With 2024 rapidly drawing to a close, many Singaporeans will be heading overseas to take a hard-earned vacation.
And while some may flock to the money changers, those in the know will be bringing their credit cards instead, given the generous promotions we’re seeing for foreign currency (FCY) spending.
In this column, I’ll cover all the major ones you should be aware of, so you can pack the right cards along for the trip.
Citi Prestige Card: 4.5 miles per S$1
The Citi Prestige Card is offering an upsized 4.5 mpd on in-store and online FCY spend, instead of the usual 2 mpd, for transactions made by 28 February 2025.
Registration is required, and can be done via the Citi mobile app under For You > Citi Prestige Card Foreign Currency Promotion. A registration cap of 6,000 cardmembers applies.
Once registered, Cardmembers will need to spend at least S$28,000 during the promotion period to trigger the 4.5 mpd earn rate. That’s not a typo, in case you were wondering, and even though you can meet it with a mixture of local and FCY spend (including Citi PayAll transactions), this promotion is really only for the big spenders.
The bonus is capped at 20,000 miles for the entire promotion period, which works out to S$8,000 of spend. Cardmembers will earn the regular 2 mpd first, with the bonus 2.5 mpd expected to be credited by 31 May 2025.
DBS Altitude Card: 5 miles per S$1
DBS Altitude AMEX and Visa cardmembers can now earn 5 mpd on their in-store and online FCY spend till 31 December 2024, upsized from the usual 2.2 mpd.
Registration is required for this offer, and can be done via the DBS PayLah! App. Do note that it’s capped at 10,000 cardmembers, and if you no longer see the banner, you can assume it’s fully subscribed already.
This requires a minimum spend of S$1,000 per calendar month, and capped at S$2,000 per calendar month. However, if you have both the AMEX and Visa cards, you can enjoy the offer on both, subject to meeting the minimum spend on both cards.
Cardmembers will receive the regular 2.2 mpd initially, with the bonus miles awarded by the 16th of the following calendar month.
Maybank Horizon Visa Signature: 3.2 miles per S$1
The Maybank Horizon Visa Signature has been periodically boosting its FCY earn rate from 2.8 mpd to 3.2 mpd for the holiday periods, and the offer is back once again for all in-store and FCY spend till 31 January 2025.
Cardmembers must spend at least S$800 in a calendar month to trigger the 3.2 mpd rate, though the S$800 spend can be on both local and FCY transactions, so long as they’re not on the general exclusions list.
The best thing is that there is no cap on the maximum miles you can earn, and Maybank even awards points on transactions like charitable donations, education, insurance premiums, private hospitals and utilities- categories which most other banks exclude. If you’re planning to do some year-end giving, or a medical check-up, you’ll earn 3.2 mpd so long as the transaction is charged in FCY.
In addition to this, cardmembers who meet the S$800 minimum spend are also able to earn 3.2 mpd on air tickets with Singapore Airlines, Scoot, British Airways, Cathay Pacific island pretty much every airline out there. This is capped at S$10,000 per calendar month, but that should still be plenty for most people- unless perhaps you’re booking First or Business Class tickets for multiple passengers.
Cardholders will earn the usual 2.8 mpd initially, with the bonus 0.4 mpd posting in the first week of the following calendar month.
UOB PRVI Miles Card: 5 miles per S$1
UOB PRVI Miles AMEX, Mastercard and Visa cardmembers can earn 5 mpd on their in-person dining and shopping spending until 31 December 2024.
To do this, they must first register by sending an SMS with PMX<space>Last 4 alphanumeric digits of NRIC/Passport to 77862. After registration, cardholders must spend at least S$1,500 on eligible dining and shopping transactions, which include:
- Restaurants
- Fast food
- Bars
- Department stores
- Electronics stores
- Shoe stores
- Book stores
- Cosmetics stores
- Factory outlets
The full list of eligible merchants can be found in the T&Cs, and even includes some surprising ones like pharmacies and wine stores- if you’re planning a trip to Napa Valley or Bordeaux, for example, this would be a great opportunity to take some of the sting out of your spend
The 5 mpd earn rate consists of the usual 2.4 mpd on overseas spend (3 mpd for Indonesia, Malaysia, Thailand and Vietnam), and a bonus of 2.6 mpd (2 mpd for Indonesia, Malaysia, Thailand and Vietnam). The bonus component is capped at 13,000 miles for the entire promotion period, so you’d max it out with S$5,000 of spending (S$6,500 for Indonesia, Malaysia, Thailand and Vietnam).
Remember: the bonuses are only valid for in-person transactions, so if you spend online, you’ll earn the regular 2.4/3 mpd rate (this might be an issue if you use your credit card for ride-hailing or food delivery when overseas, so pay attention!).
The bonus miles earned under this promotion will be credited by 28 February 2025.
YouTrip: 5% cashback
This article is meant to be focusing on miles, but I thought I’d add one cashback option because it’s rather attractive.
YouTrip cardholders who spend at least S$300 in FCY till 31 December 2024 will receive 5% cashback, capped at S$15 for the first 15,000 users who meet the minimum spend.
You will need to opt in for the promotion, which can be done via the Perks tab in the YouTrip app.
YouTrip can offer superior exchange rates compared to regular credit cards, but this comes at the expense of earning miles. Whether the trade-off is worth it really boils down to how much you value a mile, and whether you value YouTrip’s ability to lock in a favourable rate today for spending in the future.
No promos- but still good!
Even if you don’t have any of the abovementioned cards, there’s still other options which are good for FCY spending year round.
- The UOB Visa Signature offers 4 mpd on FCY spending, subject to a minimum spend of S$1,000 and cap of S$2,000 per statement month
- The Maybank World Mastercard offers an uncapped 3.2 mpd on FCY spending, subject to a minimum spend of S$4,000 per calendar month. Cardholders who spend at least S$800 pre calendar month will earn an uncapped 2.8 mpd on FCY spending
- If you’re spending on selected shopping merchants, the Citi Rewards Card and OCBC Rewards Card would offer 4 mpd capped at S$1,000 per statement month (Citi Rewards) or S$1,110 per calendar month (OCBC Rewards). Be sure to refer to the T&Cs for the bonus-eligible merchants
And in case you plan to travel from 1 January 2025 onwards, the Maybank Visa Infinite will also be upgraded to earn a year-round 3.2 mpd on FCY spending, subject to a minimum spend of S$4,000 per calendar month (currently: 2 mpd).
Conclusion
Making the most of your year-end overseas trip isn’t just about finding great destinations- it’s also about maximising the rewards on your spend. By taking advantage of the current promotions, you can earn up to 5 mpd on your overseas spending instead of the usual rates, getting you started on that next vacation even faster.
Remember to review the terms and conditions, register for promotions early, and meet the minimum spend requirements to unlock these bonuses. Safe travels and happy earning!
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