Sunday, July 25, 2010

UOB PRVI - 10X the rewards - Is it real?

Dear friends,

My UOB credit card statements for the respective months are as follow:-
  • May 2010 - I have spent $3,237.27. I "earned" 1,082 UNI$ and was credited with 3,426 UNI$. 
  • June 2010 - I have spent $1,550.12. I "earned" 504 UNI$ and was credited with 3,824 UNI$ and deducted 2,344 UNI$.
  • July 2010 - I have spent $1,550.12. I "earned" 777 UNI$ and was credited with 2,313 UNI$.
When I saw the deduction in June's statement, I immediately called for a written and detailed explanation for the deduction. About two weeks after my call, a general letter to all affected cardmembers to apologise for the deduction was received. [Can a bank deduct someone's account before informing the account holder first?]

As that was not the letter I had been waiting for, I called its call centre again. On 16 July 2010, I finally received the letter with detailed computation of UNI$ transaction by transaction.

Here are my confusions:-
a) What is the formula to compute the UNI$ I earned against the amount spent? Based on the letter dated 16 July, it is very apparent that my various transactions earned different UNI$. Example - $930 expenditure earned 372 UNI$ whereas a $174 expenditure earned 68 UNI$.
b) Why the number of UNI$ credited is about 3 times the UNI$ you said I earned based on the 3 statements above? Why is the amount earned and amount credited be different?
c) UOB said (in small print) in its promotional material that only FIRST 5 transactions totalling $1,250 would earned 10X rewards of 2,500 UNI$. So if my first 5 transactions is less than $1,250, then what do I earn?

UNI$ or loyalty points are treated like liabilities and governed by respective Financial Reporting Standards. As a cardmember here, I am having trouble understanding UOB Credit Card's UNI$ rewards system. I wonder whether its auditors and Monetary Authority of Singapore are able to make sense out of all these.

The above is presented as factually as possible for the respective authorities to review and also for fellow credit cardmembers to be more vigilant and aware of issues I am facing.

Wednesday, July 14, 2010

Paul is talking to Credit Sussie?


July 9 (Bloombirg) -- Top investment bank Credit Sussie is said to be offering US$4m per year for the oracle octopus Paul to head its proprietary trading operations. Credit Sussie says its will convert part of its trading floor into a fish tank for Paul and put boxes of different markets, stocks, indices, equities and bonds for Paul to chose from. They expect this will translate into a more profitable business for them. Paul will also work closely with Head of Global Strategy and formulate recommendations on asset allocation and strategy.

However, rumours are circulating that rival Merrell Lunch is also bidding to sign Paul on in order to replace its entire research team. Paul's agent states "Paul is considering his options carefully" and will allegedly decide after making a call on the general direction of the US Dollar (See attached photo). The decision involving clam filled boxes labeled Credit Sussie and Merrell Lunch will be broadcast live from the NYSE trading floor later today.

P/S - This is written by someone else. I copied and pasted.

Sunday, July 04, 2010

Public Transport Woes

if only taking public transport is as peaceful as this...

In the recent days, a lot of monies were spent telling us that we are moving into distance-based fares. There were advertisements in various newspapers, radio and tv; on site promotions and thousands of posters.

So what is distance-based fare? Who actually benefit from this change?

The message from the media seems to be telling me that commuters will benefit given the change. But the opposite side of the coin also tells me that millions of commuters have been paying the non-distance-based fares for years.

Two persons shared their experience about their bus fares today. Both told me that they seem to be paying more. A student told me that her fares to school and back have gone up by about 15cents. 15cents is not peanut money hor!

Another transport woe that has been well documented in recent days arose from a careless comment made by its CEO about MRT rides. Should we be thankful that the company's response to overcrowded trains is to remove seats from the MRT cabins so as to accommodate more commuters. We can now pack more commuters into the same cabin. Wonderful?

More commuters paying the same fares would translate to more profit for company?

I am always hesitant to say I know how you feel. Most often we don't. So please don't make comment that you know how it feels to ride in public transport during peak hours.

Don't do it for one day in a year for show. You go take public transport everyday!!!