Kris+ is back with a great promo again, and this time it’s another miles-back campaign with a handsome 40% rate! This promo is from 18th to 27th November 2022, and only works when you pay with KrisPay miles.
Each KrisPay mile boosted to 1.11 cents each
Each KrisPay mile is normally worth 0.667 cents and you would hence require 7,500 miles to pay for a $50 item. Under this promo, you get 3,000 KrisPay miles credited instantly back into your account after this transaction is complete, effectively paying 4,500 miles for the $50 item. This boosts the value of each KrisPay mile to 1.11 cents each, which is more or less what I feel is a fair value for a mile.
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These 3,000 KrisPay miles can be further used to buy a $20 item, and once again, you get 1,200 miles back which can in turn be used for a $8 item. That transaction too gets 40% miles-back giving you 480 miles which could be used for a $3.20 item, and… you get the picture.
It would have been less troublesome if the promo directly discounted the number of miles required per transaction by 40%. As it is, you would need to make a few transactions if you wish to empty your Kris+ account depending on how many KrisPay miles you have.
This promo is more relevant for cashback users
Kris+ gives two types of miles: transferable ones, and non-transferable ones. As the name suggests, transferable ones can be transferred to one’s KrisFlyer Account, and miles people will almost certainly transfer these to their KrisFlyer Account for flights while cashback people would probably keep them within their Kris+ app. Miles people will certainly use this chance to get rid of the non-transferrable miles, but cashback people who’ve been keeping both types of miles in their Kris+ app would benefit more from this miles-back promo with a bigger stash of KrisPay miles.
Despite being a Singapore Air app and use of the term “miles” everywhere, I’ve always seen Kris+ as an excellent wallet app for cashback users.
|Earn Rate||Equivalent Rebate Value||Rebate Value With 40% Miles Back|
|9 miles per dollar||6% rebate||10% rebate|
|6 miles per dollar||4% rebate||6.67% rebate|
|3 miles per dollar||2% rebate||3.33% rebate|
Cashback people who have been collecting KrisPay miles in their Kris+ will find they have been earning way more rebates than they were promised. It’s a really great wallet app particularly for cashback users, and even better when you consider that these earn rates are on top of one’s credit card rewards.
Maximising this promo
This promo is also timely for those who have earned $31 in KrisPay miles recently. I got my 4,650 miles in a single transaction of $100, and they will now be worth about $51 or so under this promo. In fact, I used 4 Kris+ accounts to pay for a transaction of $400, and in essence got $204 of rebates back, on top of the 2,800 miles I got (4 miles per dollar card + 3 miles per dollar from Kris+). Thanks are in order to Kris+ for more than halving my electronics spend.
If you haven’t already made your $100 spend with a Mastercard to get 3,000 KrisPay miles, you should definitely try to do so to get your miles in time for the miles-back promo. The rebate is worth significantly more at $33 under this promo instead of the usual $20. Kris+ does state that the 3,000 miles can take up to 10 working days to be credited, so there is a chance your bonus miles might not arrive in time for this promo. (My friend and I got our bonus miles on 18th November for transactions done on the 9th and 11th.)
Users who have been using Kris+ app over the past few months would also have collected enough KrisPay miles through the various promos and weekly free $1 in KrisPay miles to take advantage of the miles-back.
FairPrice Finest allows you to offload your miles for FairPrice vouchers which you can keep for a year, and iStudio lets you buy Apple app store gift cards. These are great places to liquidate your KrisPay miles if you have no immediate spend to make.
Stacking with Miles Top-up Challenge
Kris+ has various challenges you can complete for bonus miles, and one such opportunity is the Miles Top-up challenge where you get 750 extra KrisPay miles when you top up your Kris+ account with at least 2,000 miles. It usually doesn’t make sense at the usual 0.667 valuation for KrisPay miles, but it’s a lot more attractive with this boost.
At 1.11 cents per mile valuation, 2,750 miles (2,000 from top-up + 750 reward) is worth about $30.52. This means you can liquidate 2,000 miles from your KrisFlyer account at about $30 of value, essentially selling each mile for roughly 1.5 cents. I personally think this is a good price to offload your miles for, and this might be the time I finally complete this challenge.
Should you transfer KrisFlyer Miles to Kris+ for this promo?
The top-up challenge aside, whether it is worth transferring KrisFlyer miles into your Kris+ account for this promo is pretty subjective, and again depends whether you believe your miles are worth more or less than 1.11 cents each. If you do want to “sell” your miles, now might be one of the better times to do so through an official channel. You also have to take note that you won’t really be getting cash for your miles, instead buying things (or vouchers) which could have earned you some rewards otherwise.
Interestingly, there is a concurrent promotion to buy miles at the same 1.11 cents per mile valuation through Citi PayAll.
At the risk of sounding like a broken record, it’s important to know what’s the value of a mile to yourself before deciding to buy or sell at this 1.11 cents per mile valuation.
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