4 Expenses You Could be Earning Credit Card Rewards For... But Probably Aren't - The Independent Singapore News

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To make sure you’re not leaving rewards on the table, we’ve identified 4 commonly excluded spend categories on which you may actually be able to earn rewards.

While you can’t pay IRAS directly with your credit card, you can take advantage of certainto buy air miles at a deep discount. How? When you charge your income tax to your card, two things happen: you earn rewards for the payment, and the bank credits the amount back to your account, leaving you to pay IRAS directly.

To put it differently, since you wouldn’t normally earn any rewards on your tax payments, paying a small fee to do so actually represents a credit card miles discount. So if you charge S$10,000 tax, pay S$16 fee , and earn 14,000 miles , you are buying miles at a rate of 1 mile per 1.14 cents. A mile’s redemption value is 4 cents for business class on average, or 8 cents first class–so by charging your taxes, you’re accessing an incredible discount.

Nonetheless, if you’re unsure whether you’ll be able to pay back your bill in time, you may want to consider a 0% interest instalment plan or aLet’s say you do need to make a big purchase, but you’ll need to pay it off over time. You could go with a personal loan or borrow from friends… or you could actively earn rewards on a

 

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