Every month, KrisPay offers challenges where you get back KrisPay miles which are not transferable to your KrisFlyer account and only used to offset your payments on Kris+.
The value of KrisPay Miles are as such:
$5 = 750 KrisPay miles
So should you offset your Kris+ transactions using these KrisPay miles? My answer is NO!
Why so? For example, if you have to pay an item that costs $20, offsetting 750 KrisPay miles ($5) allows you to only pay $15. This also means you are getting new KrisPay miles (which are then transferable to KrisFlyer) on the deducted amount of $15 only. You have an opportunity cost of $5 that could get you more KrisPay miles. If you are paying at a merchant that offers 9 KrisPay miles per dollar, you are getting 45 KrisPay miles less.
When to use them then? Only use your KrisPay miles at merchants that only accept KrisPay miles as the only form of transaction. There are some merchants that offer this but my favourite?
NTUC!
You are able to redeem vouchers using KrisPay miles! In the Kris+ app, you can see that the only payment option for FairPrice Finest & FairPrice Xtra is KrisPay miles.
BUT... before you start buying vouchers.. there's a time and place for everything.
Kris+ offers promos where you get Miles-back on transactions using KrisPay miles, depending on the promo details, sometimes you can get back 10% or 20% KrisPay miles.
What does this mean?
Go to the counter, tell the auntie you want to buy vouchers using KrisPay.
Let's say you buy $60 vouchers with a 20% Miles-back promo, that will set you back 9,000 KrisPay miles.
Once the transaction is done, you instantly get back 1,800 KrisPay miles (20%).
Tell the auntie (she may give you a black face but whatever..) you want to buy another $10 voucher (which will get you $2 worth of KrisPay miles back again).
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