For the well-heeled Singaporean, traveling the world, no matter near or far, is a must-do item on every New Year’s resolution.
While there are those who travel many times in a year, even the most avid of Singaporean travellers will only head overseas once, or twice a year.
For most, work commitments are prioritised; while others may have limited spending propensity on their frequent flyer credit cards; thus, this makes accumulating miles a very difficult thing to do.
What If There Was Another Way To Get Miles?
Typically, the average Singaporean would definitely have a good amount of cash in hand set aside for big ticket items, like a new car, renovations for the house, or even the next big holiday.
Unfortunately, the underlying problem with that is that your money might not be doing anything except stagnating.
A bank has recognised this niggling issue, and in a product that’s unique in Singapore, Standard Chartered recently launched the SGD Miles Time Deposit.
Presenting The SGD Miles Time Deposit
At this point you may be wondering, what does Standard Chartered have to do with traveling and why do you need to care about the SGD Miles Time Deposit.
What the SGD Miles Time Deposit allows you to do, is to earn Krisflyer miles with your Time Deposit in lieu of monetary interest.
So for every S$27,000 of fresh funds deposited into a 6-month SGD Miles Time Deposit, you will be automatically awarded 10,000 Krisflyer miles, up to a maximum of 60,000 miles. You will receive the miles by 31 October 2016 i.e. within 2 months of depositing your money in the Time Deposit.
A New Concept That You Should Embrace
While you may be familiar with earning miles through the use of miles credit cards, or simply just traveling, the SGD Miles Time Deposit is a way for you to actually earn Krisflyer miles, without making purchases.
Previously, to even earn those miles, you will need to book yourself an entire holiday, if not at least make purchases with eligible credit cards at partnering merchants.
If you are not familiar with Krisflyer miles, and have shrugged it off thinking since you don’t travel a lot – you are missing out.
Imagine this, you can get up to 60,000 Krisflyer miles by just having a time deposit, and you’ll be able to redeem air tickets with those miles soon after.
Not sure where you can fly to with those miles? Check out SIA’s handy chart here! The miles can also be redeemed for flights on partner airlines, like Virgin America, Virgin Australia, Virgin Atlantic, and other Star Alliance airlines.
Are the destinations listed not what you’re looking for? Use the miles to upgrade your seats to a destination of your choice instead.
So in essence, with those miles, you can potentially redeem yourself a ticket to destinations such as one on Business class to Hong Kong or Taipei, or Economy Class return tickets to Tokyo, Sydney, Christchurch or Johannesburg.
If not, you could always see it as a way for you to settle the costs of your groceries for the next few months as I will explain next.
Not Just Traveling
Another misconception that many will also have towards Krisflyer miles is that it will only come in use if you are traveling.
The reality is quite the contrary actually, since you can make purchases with them.
Browse through the catalogues over at KrisShop.com to find the perfect item for yourself, or as a gift for others, and you can use the Krisflyer miles for your purchases.
If nothing tickles your fancy, did you know that Krisflyer miles can be converted to TapForMore points if you are a PAssion Card holder?
With the points converted, you are now able to spend away at the many PAssion Card merchants, including Cold Storage, Guardian and many others.
Looks Good So Far
Interested? Visit Standard Chartered’s SGD Miles Time Deposit page to find out more.
This article was produced in conjunction with Standard Chartered Bank (Singapore) Limited. All information provided is on an “as is” basis and for informational purposes only, not intended for trading purposes or advice.
It is not an offer, recommendation, or solicitation to anyone to enter into any investment transaction. It has not been prepared for any particular person or class of persons and does not constitute and should not be construed as investment advice nor an investment recommendation.
It has been prepared without regard to the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser on the suitability of an investment or financial product for you, taking into account these factors before making a commitment to invest in an investment or financial product.
Standard Chartered and Vulcan Post are not liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.
For the most updated information on SGD Miles Time Deposit promotion, please click here.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law.
Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
