UOB Preferred Platinum Visa Card Review

UOB Preferred Platinum Visa Card Review: Best Rewards Miles

UOB never disappoints when it comes to offering fantastic credit card perks. Take the Preferred Platinum Visa Card, for instance. The standard conversion is 2 miles per UNI$1. Imagine how much you could earn if the reward is up to UNI$10 per $5 spent?

In this 2021 UOB Preferred Platinum Visa Card review, we will take a closer look at what this card offers. Is this the best rewards card that you could avail of in Singapore?

Key Features

  • Earn up to UNI$10 for every S$5 spent on all, not only selected online transactions
  • Earn up to UNI$10 for every S$5 payment using Visa payWave readers
  • Get up to 10% cashback from participating merchants under the UOB UNI$ program
  • Save up to 10% on FavePay partners
  • No minimum spend requirement to earn rewards and cashback

 

UOB Preferred Platinum Visa Card Benefits

1. Online Shopping Rewards

Earn Up to UNI$10 on Online Purchases. For every S$5 spent on online retail stores, UOB rewards you with up to UNI$10. It does not matter if you shop within Singapore or overseas. Eligible online transactions include supermarkets, food delivery, movie tickets, apparel, shoes, and bags.

Earn Up to UNI$10 on Mobile Contactless Payments. Tap and make payments on Visa payWave Readers. Whichever mobile wallet you use – Android Pay, Apple Pay, Fitbit Pay, Google Pay, and Samsung Pay – earn UNI$10 per S$5 spend.

 

2. UOB UNI$ Programme Cashback Rewards

Download the UOB TMRW app from Apple App Store, Google Play Store, or Huawei AppGallery. Why would you want to do that? Well, one reason is that you could earn as much as 10% cashback on your next purchase.

The UOB$ Programme replaced the UOB SMART$ Rebate Programme. And, it is better than ever. For every qualifying transaction, you earn an instant cash rebate.

Here are some of the participating merchants and how much you can save.

Participating Merchant Cashback
City Tours 10%
BreadTalk 5%
Fatburger 5%
Toast Box 3%
CHICA San Chen 2%
Mr. Coconut 2%
Guardian 1%
Cold Storage 1%

 

3. FavePay Mobile Contactless Payment Cashback

Apart from Visa payWave, Favepay is another mobile payment system you could use. And, you can earn up to 10% from participating merchants.

How much can you save from any of the 13,000 FavePay partners across Singapore? Here are some examples.

FavePay Partner Cashback
Food Republic 10%
Subway 6%
Japan Food Holdings 5%
Yoshinoya 5%
Dian Xiao Er 3%
GNC 3%
Gain City Megastore 2%
Best Denki 1%

 

Preferred Platinum Visa Card Promotions for New Applicants

Here is something new to bank customers applying for a UOB credit card for the first time. Get S$150 cash credit if you are among the first 100 to avail of the Preferred Platinum Card.

UOB, though, requires a qualifying spend of at least S$1,500 with 30 days from the credit card approval date. Also, this promotion runs from 1 to 30 November 2021.

If you are reading this article after the sign-up bonus promotion expired, relax. There will be a newer promotion for first-time UOB credit card applicants.

 

Pros

  • Excellent Rewards. UOB Preferred Platinum Credit Card offers you up to UNI$10 per S$5 online spend. Not many cards can compete at this rate.
  • Good Choice for Miles Earners. For one, you can quickly earn plenty of UNI$ units. At your discretion, you can convert them for miles at the rate of 2 miles per UNI$1.
  • Great for Contactless Payments. The Preferred Platinum Visa Card serves as an excellent mobile wallet. Besides Visa payWave, you also have the option of paying through FavePay.
  • Save Money with Cash Rebates. Every payment made to UOB partner merchants, you can earn up to 10% cashback. This benefit is available to all types of UOB credit cards.
  • Get Rewarded for Other Retail Transactions. Other than high reward transactions, you still earn UNI$ on other purchases. At the very least, that is UNI$1 per S$5 retail spend.

Cons

  • Not for High Spenders. The UOB Preferred Platinum Visa Card is for people who spend not more than S$1,000. If you spend more, there is no benefit as there is a monthly cap on how much you can earn.
  • S$5 Earning Blocks. In other rewards programs, you earn points/miles per dollar spent. But with the Preferred Platinum Card, you earn in blocks of S$5. Any additional amount before reaching the next block is not computed.

 

How UOB Preferred Platinum Visa Card Compares with Other Rewards Cards

UOB Preferred Platinum Card DBS Women’s World Card HSBC Revolution OCBC Titanium Rewards Card
Annual Fee S$192.60 S$192.60 Free S$192.60
Interest Rate 26.90% 26.90% 25.90% 26.88%
Minimum Income Requirement S$30,000 for Singaporean/Permanent Resident

S$80,000 for foreigner

S$80,000 for Singaporean/Permanent Resident

S$80,000 for foreigner

S$30,000 for Singaporean/Permanent Resident

S$40,000 for foreigner

S$30,000 for Singaporean/Permanent Resident

S$45,000 for foreigner

Minimum Monthly Payment 3% or S$50, whichever is higher 3% or S$50, whichever is higher 3% or S$50, whichever is higher 3% or S$50, whichever is higher
Rewards Up to UNI$10 per S$5 on online shopping and contactless payments

Up to 10% cashback per S$5 spend on selected transactions

Up to 10 DBS points per S$5 spent on online spending in Singapore and overseas

Up to 3 DBS points per S$5 on overseas spend

10X rewards points per S$1 Up to OCBC$10 per S$1 online/retail, local/overseas spend on apparel, bags, shoes, department stores, and more
Minimum Spend None None None None
Monthly Cap Capped at UNI$2,000 per calendar month Capped at S$2,000 spend or 8,000 miles per calendar month None Capped at OCBC$120,000 one year from card approval date

 

Woman Paying With Credit Card

Verdict: What We Think of UOB Preferred Platinum Visa Card

The Preferred Platinum Visa Card UOB offers is one of the best. Among the many credit card reviews we did, this card has one of the highest rewards for average spenders. Earning miles is simple, quick, and so is redeeming.

If there is one criticism, then it has to be the S$5 earning blocks. Granted that many other cards are using the same scheme, others do not. If this is an issue, consider HSBC Revolution or OCBC Titanium – both of which reward you per S$1.

Other than earning blocks, there is one other limitation of note. UOB Preferred Platinum Card does not offer many other perks such as travel.

Why would you prefer this card over the others then?

For one, if the mentioned limitations are not an issue. Even more important is if you tend to shop more online or use contactless payments. If this were the case, then go ahead. Apply now.

 

How to Apply for UOB Preferred Platinum Card

If you are new to UOB, you might receive a bonus cash credit upon applying for a Preferred Platinum Card. Walking into any of the physical branches is a given. But you can save time by doing it online through MyInfo.

Applying for UOB cards online takes only 2 to 3 minutes. After that, it does not take long to receive an SMS notifying you of approval. While waiting for the physical card, you can already use it for contactless payments.

Required documents:

  1. Photocopies of NRIC, Passport, or Employment Pass (front and back)
  2. For salaried employees:
  • Past 12 months CPF statement (Singaporean/PR); or 
  • Latest Income Tax Notice of Assessment and original computerized payslip
  1. For self-employed individuals:
  • Latest Income Tax Notice of Assessment and original computerized payslip

Eligibility

Age 21 years and above
Minimum Income Criteria S$30,000 and above per annum (Singaporean and PR)

S$80,000 and above per annum (Foreigner)

 

Frequently Asked Questions (FAQ)

1. What are the fees and other charges? 

Annual Fee S$192.60 (principal card)

S$96.30 (supplementary card)

Annual Fee Waiver 1 year
Interest Rate on Payments 26.90%
Interest-Free Period 21 days
Interest on Cash Advance 28%
Cash Advance Transaction Fee 8% or S$15 (whichever is higher)
Foreign Currency Transaction Fee 3.25%
Minimum Monthly Payment 3% or S$50 (whichever is higher)
Overlimit Fee S$40
Late Payment Fee S$100
Lost/Stolen Physical Card Liability Limited to S$100

 

2. What Are the Exclusions to Mobile Contactless Payments?

Not all mobile contactless transactions can earn you rewards. For instance, these are some of the exclusions:

  • Magnetic Secure Transmission Transactions
  • SPC and Shell stations
  • UOB$ participating merchants
  • SimplyGo transactions on public buses and train readers
  • Grab mobile wallet top-ups
  • Wire transfers to non-financial institutions such as cryptocurrencies, quasi-cash
  • Insurance payments

 

3. How does the UNI$ to air miles conversion work?

Using the UOB TMRW app on your mobile device, you can redeem every UNI$ for 2 KrisFlyer or Asia Miles. For one-time conversions, you can do it in blocks of 10,000 miles.

If you are a frequent traveler, you may choose the auto-conversion option. In this case, you could convert in blocks of 5,000 miles.

 

4. How does the UNI$10 work?

In a nutshell, you earn UNI$10 per S$5 eligible spend on online spending and contactless transactions.

The reward you receive consists of:

  • UNI$1 for every S$5 spend
  • UNI$9 as a bonus for making a qualifying spend

 

5. What Is Wrong with the S$5 earning block?

Suppose you made an eligible transaction, spending S$9.00. You earn UNI$ from the first S$5. As for the remaining S$4, UOB discards them. As you can see, it would have been better if you were to earn rewards for every dollar.

 

6. Can You Use UOB cards for SimplyGo and earn rewards?

Yes, you can. UOB gives you UNI$1 per S$5. Granted that it is not among the best in class, that is still savings. If anything, you can use this card as a backup if you have another that gives you more.

 

7. Who is UOB Preferred Platinum Visa Card ideal for? 

If you are a big spender, you might be disappointed to know the $1000 expenditure cap is quite limiting. Rewards are capped at 4K miles per month (2KUNI$) which is approximately $40 value-to-consumer. Given the rewards earning scheme, UOB PP Visa Card is more ideal for modest spenders. Take note that the miles earned expire in two years. 

 

Closing

The UOB Preferred Platinum Card is not the all-around type of card that gives you a little or more of everything. Such cards are usually the preferred choice of high spenders. But if you are a frequent online shopper and a fan of contactless payments, look no further.

Our Takeaways

  • UOB UNI$10 per S$5 spend is a quick and easy way to earn miles from eligible online transactions – local and overseas. UON TMRW mobile device app makes it easy to redeem for miles.
  • Earn up to UNI$10 per $5 transactions paid through Visa payWave or FavePay. With the Preferred Platinum Card, contactless payments are not convenient but also rewarding.
  • Save even more money by shopping from UOB partners to receive up to 10% cashback.

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