Singapore Airlines (SIA) has launched a new e-wallet initiative for customers to spend your frequent flier miles like cash, but critics are saying that your miles might go farther without it.
The company recently yesterday that their app, KrisPay, will enable users to convert their SIA miles (aka KrisFlyer miles) into points for use with select partner companies.
KrisPay is now available for iOS and Android, and the full list of where users will be able to spend their points is still under wraps can be found on their website.
“By creating a miles-based digital wallet which integrates the use of miles into their daily lives, KrisFlyer members have yet another way to use miles instantly on everyday transactions,” said SIA CEO Goh Choon Phong in a press statement.
Mileage malaise
While it sounds pretty exciting to us (who wants to wait all those months or years it takes to accrue enough miles to get a ticket on SIA?) critics are saying the miles to points conversion the program offers is not such a great deal.
“As with any method to convert your frequent flyer miles to cash, we always knew the conversion rate would at best be unattractive, at worst truly awful,” wrote Andrew on travel blog Mainly Miles.
“It’s truly awful.”
The blog had done an analysis of the SIA’s frequent flier program and concluded that most users will get less value by spending the miles at KrisPay outlets than they would if they simply redeemed them for tickets or other KrisFlyer perks.
The gist is that one KrisPay point is generally worth about two thirds (⅔) of a KrisMile. That means that when you convert your hard earned miles into KrisPay points you lose ⅓ of the value right off the bat.
What you could have redeemed for 1,000 KrisMiles will only get you 670 miles worth of stuff, such as Esso petrol or Gong Cha bubble tea.
And, Andrew warned, you cannot convert your points back into the more valuable miles after transferring them to KrisPay. “Don’t experiment with this!” he implored to readers.
All in all, it looks like the new app could be great if you value the convenience of using your miles at a greater variety of retailers, but if you plan to keep flying with Singapore Airlines — despite that last flight with junior kicking the back of your seat like a drum — it’s probably better to hold onto the miles.
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