So UOB launched the UOB KrisFlyer Account on Wednesday and it got whack pretty badly.
So after reading through the conditions (Always do your homework…), it works for me and so I applied for this on day 1. It is not a perfect product. But it has some merit.
This product is non interest bearing. Instead, it reward you with Singapore Airlines KrisFlyer miles based on your monthly savings in account and spending on UOB KrisFlyer Debit Card. It comes with a cheque book as well for free.
So here’s an illustration:
Think this will be the 1st time you see me talk about valuation of miles. My calculation is very simple: 10,000 miles is worth SG$192.60 to get. This is the annual fee I pay for most of my air miles credit cards to get 10,000 miles every year. So that translate to 51.92 miles/SG$1. I secure a minimum of 30,000 miles per year this way. With that valuation, I derive the “interest” you will earn annually based on your deposits and the “interest rate”. Starting from the minimum deposit of SG$1,000 to SG$10,000 where you will max out your bonus miles cap with a monthly SG$500 spending. (5% of balance.)
So here’s the summary for this product:
- Very nice debit card.
- Welcome bonus of 1,000 KrisFlyer miles. (With SG$500 spending in 1st month.)
- Direct transfer of miles to KrisFlyer. (Not UNI$! If UNI$ it will have been ugly…)
- Pay with this debit card at http://www.flyscoot.com/KrisFlyerUOB and get Priority check-in and boarding/Additional baggage allowance/Standard seat selection/Convenience fee waiver for Scoot.
- Minimum SG$500 spend/month required for base earn rate of 0.4 miles/SG$1 spend.
- Monthly average balance of SG$3,000 required for bonus miles.
- KrisFlyer miles awarded will be calculated in spending blocks of SG$5 and round down.
- Bonus KrisFlyer miles will be capped at 5% of monthly average balance.