Asked on 10 Dec 2019
I.e. UOB ONE Account, UOB Credit Cards (UOB ONE and Krisflyer) and UOB Stash? I currently have Citibank miles. is it good to keep it? is it advisable to be loyal to one bank only?
CitiPremier miles is a good general card as the miles don't expire. However for me, I am using OCBC 90N, also miles don't expire and you can change in blocks of 1,000 miles. Only downside is that it's only for Krisflyer miles and no lounge benefits.
If you have an UOB One account, you should have at least 1 UOB CC also (miles/cashback it's up to you). Reason being is that if you can meet min. $500 spend per month, you would be able to hit your UOB One account criteria (Assuming you have 3* GIRO or salary credit to it). Also, UOB One has a tie up with Grab, where you can get up to 10% rebate on it. This is insane. I only just got to know of how good a deal it was!
On your last point to be loyal to one bank, no not really, you should select the credit card which suits you!
UOB one gives u some perks for multiple relationships with the bank
not advisable to be loyal to one bank only, u should max out the miles earning opportunities by using each banks' specific cards based on your spending habits and any promos available from time to time
From a miles hacking perspective, uob has some good cards for specific spending. Eg 4mpd
UOB preferred platinum for paywave
UOB visa signature for foreign currency spending above s$1k
if you are are a lady- you can select up to 2 categories of spending to earn 4mpd with the uob lady’s Solitaire.
Best of all, uob points pool making it easier to accumulate a critical mass using various cards.
Using the UOB One Credit card along with the One Account means you get to enjoy higher interest rate on your savings with your spending on your UOB One credit card.
That is what the banks want you to do (OCBC 360 account and 365 credit card for example) and they reward with you with higher interest rates.
As long as the benefits maintain, of course you can be loyal to the bank. Eventually when they stop giving the benefits, you should jump when you can get a better deals. Banks are not loyal to you :)
You get to enjoy the entire uob ecosystem of higher interest rate for your saving account as well as upsized credit card rewards. For now UOB has the what suite of banking for retailer. Keep to them as the one bank but should they start taking away the rewards consider greener pastures. It doesn't pay to be totally loyal
Citi PremierMiles is good as a general miles expenditure card. add on the fact that the miles will never expire.
However using UOB as an ecosystem is a much better deal. Linking of UOB One Account together with your monthly expenditure of UOB credit card (such as UOB one or UOB Lady's) will yield you higher cash rebates and higher interest rates in your bank savings account. Furthermore, UOB has a unqiue tie up with Grab which allows you to earn outsized cash rebates for almost all your daily expenses.
If you are a great planner in planning your expenditure, i will strongly advise switching to UOB and its banking ecosystem to make the best use of all the tie ups. It will help you enjoy higher interest on your bank savings and you will lower your expenditure while maintaing the same lifestyle
Personally, I am still using Citi PremierMiles as it works as an amazing general purpose card with mininal restrictions. Additionally, the miles will never expire.
Assuming that you spend exactly $500, $1,000, or $2,000 monthly on your credit card, then you should consider UOB One card. At 3% cashback for spending $500 or $1,000 monthly for a consecutive billing quarter, it is definitely one of the higher cashback card to this end. For spending $2,000 monthly for a consecutive billing quarater, you get 5% cashback.
Now, if you are able to meet the spending requirement associated with the credit card, then pair it with UOB One account. Through this process, you will get a minimum of 1.85% per annum for your bank's interest and up to 3.88% per annum. Either way, this is higher than the traditional bank interest of 0.05% per annum.
If you are able to meet the eligible spending consistently, e.g. spending on Singapore Airlines, then you will get 3 miles per dollar (in stacks of $5). Otherwise, it isn't really an attractive card to this end. Therefore, I choose to use Citi PremierMiles instead.
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