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  • 1 Post By pin
  • 2 Post By LoganH
  • 7 Post By freeier

Best Credit Card for Paying Taxes

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  1. #1

    Join Date
    Dec 2019
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    Best Credit Card for Paying Taxes

    Which credit card gives the best rewards for tax payments (and bills in general, but especially tax)?

    Some years ago HSBC gave 2% to a certain limit for a few months, but no more.


  2. #2

    Join Date
    Oct 2006
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    For bills CCB JD via Alipay.

    ycchai likes this.

  3. #3

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    Nov 2005
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    Bills and tax are two different things. Generally for quite alot of people the tax amount is large and banks usually excludes them from rebate/reward schemes.

    Wait for the new offers on tax to come about later this year. The offers are very bleak these last two years. We used to see 500/800/1000 being thrown around for credit card payment but that has shrinked alot.. and usually its now limited to specific card or they offer you free credit on the amount over six months or so.

    Last 2 years I ended up taking up the HSBC offer on tax payment.
    But i think Logan's description on using Octopus Wallet to pay tax might be the best choice.. can get up to 2% off for 100k payment.


  4. #4

    Join Date
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    Quote Originally Posted by freeier:
    Logan's description on using Octopus Wallet to pay tax might be the best choice.. can get up to 2% off for 100k payment.
    It's actually 2% up to 200,000HKD per year. So if your time isn't that valuable to you and you want to play you can in theory get up to 4,000HKD in cashback paying the IRD 200k, but it's not simple and it requires patience and months of opening the octopus app most days and transferring your remaining balance to your octopus wallet and eventually transferring it out to the IRD in up to 10k increments at a time.

    PrimeCredit's UnionPay EarnMore card always earns at least 1% on all transactions, and they've continually renewed their bonus 1% offer each calendar year. There is a 2,000HKD cashback cap on the bonus 1% each calendar year. My wife and I haven't personally managed to use 200k through Octopus AAVS with our two personalized Octopus cards linked to the EarnMore card via AAVS in 2021 yet, but I have spent over 100k (mainly commuting, food, and wherever octopus is taken plus the AAVS octopus wallet game that I enjoy playing). If I do manage to get close moving 200k around, I plan to get another EarnMore card (one for myself and one for my wife) and try to make that work with maybe additional octopus cards that I only use for playing this AAVS octopus wallet game (I'm not there yet).
    pin and Paxbritannia like this.

  5. #5

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    Ran thru the latest offering, and indeed a few banks started offering $$ for using their system or credit card to pay tax

    HSBC --> as usual, up to 400$ for tax payment by selected customer of up to 100k plus card spending of 6k or more before end Feb (or march).

    BOC --> up to 300$ of cash reward for payment of tax before end Dec 21.

    Citibank --> up to 700$ of welcome vouchers if you pay tax using their Citi-payall module, but I think you might be able to pick the 'no reward' part of the payall module so you don't get additional reward, no cost, and still enjoys the 700$.

    DBS --> up to 300 or 400$ if you pay by online banking.

    drumbrake, pin, caipiroska and 4 others like this.

  6. #6

    Join Date
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    Quote Originally Posted by freeier:
    Ran thru the latest offering, and indeed a few banks started offering $$ for using their system or credit card to pay tax

    HSBC --> as usual, up to 400$ for tax payment by selected customer of up to 100k plus card spending of 6k or more before end Feb (or march).

    BOC --> up to 300$ of cash reward for payment of tax before end Dec 21.

    Citibank --> up to 700$ of welcome vouchers if you pay tax using their Citi-payall module, but I think you might be able to pick the 'no reward' part of the payall module so you don't get additional reward, no cost, and still enjoys the 700$.

    DBS --> up to 300 or 400$ if you pay by online banking.
    Thanks. Depending on thresholds I might look at spreading among multiple payment portals to maximise cashback.

  7. #7

    Join Date
    Dec 2010
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    580
    Quote Originally Posted by Paxbritannia:
    Thanks. Depending on thresholds I might look at spreading among multiple payment portals to maximise cashback.
    Is it feasible to pay the taxes through multiple sources? I never tried paying tax with CC's before. My tax is around 100k... so 10 different cc/sources at $10k each? lol

  8. #8

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    Quote Originally Posted by D.YU:
    Is it feasible to pay the taxes through multiple sources? I never tried paying tax with CC's before. My tax is around 100k... so 10 different cc/sources at $10k each? lol
    no issues. you can even pay every month 10k via the octopus wallet (see loganH's instruction in other threads). banks won't know how much you need to pay..

    just be sure:
    1. not all bill payment from credit card are free. they need to have this option for you to pay tax at no cost (since tax are treated as statutory payment and in the past credit cards have put statutory payment as a drawing down of credit facilities, aka cash withdrawal).

    2. if cards allow one to pay tax with no charges, then you don't get the reward as well.. outside of what is specially created for income tax payments