Asked on 29 Sep 2019
Are the Grab Rewards worth it?
The power of triple-dipping, especially for miles chasers
Imagine this situation. Person A and B are at Subway and they ordered the same thing. They are paying for their order at the cashier. Person A pays with his credit card only. He gets either cashback or miles based on the card he uses. That's it.
Person B pay using Fave Pay and his/her account is linked to Grab. His GrabPay was topped up by his miles credit card (i can't say much for cashback cause I am not sure). So he earns miles from topping up GrabPay (first dip), earn rewards points for using GrabPay (2nd dip) and earn cashback through Fave for using Fave Pay (3rd dip).
Same order, same amount, but Person B walk away with more rewards and cashback. So why not?
Grab Rewards have have a lot of things in their catalogue but essentially Grab is still a ride-hailing service provider. The points you earn, just redeem for promo codes lor if you don't have other uses for them. If I already need to take Grab and they give me points along the way, who am I to say no?
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For people who want to earn credit card rewards without paying currency exchange fees, you use your credit card to top up your grab pay and use GPMC to top up Youtrip/Revolut for overseas use. Hence, you earn credit card rewards overseas without paying any fees.
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Some people are not able to get a credit card, so they don't have this option of using credit cards
Some people are using credit cards to pay for Grab top-up, hence they are earning points on the Grab anyway (not all credit cards giving points for Grab top-up nowadays)
Grab Pay can be more convenient at times, such as a quick scan with your phone (I don't bring my wallet when I go out for short trips)
GrabPay promotions. Some retailers offer a good discount if you use GrabPay instead of cash/credit card/etc. BEST REASON FOR ME. haha
Whatever the reasons, do enjoy what Grab is offering! :D
So many reasons!
Essentially tech startups are subsidising the cost of transactions in order to get more users.
For example, I top up my GrabPay using a UOB ONE credit card. If you fulfil certain criteria, it will give up to 10% cash rebates every quarter.
When I then choose to spend using GrabPay, I might earn grab reward points.
If you want to stack 1 more level, You can use Fave app to link to GrabPay. So if you pay using FavePay, you earn 10% rebate on Fave, Grab reward points, and then credit card points/rebates.
That's about the best reason actually.
Grabpay has Grabreward points + now UOB one card has a tie-up with Grab and topping up with UOB one card gives one of the highest rebates every quarterly if you meet the minimum $500 spending :)
The only disadvantage of Grab will be its inability to take out the money inside Grabpay.
Most solutions offered would involve topping up GrabPay using a credit card followed by checking out with GrabPay /FavePay at the merchant. This triple dipping is however limited to only GrabPay or FavePay.
I present to you a solution that allows you to maximise the 10%(5%+5% for Grab) cashback by using UOB One Card to top up GrabPay. First, top-up GrabPay using your UOB One Card. Next, to circumvent the GrabPay/FavePay limitation, move your GrabPay credits to a multi-currency card like YouTrip or Revolut by topping up to these cards using GrabPay Mastercard. Now you can spend your GrabPay credits through a contactless payment channel like Paywave through Youtrip or Revolut. This applies to overseas spending too as both Youtrip and Revolut support competitive wholesale FX exchange.
Regardless of whether the merchant accepts Grabpay, Favepay or just simply Visa(Paywave)/Mastercard(Paypass), you're able to MINIMALLY realise the 10% cashback. For Grabpay and Favepay, you'll enjoy the benefits of triple dipping. For the rest, you'll still get 10% cashback.
Let me share a hack that helps you save on Fx cost
Uob one top-up - Grab - Youtrip
use the Youtrip for overseas purchase online on foreign websites/spend physically overseas
1) save on FX from credit card overseas spend
2) 10% cash back from UOB
I believe this is the best option for overseas spend currently.
Great question, many good tips and hacks have been shared here!
Personally I feel these are just some of many reasons why people use Grab Pay:
It's convinient (there are a ton of merchants accepting this island wide
I top up my wallet for rides and food as well, so there's always around $20 to $50 sitting in my Grab Pay wallet
You can get really good promotions (on Rewards and eg the Cathay movies one for $10 per weekend ticket)
I use the Grab pay as my extra top ups from my AMEX DBS Altitude card which allows me to hit my $6k spend within 3 months (because I will definitely use my Grab Pay at different locations)
The integration with FavePay is simply amazing! you can stack it to get cashback on top of your GrabRewards points
Why not? I use my Amex card to TOP up Grab Pay and uses Grab Pay whenever available. Cash back + Grab Rewards Points which I usually use on GrabCar voucher to subsidise my trip.
If you are into the Grab ecosystem, e.g. take grab rides, food delivery, then it may be an useful consideration. This is because you can exchange for various perks from the grab rewards points.
If you are not into the Grab ecosystem, then it is probably not worth its cause.
Here is everything about me and what I do best.
Grabpay gives you points.
For some big-ticket items like dentist and etc. 1000$ treatment = 10000 points. That would be a 20$ off grab ride.
Credit card miles are not as attractive and cash back usually got capped or clauses.
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