Best Credit Cards for Income Tax Payments 2020

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, we’ve 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 PaymentsFeeTax RewardsCard Features
Best OverallSC Visa Infinite1.6%1.4 mi/S$13 miles per S$1 overseas, lounge access
High SpendersCiti Prestige2.0%1.3 mi/S$1Lounge access, golf privileges & more
HSBC Visa Infinite1.5%1.0 mi/S$1Airport perks like expedited immigration
Affordable PerksDBS Altitude Visa3.0%1.2 mi/S$1Lounge access, golfing privileges & more
Citi PMV2.0%1.2 mi/S$121,000 welcome & 10,000 renewal miles
Low SpendersHSBC Revolution0.7%0.4 mi/S$1Miles for local dining & entertainment

Best Miles Credit Card Overall for Income Tax Payments: Standard Chartered Visa Infinite Card

Standard Chartered Visa infinite Credit Card
Standard Chartered Visa infinite Credit Card

Consider this if you travel frequently for business

Annual Income Requirement S$150,000
Foreigner Income Requirement S$150,000
Promotions:
  • Receive up to 35,000 welcome miles
  • Receive up to S$50 cashback on electric bill w/ OEM sign-up w/ select retailers

Standard Chartered Visa Infinite Card is not only the absolute best 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.

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  • 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

Consider this if you want special travel perks like free hotel nights and unlimited lounge access

Annual Income Requirement S$120,000
Foreigner Income Requirement S$120,000
Promotions:
  • Welcome gift of 25,000 miles upon card approval
  • Earn up to 10 miles per S$1 spend on hotel bookings at Kaligo

Citi Prestige MasterCard offers some of the best 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, access to JetQuay 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.

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  • 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 Infinite Visa Card
HSBC Infinite Visa Card

Consider this if you want a comprehensive set of airport benefits like expedited immigration clearance

Annual Income Requirement S$120,000
Foreigner Income Requirement S$120,000
Promotions:
  • Receive up to 35,000 welcome miles on approval

HSBC Visa Infinite Card is not just a great option for airport perks, it also offers one of the highest 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

Consider this if you a good miles credit card with an easily waived annual fee

Annual Income Requirement S$30,000
Foreigner Income Requirement S$45,000
Promotions:
  • Apply online & receive up to 38,000 welcome miles
  • Earn up to 4mi/S$1 spend on commute, 2.4mi at Esso
  • Up to 10 miles per S$1 spend with Kaligo, 6 miles with Expedia

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 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.

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  • Annual fee: S$192.6, 1-year waiver, subsequently with S$25,000 annual spend
  • 1.2 miles per S$1 locally, 2 miles overseas, 3 miles for online travel bookings
  • Free travel insurance, 2x lounge visits, golfing & dining privileges
  • DBS My Preferred Payment Plan (0% interest instalments)
  • Up to 15% fuel savings with SPC, 14% with Esso
  • Annual fee: S$192.6, 1-year waiver, subsequently with S$25,000 annual spend
  • 1.2 miles per S$1 locally, 2 miles overseas, 3 miles for online travel bookings
  • Free travel insurance, 2x lounge visits, golfing & dining privileges
  • DBS My Preferred Payment Plan (0% interest instalments)
  • Up to 15% fuel savings with SPC, 14% with Esso

Best Travel Card for Affordable Miles: Citi PremierMiles Visa Card

Consider this if you are an average consumer who wants a balance of generous mile awards and other travel perks

Annual Income Requirement S$30,000
Foreigner Income Requirement S$42,000
Promotions:
  • Earn 1.5 miles per S$1 local spend w/ min. S$3k monthly spend
  • Option One: 26,500 miles w/ 1st annual fee payment & S$9k spend within 3 months
  • Option Two: 6,400 miles w/ 1st annual fee payment & S$3k spend within 3 months

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 21,000 welcome miles (worth S$210) 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.

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  • 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
  • 2 free lounge visits & free travel insurance
  • Earn miles on taxes, rent, electricity bills, condominium management & school fees w/ Citi PayAll
  • Up to 14% fuel savings at Esso & Shell
  • 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
  • 2 free lounge visits & free travel insurance
  • Earn miles on taxes, rent, electricity bills, condominium management & school fees w/ Citi PayAll
  • Up to 14% fuel savings at Esso & Shell

Best Card for Online & Social Spenders: HSBC Revolution Card

Consider this if you spend mostly on shopping, dining and entertainment

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000
Promotions:
  • Receive Samsonite T5 68cm Spinner luggage or S$150 cashback
  • Apply online with MyInfo via SingPass, receive S$20 in Grab rides

HSBC Revolution Card is the best 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.

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  • 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

Consider this if you want to maximise miles rewards on shopping expenses

Annual Income Requirement S$30,000
Foreigner Income Requirement S$42,000
Promotions:
  • Receive 30,000 bonus points (12,000 miles) w/ S$3k spend in 1st 3mo
  • Up to 10% off Shopee transactions
  • Up to 15% off at Zalora with S$100 spend

Citi Rewards Card is an outstanding 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.

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  • 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

Summary of Best Credit Cards for Income Tax Payments 2019

Below, we've prepared a summary of our picks for the best credit cards for income tax payments in 2019.

CardBest for...Annual Fee
Citi PrestigeLuxury Travel PerksS$535.0
DBS ALtitudeMiles + No Annual FeeS$192.6 (waiver)
Citi PremierMiles VisaMiles for Avg SpendersS$192.6
HSBC RevolutionSocial & Online SpendS$160.5 (waiver)
Citi RewardsFashion ShoppingS$192.6
CardBest for...Annual Fee
Citi PrestigeLuxury Travel PerksS$535.0
DBS ALtitudeMiles + No Annual FeeS$192.6 (waiver)
Citi PremierMiles VisaMiles for Avg SpendersS$192.6
HSBC RevolutionSocial & Online SpendS$160.5 (waiver)
Citi RewardsFashion ShoppingS$192.6

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.

A graph displaying how best credit cards for income tax payments compare to one another in terms of value-to-consumer
Best Credit Cards for Income Tax Payments in Singapore by Estimated 2-Year Dollar Value
Carrie Arndt

Carrie is a Senior Analyst at ValueChampion, specialising in credit cards in Singapore. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research.

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