Fave and UOB have recently tied up to let you use your UOB UNI$ to offset your FavePay purchases. More ways to use your points are always welcomed, but not if you are getting a poor redemption value out of it. Unfortunately, poor redemption value is exactly what you get when you use your UNI$ on FavePay.
Linking your UNI$ to your FavePay process is straightforward enough; just tap on the button on the Me tab and follow the on-screen instructions. Despite a few failed attempts I managed to complete the process in under a minute. After that, I was immediately presented with a very unflattering view of how much my UNI$ are worth.
How much is one UNI$?
I’m not someone who overvalues miles – in fact many mile enthusiasts might probably think I undervalue them – but this is a rock-bottom valuation. Using your UNI$ in Fave values them at a mere 1 cent each. Considering each UNI$ is convertible to 2 miles, you are giving up each mile for 0.5 cents which is really poor value.
It’s even worse than offsetting your UOB card statement with UNI$, which has the advantage of letting you earn UNI$ on your purchase. When you spend $100 and offset it via UOB’s rewards portal, you at least earn card rewards on the $100 you have spent. On top of that, you can easily get 1.15 cents per UNI$ if you redeem your rebate in blocks of $100.
In any case, people who collect UNI$ aren’t gunning for cashback in the first place. The 4 mpd UOB Preferred Platinum Visa or UOB Visa Signature cards become 2.3% cashback cards at best… not really anywhere their optimal use cases, and easily beaten by the variety of cashback cards out there in the market. UNI$ are best used for miles and those with a taste for business class flights.
If you have a few UNI$ left in your account and have no plans to collect any more for mile conversion (which is the whole point of UNI$), perhaps this is good to get rid of whatever remaining UNI$ you have left.
For everyone else, and perhaps I am preaching to the choir, save your UNI$ for mile redemption.
Keep up to date on the best cashback/mile cards, financial products, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.
Subscribe to the channel, then join the group chat. You would often benefit from the tips shared exclusively in the group chat!
Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!
Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opnion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).