Credit Cards

UOB and SIA launch new cobrand offering: KrisFlyer UOB Credit Card

The KrisFlyer UOB Credit Card offers 3 mpd on Singapore Airlines, online shopping, transport and dining plus 1.2 mpd elsewhere. Here's what we know so far.
A review of the KrisFlyer UOB credit card is now live! Check out the full details on this offering here

UOB and Singapore Airlines held a joint event at Gardens by the Bay this morning to announce the launch of a new product.

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I managed to tag along as the +1 of an intrepid Milelion reader, and here’s what was unveiled:

Singapore Airlines and UOB have launched the KrisFlyer UOB Credit Card, which aims to succeed where the KrisFlyer UOB Debit Card didn’t (in my opinion, at least).

The landing page for this new offering is not live yet, but here’s what we know so far:

UOB KrisFlyer Credit Card Card features

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The KrisFlyer UOB Credit Card is available to anyone who earns a minimum of $30,000 a year. Here’s the key features:

  • 3 mpd on Singapore Airlines, SilkAir, Scoot and KrisShop
  • 3 mpd on transport, dining and online shopping (subject to min $500 spend on Singapore Airlines, Silk, Scoot or KrisShop in a year, otherwise 1.2 mpd)
  • 1.2 mpd on everything else

At the moment, I don’t have any information on caps. That, to me, will make or break this card. I’ll update the article when I do.

Update: There is no cap on the 3 mpd. Read this post for the full details on the UOB KrisFlyer Credit Card

My quick take is that this could be a good card for people who don’t like having multiple cards.

…but there isn’t a card that offers you all that in one. So I imagine that if you’re the sort who wants a “one-card strategy”, then this would be useful to you. 

Other features include:

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  • Fast track to KrisFlyer Elite Silver status
  • S$20 KrisShop rebate
  • Scoot privileges including priority check-in, priority boarding, additional baggage, standard seat selection, $10 convenience fee waiver and name/fight change fee waiver
  • Complimentary JetQuay access (although it should be noted this is a feature of Mastercard, not UOB per se)
  • $15 off Changi WiFi
  • $15 off Grab rides
  • 10,000 KrisFlyer miles when you pay the annual fee
  • No KrisFlyer miles conversion fee (presumably because miles are credited directly to your KrisFlyer account)

I’m still waiting to learn more about the mechanisms and T&Cs behind the fast track, rebates and other offerings. The devil, as always, is in the detail.

Here’s the handout from the event:

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Bank account features

The KrisFlyer UOB Credit Card can be tagged to a KrisFlyer UOB deposit account. I believe this is the same account that comes with the KrisFlyer UOB debit card, just that it’s tagged to a credit card instead of a debit card.

This means you’ll be looking at a paltry 0.05% interest on all your deposits:

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That wouldn’t be so bad if the miles you earned made up for the lack of interest, but that’s not the case.

KrisFlyer UOB Credit Card holders can earn up to a bonus of 5 mpd if they choose to open a KrisFlyer UOB deposit account, but the bonus miles are still capped at 5% of the Monthly Average Balance (MAB). This means that someone with a $50,000 MAB would max out at 2,500 bonus miles, or a mere $500 of spending- all while earning a measly $25 of interest a year! 

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UOB has added a “hurdle account” feature of sorts, where you earn a 6 mpd bonus (instead of 5 mpd) when you credit your salary to the KrisFlyer UOB Deposit account. But given the cap, it’s hardly worth forgoing the bonus interest you’d earn from crediting your salary to another hurdle account like the BOC Smart Saver, DBS Multiplier, OCBC 360 etc.

In her introductory speech at the event, UOB Head of Personal Financial Services Jacquelyn Tan mentioned that the bank had “learned” from the UOB KrisFlyer Debit Card bank account, but these restrictive mechanics suggest otherwise.

What does this mean for AMEX?

Until today, the only KrisFlyer cobrand credit cards in Singapore were issued by AMEX. UOB’s new offering is certainly a throwdown to the incumbent, as the comparison below shows:

UOB KrisFlyer Credit CardAMEX KrisFlyer AscendAMEX KrisFlyer Credit Card
General Spending1.2 mpd1.2 mpd1.1 mpd
Overseas spending1.2 mpd2.0 mpd in June/Dec
Singapore Airlines Group3.0 mpd2.0 mpd (except Scoot, although there is a 5.1/5.2 mpd promo for first $300 spent)
Other bonusesTransport: 3.0 mpd
Dining: 3.0 mpd

Online shopping: 3.0 mpd
Grab: 3.1/3.2 mpd, capped at $200/month
“Daily Essentials” (Mcdonald’s, Deliveroo, Starbucks and others): 3.1/3.2 mpd, capped at $200/month
Mobile wallet: 5.1/5.2 mpd capped at $300/promo period

It seems to me that AMEX has opted to go more for tactical promotions, while UOB is doing theirs year round.

That said, given Mastercard’s wider acceptance and the bonuses on dining, transport and online shopping, AMEX will have their work cut out for them in responding to this new product.

Conclusion

On the surface, the KrisFlyer UOB Credit Card sounds like a decent offering. True, the miles on offer aren’t best in class, but I think they’re going for the customer who wants the convenience of a single card (you’d be surprised how many there are out there). What I really need to know now is the fine print attached to each of those benefits, and I’ll pen a more detailed article when I have it.

Unfortunately, the KrisFlyer UOB deposit account remains fundamentally unattractive due to the low interest rates and cap on bonus miles, and this doesn’t do anything to change that.


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Jo
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Jo

If I’m not mistaken, Amex Krisflyer earns 2mpd under Singapore Airline Group.

Chris
Guest
Chris

Interesting offering…
UOB and DBS WWMC usually round down to the nearest $5 for rewarding points. Some of us who are more tactical to the last miles may not choose this card.

But lets see if there’s any good sign-up offer. 🙂

M
Guest
M

Amex 2mpd is only for SQ & SilkAir, not Scoot.

E S
Guest
E S

The wordings on the rewards seems a bit ambiguous to me (as per usual for UOB).
“3 mpd on transport, dining and online shopping (subject to min $500 spend on Singapore Airlines, Silk, Scoot or KrisShop in a year)”, does that mean if we don ‘t spend $500 a year on those, the miles for dining, etc will drop to 0.4mpd or something?

ED
Guest
ED

when and where to apply??

CY
Guest
CY

I logged into my UOB account and see an offer to apply:
“KrisFlyer UOB Credit Card
Travel makes you richer. Accelerate your KrisFlyer miles earning power on your everyday spend with up to 3 KrisFlyer miles per S$1 spend.”

CY
Guest
CY

Tried clicking on the T&Cs but the link was busted.

victor
Guest
Huat
Guest
Huat

Does it award UNI$ similar to rest of UOB cards?

Florian
Guest
Florian

Nah, should go straight to your KF account on a monthly basis with no conversion necessary.

AK
Guest
AK

any idea how it’s done now for the Krisflyer UOB debit card? I assume one of the benefits of a KF co-branded card is that you get your miles credited directly into your KF account?

Florian
Guest
Florian

Yes, that’s indeed happening on a monthly basis.

Raymond Wee
Guest
Raymond Wee

I am still surprised that Aaron was not invited to the event and had to go as a +1….

Joyce
Guest
Joyce

Was there today… This isn’t a media event but a private event for selected cardholders. Hence no invitation for him I guess.

Asian Miler
Guest

Does “transport” also include all other airlines? Because if I can earn 3 KrisFlyer on the dollar for every ticket I book on AirAsia…

Matthew Chong
Member

But you can already earn 3mpd through DBS Altitude and 4mpd through DBS WWMC though for AK bookings…

Alvin
Guest
Alvin

And I just booked $15k worth of SQ tickets for my family last week..WHY?! :'(