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Questions & Answers about UOB Preferred Platinum VISA Card 2024

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You might think of that the Preferred Platinum Card offered by UOB is unattractive, however, if you get to see it's benefits and feautres, you'll realize that it provides a rewarding credit that lets you earn 4 miles per S$1 on many of your daily expenses, whether it's done electronicaly or in-store.

United Overseas Bank

United Overseas Bank (UOB), a Singaporean Multinational Organisation, was established on 6 august 1935 in Singapore by the name of United Chinese Bank (UCB), to Emphasise its link to the Chinese population in Singapore. The bank catered mainly to the Fujian community in its initial stages. However the bank grew immensely within a few years and in 1965, the bank was renamed to United Overseas Bank as it inaugurated its first overseas branch in Hong Kong. Today UOB is the third largest bank in Southeast Asia by total assets, having a market capitalization of $32.9 Billion. It is recognized as an excellent and professionally managed financial institution. It provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, and investment banking. It has a network of more than 500 offices in 19 countries and territories in Asia Pacific with a strong foothold in Singapore, Malaysia, Thailand, and China.

What is the exchange rate used to convert my foreign currency transactions to local currency if I use my card when I am overseas?

The exchange rates used to convert foreign currency transactions into Singapore dollars may vary from day-to-day and is also dependent on when the transactions are submitted for processing by the merchants. Furthermore, foreign currency transactions are subject to a foreign currency administrative fee levied on the Singapore dollars amount converted.

UOB Preferred Platinum VISA Card

Can I combine the miles earned from different UOB credit cards for conversion?

Yes you can but with the exception of Cashback and rebate cards. Spending on UOB credit cards do not award you miles directly. Instead they are rewarded in the form UNI$ to be redeemed into miles. Not only do Miles/Travel card earn miles. Reward cards such as UOB Preferred platinum visa (PPV) earn UNI$ which can then be converted into miles.

UOB Preferred Platinum VISA Card

Why would I be billed for an overseas transaction by a merchant and on receiving my statement notice that I am being billed more than the agreed amount?

The answer to your question may lie in the fact that certain overseas merchants or websites may list products and services in Singapore dollars or offer to convert your foreign currency transactions into Singapore dollars, the latter being called dynamic currency conversion. The exchange rates used to convert these transactions into local currency are determined by the merchants and their payment processors. Customers are encouraged to check that the exchange rate offered is reasonable prior to performing the transaction. The difference between the amount listed by merchant and the actual amount billed in your statement is due to an international transaction fee which is levied on all SGD transactions made using Visa or MasterCard and processed outside Singapore.

UOB Preferred Platinum VISA Card