From miles and lounge access to low forex fees, here’s what makes a travel credit card worth it — and why EastWest Singapore KrisFlyer Mastercard is worth considering
MANILA, Philippines – A travel credit card isn’t just a convenient payment tool abroad. If you pick the right one, it could be your passport to perks, rewards, and maybe even the miles you need to go on your next big trip.
For frequent flyers, choosing the right card usually means earning miles, avoiding foreign transaction fees, or getting lounge access. But with so many travel credit cards out there, which one do you pick?
What makes a good travel credit card?
One of the most important aspects of any travel card is its miles conversion rate, which determines how quickly your spending turns into rewards. This tells you how many pesos you need to spend to earn a mile with an airline, and it often varies by spending category. For instance, many cards offer better spend-to-miles rates on travel purchases compared to everyday expenses like groceries.
In other words, the lower the spend required per mile, the faster you’ll rack up enough miles for that next trip abroad. Consider, for instance, that a round-trip ticket between Singapore and Manila typically requires around 27,000 miles.
You also need to consider a card’s forex fees. When traveling internationally, you’re often spending in that country’s local currency rather than in Philippine pesos. That means every time you swipe your card abroad, it has to be converted into pesos, typically incurring a foreign transaction fee. High fees can quickly chip away at your travel budget, so a good travel card keeps these fees minimal.
On top of these two main points, the most competitive travel cards also offer other perks like complimentary lounge access and free travel insurance.
Is the EastWest Singapore KrisFlyer Mastercard competitive?
In early October, EastWest Bank and Singapore Airlines celebrated five years of partnership with what they promote as the “best travel card” in the local market. Rappler spoke with EastWest Bank to find out whether the EastWest Singapore Airlines KrisFlyer Mastercard truly stands out for frequent flyers.
While it may not have the flashiest name, the EastWest Singapore Airlines KrisFlyer World Mastercard makes a strong case with its generous miles conversion rates. Cardholders earn 1 KrisFlyer mile for every P12 spent on Singapore Airlines, Scoot, Kris+, and a variety of travel-related purchases like international spending, hotel bookings, and travel agency transactions. For other airlines, local e-commerce, and dining, you’ll earn 1 mile for every P38 spent, while everyday expenses like groceries, utilities, and medical purchases will earn 1 mile per P78.
“Those pesos spent to miles, it’s the most generous in the market. You can do a competitive scan. We made sure it’s the best in the market,” EastWest Bank consumer lending head Lawrence Lee told Rappler. “We wanted this card to be the best travel card.”
EastWest Bank’s card stacks up well against the competition. UnionBank’s lineup, expanded following its acquisition of Citi’s credit card portfolio, includes the UnionBank Miles+ Card, which earns 1 mile for every P30 spent and offers non-expiring miles. Meanwhile, PNB-PAL’s recently launched Mabuhay Miles World Elite Mastercard offers 1 mile for every P28 spent. While these are competitive options too, neither matches EastWest’s P12-per-mile rate on travel-related spending.
“For the same peso that you spend, don’t you want a reward?” EastWest Bank senior vice president and credit card head Mia Tamayo told Rappler. “If you spend that with your cash, what reward do you get? But if you spend it with a credit card, you can imagine the rewards that you will get.”
The EastWest Singapore Airlines KrisFlyer World Mastercard also offers a low foreign transaction service fee of 1.70%, which means your international spending will be a little easier on the wallet.
It also includes a complimentary Mastercard Travel Pass, providing you and a companion with 10 free lounge visits each year. When you use the card to book air, land, or sea fares — whether for domestic or international travel — you and your family are also covered up to P20 million in comprehensive travel accident and inconvenience insurance.
“The Singapore KrisFlyer Mastercard is exactly that — for the person who wants to travel a lot, who has that lifestyle, who wants to go abroad, then this is the card for you,” Tamayo told Rappler.
Catering to travel-loving consumers could also pay dividends for EastWest. Bank executives told Rappler that this card is expected to partly drive the “robust” growth of its credit card business, which is on pace to grow by 30% in 2024. The Gotianun-led bank has already achieved its initial 1.4 million target for credit card holders in 2024.
So if you’re aiming to get more out of every trip, could this be the card that aligns with your travel goals? – Rappler.com
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