The Unspoken Truth about Miles vs Cashback Credit Card

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In this video, we dive into the ongoing debate between Airmiles and Cashback, inspired by the recent SingSaver campaign. I also had the privilege to share the stage with experts at the Seedly Personal Finance Festival (PFF) 2024 at Marina Bay Sands, focusing on miles.
Background Context:
2021: Our first miles video had super low impressions due to COVID, while cashback content got much more views.
2022: Travel lanes opened up, and miles content started gaining traction.
2023: With most countries open, miles content performed significantly better.
The Reality:
Different stages of life mean different rewards:
Living day-to-day? Focus on financial security and budget travel.
Got enough to get by? Economy flights with top airlines.
More than enough? Premium travel with miles.
Remember, your credit card should suit your lifestyle, not the other way around. Be a team mercenary and maximize your rewards. Curious about examples and strategies? Tune in to find out!
If you're already financially secure, earning a good income, and have good savings, it's time to:
Compare miles vs cashback.
Understand your own value of a mile.
Let's discuss this competition in detail!
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[@HoneyMoneySG]

Sponsor: 🐂 Webull Singapore hmsg.link/sgwebull
🔗 Products mentioned in video:
- DBS yuu hmsg.link/dbsyuu
- HSBC Live+ (SingSaver) 🔗 hmsg.link/hsbcliveplus
- OCBC Rewards hmsg.link/ocbcrewards
- UOB Lady hmsg.link/uoblady
- See all 🏦 CREDIT CARDS 💳 🔗 hmsg.link/creditcard
_________________________________
📈 Click hmsg.link/ibkr to see my preferred broker: 💹 Interactive Brokers
🌟 My referral codes: t.me/sgpromocode
📙 Advanced Credit Card Mastery Course: hmsg.link/accm
☕ Buy my Spreadsheets at Ko-Fi: hmsg.link/shop
🔭 Telegram Group: t.me/HoneyMoneySG
📷 Instagram @HoneyMoneySG instagram.com/honeymoneysg
🎵 TikTok www.tiktok.com/@honeymoneysg
📧 Email (Business only): [e-mail]
🕸 My Website: hmsg.link/website

[@laiyinquan8355]

Chris, what is you opinion on rewards cards, where you earn points which can be redeemed for either cashback, miles or even vouchers etc.? IMO, seems like that is really a one-size-fits-all, jack of all trades solution, since you have the flexibility to choose whichever depending on your needs and wants. I won't deny the earn rate may be poorer conpared to specialised cashback/miles card, but if you're willing to trade that for flexibility, I think it might be worht considering.

[@HoneyMoneySG]

It's okay for a transition phase, but not suitable long term wise

[@laiyinquan8355]

@@HoneyMoneySG Thank you for your insight.

[@babyzaiyne]

totally agree, miles vs cashback really depends on which stage in your life. i think why miles appeals to more is because you can earn rewards with no min spend, unlike most cashback cards.
as to why the banks are nerfing cashback rewards more, it's quite simple, it's quite easy to redeem cash for consumers. but difficult for consumers to pool and collect enough miles for use unless you are diligent etc. the banks are literally banking on consumers that will accidentally let their miles expire or other mistakes.

[@stngik94]

I'm cashback user all this while. I always travel via economy or budget flights. Me and my wife spend around 1.7k per month in cashback cards. I am wondering if i should try miles card? Will it be worth it if use miles on an economy flight?

[@HoneyMoneySG]

Can refer to this video th-cam.com/video/TAZknNHFKE0/w-d-xo.html
Why I Redeemed a Singapore Airlines Economy Class flight with KrisFlyer Miles

[@GuyWithTheCapitalJ]

0:43 was pretty shocking. Makes you wonder things actually

[@asisatan3731]

please compile into excel thanks

[@ustradingdiary]

Now cashback definitely really nerf a lot recently. So the value go to miles recently.

[@mastermindtan1871]

hsbc live+ cc 8% cashback $600 minimum monthly spend on dining, entertainment, shopping is a new card just launched last month

[@tinhwee30]

Well said

[@isaacng315]

wise words

[@VeggieOrtiz]

Mercenary