Originally Posted by
jagmeets
Random, potentially useless thought (I don't know the details of the HSBC->CCB trick): know someone in SIN (me!) who prepaid 2y worth of taxes, for self n missus, when the DBS gig of awarding miles for payments via AXS kiosks (including taxes) was going away..
3y back & it was a LOT of miles (both being reasonably high earners- don't recall the details but was 1.2-1.6mi/S$)..The IRAS even offered to refund the excess payment via cheque (we were both on the monthly interest free payment plan, that makes sense here in SIN)...
Yes jagmeets I keep tabs on the KF credit card thread. Two differences:
1. 1.6 mi/S$ is around HK$4/mile give and take depending on the exchange rate - that's roughly 2.5% of amount paid @ HK$0.1/mile. Wacko strategy earn rate is only $16.67/mile or 0.6% of amount paid.
If I prepay upcoming year's tax now I'm only earning 0.6% "interest" in HK but 2.5% in Singapore - big difference (tho I'm not sure I'll really do a 2.5% p.a. fixed deposit for one year...even if HKD I'll be looking for more)
2. I'm a bit surprised IRAS refunded an overpayment without being prompted. Ever since someone tried overpaying IRD HK$20M and asking for the overpayment back (? - urban legend but the version I heard was HK$20M to IRD via HSBC for 1.67M free miles in 2008) the IRD puts all kinds of hoops to refunding overpayments and does everything it can to notify the bank involved to write back the overpayment points.