Credit card reward expiry in Singapore

[SINGAPORE] Have you ever wondered why your hard-earned credit card points or air miles suddenly vanished, or found yourself confused by the maze of expiry policies across different banks and cards? You’re not alone. In this guide, you’ll learn how credit card reward points and miles work in Singapore, why expiry dates matter, and how to keep your rewards from disappearing—so you can maximize every dollar spent.

Credit card rewards in Singapore typically come in two forms: points and miles. Most cards let you earn points for every dollar spent, which you can then convert to air miles, hotel stays, cashback, or vouchers. However, it’s important to note that not all points are created equal—some can be converted directly to airline miles, while others are tied to specific bank or airline loyalty programs.

Example:

If you spend $1,000 on a card that offers 10x points, you might earn 10,000 points. Depending on the conversion rate (often around 1,500 points = 1,000 miles), you could end up with about 666 air miles for that spend.

Why Do Points and Miles Expire?

Banks and loyalty programs set expiry dates for two main reasons:

Manage Liability: Expiry helps banks and airlines limit their financial obligations for unredeemed rewards.

Encourage Redemption: Expiry policies nudge you to use your rewards, keeping you engaged with the program.

Analogy:

Think of reward points like groceries. If you don’t use them before the expiry date, they go bad and you lose out. The same goes for your points and miles—if you don’t redeem them in time, they’re gone for good.

The Difference Between Bank Points and Airline Miles

It’s crucial to understand the distinction between bank points and airline miles:

Bank Points: Earned through credit card spending and managed by the bank. Expiry rules depend on the bank and card.

Airline Miles: Earned by transferring bank points to an airline’s frequent flyer program, or directly through co-branded cards. Expiry is governed by the airline, not the bank.

Example:

If you transfer your DBS Points to KrisFlyer, those miles are now subject to Singapore Airlines’ expiry policy—not DBS’s. KrisFlyer miles expire after 3 years, regardless of activity.

How to Keep Your Points and Miles from Expiring

Here are practical tips to ensure you don’t lose your rewards:

Set Reminders: Mark expiry dates on your calendar, especially for cards with short expiry periods.

Redeem Regularly: Use your points for flights, hotels, or even small rewards to keep your account active.

Use Your Card: Make small purchases to keep your account active and reset the expiry clock.

Transfer Wisely: Only transfer points to airline or hotel programs when you’re ready to redeem, as transferred miles often have stricter expiry rules.

Check Terms: Always review the latest terms and conditions for your card and loyalty programs.

Analogy:

Treat your points like a gym membership. If you don’t use it, you lose the benefits. Regular activity keeps your rewards alive.

FAQ & Myth-Busting

Q: Do all credit card points expire?
A: No. Some cards, like American Express Membership Rewards and certain Citibank, DBS, and Maybank cards, have no expiry as long as your account is active.

Q: If I transfer my points to an airline, whose expiry policy applies?
A: The airline’s policy. Once points become miles, they are subject to the airline’s rules, which are often stricter.

Q: Can I extend the expiry of my miles or points?
A: Some programs allow you to extend expiry for a fee or by making a small redemption. For example, Singapore Airlines lets you extend KrisFlyer miles for 6 months (12 months for elites) for a fee or by forfeiting some miles.

Q: Do points expire if I close my credit card account?
A: Usually, yes. Most banks require your account to be open and in good standing for points to remain valid.

Myth: “If I make a small purchase, all my points will be safe.”
Reality: Not always. Some programs require you to redeem or earn points, not just spend on the card. Always check your program’s specific rules.

Why This Matters

Understanding how your credit card points and miles expire is more than just a financial tip—it’s about getting the most value from your everyday spending. In Singapore’s competitive credit card market, rewards can add up to significant savings on travel, shopping, and dining. But if you’re not careful, you could lose hundreds or even thousands of dollars in unredeemed rewards.

At Open Privilege, we believe that financial literacy empowers you to make smarter choices. By staying informed about expiry policies and actively managing your rewards, you can turn your credit card into a powerful tool for achieving your goals—whether that’s a dream holiday, a business class upgrade, or simply more cash in your pocket.

So, set those reminders, check your statements, and start making your points and miles work for you. The sky’s the limit—just don’t let your rewards expire before you get there.