Frequent Flyer Credit Card Analysis: Singapore Airlines Platinum
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Do you travel a lot? If you are a person who travels a lot whether for leisure or for business, enrolling in a certain airlines’ frequent flyer program or FFP might be the best thing for you. Not only can you get great rewards, but free flights as well.
Frequent flyer programs are loyalty programs offered by different airlines to their customers. Customers can earn points through frequent flyer miles using kilometers, points, or segments – an equivalent 1 point is given for every mile you have flown. The points may vary from airline to airline; however, if you travel a lot, you will earn more points and get more rewards, such as travel class upgrades or priority bookings.
When it was first introduced, the primary method of gaining points was only through flying; but with the tie-ups to credit card companies, new ways of gaining points have been introduced, like shopping at participating outlets, booking a reservation at a particular hotel, or renting a car at a particular car rental company. With the partnerships between airlines, businesses, and credit card companies, customers can take advantage of promotional offers using their plastic to earn benefits at comparatively low rates.
Westpac Platinum Cards and Rewards
As the race for dominance of the sky among airlines becomes steeper, so does the competition among credit card companies. Nowadays, when you think of travel, it has become synonymous with platinum cards. Though once regarded as a status symbol, platinum cards have become common for those who have good credit standing. Platinum cards have become popular because of the rewards they offer, high credit limits, and low balance transfers.
One of the platinum cards that is available is Westpac’s Platinum Card. Westpac has partnered with Singapore Airlines to give their loyal customers more rewards and benefits.
In a nutshell, Westpac Platinum is a dual card account. It means that you get two credit cards – in this event, it’s the American Express Platinum and Visa Platinum – linked in a single account. By linking these two cards, you get only one monthly billing statement, one annual fee, and one credit limit. Through this linking system, consumers have more chances of earning points to get more rewards.
Therefore, to help you decide if the Singapore Airlines rewards program through a Westpac credit card is right for you, consider the benefits and drawbacks of the card.
| Product Name | Westpac Singapore Airlines Platinum | |
|---|---|---|
| Balance Transfer Rate | 0.99% p.a. for 9 months | |
| Interest Rate on Purchases | 19.49% p.a. | |
| Annual Fee | $250 p.a. | |
| Interest Free Period | up to 45 days | |
| Interest Rate on Cash Advances | 20.74% p.a. | |
| Minimum Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|
$8,000 | |
| Max Credit Limit | $100,000 | |
| Minimum Monthly Repayment | 2% | |
| Credit Card Type | American Express/Visa | |
| Late Payment Fee | $9 | |
| Complimentary Travel Insurance | Yes | |
| Available to Temporary Residents | Yes | |
| Joint Application | No |
Pros of the Singapore Airlines Rewards with Westpac
- 10,000 Initial KrisFlyer miles. KrisFlyer is Singapore Airlines’ frequent flyer program. With its partnership with Westpac, 10,000 KrisFlyer miles are given as a sign up gift upon using either of your Westpac Platinum cards for the first time.
- Great reward scheme. You can use either the Westpac American Express Platinum or the Westpac Visa Platinum and you get 1.5 KrisFlyer points for every $1 purchase on certain goods and services. When you use your cards on singaporeair.com.au, you get double points.
- Convenient payment option. The Westpac Visa Platinum comes in to play here. For any purchases amounting to less than $100, you can use the Visa card without signing or giving the PIN. All you need to do is hold the Visa against a Visa payWave terminal.
- A 45-day Interest free period. You have made your purchase, and now it is payback time. With Westpac Platinum, you are given a 45-day interest free period. This is enough time to make a payment without additional fees.
- Low balance transfer rates. At 0.99% p.a. for 9 months balance transfer rate, it is one of the lowest in the market. You can also earn points when making a balance transfer.
- Complimentary Insurance Cover. As the name suggests, you get free travel insurance. The policy covers you and all the members of your family up to 6 months and up to $500,000 in claims. Medical and cancellation coverage is unlimited as long as they are included in the travel policy list. There is even coverage for rental cars of up to $5,500. With travel insurance, you are covered while earning fabulous rewards.
- Purchase Protection Insurance. This coverage protects any purchases made through the credit cards against theft, loss or damage. Unlike the 3-month coverage on gold cards, the platinum has a 4-month purchase protection cover.
- Extended Warranty Insurance. This is an additional 12 months to the standard manufacturer’s warranty.
- State- of –the- art security. This protects you and your money against fraudulent activities and unauthorised purchases wherever you shop.
Drawbacks of the Westpac Platinum Credit Card
- No introductory rates. Unlike some credit cards, this one doesn’t have an introductory rate on purchases.
- Annual fee. At $250 p.a. every year, this is quite expensive if you don’t intend to use this card as often as you plan. So, unless you love shopping and travelling, the Westpac Platinum is not for you.
The Singapore Airlines Platinum Card is full of rewards and benefits for those who love shopping and travelling. You can even earn free flights if you use it frequently. However, if you are looking for a card which you intend on necessary purchases only, then this may not be for you.
Platinum cards have really come a long way. From just being status symbols of the affluent, it has become a must-have for getting various benefits and rewards. And as long as you pay on time, you will continually enjoy the perks.
Read the Westpac Singapore Airlines Platinum terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | Yes - Conditions apply | |
| Credit Rating Requirement | Good | |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $8,000 | |
| Max Credit Limit | $100,000 |
| Annual Fee | $250 p.a. | |
|---|---|---|
| Minimum Repayment | 2% | |
| Late Payment Fee | $9 | |
| Over Limit Fee | $9 | |
| Overseas Emergency Replacement | $0 | |
| Overseas ATM Balance check | $0 | |
| Overseas ATM Withdrawal | $2.50 | |
| Foreign Currency Conversion Fee | 2% | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $1 |
Pros
- This is a companion card offering both a Visa and an American Express linked to the one account. This means that you can earn the maximum amount of Singapore Airlines Rewards points by using your American Express or Visa depending on the situation.
- This card has a competitive balance transfer offer with 0.99% for 9 months.
- If you use your Singapore Airlines card to make a purchase with the airline in Australia dollars, you will earn double the standard rate of accrual.
Cons
- The Singapore Airlines Westpac Gold Card only offer up to 45 days interest free on purchases made with your card.
- You will not get any interest free days on purchases with your credit card until you have repaid the full amount you have brought to the card using the balance transfer feature.
Read the Westpac Singapore Airlines Platinum terms and conditions.
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Can me and my husband have a set of cards each?
Hi,
Thanks for the question. in order for both you and your husband to have a Westpac Singapore Airlines Platinum Credit Card one of you will have to be the primary card holder and one of you the secondary card holder. There is no fee for getting an additional card; however, the secondary card holder will not be able to perform actions like closing the account or increasing the credit limit. Cheers.
Jeremy