The UOB Preferred Platinum card is a very unglamorous credit card. But underneath that boring navy blue exterior** is a really good rewards card that lets you earn 4 miles per dollar on most of your everyday spending, online and offline.
|UOB Preferred Platinum Card|
|Annual Fee and Waiver||$192.60 (waived for one year)|
|Additional annual fee||First extra card free. Thereafter $96.30 (waived for 1 year)|
|Interest-free period||21 days|
|Annual interest rate||26.9%|
|Late payment fees||$100|
|Minimum monthly repayment||3% or $50, whichever is greater|
|Foreign currency transaction fees||3.25%|
|Cash advance transaction fees||8 percent|
|Minimum income||$30,000 (Singaporean) / $40,000 (non-Singaporean)|
|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 quickly earn airline miles (or other rewards) on their everyday spending, even if you don’t travel a lot.
As a 10X rewards card, it offers an extremely good bonus earn rate of $1 = 4 miles on certain types of local spend. By comparison, most Air Miles cards only offer $1 = 1.2 miles, or at most 1.4 miles, on local spending.
Not all types of local expenses are covered, but the range of categories is very wide. This 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 is a spending cap of $1,000 per month for online and contactless transactions. After that, you will only receive UNI$1 for every $5 spent.
You can also earn cashback from various offline merchants under the UOB$ Rebate Program, formerly known as the UOB SMART$ Rebate Program. The problem, however, is that you can’t earn reward points at the same time, so watch out for that. It definitely seems more interesting to earn miles/points rather than 10% cashback.
UOB Preferred Platinum Card Promotions
Be one of the first 200 UOB customers to register, activate your card and spend a minimum of $1,500 within 30 days between May and June 2022 to win $250 in Grab Vouchers!
There’s also $8 off a minimum purchase of $16 on Shopee with promo code UOB8NEW valid through December 31, 2022 for new customers. For existing users, you can get $8 off Shopee Supermarket with a minimum spend of $80. Limited redemptions are available until December 31, 2022 on a first-come, first-served basis.
Who should use the UOB Preferred Platinum card?
The UOB PP card is ideal for the average Singaporean who spends modestly.
This is because earning miles with a traditional Air Miles credit card will be extremely slow if you (a) mostly spend money in Singapore and (b) don’t spend a ton of money each month.
With a rather pathetic earn rate of 1.2 miles per dollar locally, almost all Air Miles cards will lose out to UOB PP’s 4 miles per dollar if you plan to use your card primarily for day-to-day expenses.
UOB Preferred Platinum makes earning miles much faster and easier, thanks to the wide range of categories in which you can earn bonus points.
It’s definitely not for big spenders, who will find the $1,000 per month spending cap rather restrictive.
On the other hand, you also can’t be too frugal with this credit card because UOB miles expire within 2 years. You don’t want to be disappointed at the end of those 2 years when you realize you only have enough points for a $10 Famous Amos voucher.
Alternatives to UOB Preferred Platinum Card
There are a few others that give 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 per year) 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.
The DBS Woman’s World is very strong as it includes travel and has a higher spending cap, but then it is out of reach for many ordinary Singaporeans. Don’t be fooled by the name, men can join too.
OCBC Titanium Rewards Card – Another 10X (4 miles) credit card for various types of online spending, although fewer categories than DBS Woman’s World and UOB Preferred Platinum – fashion, electronics, children’s clothing, department stores and personal care .
There is no monthly cap, just an annual cap of $12,000. If you have big expenses coming up, like a home renovation, consider using the OCBC Titanium to earn points because the annual cap gives you more gaming opportunities.
HSBC Revolution Credit Card – This credit card also gives you 10X rewards ($1 = 4 miles) and you can earn them on the widest range of spending categories online (even insurance premiums), meals and offline entertainment. Best of all, there’s no cap, so you don’t have to watch your spending. No more annual card fees.
But despite the competition, UOB Preferred Platinum is still hard to beat in terms of win rate, versatility, and affordability.
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