The MileLion’s 2023 Credit Card Strategy

Welcome to 2023! 

As the new year gets under way, why not kick it off by refreshing your credit card game plan? Which cards should be your go-to options, which ones should be deprioritised, and which ones cancelled? And just how many cards will you need for this year, anyway?

Here’s my strategy. 

2023 Credit Card Strategy: Overview

Broadly speaking, there are two types of miles cards out there:

• General spending cards: Earn a flat rate of 1.0-1.6 mpd on all transactions
• Specialised spending cards: Earn up to 4 mpd on certain categories

If there’s one resolution you make this year, it should be to use general spending cards as sparingly as possible.

Since specialised spending cards cover such a wide range of transactions, it seems almost sinful to settle for the lower earn rates of a general spending card. Put it another way: someone who regularly utilises 4 mpd cards will earn his/her free holiday 3X faster than someone who puts everything on a 1.2 mpd card.

The goal, therefore, is:

Maximise 4 mpd opportunities

Every time you use a general spending card for a specialised spending category, you’re leaving money on the table.

Yes, it may mean applying for more than one credit card. Yes, it may be slightly less convenient.  Yes, your spouse may get annoyed when you nag them about using the right card. But I promise you this: no one ever moaned about having to carry multiple credit cards when kicking back in a Business Class seat with some pre-flight champagne. 

Contactless Payments: HSBC Revolution, UOB Preferred Platinum Visa, or UOB Visa Signature

Card	Earn Rate	Remarks
HSBC Revolution Apply	4 mpd	Max S$1K per c. month on dining, groceries, shopping, travel Review
UOB Pref. Plat. Visa Apply	4 mpd	Max S$1.1K per c. month, must use mobile payments Review
UOB Visa Signature  Apply	4 mpd	S$1K-2K per s. month on contactless & petrol Review
C. Month= Calendar Month, S. Month= Statement Month

Contactless payments aren’t a category of spending as such, more like a method. But who cares? Contactless terminals are so ubiquitous these days that earning 4 mpd on the vast majority of your spending should be straightforward. 

There are no changes here from last year. The UOB Preferred Platinum Visa (PPV) continues to be the go-to option, earning 4 mpd on all mobile payment transactions except UOB$ merchants (previously known as SMART$), and UOB’s standard exclusion list (e.g.  hospitals, schools, government bodies). This is capped at S$1,110 per calendar month.

Those who regularly spend beyond the UOB PPV’s monthly cap can consider the UOB Visa Signature, which earns 4 mpd on contactless transactions with a minimum spend of S$1,000 per statement month on contactless and/or petrol transactions. This is capped at S$2,000 per statement month. 

Alternatively, you can use the HSBC Revolution for 4 mpd on selected contactless payments, namely: 

• Airlines and hotels
• Department and retail stores
• Supermarkets, restaurants and food delivery
• Transportation (excluding public transport)

This is capped at S$1,000 per calendar month. It’s not quite the “4 mpd everywhere” that the UOB cards offer, but still a very wide range of day-to-day merchants. Even better, it covers both restaurants and hotels, which means no more confusion about what card to use when you’re dining at a hotel.

Dining: HSBC Revolution, UOB Lady’s Card or UOB Lady’s Solitaire

Card	Earn Rate	Remarks
HSBC Revolution Apply	4 mpd	Max S$1K per c. month. Must use contactless Review
UOB Lady’s Card Apply	4 mpd	Max S$1K per c. month. Must choose dining as 10X category. Review
UOB Lady’s Solitaire Apply	4 mpd	Max S$3K per c. month. Must choose dining as 10X category. Review
C. Month= Calendar Month, S. Month= Statement Month

For dining, my picks are the HSBC Revolution or UOB Lady’s Card. I much prefer these over the Maybank Horizon Visa Signature, because not only are the earn rates better (4 mpd vs 3.2 mpd), the definition of dining is broader.

🍽️ Comparison of Dining Card MCC Coverage
	HSBC Revo (4 mpd)	UOB Lady’s Card (4 mpd)	MB Horizon (3.2 mpd)
5811	✅	✅
5812	✅	✅	✅
5813	✅
5814	✅	✅
5441	✅
5462	✅
5499	✅	✅
MCC Descriptions
MCC 5811: Caterers (Eatz, Stamford) MCC 5812: Eating Places and Restaurants (Crystal Jade, Paradise) MCC 5813:  Bars and Nightclubs (Brewerkz, Brotzeit) MCC 5814: Fast Food Restaurants (McDonald’s, KFC) MCC 5441: Candy, Nut and Confectionery (Candy Empire, See’s Candies) MCC 5462: Bakeries (Bengawan Solo, Four Leaves) MCC 5499: Misc. Food Stores (Famous Amos, Nespresso)

The UOB Lady’s Card is only available to women, but a simple workaround is to get your lady friend to apply for the card, then add it to your mobile wallet. If possible, go for the UOB Lady’s Solitaire Card (min. income: S$120K), because it offers two bonus categories and a 4 mpd cap of S$3,000 per calendar month. 

Foreign Currency (FCY): Amaze or UOB Visa Signature

Card	Earn Rate	Remarks
Amaze + Citi Rewards Apply	4 mpd	Max $1K per s. month Review
UOB Visa Signature Apply	4 mpd	S$1-2K per s. month on FCY spending Review
C. Month= Calendar Month, S. Month= Statement Month

It says quite a bit about how good Amaze used to be that even after a 2022 full of nerfs, it’s still my first choice card for overseas spend.

Yes, DBS nerfed it from its rewards programme. Yes, it nerfed its own cashback scheme, then ultimately replaced it with a mickey mouse Instapoints system. Yes, the rates aren’t as good as before. But I challenge you to find a better solution for earning 4 mpd on all overseas spend.

The best option is to pair Amaze with a Citi Rewards Card, and use it as the default choice for all overseas spending (except airlines, hotels, car rental and other travel transactions). There’s a few other cards you can consider too, depending on category; refer to the article below for more information. 

After the nerf: My new Instarem Amaze Card strategy

For those who want an alternative, consider the UOB Visa Signature. This earns 4 mpd on FCY spending, provided:

• you spend at least S$1,000 in FCY in a given statement month, and
• the payment processing is done outside of Singapore (don’t ask me how you can know this for sure, it’s one of UOB’s shenanigans)

The 4 mpd is capped at S$2,000 of FCY per statement month, and is shared with the 4 mpd cap for contactless payments/petrol. For a more detailed explanation of how the caps work, refer to my review of the UOB Visa Signature.

Offline Shopping: Citi Rewards, HSBC Revolution or OCBC Titanium Rewards

Card	Earn Rate	Remarks
Citi Rewards Apply	4 mpd	Max S$1K per s. month Review
HSBC Revolution Apply	4 mpd	Max S$1K per c. month. Must use contactless Review
OCBC Titanium Rewards Apply	4 mpd	Max S$13.3K per m. year. Pink and Blue cards have their own cap Review
M. Year= Membership Year, S. Month= Statement Month

If you shop at brick-and-mortar stores, use the Citi Rewards, HSBC Revolution, or OCBC Titanium Rewards for 4 mpd. 

I would, however, lean towards the OCBC Titanium as my first choice for the following reasons:

• The OCBC Titanium Rewards has a relatively narrower range of 4 mpd categories compared to the Citi Rewards and HSBC Revolution, and as a general rule you should utilise the less flexible caps first (e.g. it makes more sense to use the OCBC Titanium Rewards for shopping and the HSBC Revolution for groceries)
• The OCBC Titanium Rewards’ 4 mpd cap is based on membership year, so if you have a big-ticket item to purchase, you can utilise your entire year’s cap (S$13.3K) at one go

The OCBC Titanium Rewards Pink and Blue cards each have their own S$13,335 annual cap, so big spenders can get both (the OCBC$ will pool together). 

If possible, OCBC Titanium Rewards cardholders should try and get their hands on an OCBC Premier Visa Infinite. This no-fee card offers free conversions to KrisFlyer, and since OCBC$ pool, serves as a no-cost way of cashing out OCBC$ from the Titanium Rewards (do note this will end on 1 February 2023).

Online Transactions: Citi Rewards or DBS Woman’s World Card

Card	Earn Rate	Remarks
Citi Rewards Apply	4 mpd	Max S$1K per s. month, excludes travel Review
DBS WWMC Apply	4 mpd	Max S$2K per c. month Review
C. Month= Calendar Month, S. Month= Statement Month

Like contactless payments, online transactions are another big catch-all category. Just think of how many online transactions you typically make in a given month: movie tickets, Grab rides, Deliveroo, Shopee, Netflix subscriptions etc.

Both the Citi Rewards or DBS WWMC will earn 4 mpd, so long as it doesn’t fall into the bank’s general list of exclusions (e.g. insurance, donations), or in the specific case of the Citi Rewards, travel (e.g. airfares, hotels, rental cars, travel agencies). 

If you’re using the Citi Rewards Card, remember not to use it for in-app mobile wallet payments, because you won’t earn any bonus. For example, using your Citi Rewards Card with Deliveroo directly would earn 4 mpd, but using your Citi Rewards Card with Deliveroo via Google Pay would earn only 0.4 mpd. 

Petrol: Maybank World Mastercard, UOB Lady’s Card or UOB Visa Signature

Card	Earn Rate	Remarks
Maybank World Mastercard Apply	4 mpd	No cap
UOB Lady’s Card Apply	4 mpd	Max S$1K per c. month. Must choose transport as 10X category Review
UOB Lady’s Solitaire Apply	4 mpd	Max S$3K per c. month. Must choose transport as 10X category Review
UOB Visa Signature Apply	4 mpd	S$1K-2K on petrol + contactless per s. month Review
C. Month= Calendar Month, S. Month= Statement Month

Although I feel the best card for petrol is the one that gives the biggest discount, if you’re just looking at miles then it’s a toss up among the Maybank World Mastercard, the UOB Visa Signature, or the UOB Lady’s Card.

The Maybank World Mastercard is probably the best choice, because you don’t have to deal with minimum spending or merchant restrictions. Plus, you can apply for the Corporate Fuel Card and enjoy 15% off petrol at Shell. 

If you prefer to stick with UOB, then the UOB Visa Signature will earn 4 mpd on petrol, provided you spend at least S$1,000 on contactless payments and/or petrol in a given statement month. UOB Lady’s Card members can earn 4 mpd on petrol as well, provided they choose transport as their quarterly 10X bonus category. 

UOB cardholders will need to avoid Shell and SPC though, because these merchants will not earn UNI$.

Public Transport: SCB Smart Card, UOB Lady’s Card or UOB Lady’s Solitaire

Card	Earn Rate	Remarks
SCB Smart Card Apply	Up to 7.7 mpd	Max S$818 per s. month
UOB Lady’s Card Apply	4 mpd	Max S$1K per c. month. Must choose transport as 10X category Review
UOB Lady’s Solitaire Apply	4 mpd	Max S$3K per c. month. Must choose transport as 10X category Review
C. Month= Calendar Month, S. Month= Statement Month

Public transport won’t be a huge component of your monthly expenditure, but it’s still a category worth optimising. 

The Standard Chartered Smart Card decided to extend its 7.7 mpd on bus/MRT rides (charged via SimplyGo) till 31 December 2023, which makes it the highest-earning card for this category.

However, if you don’t use Standard Chartered cards otherwise and want to avoid orphan points, a fall back option would be the UOB Lady’s Card/UOB Lady’s Solitaire Card for 4 mpd, with transport selected as the quarterly 10X category. 

Weddings

If you’re planning a wedding, your first stop should be to see what sign-up bonuses you can take advantage of. 

Assuming you’ve already maxed those out, you can use the following cards to pay off S$11,220 of your banquet amount each month, earning 44,880 miles in the process. I’m assuming the lady qualifies for a UOB Lady’s Solitaire Card (min. income S$120,000), but you can swap it out for the regular UOB Lady’s Card if not, for the loss of 8,000 miles each month. 

💒 Monthly Banquet Payments
	🤵 Him	👰 Her
UOB Pref. Plat. Visa Apply	S$1,110	S$1,110
UOB Visa Signature  Apply	S$2,000	S$2,000
UOB Lady’s Solitaire Apply	N/A	S$3,000*
HSBC Revolution Apply	S$1,000	S$1,000
Total Spend	S$4,110	S$7,110
Total Miles	16,440	28,440
*If banquet held in a hotel, select travel as your bonus category. If banquet held in a restaurant, select dining as your bonus category

For more details, refer to the dedicated post I wrote on the subject. 

2022 Edition: Best Credit Cards for Weddings

General Spending: AMEX HighFlyer Card or UOB PRVI Miles

If you happen to own an SME, then the AMEX HighFlyer Card is a great general spending solution with 1.8 mpd on all local and overseas spend. Even better: it still earns miles on GrabPay top-ups, thereby allowing you to earn free miles on bill payments (see next section).

The main drawback of this card is that it limits you to converting a maximum of 150,000 KrisFlyer miles per calendar year (30,000 miles to five accounts), but assuming you’re making bill payments, that’s still miles you wouldn’t otherwise have earned. 

For everyone else, there’s the UOB PRVI Miles Card which earns 1.4 mpd on local spend and 2.4 mpd overseas. There’s no real harm in using the DBS Altitude/ Citi PremierMiles/ OCBC 90°N Card either, even though their headline earn rate is 1.2 mpd. Ideally, you’d be putting as little spending as possible on your general spending card, so a 0.2 mpd difference shouldn’t be too material.

Of course, if you earn enough to qualify for one of the 1.6 mpd general spending cards such as the Citi ULTIMA, UOB Reserve, DBS Insignia or the OCBC VOYAGE (Premier/PPC/BOS), by all means go ahead and use it.

“Troublesome transactions”

There are a few categories that I call “troublesome transactions”, generally excluded from rewards by most if not all banks. 

Examples include:

• 💗 Charitable Donations
• 🏫 Education
• 🏣 Government Payments
• 🏥 Hospital Bills
• ☂️ Insurance
• 🚰 Utilities Bills

These aren’t lost causes, however. There are two ways to get something out of such payments. 

AMEX HighFlyer/True Cashback + GrabPay Mastercard

One simple solution is to use an AMEX HighFlyer Card or AMEX True Cashback Card to top-up a GrabPay account, then pay your bills via AXS with GrabPay. This effectively earns you 1.8 mpd or 1.5% cashback on the transaction.

✔️ AXS- Supported Payments
Corporate tax Electricity bills Fines Government agencies Hospital bills Income tax Insurance premiums	Loan repayments MCST fees Membership fees School fees Season parking Town council fees
Visit AXS e-station, enter your bill details, then select Credit Card > Other Banks on the payment screen (notwithstanding the fact the GrabPay Card is technically a debit card)

The UOB Absolute Cashback Card can be an option too, but not from 15 January 2023, when the cashback rate for GrabPay top-ups drops from 1.7% to 0.3%.

Use a bill payment service

The second way is to use a bill payment service, which allows you to earn credit card miles on “troublesome transactions”, in exchange for a small fee. 

Provider	Fee	Cost Per Mile*
Pay + Earn	2.5%	1.52-2.50
	2.25% (code: GET225) S$30 off first payment with code: MILELION	1.38-1.83
	2%	1.1 cents (promo till 31 Jan 23, terms apply)
	1.9%	1.36-1.9 (only for SC cards)
*Based on general spending cards with earn rates of 1.2 to 1.6 mpd

Whether or not the fee makes sense depends on how much you value a mile. I personally would consider options that let me buy miles at less than 1.5 cents apiece, but your situation may differ.

Do look out for periodic promotions that can bring down the cost of miles even further. 

Pulling double duty

While the sheer number of cards mentioned above may seem intimidating, the good news is that many can pull double duty. For example, a HSBC Revolution would take care of your dining, grocery and travel expenses, while a UOB PPV would be a simple solution for anywhere that accepts mobile payments.

Likewise, if you’re dining at an overseas restaurant, you could use the HSBC Revolution (dining) or the UOB Visa Signature (FCY) to earn 4 mpd. That’s a good thing, because it helps reduce the number of cards you need to carry.

If you told me I could have four cards and no more, my picks would be:

1. UOB PPV (for all mobile payments at physical merchants)
2. Citi Rewards (for all online transactions)
3. DBS WWMC (for all online transactions)
4. HSBC Revolution (for dining, grocery, travel and shopping transactions)

And if you’re really lazy (and don’t spend a lot each month), then pairing the Citi Rewards with Amaze would be an easy way of earning 4 mpd on all transactions (except travel), since it converts all offline spend into online transactions. Although if you were that lazy, maybe the UOB PPV would be a better solution…

Is it possible to over-optimise?

As much as we want to maximize 4 mpd everywhere, is it possible to overdo it? 

Yes, definitely. The way I see it, there are two additional considerations:

(1) Conversion Fees

By spreading your cards across multiple banks, you’re collecting different points currencies and will have to pay more than one conversion fee. 

However, I’m not too worried about this. Conversion fees are annoying and we try to minimise them where we can, but paying them isn’t the end of the world. In the grand scheme of things, an extra S$25 fee here and there isn’t going to destroy the overall value proposition of the miles game.

Which credit cards don’t charge miles conversion fees?

Moreover, it doesn’t necessarily mean more cards = more fees. If you own multiple cards from the same bank, you may still pay only a single conversion fee, provided the points are pooled.

For example, there’s a UOB customer could hold a UOB PRVI Miles, UOB PPV, UOB Visa Signature and UOB Lady’s Card while paying only a single conversion fee. 

(2) Orphan Points

Orphans points are a bigger concern than conversion fees in my book. If you spread yourself too thin, you may end up in a situation where you’re optimising on individual transactions, but not in an overall sense. 

To illustrate, suppose I drive very infrequently but get a Maybank World Mastercard just so I can earn 4 mpd on petrol. I may be optimising on that particular transaction, but it counts for very little if I end up with a small chunk of TREATS points that I can’t cash out. 

Optimisation is good, but you need to look at both the micro and macro picture. If you don’t spend a significant amount on a particular category, then consider using your general spending card instead. 

Conclusion

One final point: always utilise the more restrictive caps first. Since the UOB PPV can earn 4 mpd at any merchant with a contactless terminal, I’d rather use my HSBC Revolution to pay for lunch and conserve the PPV’s cap for non-dining venues. 

Don’t forget to check out the “What Card Do I Use For…” guide, which provides more granular advice for certain categories.

Any other cards that are featuring in your 2023 game plan?