UOB, KrisFlyer launch savings account that rewards with air miles
ByYasmine Yahya for Straights Times,
SINGAPORE – United Overseas Bank and KrisFlyer have tied up to launch a savings account with debit card that rewards account holders with air miles when they save or spend.
Under the KrisFlyer UOB Account, which will be available from Wednesday (April 19), customers with an account balance of S$350,000 and above will earn 5.4 Krisflyer miles for every dollar they spend using their Krisflyer UOB debit card.
For those with an account balance of between S$100,000 and S$350,000, the rate is 3.4 miles per dollar spent.
Account balances between S$3,000 and S$100,000 will earn 1.4 miles for every dollar spent.
The account provides way for customers who prefer to spend on a debit card, or millennials in the early stages of their career who may not be eligible for a credit card to accumulate KrisFlyer miles, the partners said at the launch of the account on Tuesday (April 18).
A customer who maintains a monthly average balance of S$20,000 in their account and spends S$1,000 a month over 12 months would earn 16,800 KrisFlyer miles, which would be enough for them to redeem a flight on Singapore Airlines or SilkAir to places such as Bali, Langkawi and Lombok.
The account also offers cardmembers special privileges on Scoot and Tigerair.
For example, customers who buy Scoot or Tigerair tickets using the KrisFlyer UOB debit card on a dedicated site (www.flyscoot.com/KrisflyerUOB) or via UOB’s mobile banking app, UOB Mighty, can carry an additional 5kg when they purchase a minimum baggage allowance of 20kg.
UOB’s head of personal financial services Singapore, Ms Jacquelyn Tan, said the bank has seen spending on its debit cards grow 40 per cent over the past two years, while traveling spend on debit cards has risen 15 per cent.
Among its credit cards, air miles are one of the most frequent reward redemption categories and Krisflyer miles in particular are very popular, she added.