Is GrabRewards Platinum still worth earning?

On 1 August, GrabRewards implemented the latest in a series of seemingly endless devaluations by eliminating the ability to earn points when paying by credit or debit card. 

Under the revised system, GrabRewards Points can only be earned from GrabPay or PayLater transactions, ending double dipping with credit card points and effectively forcing consumers to choose sides- a contest it seems destined to lose.

I’ve covered the changes in a separate article, but one thing I haven’t looked at yet are the implications for GrabRewards elite qualification. 

How much spending is required to earn GrabRewards elite status?

GrabRewards has a four-tier elite system, starting at Member and maxing out at Platinum. Tier qualification is based on the number of points earned within a calendar half:

• 1 Jan to 30 Jun
• 1 Jul to 31 Dec

Status earned is valid for the rest of the calendar half, plus the following calendar half.

For example, if I accrued 1,200 points on 3 March 2022, I’ll enjoy Gold status till 31 December 2022. To requalify for Gold, I’ll need to earn a further 1,200 points between 1 July to 31 December 2022. 

What are the perks of GrabRewards elite status?

I’ve been a GrabRewards Platinum for a long time now, though it was always more of a by-product than a concerted effort since I’m a heavy Grab user, taking rides perhaps 2-3X daily and ordering food about 3-4X weekly. 

While I didn’t earn a lot of points paying with my credit card (4 pts/S$1 before 22 March 2021, then 2 pts/S$1 until the recent devaluation), the sheer volume of spending over a six month period was enough to get me over the line.

Frankly speaking though, the benefits are nothing to get excited about. 

Platinum members enjoy larger discounts on walk-up lounge access (which I have no use for, thanks to credit cards), discounts on airport F&B, as well as some vaguely-defined “priority ride allocation and customer support”.

Maybe priority ride allocation meant something a few years ago, but I can honestly say I don’t notice any difference in how fast I get a ride versus The MileLioness (Silver member). With so many Platinums out there anyway, priority becomes a misnomer. 

Platinum members used to enjoy preferential rates for KrisFlyer miles redemptions and selected rewards, but that has long been nerfed, and the main distinguishing factor now is simply the higher earn rate.

Therefore, I wouldn’t be too upset if I lost Platinum status. In fact, I probably will, given the new earning structure. By eliminating GrabRewards points for credit card transactions, Grab is basically asking consumers to choose between:

• 4 mpd with credit cards
• 3-6 GrabRewards points per S$1 (effective rebate of 0.6-1.2%)

It’s quite simply no contest at all; even if you prefer cashback, you’d be much better off earning 8% cashback with the Maybank Family & Friends Card. 

Now, it’s true that we don’t have an either/or decision on our hands just yet, because there’s still three cards on the market awarding points or cashback for GrabPay top-ups…

💳 Cards for GrabPay Top-Ups
Card	Earn Rate	Remarks
AMEX SIA Business Card Apply	1.8 mpd	Only for owners of SMEs
AMEX True Cashback Card Apply	1.5% cashback	No cap
UOB Absolute Cashback Card Apply	1.7% cashback	No cap

…but even so, this only marginally changes the equation. The choice is now:

• 4 mpd from credit cards
• 3-6 GrabRewards points per S$1 (0.6-1.2% rebate) + 1.8 mpd or 1.5/1.7% cashback

I’d still pick credit cards, which means bye bye GrabRewards points, and bye bye Platinum. 

Possible exception: Paying utilities bills

While I wouldn’t advocate actively earning GrabRewards status (i.e. diverting spend that could have otherwise gone on your credit card), there is one way you could conceivably retain your status with minimal opportunity cost.

I’m thinking of utilities bills. This category has been excluded by most (though not all) banks, but you can still earn GrabRewards points. In an ideal scenario, you’d top-up your GrabPay account with one of the three cards I mentioned earlier, then use the GrabPay Mastercard to pay the utilities bill and earn up to 6 points/S$1. 

You’d need to pay an average bill of S$125 a month over a 6-month period to earn the 4,500 points necessary to requalify for Platinum, but since you wouldn’t earn any rewards on those bills with most credit cards anyway, it’s not the worst option imaginable.

Of course, there are those who argue that you should conserve the GrabPay’s S$30,000 calendar year limit for transactions that can’t earn credit card points at all (e.g. income tax bills, MCST fees), and since utilities doesn’t fall into that category yet, doing this is a waste.

It’s a fair point, so to each their own.

Conclusion

With GrabRewards’ new earning structure, the Platinum (and Gold/Silver for that matter) ranks are likely to be culled as customers pick their credit cards over GrabPay. That’s my choice, at least, and the only situation where I’d pick the Grab wallet is when I’m forced to in order to use vouchers from my GrabUnlimited subscription.

To put it another way, GrabRewards Platinum benefits are not worth the opportunity cost you’ll incur to earn it. Unless Grab comes up with some killer new perks (like a surge protector), there’s very little reason to be loyal.

Are you planning to retain GrabRewards elite status?