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When it comes to choosing the best credit card for your spending needs, the UOB Preferred Platinum Visa and UOB Visa Signature often top the list for their attractive rewards and flexible spending categories. However, despite their similarities, these cards have distinct features that can influence your decision. This article dives deep into their benefits, fees, and specific use cases to help you make an informed choice.
Overview
Both the UOB Preferred Platinum Visa and the UOB Visa Signature offer competitive rewards rates of 4 miles per dollar (mpd) on a variety of spending categories, making them excellent choices for maximizing your miles. However, the cards differ in their income requirements, annual fees, minimum spending thresholds, and the specifics of how and where you can earn those bonus miles.
Annual Fees and Income Requirements
| Feature | UOB Preferred Platinum Visa | UOB Visa Signature |
|---|---|---|
| Annual Fee | S$196.20 (First year free) | S$218 (First year free) |
| Income Requirement | S$30,000 per year | S$50,000 per year |
The UOB Preferred Platinum Visa has a lower income requirement, making it more accessible to a wider range of applicants. The UOB Visa Signature, while having a higher income threshold, is still within reach for many and offers additional benefits that may justify its higher entry point.
Minimum Spend and Caps
| Feature | UOB Preferred Platinum Visa | UOB Visa Signature |
|---|---|---|
| Minimum Spend for 4 mpd | None | S$1,000 per statement month |
| 4 mpd Cap | S$1,110 per calendar month | S$2,000 per statement month |
The UOB Preferred Platinum Visa allows cardholders to earn 4 mpd without a minimum spend, which is ideal for those with lower monthly expenditures. However, its cap is lower than that of the UOB Visa Signature, which can earn 4 mpd on up to S$2,000 per month, provided you meet the minimum spend.
Spending Categories and Bonus Points
UOB Preferred Platinum Visa
- Contactless Payments: 4 mpd on contactless transactions via mobile wallets (Apple Pay, Google Pay, etc.)
- Online Transactions: 4 mpd on online shopping and entertainment, including Amazon, Qoo10, Lazada, and Food Panda.
UOB Visa Signature
- Contactless Payments: 4 mpd on contactless transactions, including physical card taps.
- Foreign Currency Spend: 4 mpd on foreign currency transactions, provided you meet the minimum spend.
- Petrol: 4 mpd on petrol purchases, with the same minimum spend requirement.
Transaction Rounding and Point Calculation
Both cards round transactions down to the nearest S$5 before awarding points. However, the timing of point awards differs:
| Feature | UOB Preferred Platinum Visa | UOB Visa Signature |
|---|---|---|
| 1X Base Points | Awarded at transaction time | Awarded at transaction time |
| 9X Bonus Points | Awarded at transaction time | Awarded the following month |
With the UOB Visa Signature, bonus points are calculated more favorably as they are summed up and rounded down only once, resulting in less “wastage” compared to the UOB Preferred Platinum Visa.
Exclusions and Limitations
- UOB$ Merchants: The UOB Preferred Platinum Visa does not earn points at UOB$ merchants (e.g., Cold Storage, Guardian). The UOB Visa Signature, however, still awards bonus points, translating to an effective 3.6 mpd at these merchants.
- Contactless Definitions: The UOB Visa Signature allows physical card taps, while the UOB Preferred Platinum Visa requires the use of mobile wallets for contactless transactions.
Conclusion
Both cards offer valuable rewards, but the choice depends on your spending habits:
- UOB Preferred Platinum Visa: Best for smaller spenders or those who prefer the convenience of mobile wallet payments without worrying about meeting a minimum spend.
- UOB Visa Signature: Ideal for higher spenders, those who travel frequently and spend in foreign currencies, or those who prefer the flexibility of using a physical card for contactless payments.
For those who want to maximize their miles, using both cards strategically can be beneficial. Start with the UOB Visa Signature to reach its higher cap, then switch to the UOB Preferred Platinum Visa for any additional spending within the month.
https://www.uob.com.sg/personal/cards/rewards/preferred-platinum-visa-card.page
