Best Credit Cards for Income Tax Payments 2019

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
Low SpendersHSBC Revolution0.7%0.4 mi/S$1Miles for local dining & entertainment
High SpendersHSBC 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

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

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, 15% rebate on Grab
  • 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, 15% rebate on Grab

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 Astra 55cm luggage or S$120 cashback
  • Apply with MyInfo via SingPass, get S$20 worth of 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 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 40,000 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 Card for Affordable Miles & Perks: DBS Altitude Visa Card

DBS Altitude Visa Signature Card
DBS Altitude Visa Signature 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:
  • Earn up to 3,100 miles after a spend of S$2,500 overseas and S$650 on Expedia travel bookings and earn 1 additional mile for every S$1 spend with an administrative fee of 2.2%
  • Up to 10 miles per S$1 spend on flight & hotel transactions with Expedia, Kaligo and 50% more miles on transactions with Mileslife

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

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
SC Visa InfiniteAffluent Business TravellersS$588.5
HSBC RevolutionSocial & Online SpendS$160.5 (waiver)
DBS AltitudeNo-Fee Air MilesS$192.6 (waiver)
CardBest for...Annual Fee
SC Visa InfiniteAffluent Business TravellersS$588.5
HSBC RevolutionSocial & Online SpendS$160.5 (waiver)
DBS AltitudeNo-Fee Air MilesS$192.6 (waiver)

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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