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UOB Preferred Platinum Visa Card – MoneySmart Review 2018

UOB Preferred Platinum Card

Clara Lim

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The UOB Preferred Platinum Card is a very unglam credit card. But underneath that boring-ass navy blue exterior is a pretty good rewards card that lets you earn 4 miles per $1 on most of your daily expenses, both online and offline.

Intrigued yet? Let’s examine what this credit card has to offer:

 

UOB Preferred Platinum Card terms & conditions

UOB Preferred Platinum Card
Annual fee & waiver $193 (waived for 1 year)
Supplementary annual fee First supp card free. Subsequently $96.30 (waived for 1 year)
Interest free period 21 days
Annual interest rate 25.90%
Late payment fee $90
Minimum monthly repayment 3% or $50, whichever is higher
Foreign currency transaction fee 3.25%
Cash advance transaction fee 6%
Overlimit fee $40
Minimum income $30,000 (Singaporean) / $40,000 (non-Singaporean)
Card association Visa
Wireless payment Visa payWave, Apple Pay, Samsung Pay, Android Pay, Mighty Pay

 

How the UOB Preferred Platinum Card works

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 spending, even if you don’t travel much.

As a 10X rewards card, it has an extremely good bonus earn rate of $1 = 4 miles on certain types of local expenditure. In comparison, most air miles cards offer only $1 = 1.2 miles, or at most 1.4 miles, on local spend.

Not every kind of local expenses are covered, but the range of categories is very wide. It includes day-to-day online spending – online shopping, groceries, food deliveries, entertainment, app purchases, etc. but not travel-related spending.

Offline, you can also get the same high earn rate when you use it at any merchant that accepts contactless payment like Visa payWave, such as supermarkets, restaurants, cinemas and mainstream retailers.

There’s an expenditure cap of $1,000 a month on these bonus categories, however, so it’s not for super high spenders.

You can also earn get SMART$ cash rebates at various offline merchants under UOB’s partner programme, but you can’t earn rewards points at the same time, so look out for that. It definitely seems more worthwhile to earn miles/points rather than SMART$.

 

UOB Preferred Platinum Card promotions

UOB is currently running a very attractive sign-up promotion for those who don’t have a UOB credit card yet.

You can get $150 cashback if you sign up online and spend $1,200 in the first month, and another another $100 if you sign up for a UOB savings account too. Terms and conditions apply, though. And with UOB, you’ll want to be quite careful about reading them.

This promotion is valid with most other UOB credit cards, so take a gander at the other UOB credit cards available to choose from.

 

Who should use the UOB Preferred Platinum Card?

The UOB PP Card is ideal for the average Singaporean who spends modestly.

That’s because earning miles a traditional air miles credit card is going to be excruciatingly slow if you (a) mainly spend money in Singapore and (b) don’t spend a ton of money every month.

With a rather pathetic earn rate like 1.2 miles per dollar locally, almost every air miles card will lose out to the UOB PP’s 4 miles per dollar if you plan to use your card mainly on day-to-day spending.

The UOB Preferred Platinum lets you rack up the miles much more quickly and easily, thanks to the wide range of categories in which you can get bonus points.

It’s definitely not for big spenders, who will find the expenditure cap of $1,000 a month rather restrictive.

On the other hand, you also cannot be too frugal with this credit card because UOB’s miles expire within 2 years. You don’t want to be disappointed at the end of those 2 years when you realise you only have enough points for a $10 Famous Amos voucher.

 

Alternatives to the UOB Preferred Platinum Card

There are a few others giving the UOB Preferred Platinum Card 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.

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. 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. 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.

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.

For more cards that let you earn up to 4 miles per dollar without travelling overseas, check out our roundup of rewards credit cards.

But despite the competition, the UOB Preferred Platinum remains hard to beat in terms of earn rate, versatility and accessibility. If you want to sign up, you can easily do so here:

UOB Preferred Platinum Visa Card

UOB Preferred Platinum Visa Card


Card Benefits

    • 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

     

    What’s your favourite way to earn rewards/miles on your daily spending? Tell us in the comments.

     

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    Clara Lim

    I used to be MoneyDumb. I hung out at H&M every day and thought that a $50 lunch set was a good deal. These days, I spend my time researching the crap out of life and trying to maximise utility on micro-decisions. I'm not sure if that's an improvement.