver Account and/or Bonus$aver Credit Card account suspended, cancelled or terminated in the last 12 months. Other StanChart cards/accounts do not affect your eligibility for Bonus$aver promo.


Don’t have a StanChart Credit Card yet? Make sure you sign up for a StanChart Credit Card first to enjoy the credit promo, then sign up for Bonus$aver to enjoy both promos. The order matters!

Sign up for Bonus$aver Account + Bonus$aver Credit Card as a new-to-product customer (use code 59642 if required)Get S$30 referral reward for using this link
Tap here to fill up Google FormTo monitor and keep track of referral + 1 credit towards any existing finhack
Deposit and maintain minimum S$50,000 of fresh funds until the end of following month (i.e. 30th June 2024 if account is opened in May 2024)S$68 cashback¹
Credit a minimum of S$3,000 monthly salary into your Bonus$aver account within 2 monthsS$100 cashback¹
Optional: be first 1,500 each month to commit S$10,000, S$50,000, or S$100,000 fundsS$10,000: S$50 cashback²

S$50,000: S$200 cashback²

S$100,000: S$500 cashback²

These are for reference only. Please refer to terms and conditions:

  1. Bonus$aver sign-up promo
  2. Save Up Level Up Promo

Spend requirement gives 1.25% or 2% p.a. bonus interest

Bonus$aver’s spend requirement has two tiers:

  1. Spend S$500 for 1.25% p.a. bonus interest
  2. Spend S$2,000 for 2% p.a. bonus interest

You must spend on either the Bonus$aver credit card or the debit card, and the problem with either of the two is that they give no rewards at all. This results in quite a sizeable amount of opportunity cost – at a hypothetical 5% cashback rate you are losing out S$25 each month if you spent S$500 on a Bonus$aver or a staggering S$100 if the spend is $2,000.


4.2% p.a. returns: get early access to Chocolate Finance!

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CardUp or ipaymy payments work

Thankfully, CardUp payments work and this has been tested by myself and at least one other Telegram chat member. Given the similar nature of the services, ipaymy should work too and this was mentioned by another chat member. Check out the guide if you are new to either service.

This means one could pay bills like insurance, income tax or even mortgage that don’t normally attract credit card rewards and get the bonus interest of the Bonus$aver account. Update: Jun Jie from the Telegram mentions that insurance payments are not specifically excluded in the terms and conditions. This means that you may be able to pay insurance premiums directly with Bonus$aver card to count towards the S$500/S$2,000 spend.

By putting expenses that don’t typically earn card rewards on your Bonus$aver card via CardUp or ipaymy, you can then put your retail expenses on other cards that give you high earn rates.

Another benefit is also how fuss-free this can be since you can just settle the spend requirement in a single transaction rather than worry about whether you have met the minimum when the end of the month is nearing. Setting up a recurring transaction will also allow you to automate the process.

Some calculation

Assuming your fee is 2.6% (CardUp’s default fee), you can make a bill payment of S$487.33. The fee will be S$12.67, making a round S$500 spend on your Bonus$aver card. By paying this S$12.67 fee, you have unlocked extra 1.25% p.a. interest rate. If you have S$50,000 in your Bonus$aver account, you get as much as S$52 in interest within a month.

Again assuming your fee is 2.6%, making a bill payment of S$1,949.32 will result in a round S$2,000 spend on your Bonus$aver card. The fee paid is S$50.68 and this gets you the 2% p.a. bonus interest rate which is about S$83 on a S$50,000 balance.

Since the fee can vary due to promo codes, use this formula to determine the sweet spot of bill payment to make so that you achieve either S$500 or S$2,000 of spend:

S$500/S$2,000 ÷ (1 + fee amount ÷ 100)

For example, S$500 ÷ (1 + 2.6 ÷ 100) = S$487.33

S$20,000S$20 – S$12.67 = S$7.33S$33.33 – S$50.68 = -S$17.35
S$50,000S$52 – S$12.67 = S$39.33S$83 – S$50.68 = S$32.32
S$100,000S$104 – S$12.67 = S$91.33S$166 – S$50.68 = S$115.32
Interest – Fee = Net Earnings

You could of course just make a round payment of S$500 which would become S$513 after the 2.6% fee, in which case you pay a slightly higher S$13 fee instead of just S$12.67.

Use promo codes to reduce fees paid

You can usually pay less than 2.6% fee by using promo codes offered by either CardUp or ipaymy. If you’re new to either service, check out the guide on both services and also the following new user promos below:


New user, use this first: sign up and use code SETHISFY Get S$30 off transaction fee ¹

(Free miles/cashback for a payment of about S$1,154!)
New or existing users: use code SETHTAX24Reduced 1.75% fee² for income tax payment
(Visa or China Unionpay only)
New or existing users: use code MCTAX24Reduced 1.99% CardUp fee³ for income tax payment
(Mastercard only)

Tap here for guide

Terms and conditions:

  1. Terms and conditions for SETHISFY
  2. Terms and conditions for SETHTAX24
  3. Terms and conditions for MCTAX24


Ongoing promo

Activity Reward
New user: sign up hereGet S$30 off transaction fee

(free miles/cashback for a payment of about S$1,333!)
Existing users: code TAX2024Reduced fee of 1.75% for income tax payment with a VISA card. Code can only be redeemed once

After signing up with the link, an email will be sent to you with the code.

Salary requirement still has no known workaround

Unfortunately, the salary requirement still needs the amount to be transferred in via GIRO from a corporate account. Attempts to transfer in funds via personal accounts have not seemed to work.

But do stay subscribed to the Telegram to be updated the moment we do find a way to get around the salary requirement. Until then, at least we have the spend requirement settled.

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

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Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!

Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).

1 thought on “Pro-tip: Meet Spend Requirement of Bonus$aver With CardUp or ipaymy

  1. Use SCB’s own easybill payment at 1.9% fee (pay taxes with it etc) to meet bonusaver spend requirement . There’s no need to use ipaymy/cardup.

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