The UOB SMART$ rebates programme has been in effect for many years, but many a times, people are not aware of the balance in their credit cards or do not use the card regularly, hence allowing the SMART$ to go to waste as it expires after 6 months. Finally, UOB has dedicated to state the amount of SMART$ accrued in your credit card in your monthly statement (see picture below). That means I’ve a grand total of $0.20 left on my card which will expire 31/12/14 – use it or waste it!
Now, what’s the best strategy to go about accumulating SMART$ and spending it?
Earn high, spend low
Looking at the table above, the SMART$ rebate amount ranges from 0.5%-20% depending on the merchant that you go to. And if you do not already know, the UOB-JCB actually gives you double SMART$ at participating merchants (read previous article here). These are denoted in the above table with an asterisk*. As such, the best value would be 20% SMART$ rebate at Coffee Bean & Tea Leaf or City Tours using the JCB card, or 20% at Genufood Enzymes using any other UOB card that accrues SMART$.
Let’s say you spend $100 at Coffee Bean to top-up your Coffee Bean card, you will earn $20 worth of SMART$ to be used at your next visit. However, you should never use the $20 SMART$ to offset your bill at Coffee Bean the next time, as you will lose the chance to earn 20% rebate on the amount spent. Sounds pretty common sensical, but sometimes when the cashier asks you if you want to redeem, you may not have the time to think through it before you mutter a yes (speaking from personal experience).
So where would be a good place to use up this $20 SMART$? Looking at the above table, I would choose to use it at the merchants with the lowest “yield” i.e. 2-4% with the JCB card. Either Pasarbella, Cathay, Metro would be fine to use up the SMART$.
Do note that each time you use the card, there will be some SMART$ earned provided you make some payment, so do take note of your monthly statement from now on!