Best Credit Cards for Income Tax Payments 2024
While credit cards cannot be used to directly pay income taxes, a few cards provide tax facilities that allow you to earn rewards on your payment. While a processing fee usually offsets these rewards, paying through a tax facility allows you to ‘buy’ miles at a discount. Below, our experts reviewed the best credit cards for income tax payments in Singapore, so you can see which may be the right fit for you.
| Best Cards for Tax Payments | Fee | Tax Rewards | Card Features | |
|---|---|---|---|---|
| Best Overall | SC Visa Infinite | 1.6% | 1.4 mi/S$1 | 3 miles per S$1 overseas, lounge access |
| High Spenders | Citi Prestige | 2.0% | 1.3 mi/S$1 | Lounge access, golf privileges & more |
| High Spenders | HSBC Visa Infinite | 1.5% | 1.0 mi/S$1 | Airport perks like expedited immigration |
| Affordable Perks | DBS Altitude Visa | 3.0% | 1.2 mi/S$1 | Lounge access, golfing privileges & more` |
| Citi PMV | 2.0% | 1.2 mi/S$1 | 21,000 welcome & 10,000 renewal miles | |
| Low Spenders | HSBC Revolution | 0.7% | 0.4 mi/S$1 | Miles for local dining & entertainment |
| For Other Cards | Cardup | 0.7%-2.6% | 1.6 mi/S$1 | Third party platform for accessing new rewards categories |
Best Miles Credit Card Overall for Income Tax Payments: Standard Chartered Visa Infinite Card
- Pros
- Great rewards for high overseas spend
- Rewards banking activity
- Cons
- Not suitable for average spenders who mostly buy local essentials
- Annual fee
Standard Chartered Visa Infinite Card is not only the absolute best credit card option on the market for paying income taxes, it also offers exceptional rewards rates and travel perks. Cardholders earn a market-leading 3 miles per S$1 overseas, 1.4 miles locally, and receive 35,000 welcome miles (worth S$350). Privileges include 6 free lounge visits/year, a free yacht hire, free travel insurance, Hertz Asia privileges, discounted green fees and more.
In terms of paying income taxes, SC Visa Infinite stands out from all alternatives. Cardholders (both principal and supplementary) earn some of the highest rewards rates for tax payments on the market–those with at least S$2,000/month spend earn 1.4 miles per S$1, and those with spend below earn 1 mile per S$1. The bank’s tax facility then debits the amount of your tax payment to your card and credits this amount to your bank account. You are then responsible for arranging payment with IRAS, and must pay off the credit card charge by the next statement month.
Paying income taxes through a credit card incurs a processing fee–in this case, 1.6% of your total tax amount. This fee rate is higher than the rewards rate offered, so essentially, paying taxes through your card is a way of ‘buying’ miles for a cheap price. For SC Visa Infinite Card, tax payment allows you to buy at the rate of 1 mile for 1.14 cents (1.60 cents for lower spenders). This is the best ‘buy rate’ on the market. In addition, if you use rewards to book a business class ticket, 1 mile’s redemption worth is 4.40 cents, on average. This means by paying your income taxes, you’re buying miles at a deep discount.
Finally, SC Visa Infinite Card stands out because cardholders with an SC banking account can also earn rewards on fixed deposits, investments, savings accounts, mortgage loans, and more. Overall, the benefits of SC Visa Infinite Card considerably validate it’s admittedly high S$588.5 fee. Ultimately, if you want elite perks, top rates, and the chance to buy miles at a discount, SC Visa Infinite Card is an excellent option for you.
- Annual fee: S$588.5
- 1.4 miles per S$1 local spend, 3 miles overseas (S$2,000 min spend)
- 35,000 welcome miles (worth S$350)
- Tax payments are eligible for rewards points
- Free travel insurance, 6x lounge access, 1 free 4hr yacht hire
- Hertz Asia Privileges, Golfing/Dining/Hotel Privileges
- Up to 25% fuel savings with Caltex
- Annual fee: S$588.5
- 1.4 miles per S$1 local spend, 3 miles overseas (S$2,000 min spend)
- 35,000 welcome miles (worth S$350)
- Tax payments are eligible for rewards points
- Free travel insurance, 6x lounge access, 1 free 4hr yacht hire
- Hertz Asia Privileges, Golfing/Dining/Hotel Privileges
- Up to 25% fuel savings with Caltex
Best Credit Cards for High Spenders' Tax Payments
If you're a high income-earner, chances are you'll fall into a bracket requiring a substantial tax payment. The following credit cards will allow you to make more of your spend by earning rewards for tax payments.
Best Travel Card for Luxury Perks: Citi Prestige MasterCard
- Pros
- Great luxury benefits
- Ideal for higher budgets
- Great golfing and travel perks
- Cons
- Very high annual fees
- Unsuitable for moderate budgets
Citi Prestige MasterCard offers some of the best credit card luxury perks on the market, while still providing high miles rates and even rewards for spend on taxes. Cardholders enjoy 1.3 miles per S$1 locally and 2 miles overseas, plus 25,000 annual bonus miles (worth S$250) and up to 30% annual bonus (based on tenure of relationship with Citibank). Cardholders also receive unlimited lounge access, free limo transfers, bonus hotel nights, golfing privileges, and more.
Cardmembers also have access to Citi PayAll, which offers 1.3 miles per S$1 spend on taxes, rent, condominium management fees, school fees, and electricity bills, for a 1.5–2% administrative fee. This fee outweighs the rewards rate, which essentially means cardholders can "buy" miles rewards at a discounted rate: about 1.15 cents/mile at the 1.5% rate and 1.53 cents/mile at the 2% rate. Rewards miles can often be redeemed for 4–8 cents value when booking first class, so paying taxes through Citi PayAll is an excellent opportunity to accrue miles cheaply.
This being said, Citi Prestige Card does come with a S$535 annual fee; therefore, it's best matched to higher-earners who frequently travel.
- Annual fee: S$535
- 1.3 miles per S$1 local spend, 2 miles overseas
- 25,000 annual renewal miles (worth S$250)
- 15%-30% annual Citi relationship bonus
- Unlimited lounge access, travel insurance, free hotel nights & more
- Earn miles on taxes, rent, electricity bills, condominium management & school fees w/ Citi PayAll
- Up to 14% fuel savings with Esso & Shell
- Annual fee: S$535
- 1.3 miles per S$1 local spend, 2 miles overseas
- 25,000 annual renewal miles (worth S$250)
- 15%-30% annual Citi relationship bonus
- Unlimited lounge access, travel insurance, free hotel nights & more
- Earn miles on taxes, rent, electricity bills, condominium management & school fees w/ Citi PayAll
- Up to 14% fuel savings with Esso & Shell
Best Travel Card for Airport Perks: HSBC Visa Infinite Card
HSBC Visa Infinite Card is not just a great option for airport perks, it also offers one of the highest credit card rewards rates for income tax payments. Cardholders earn 1 mile per S$1 locally and 2 miles overseas during their first year; if they spend S$50,000 annually, they’ll subsequently earn 1.25 miles per S$1 locally and 2.25 miles overseas. This local rate applies to cardholders’ income tax payment. Considering the 1.5% processing fee for using HSBC’s tax facility, this translates to a ‘buy rate’ of 1.50 cents per mile for 1st year spenders, and 1.20 cents per mile for subsequent higher spenders. Again, these costs are just a fraction of the actual value of miles redeemed for business or 1st class air tickets.
Cardholders also benefit from great airport perks. Such benefits include expedited immigration clearance, unlimited lounge access, free limo transfers, and travel insurance. While there’s a S$650 fee (S$488 for HSBC Premier customers), the rewards rates, perks, and discounted miles rate (through tax payment) make HSBC Visa Infinite Card a great option for high-spending, frequent travellers.
- Annual fee: S$650 (S$488 for HSBC Premier customers)
- 1st Year: 1 mile per S$1 local spend, 2 miles overseas
- Thereafter: 1.25 miles per S$1 local spend, 2.25 miles overseas (with S$50,000 annual spend)
- Unlimited lounge access, travel insurance, golfing privileges, free limo transfers & expedited immigration clearance (1x/S$2,000 spend, up to 24x/year)
- Up to 20.2% fuel savings with Caltex, 14% with Shell
- Annual fee: S$650 (S$488 for HSBC Premier customers)
- 1st Year: 1 mile per S$1 local spend, 2 miles overseas
- Thereafter: 1.25 miles per S$1 local spend, 2.25 miles overseas (with S$50,000 annual spend)
- Unlimited lounge access, travel insurance, golfing privileges, free limo transfers & expedited immigration clearance (1x/S$2,000 spend, up to 24x/year)
- Up to 20.2% fuel savings with Caltex, 14% with Shell
Best Cards for Tax Payments with Affordable Perks
The following credit cards offer an easy way to earn miles for paying taxes, while also providing affordable travel perks.
Best Card for Affordable Perks: DBS Altitude Visa Card
- Pros
- Great for online travel bookings
- Cons
- Those willing to pay an annual fee for more bonus miles
- Affluent travellers who are willing to pay a high fee for luxury travel perks
If you’re a frequent traveller seeking luxury perks–without having to pay a massive annual fee–you may be interested in DBS Altitude Visa Card. Cardholders earn 1.2 miles per S$1 locally, 2 miles overseas, and 3 miles for online travel bookings. In addition, they receive 2 free lounge visits/year, free travel insurance, golfing privileges throughout SE Asia and more. While many credit cards with such perks charge sizeable fees, DBS Altitude Cardholders are exempt from the S$192.6 fee with just S$25,000 annual spend.
In addition to its affordability, DBS also offers rewards on income tax payments. Cardholders receive 1.2 miles per S$1 spend on their income tax, which is paid off through DBS’s My Preferred Payment Plan for Income Tax Payments. Unlike other cards, which require repayment in one lump sum, or that coordinate instalments to align with GIRO monthly payments, DBS’s plan allows cardholders to pay DBS back in 0% interest instalments over up to 12 months, rather than paying back the entire sum in the next card statement.
This instalment plan has a 3% processing fee, however, which is higher than any other tax facility’s. At this rate, paying taxes through DBS Altitude Card offers a ‘buy rate’ of 2.50 cents per mile. While this is notably more expensive than buy rates with alternative cards, it’s still a discount of nearly 50% on a mile’s redemption value for business class tickets. Therefore, if you tend to fly business or 1st class and want a great travel card with a fee-waiver, DBS Altitude Card could be an excellent option for you.
- Annual fee: S$192.6, 1-year waiver, subsequently with S$25,000 annual spend
- Alternative: 10,000 bonus miles w/ payment of annual fee
- 1.2 miles per S$1 locally, 2 miles overseas, 3 miles for online travel bookings
- Miles earned never expire
- Free travel insurance, 2x lounge visits, golfing & dining privileges
- DBS My Preferred Payment Plan (0% interest instalments)
- Annual fee: S$192.6, 1-year waiver, subsequently with S$25,000 annual spend
- Alternative: 10,000 bonus miles w/ payment of annual fee
- 1.2 miles per S$1 locally, 2 miles overseas, 3 miles for online travel bookings
- Miles earned never expire
- Free travel insurance, 2x lounge visits, golfing & dining privileges
- DBS My Preferred Payment Plan (0% interest instalments)
Best Travel Card for Affordable Miles: Citi PremierMiles Visa Card
- Pros
- Frequent traveler perks
- Low fees
- Flexible miles redemption
- Cons
- Lacks luxury perks
- Not suitable for occasional travel
If you want to enjoy a high rewards rate and luxury travel perks without paying an overwhelming annual fee, Citi PremierMiles Visa Card is one of the best options on the market. Cardholders earn 1.2 miles per S$1 local spend, 2 miles overseas, and receive up to 45,000 welcome miles (worth S$450) and 10,000 annual bonus miles (worth S$100). These bonuses significantly offset the already reasonable S$192.6 annual fee. In addition, cardholders receive 2 free lounge visits per year and free travel insurance.
Perhaps one of the most impressive features of Citi PMV Card is its access to Citi PayAll, which allows cardholders to earn 1.2 miles per S$1 spend on taxes, rent, condominium management fees, school fees and electricity bills. The 1.5–2% administrative fee offsets these rewards, resulting in a miles "buy" rate of 1.25 cents per mile (with 1.5% fee) or 1.67 cents per mile (with 2% fee). These buy rates are quite competitive, as miles can typically be redeemed for between 4–8 cents value when booking first class. As a result, Citi PMV Card is a great option if you're seeking both an affordable travel card with perks as well as a way to easily accumulate "cheap" miles.
- Annual fee: S$192.6, 1-year waiver
- 10,000 bonus annual renewal miles (worth S$100)
- 1.2 miles per S$1 local spend, 2 miles overseas
- Miles earned never expire
- 2 free lounge visits & free travel insurance
- Annual fee: S$192.6, 1-year waiver
- 10,000 bonus annual renewal miles (worth S$100)
- 1.2 miles per S$1 local spend, 2 miles overseas
- Miles earned never expire
- 2 free lounge visits & free travel insurance
Best Card for Online & Social Spenders: HSBC Revolution Card
- Pros
- Great rewards on local dining and entertainment
- Online shopping perks
- No-fee card
- Cons
- Lacks rewards for frequent travellers who spend large amounts overseas
- Not suitable for low budgets
HSBC Revolution Card is the best credit card for income tax payments if you're a local, social spender and often make purchases online. Cardholders earn 2 miles per S$1 on local dining, entertainment, and online spend–which includes everything from travel bookings to online bill-pay. There’s no minimum spend requirement and no earnings cap, so you’ll begin earning right away and without limits.
In terms of taxes, cardholders have access to HSBC’s tax facility. Principal and supplementary cardholders can choose between 2 options: pay their full tax amount in a lump sum, or coordinate HSBC payments to align with GIRO payments across 12 months. There’s a processing fee of 0.7% on the total tax amount, and the payment earns 0.4 miles per S$1. This translates to a ‘buy rate’ of 1 mile for 1.75 cents. While this is higher than the value of 1 mile redeemed for an economy ticket (1.15 cents), it’s considerably lower than the average redemption rate for business (4.40 cents) or first class (8.00 cents).
While HSBC offers one of the only options to coordinate monthly payments with GIRO instalments, it also has a generally higher ‘buy rate’ than alternatives. However, it’s a great card for those with high spend in its select categories, and it even offers a fee waiver with just S$12,500 annual spend.
- Annual fee: S$160.5, 2-year waiver, subsequently with S$12,500 annual spend
- 2 miles per S$1 spend on local dining & entertainment, online spend (unlimited)
- Online rate includes travel bookings, recurring bills & transit payments
- No minimum spend requirement
- Up to 20.2% fuel savings with Caltex, 14% with Shell
- Annual fee: S$160.5, 2-year waiver, subsequently with S$12,500 annual spend
- 2 miles per S$1 spend on local dining & entertainment, online spend (unlimited)
- Online rate includes travel bookings, recurring bills & transit payments
- No minimum spend requirement
- Up to 20.2% fuel savings with Caltex, 14% with Shell
Best Online Shopping Card for Tax Payments: Citi Rewards Card
- Pros
- Great for online & offline shopping
- Beneficial for frequent travellers
- Cons
- Less valuable for infrequent shoppers
- Foreign transaction fees apply
Citi Rewards Card is an outstanding credit card option for frequent online and fashion-retail shoppers. In fact, cardholders earn 10 points (4 miles) per S$1 spend in both of these categories. There's no minimum spend requirement, and cardholders can earn up to 4,000 miles/month (about S$40 value).
Citi Rewards Card stands out from other shopper cards because cardholders also have access to the Citi PayAll programme, allowing them to earn 4 miles per S$1 spend on recurring payments like taxes, rent, condominium management fees, school fees, and electricity bills. However, using this service requires a 1.5–2% administrative fee, which notably outweighs the value earned. For this reason, it may be better to use a different credit card for recurring payments, though Citi Rewards Card is definitely one of the most flexible options for shoppers and should be considered if you make frequent retail purchases.
- Annual fee: S$192.6, 1-year waiver
- 4 miles (10pts) per S$1 fashion retail spend (local, overseas, online & offline)
- 4 miles (10pts) per S$1 online (inc. online food & grocery delivery, ride-hailing services)
- Free travel insurance
- Rewards for taxes, rent, electricity bills, condominium management & school fees w/ Citi PayAll
- Up to 14% fuel savings with Esso & Shell
- Annual fee: S$192.6, 1-year waiver
- 4 miles (10pts) per S$1 fashion retail spend (local, overseas, online & offline)
- 4 miles (10pts) per S$1 online (inc. online food & grocery delivery, ride-hailing services)
- Free travel insurance
- Rewards for taxes, rent, electricity bills, condominium management & school fees w/ Citi PayAll
- Up to 14% fuel savings with Esso & Shell
Best Online Platform To Earn Rewards on Tax Payments: CardUp
- Pros
- Those who have many recurring bills
- Individuals who have high credit limits
- Cons
- Those whose cards offer low rewards rates
If you make one-off or recurring tax payments and would like to earn rewards while also automating those payments all in one platform, then you should consider signing up for CardUp. This online platform enables you to make payments with your credit card even for services which do not currently accept credit cards. In addition, the platform allows you to earn miles or cashback on your tax payments, property tax, income tax and stamp duty.
You can schedule future, recurring and one-off payments, monitor them and receive real-time payment status updates. While it is free to sign up, each transaction carries a corresponding processing fee. As an added bonus, however, making payments through CardUp allows you to free up some cash for other uses before the credit card bill is due.
- Annual fee: none, only applicable processing fees
- Compatible with Visa, MasterCard, American Express and UnionPay
- Earn rewards on rent, electricity, insurance, property and income taxes, can loans
- Set up one-off / recurring payments, or schedule them in advance
- Monitor past and upcoming payments all on one platform
- Annual fee: none, only applicable processing fees
- Compatible with Visa, MasterCard, American Express and UnionPay
- Earn rewards on rent, electricity, insurance, property and income taxes, can loans
- Set up one-off / recurring payments, or schedule them in advance
- Monitor past and upcoming payments all on one platform
Summary of Best Credit Cards for Income Tax Payments 2024
Below, we've prepared a summary of our picks for the best credit cards for income tax payments in 2024.
Compare the Best Credit Cards for Income Tax Payments by Dollar Value
The graph below represents the approximate value-to-consumer (in SGD) of the best credit cards for income tax payments in Singapore. Dollar values are calculated based on approximate rewards earned with a S$6,000 monthly spend for 2 years. This number varies, however, depending on individual spending habits.
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Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.