UOB PRVI Miles cardholders can take advantage of the PRVI Pay facility, which allows them to buy as many miles as they want for 2 cents each. Although the landing page seems to have disappeared from the UOB website, I confirmed a while back with UOB that the facility is still available.
A reader named Zul wrote in to inform me that UOB had slightly updated the T&C for PRVI Pay. Here’s what’s changed:
Admin fee increased to 2.2% when installment option chosen; 12-month installments reduced to 3-months
PRVI Pay used to charge a flat admin fee of 2% and award the equivalent of 1 mile per $1 charged to the facility- hence the 2 cpm figure.
However, you had two options for paying the amount due: you could either pay in one lump sum and get all your miles upfront, or pay in 12-month installments and get the miles in installments too.
If, for example, I charged $12,000 to the PRVI Pay facility, I could:
- Pay off that $12,000 + $240 admin fee immediately to earn 12,000 miles OR
- Pay off $1,000 + $20 admin fee each month for 12 months to earn 1,000 miles each month
The new T&Cs, which take effect 15 May 2018, reduce the installment period from 12-months to 3-months and increase the admin fee from 2% to 2.2%. This makes the installment option somewhat less attractive, as 2 cpm is the absolute upper threshold for me to buy miles.
Remember that any amounts charged to PRVI Pay do not count for the purpose of hitting the $50,000 annual spend on the PRVI Miles AMEX card (which yields 20,000 bonus miles). Also, any early repayment of the PRVI Pay facility incurs a $100 penalty fee. The requested amount plus admin fee must be within the credit limit of your PRVI Miles card. The full FAQ can be found here.
Back when 12-month installment options were available, PRVI Pay could work like a personal loan facility with 2% annual interest. That 2% would have been offset by the miles you acquired, so in that sense it might have been attractive to certain individuals.
A 3-month restriction and a 2.2% admin fee obviously makes the installment option less enticing, although the good news is the base admin fee of 2% remains unchanged. I’d certainly consider using the PRVI Pay facility to top up a KrisFlyer account that was just short of some key redemption threshold- it’s certainly better than buying miles from Singapore Airlines at US$40 per 1,000.