Best way to pay tax?

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  1. #1
    wanabebuddha

    Best way to pay tax?

    Hi all, what is the best way to pay income tax (now that the dreaded date is drawing close)? Earlier, one could pay tax through credit card and enjoy reward points, but it looks like most banks have stopped giving reward points.

    Any bright ideas?

    Thanks.


  2. #2

    Join Date
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    It looks like Citibank offers 0.3% cashback if you pay before 31/12. I didn't find any better deal than this. Any other pointers anyone?


  3. #3

    Join Date
    May 2005
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    4,279

    Yes the Citibank deal is better than HSBC's offering of a lucky draw chance.


  4. #4

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    cash back ? means there is totally no interest charged but they give you something back ? hmm.. that's like gone money for them right?!

    how to pay using citibank then ?


  5. #5

    Join Date
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    Quote Originally Posted by bbb:
    It looks like Citibank offers 0.3% cashback if you pay before 31/12.
    The Citibank site I look at says 0.1%.

  6. #6

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    just a word of cautious..
    there are too many offers flying around.
    paying tax is different from paying other stuffs. from other merchants, credit card issuer can deduct 2~3% from the bill and so they are willing to offer you points or rebates etc. IRS is not going to pay any single cent to the credit card companies, so whatever rebate they give must be out from their pocket and they do it in the hope the payer will need to rollover the card bill and they can make the interest income out of the transaction.

    so usually i'd be extra careful in case inadvertably get a credit advance for the payment. then the interest charge would be much too heavy versus the extra points earned.


  7. #7

    Join Date
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    0.3% if you pay by 31/12. 0.1% after that.


  8. #8

    Join Date
    Oct 2005
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    450

    So does that mean that Citibank treats the tax payments as a cash advance, or is it considered a "purchase" but without the reward points?


  9. #9

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    i just did mine. rebate thru citibank is only 0.1% after the lucky draw.
    believe most credit card company has feature that treats it like a payment, i.e. no interest charge, but you'd have to choose properly and not jump on the best looking deal.


  10. #10

    Join Date
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    Quote Originally Posted by bbb:
    0.3% if you pay by 31/12. 0.1% after that.
    Link? Is this still limited to HK$500 back?

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