UOB has launched PRVI Pay for a while now, and most recently raised the processing fee to 2.1% in March 2019.
Limited time offer: 1.8% processing fee
Earlier this week, I received a physical mailer from UOB, offering a promotional rate of 1.8% processing fee to use the PRVI Pay facility.
This effectively means that you are paying 1.8 cents per mile, which can translate to a $30 savings for every 10,000 miles bought. Note that the amount that you’ll like to apply for is up to your credit limit with UOB.
To apply, you will need to fill up the physical form and mail it back the old-school way. Once approved, the money will be in the bank account that you designate, and the amount plus the processing fee will be debited from your credit card account. Note that there is no installment option, you will have to make full payment on the amount requested by your next statement.
I’m not sure if all cardholders have received the mailer, or like they claim, a ‘select’ group of members.
If you’ll like, you can download the scanned copy of the form I have here, or try your luck by calling UOB to ask about the promotion. Remember, promotion ends 31 July 2019.
What is PRVI Pay?
Launched in 2017, PRVI Pay is essentially a cash advance facility offered by UOB with a 2% fee for a one-time drawdown (which means you need to pay back at the end of your billing cycle), or a 2.2% fee if you want to break the about into a 3-month instalment. As with any other unsecured loan, you do not actually need to show that you actually need the money and it is credited into your bank account directly.
The cash advance also earns you an effective rate of 1 mile per dollar drawn through PRVI Pay, awarded in blocks of 2.5 UNI$ per $5 drawn. This means you are effectively buying miles at 2 cents per mile, or 2.2 cents per mile if you opted for the 3-month instalment version (PSA: you should not be taking out instalments from your credit cards anyway).