United Overseas Bank (UOB) and KrisFlyer, the frequent flyer programme of Singapore Airlines Group, have launched a new co-branded credit card and savings account to target frequent travellers in Singapore.
The credit card, dubbed KrisFlyer UOB Credit Card, will reward users with air miles. It is said to be the first credit card in Singapore that can be integrated with a savings account.
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The newly launched credit will enable cardmembers to earn three reward points for every dollar spent in dining, food delivery, public transport and online shopping.
Furthermore, cardholders will earn three KrisFlyer miles for every dollar spent on the SIA Group of carriers, as well as for KrisShop purchases.
Cardholders who link their card with KrisFlyer UOB Savings Account can earn up to five KrisFlyer miles for every dollar saved with a minimum monthly average balance of S$1,000, up to their spending limit.
In addition, customers who credit their monthly salary in the savings account can earn six KrisFlyer miles for every dollar spent, up to their spending cap.
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By GlobalDataThe partners designed their new offerings by analysing spending, saving and travel behaviour of their clients over the last three years.
In their study, the companies found that travel accounted for 15% of for UOB cardmembers’ total spend from 2016 to 2018.
Analysis also showed that KrisFlyer miles were the most widely used card reward among UOB cardmembers and showed 70% redemption in 2018.
UOB head of Personal Financial Services Singapore Jacquelyn Tan said: “With the co-branded KrisFlyer UOB Credit Card and Savings Account, we have created a complete banking solution that enables our customers to earn more miles in a shorter period of time.
“Our Singapore cardmembers prefer to fly with the SIA Group, with more than half of total airline spend on UOB cards made on its fleet of carriers. Given that travel is a priority for our customers, we have tailored the solution to their lifestyles so that they can earn KrisFlyer miles faster and more easily on their everyday spend and savings,” Tan added.
Singapore Airlines senior vice president of marketing planning Tan Kai Ping said: “The KrisFlyer UOB Credit Card showcases our commitment to constantly enhance the benefits for our members. With this new card, we are adding to the KrisFlyer brand promise of enabling our members to ’earn easier, redeem faster and travel better’.”
