Updated: 3/9/2024
It's official. UOB has announced a full devaluation of its credit card lineup. Hence, this article is no longer relevant. I will maintain this article for reading and additional insights.
Please read my newly published article on the devaluation here.
Original Article:
In an unexpected twist, UOB Malaysia has updated the UOB Visa Infinite webpage to reinstate the previous conversion rate of 9,000:1,000 airline miles!
Previously, Refined Points reported that UOB Visa Infinite had quietly devalued its conversion rate to 12,000:1,000, despite the introduction of 10X UNIRM for overseas spending, as highlighted in the image below.
Hopefully, no one at UOB Malaysia lost their job over this oversight—LOL!
A Closer Look
This update significantly boosts the value of the UOB Visa Infinite, now offering an impressive 1.11 MPR on overseas spending.
If this change holds, it effectively renders the UOB PRVI Miles Elite obsolete, as it no longer offers a competitive advantage over the UOB Visa Infinite, except for its 5X UNIRM on airline spend.
While the UOB PRVI Miles Elite offers 5X UNIRM for airline spending and 10X UNIRM for overseas spending, how frequently do you actually spend on airlines? In hindsight, the UOB PRVI Miles Elite isn’t a dependable daily driver for local spending, as it only provides a paltry 0.11 MPR, even on dining.
This discrepancy originally made the dual-credit card strategy appealing, where the UOB Visa Infinite would be your go-to for local dining, while the UOB PRVI Miles Elite handled overseas expenses.
With these latest changes, the strategy has shifted dramatically. Refined Points now recommends considering the UOB Visa Infinite as your primary card for both local and overseas spending.
Additionally, remember that the UOB Visa Infinite’s RM600 annual fee is waivable with a minimum spend of RM50,000, while the UOB PRVI Miles Elite offers no waiver, only a 60,000 UNIRM bonus upon annual fee payment—a benefit that most will likely skip.
The Bigger Picture
Taking a broader view beyond UOB’s credit cards, the UOB Visa Infinite now boasts a Dining MPR of 0.55 and an Overseas MPR of 1.11, making it one of the most attractive credit cards on the market, in my opinion. With CIMB recently increasing their airline miles conversion threshold by a staggering 500%, I’m even more inclined to fully switch to UOB’s offerings.
However, given that UOB initially listed the airline miles conversion rate as 12,000:1,000—perhaps in error—it’s likely we may see this devaluation return in the future. Personally, I’d prefer a slight devaluation over CIMB’s drastic threshold increase any day, as I'm someone who frequently redeems airline miles. CIMB’s new threshold is nearly a deal-breaker for me.
Even if UOB eventually implements the 12,000:1,000 conversion rate across its credit cards, it’s not the end of the world. As I’ve said before, devaluations are inevitable, and this rate isn’t too bad compared to what other banks are currently offering.
But what would a hypothetical 25% devaluation look like?
As indicated above, even if all other competitors remain unchanged, and the UOB Visa Infinite is devalued, it still remains one of the most attractive airline miles accrual credit cards in Malaysia.
Final Thoughts
So there you have it! UOB Visa Infinite cardholders can celebrate (for now) as the card has officially increased in value. I have now updated my Ultimate Guides to reflect these changes, again!
While we’re fairly certain that the initial 12,000:1,000 conversion rate will resurface in the coming months, let’s appreciate UOB Malaysia’s swift correction.
Despite some complaints about the UOB-Citi merger, I’ve been impressed with what UOB Malaysia has been delivering lately, especially with their private lounge access and willingness to rectify mistakes.
We’ll keep the original article up as a reminder of this rollercoaster!
