Credit Cards

SCB Prudential Platinum & Signature to offer 10X overseas, 5X on dining (but don’t get excited…)

From 9 September, both SCB Prudential cards will earn 10X points on FCY and 5X points on dining. Here's why it's no big deal.
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If for whatever reason you hold an SCB Prudential Platinum Card or SCB Prudential Signature (formerly known as PruPrestige Visa Signature), you may have received a letter about some upcoming enhancements to your card.

Photo credit: ML Yang

From 9 September 2019, both the SCB Prudential Platinum and Prudential Signature will earn 10X points on foreign currency transactions, 5X points on local dining, and 1X (1.5X for Prudential Signature) everywhere else.

SCB Prudential PlatinumSCB Prudential Signature
Foreign CurrencyS$1= 10 360° Rewards Points
Local DiningS$1= 5 360° Rewards Points
Other SpendingS$1= 1 360° Rewards PointsS$1= 1.5 360° Rewards Points
Cap per membership year20,00050,000

On the surface, this may sound exciting because most of us are conditioned to think that 10X points= 4 mpd and 5X points= 2 mpd. But that’s not quite the case where SCB is concerned. 

SCB’s two tier rewards system

SCB’s Rewards Program is a bit of an oddity as far as banks go. If you navigate to the rewards portal and look at the Air Miles section, you’ll notice there are two distinct sections- one for Visa Infinite cardmembers, and one for everyone else.

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If you hold a Visa Infinite card, 2,500 360° Rewards Points= 1,000 miles. Therefore, 1 360° Rewards Points is 0.4 miles, and indeed, 10X points would be 4 mpd.

However, if you hold any other SCB card (including the Prudential Platinum and Prudential Signature), 3,500 360° Rewards Points= 1,015 miles. Therefore, 1 360° Rewards Points is 0.29 miles, and 10X points is a mere 2.9 mpd.

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Convert those earning rates into miles, and suddenly the value proposition doesn’t sound that impressive.

SCB Prudential PlatinumSCB PruPrestige
Foreign Currency2.9 mpd
Local Dining1.45 mpd
Other Spending0.29 mpd0.44 mpd

It’s even worse when you consider the caps that SCB has imposed on these bonus rates.

SCB Prudential PlatinumSCB PruPrestige
Overall Cap on Bonus Points20,00050,000
FCY SpendingS$2,222S$5,555 
DiningS$5,000S$12,500
The overall cap is shared between FCY spending and dining, so if you do a mix of both, the maximum will fall somewhere in between the two limits. 

You could easily earn 2 mpd on dining without cap via the HSBC Revolution card, or even 4 mpd via the UOB Preferred Platinum Visa if Paywave is accepted. Find a restaurant that takes GrabPay, and you get 4 mpd indirectly through the Citi Rewards Visa. Similarly, with the debut of the OCBC 90°N Card, it’s now possible to get an uncapped 4 mpd on overseas spending (until 29 Feb 2020).

So there’s really no reason why anyone should be considering either of the Prudential cards as miles earning tools. Remember: SCB’s 11 new loyalty partners are only available through the X Card, so there’s no case to be made for transfer variety either.

Conclusion

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If the figures for the SCB Prudential Platinum sound familiar, that’s because they are. What SCB has done is make the Prudential Platinum the same as the underwhelming Rewards+ card, with the same earning rates and caps.

SCB Prudential Platinum
SCB Rewards+
Foreign Currency2.9 mpd
Local Dining1.45 mpd
Other Spend0.29 mpd
Cap on Bonus Points20,000

I can’t imagine a large number of people who read this site would hold a Prudential credit card anyway, but if you know someone who does, do them a favor and point them to better cards for overseas and dining use.

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(HT: ML Yang)


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Other Phill
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Other Phill

If you are a SCVI cardholder, do the points pool and you get to redeem at the 2.5pts = 1 mile rate?

Suk Sung Bong
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Suk Sung Bong

thank you Prudential for wasting paper sending out that junk by mail to cardholders.

Zac
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Zac

I hold on to a SCB Prudential card because at that time it’s the only card that will earn you points when you pay for the premium.

Its time to relook at how we pay Prudential with all these changes. Anyone have better ideas on this?

Rekeno
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Rekeno

I use Maybank visa infinite card to pay prudential insurance, no problem with points.

Ethan
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Ethan

Hey Aaron, are you sure Grabpay topups gives Citibank Rewards Card 4x miles?

Spoonfeeder
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Spoonfeeder

No it doesnt. Why are you asking here? Test it youself

Ethan
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Ethan

Because i read this line in the article above:

Find a restaurant that takes GrabPay, and you get 4 mpd indirectly through the Citi Rewards Visa.

All along I thought it does not!

DK
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DK

It does.

DR
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DR

Yes, as per my top-up in June. Anyone else have a more current data point?

Spoonfeeder
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Spoonfeeder

Top up again?

boo
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boo

still have. i think you’re the only one not getting it

notafraid
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notafraid

I use this card to pay my prudential premiums, for which I get the points that i could convert to miles. This is the only reason I hold this card,
AFAIK No other cards allow points/ miles for insurance premium payments

Lenny
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Lenny

Aaron, you’re always one step ahead of the banks. They should pay you for consultation

Jerry
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Jerry

What can we use for AIA premiums since it doesnt accept Visa?

hst
Guest
hst

Think any MasterCard that does not exclude insurance payment will work. I used ocbc Titanium and get 0.4mpd

Jerry
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Jerry

Thanks for the info. Seems a better option than BOC em as that would result in orphan miles