So I have a confession to make. All this while I’ve given little to no coverage to one of the best cards to use for overseas spend.
I’m not quite sure how it slipped past me, but now that I know about it you can be sure it’s going into my starting lineup of cards
The UOB Visa Signature card has been around for a long, long time. It promises 4 miles per $1 of overseas spend, paywave, petrol or online spend, capped at the first $2,000 per month.
EDIT: There is a $1K minimum FOREX spend required per month to enjoy this bonus. Thanks to C on the comments
EDIT EDIT: The required spend is per statement period, not month. For me this is 15th to the 15th. This is quite an important distinction so do take note
In practice though, you’ll find yourself using this more for overseas spend than anything else, especially if you already have the DBS Woman’s Card to handle your online spending. Note also that UOB tends to be a lot stricter than DBS in their interpretation of what counts as “online” spend, so DBS Woman’s World card is my first choice for all things online.
As for paywave, transactions, note that you will not get UNI$ at merchants who give out UOB SMART$, eg Coldstorage, even if you pay through paywave. Here’s the list of paywave merchants, but you’ll need to cross reference it against this list of SMART$ merchants to figure out who you won’t be earning 4 miles from. It’s because of this complication that I don’t really bother to use the paywave feature.
Assuming you travel a lot for business, this is an easy 8,000 miles per month. Remember that UOB pools your UNI$ together, so you can combine this with your UOB PRVI Miles card and your UOB Preferred Platinum AMEX card.
The card actually offers the option to cash out your UNI$ as a rebate which gives an equivalent 5% rebate for foreign spend. Needless to say, this is a waste of your UNI$ because miles would be so much more valuable in this situation.
This really affects your overseas spending strategy more than anything. What I’d be doing is the following
First choice: UOB Visa Signature Card ($1=4 miles, first $2,000)
Second choice: DBS Altitude AMEX ($1=3 miles, assuming you’re within the first 6 months of getting the card)
Third choice: UOB PRVI Miles ($1=2.4 miles)
Note that I’m talking about on the ground overseas spend here, ie physically passing your card to someone to swipe. If you’re making online bookings from Singapore in foreign currency, eg flights and hotels, the dynamic changes. You’d want to maximise the 4.5 miles per $1 on your DBS Altitude AMEX or the 4 miles per $1 on your DBS Woman’s World Card.
I’ll update the Milelion credit card flowchart to reflect this as soon as I can.