So UOB launched the UOB KrisFlyer Account on Wednesday and it got whack pretty badly.
UOB KrisFlyer Debit Card. Is a beauty isn’t it?
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:
UOB KrisFlyer Valuation
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$5 and round down.
Bonus KrisFlyer miles will be capped at 5% of monthly average balance.
Some friends have asked me about Savings Account after OCBC revised their bonus interest for 360 Savings Account. No doubt, it is not attractive as before but it is still quite ok. For me, I am using Standard Chartered Bonus$aver World MasterCard Credit Card/Savings Account for earning bonus interest.
For OCBC 360 Savings Account, here are the interest earning tiers.
OCBC 360 Savings Account Interest Tiers
So why I do not use OCBC 360 Savings Account?
I credit my salary to Standard Chartered SuperSalary Current Account which does not require minimum balance and free cheque book for life.
I pay almost all my bills using Credit Cards to maximize my returns and have 0 GIRO arrangement to my Savings/Current Account with Standard Chartered.
Spending SG$500 on Standard Chartered Bonus$aver World MasterCard Credit Card monthly gives me 0.88% interest on my Standard Chartered Bonus$aver Savings Account. (Minimal effort, maximum return. I’m a lazy person. This will earn you just 0.55% interest on OCBC.)
Standard Chartered has nice internet banking and mobile banking application. Their internet banking site is quite plain and simple. Not fanciful like what other banks are moving into but gets job done. Their mobile banking application Breeze is very nice.
BEST INTERNET BANKING TOKEN EVER!
Standard Chartered Bonus$aver World MasterCard Credit Card with Token
Some people may challenge and say Standard Chartered is bad, lousy and ATM hard to find etc. So far I do not have any bad experience with them and their ATM is quite easy to find thanks to ATM5 network. I can use ATMs of Standard Chartered, Citibank, HSBC, Maybank, ANZ and some other small banks. Very little queue at these ATMs is also a huge plus point.