Here’s the thing banks don’t seem to understand. Pretty much EVERY Singaporean wants air miles. It’s not just people who already travel a lot.
If you’re an average Singaporean who doesn’t jet off every few weeks (because, you know, not everyone has unlimited annual leave and money?) it will be excruciatingly slow to earn miles using an air miles credit card, which typically gives you a rather pathetic 1.2 miles per dollar on local spending.
To earn miles more quickly on your day-to-day spending, consider ditching your miles card for a rewards credit card that will get you 4 miles per dollar like the UOB Preferred Platinum Visa Card.
- Enjoy 2% rebate at Metro, World of Sports and Winter Time
- Enjoy 3% rebate at bYSI, ColorWash, Crocodile, DHL, and Sephora
- Enjoy 5% rebate at Tissot
Pros and cons of the UOB Preferred Platinum Visa Card
|Sign-up bonus of $80 cashback for new UOB applicants until 31 Mar 2018.||Minimum spend $600 in first month. Limited to the first 600 applicants.|
|10X rewards or 4 miles per dollar spent on most online spending – shopping, groceries, food delivery, entertainment.||Online spending excludes travel.|
|10X rewards or 4 miles per dollar spent on contactless payment (e.g. Visa payWave).|
|Expenditure cap of $1,000 monthly.|
|Up to 20% fuel savings at SPC.|
|Up to 13% fuel savings at Shell.|
|UNI$ can be converted to air miles (1 UNI$ = 2 miles).||Each conversion costs $25.|
|Interest-free instalment payment plan (up to 24 months) available.||Only available when you purchase from selected local merchants.|
|Earn SMART$ cash rebates at various offline merchants.||Can’t earn UNI$ at SMART$ participating merchants.|
|Entry-level minimum income requirement of $30,000 a year.|
|Annual fee waived for one year.||Annual fee of $192.60.|
The air miles credit card for infrequent flyers
The UOB Preferred Platinum Visa card is one of the best credit cards for Singaporeans to get air miles (or other rewards) fast on their daily discretionary spending, even if you spend mostly locally.
As a 10X rewards card, it has an extremely good earn rate of 4 miles per dollar, up to $1,000, on bonus categories. Luckily, “bonus categories” includes tons of stuff.
There’s your day-to-day online spending – online shopping, groceries, food deliveries, entertainment, app purchases, etc. And offline, it includes any merchant that has Visa payWave – supermarkets, restaurants, cinemas, mainstream shops like Uniqlo.
It’s also sort of a hybrid rewards + cashback credit card as you can get rebates at participating merchants. But you can’t earn rewards points if it’s a participating merchant, so look out for that.
What about other rewards credit cards?
Although there isn’t all that much competition in the realm of rewards credit cards, there are a few others giving the UOB Preferred Platinum a run for its money. Let’s see how they stack up:
- DBS Woman’s World Card – If your income is high enough ($80,000 p.a.) to qualify for this credit card, the DBS Woman’s World is actually better for online spending. That’s because you get 10X rewards (4 miles per dollar) on an even wider range of online spend, including travel, up to $2,000. Don’t be fooled by the name; men can sign up too.
- OCBC Titanium Rewards Card – Another 10X credit card for various kinds of online spend, albeit fewer categories than the DBS Woman’s World and UOB Preferred Platinum – fashion, electronics, kidswear, department stores and personal care. There’s no monthly cap, just an annual cap of $12,000.
- HSBC Revolution Credit Card – This credit card gives you only 5X rewards ($1 = 2 miles) but you can earn it on the widest range of online spending categories (even insurance premiums) PLUS offline dining and entertainment. Best of all, there’s no cap so you don’t have to monitor your spending.
Despite the competition, the UOB Preferred Platinum remains hard to beat in terms of earn rate, versatility and accessibility.
The DBS Woman’s World is very strong because it includes travel and has a higher expenditure cap, but then it’s out of reach for many ordinary Singaporeans. If you have big expenses coming up, like a home makeover, consider using the OCBC Titanium to earn points as the annual cap gives you more to play with.
For more cards that let you earn up to 4 miles per dollar without travelling overseas, check out our roundup of rewards credit cards.
UOB Preferred Platinum Visa Card minimum income
Singaporeans & PRs: $30,000 OR fixed deposit of $10,000
Foreigners: $40,000 OR fixed deposit of $10,000
UOB Preferred Platinum Visa Card annual fee
$192.60 (waived for first year)
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Tags: Credit Cards