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UOB Preferred Platinum Visa Card – MoneySmart Review 2022

·8-min read
UOB Preferred Platinum Card
UOB Preferred Platinum Card

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

$192.60 (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

$100

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

UOB logo
UOB logo

UOB Preferred Platinum Visa Card

on Online Shopping, Entertainment & Contactless Payments

S$5 = 10X UNI$

on All Other Spend

S$5 = 1X UNI$

Rewards to Miles Conversion

1 UNI$ = 2 Miles

Apply Now

More Details

Key Features

  • Up to UNI$10 per S$5 spend on online shopping and entertainment

  • Up to UNI$10 per S$5 spend via mobile contactless payment

  • Earn SMART$ rebates at over 400 participating outlets and use it to offset your next purchase

See all card details

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 online and contactless transactions. After which, you will only be awarded UNI$1 for every $5 spent.

You can also earn get cash rebates at various offline merchants under the UOB Rebate Programme, previously known as the UOB SMART$ Rebate Programme. The catch, however, is that 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 10% cash back.

UOB Preferred Platinum Card promotions

Be one of the first 200 UOB customers to sign up, activate your card, and spend a minimum of $1,500 within 30 days between May and June 2022 to win $250 in Grab vouchers!

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.

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.

DBS logo
DBS logo

Online Promo

DBS Woman's World Card

Online Spend

S$5 = 10 Points

Base Earn Rate

S$5= 1 Point

Min. Spend

S$0

Online Promo:

Get S$150 cashback when you apply with promo code 150CASH and make the min. spend of S$800 within 60 days of card approval. Valid till 30 June 2022. T&Cs apply.


Valid until 30 Jun 2022

Apply Now

More Details

Key Features

  • 10 DBS rewards points per S$5 local and overseas online spend

  • 3 DBS rewards points per S$5 overseas spend

  • 1 DBS rewards point per S$5 spent on all other categories

  • Online hotel booking and staycation deals with Agoda and Klook

  • Beauty deals with Laneige, Skin Inc, Strip, Browhaus, High Brow etc.

  • Online shopping promotions with Fayth, Her Velvet Vase, The Closet Lover, and Senreve etc.

  • Activate SimplyGo to use your card as an EZ-Link. Bus and MRT fares are charged directly to your card, so you don’t even need to top-up or set up auto top-up arrangements

  • DBS Points earned can be redeemed for Apple products via the DBS Apple Rewards Store, NTUC, and Takashimaya vouchers, Golden Village movie tickets, and more

See all card details

OCBC Titanium Rewards Card Another 10X credit card (4 miles) 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.

OCBC logo
OCBC logo

OCBC Titanium Rewards Card (Pink)

on Online, Offline, Local and Overseas spend

S$1 = 10 OCBC$

with 18,000 OCBC$

S$50 Titanium cash

Rewards to Miles Conversion

10 OCBC$ = 4 Miles

Read More

More Details

Key Features

  • 10x OCBC$ (10 points or 4 Miles) for every S$1 spent on clothes, shoes, bags, department stores, kidswear, electronic gadgets, online, offline, locally and overseas

  • Cathay Cineplexes offers: S$8.50/ S$11 on movie tickets

  • Up to 16% discount at Caltex and Esso stations

  • Complimentary JetQuay Quayside single trip service and discounted trip service

  • Enjoy exclusive access at USD 27 per visit per person to more than 800 lounges regardless of the airline

  • First 2 years fee waiver for principle & supplementary cardmembers

See all card details

HSBC Revolution Credit Card This credit card also gives you 10X rewards ($1 = 4 miles) and 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. Plus, no yearly fee charges for the card.

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

HSBC logo
HSBC logo

Online Promo

Earn Points for Everyday Spending

HSBC Revolution Credit Card

Rewards

S$1= 10 Points

Rewards

S$1= 4 Miles

Min. Spend

S$0

Online Promo:

Get up to $200 cashback for new HSBC cardmembers. Existing HSBC cardmembers receive $50 cashback. T&Cs apply.

Valid until 31 May 2022

Apply Now

More Details

Key Features

  • Receive up to S$200 cashback and a chance to play the Sure-Win Hong Bao game to win prizes like the OSIM massage chair, Dyson fan, shopping vouchers and more! T&Cs apply

  • No annual credit card fees

  • Get 10X Rewards Points, equivalent to 4 air miles per dollar spent

  • Redeem your rewards points for home, dining, retail, travel, or charity cash vouchers online or offset cash rebates on transactions online via rewards catalogue or the HSBC mobile app

  • Travel Insurance: Enjoy up to S$300,000 coverage when you charge travel expenses to card

See all card details

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 logo
UOB logo

UOB Preferred Platinum Visa Card

on Online Shopping, Entertainment & Contactless Payments

S$5 = 10X UNI$

on All Other Spend

S$5 = 1X UNI$

Rewards to Miles Conversion

1 UNI$ = 2 Miles

Apply Now

More Details

Key Features

  • Up to UNI$10 per S$5 spend on online shopping and entertainment

  • Up to UNI$10 per S$5 spend via mobile contactless payment

  • Earn SMART$ rebates at over 400 participating outlets and use it to offset your next purchase

See all card details

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

The post UOB Preferred Platinum Visa Card – MoneySmart Review 2022 appeared first on the MoneySmart blog.

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Original article: UOB Preferred Platinum Visa Card – MoneySmart Review 2022.

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