Citibank PremierMiles American Express Card 20% More Miles (SG)

I recently did updates on two other travel credit cards – ANZ and Ascend and thought I should update my post on the Citibank PremierMiles card with American Express.  The 20% bonus on the miles accrual is still going strong and is available until the 31st of March 2014 as long as you spend at least the minimum $S5000 worth.

Here’s the breakdown:

Benefits:

  • 3 Miles for every $S1 spent on Singapore Airlines or Silk Air(bonus applied)
  • 2.4Miles for every $S1 spent Oversears (bonus applied)
  • 1.6 Miles for every $S1 spent Locally (bonus applied)
  • 2xAccess to a Priority Pass Lounge worth $S190 ($S123 Membership fee and 2x lounge visits at $S33)
  • First year fee waived
  • Supplementary cardholders are complimentary
  • Lucky draw promotion offering 1,000,000 Miles – entries based on your application
  • Travel Insurance
  • American Express Selects

Costs

  • After first year S$267.50 annual fee
  • $S25 redemption fee
  • Usual interest and late payment fees

Eligible spending:

  • Citi Miles are earned on retail purchases only; excludes balance transfers, cash advances, any form of fee or interest ,or any form of bill payment.
  • Overseas spending is identified as transactions amount posted in foreign currency, only.
  • Local spend refers to transaction amounts charged to the card in local currency, only.

Citibank Premier Miles Screenshot

Conclusions

As a minimum each 2,000 Miles are worth $S20 in value so these are the numbers based on three scenarios (but I’d expect some combination of the three). In addition you can of course spend more than the minimum $S5000 required for bonus.

Local Only Spend:

S$5000 x 1.4 + 20% bonus = 8000 points

Minimum value is S$80 (using the $S20 travel credit voucher) which equates to a cashback rate of 1.6% – you can do better on a cashback card.

Overseas Spend

S$5000 x 2 + 20% bonus = 12000 points

Minimum value is $S120 = 2.4% cashback

Singapore Airlines/Silk Air Spend

S$5000 x 2.5 + 20% bonus = 15000 points

Minimum value is $S150 = 3% cashback

Of course if you transfer to an airline programme like BA Executive club on a 1 for 1 basis you could get up to 2 cents per mile making the miles worth $S300 or 6% cashback.  This could be much better than the Tiger Platinum card which I reviewed recently – Tiger Airways Platinum Credit Card Review.  Also note any redemption you’ll have to take the $S25 fee off as well.  You can check out who you can transfer to here.

If you were looking for a miles earning card the 20% bonus is a benefit, and seeing you can give your spouse/partner a supplementary card you can spread the required S$5000 spend.  Seeing as the annual fee is waived and the existence of the $S25 redemption fee the best strategy is to sign up, use the Priority Pass membership – and then get the bonus until the end of March at which point you transfer the miles to your preferred partner in one go and cancel.

If you do decide to renew after the first year here is the cost benefit: Annual fee $S267.50 for 15000 miles = $S0.0178333/mile.

Here’s the link: Citibank PremierMiles American Express Credit Card

Of course don’t forget all the usual fees, keep up to date with your payments and repay the full balance every month to get the most out of the card.