If you have held the Citibank PremierMiles Visa Credit Card for the last 6 months of longer, chances are that you would have received a targeted offer to earn (well, purchase) 31,200 miles for S$238 once S$9,000 (in local or equivalent foreign currency) has been charged to the card between 01 July 2017 and 31 August 2017. Registration is absolutely essential for this promotion.
There are two parts to this targeted offer and upon registration, eligible cardholders will be able to purchase 31,200 or 6,400 Citi Miles for S$238 and S$58. upon hitting S$9,000 or S$3,000 in the qualifying period (01 July 2017 to 31 August 2017). This means that you could essentially be purchasing miles at S$7.63 per block of 1,000 miles which is an amazing deal - most banks charge S$19.26 in terms of bonus miles that you get from paying your credit card annual fees so this deal is actually approximately 60% cheaper! The only caveat is this - you do have to register for this promotion and you will have to pay the administrative fee (which is incredibly reasonable) for the bonus miles.
|Spend Amount||Bonus Miles||Administrative Fee||Cost per 1K|
Citi Miles are possibly the most valuable currency you can get from a credit card in Singapore since it converts into 12 different frequent flyer programs (most banks in Singapore allow conversion into the KrisFlyer and Asia Miles programs only) and having that flexibility makes it much more valuable.
The example given by Citibank shows a 1.2 earn rate on local spending but do remember that this targeted promotion is not just extended to local spend. Let's assume that you have made S$9,000 worth of eligible spend in a foreign currency, you will be looking at 18,000 (instead of 10,800) Citi Miles since the accrual rate for foreign currency transactions is 2.0 Citi Miles per SGD. If you do spend S$9,000 on Kaligo for hotel bookings, you could potentially be looking at an earn rate of 90,000 + 31,200 = 121,200 Citi Miles for spending S$9,238 - this is a whooping 13.1 miles per dollar!
As mentioned earlier, you do have to register for this promotion so make sure you send "MILES XXXX" to 72484 using your registered mobile number to participate - XXXX is the last 4 digits of your main Citi PremierMiles Visa Credit Card. If you do decide to enrol yourself in this promotion but fail to hit the minimum spend of S$3,000 or S$9,000, you will not be charged the administrative fee as per the terms and conditions so really, there is no reason not to register at all!
For clarity, if the Eligible Cardmember fails to (1) meet the minimum Qualifying Spend of
S$3,000 on his Eligible Card within the Promotion Period, or (2) fails to enroll for the
Promotion during the Promotion Period (whether before or after he meets the minimum
Qualifying Spend and regardless of the total Qualifying Spend charged to his Eligible Card
during the Promotion Period), the administrative fee will not be debited to the Eligible
Cardmember’s Eligible Card account and no Bonus Miles will be credited to the Eligible
Cardmember’s Eligible Card account. An Eligible Cardmember who meets the Promotion
Qualifying Conditions to receive the higher tier of 31,200 Bonus Miles cannot opt to pay the
lower administrative fee of S$58 in exchange for 6,400 Bonus Miles instead.