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GrabRewards Revaluation: For Better or For Worse? Here We Find Out.

2 min read

I understand that the revaluation of GrabRewards has angered the nation, some would even say it was a devaluation. However, let’s not get clouded by our emotions and we will break it down for you the Seedly way while remaining objective and unbiased.

If you have not heard, Grab has revisited their GrabRewards programme and revalued it.

For better or for worse? Hang on, we are here to find out. 

NEW Point System for GrabRewards

The NEW multiplier for GrabRewards are awarded for every S$1 spent:

Membership TiersGrab rides with GrabPayGrab rides with CashPay with GrabPay
(for in-store purchases)
GrabFood
Memberx3x1x5x3
Silverx3x1x5x3
Goldx4.5x1.5x7.5x4.5
Platinumx6x2x10x6

You are awarded points based on your membership tier. However, many are angered by the decrease in the multiplier. How drastic was it? Let’s have a look, shall we?

As Compared To The OLD GrabRewards

It is as drastic as 5 times the devaluation in the multiplier.

Membership TiersPay with GrabPayPay with Cash
NEWOLDNEWOLD
Memberx3x16x1x8
Silverx3x1
Goldx4.5x1.5
Platinumx6x2

Although it is harder to earn GrabRewards points, looking at the not-so-bright side the system recognises your loyalty to Grab by awarding higher points to their loyal consumers (Platinum members) than Ordinary members.

GrabRewards Are Now Harder to Redeem

Redeeming Grab Vouchers ($5 and $10 credits)

Okay, I kinda spoke too soon about Grab recognising its loyal customers (Platinum members), they have revised the points required for the redemption for their Grab vouchers on their GrabRewards platform.

Membership Tiers$5 Grab Voucher$10 Grab Voucher
NEWOLDNEWOLD
Member2,200 points2,200 points4,200 points4,200 points
Silver2,100 points4,000 points
Gold2,000 points3,800 points
Platinum1,900 points3,600 points

Regardless of your membership tier, the number of points required for you to redeem Grab vouchers are the same. So much for “we will continue to reward the most loyal customers.”(Refer to the image below for context)

Screen Grab Credits (pun not intended): Grab Singapore’s Facebook

Grab Voucher in Singapore Dollar (SGD) Equivalent

The cost of $5 Grab voucher in Monetary Value (if one pays with GrabPay)

Membership Tiers$5 Grab Voucher
NEWOLDDIFFERENCE
MemberS$733S$138433%
SilverS$733S$131459%
GoldS$489S$125291%
PlatinumS$367S$119209%

*Amount rounded up to the nearest dollar and percentage.

To reward their most loyal customers (Platinum members), they increased the points required as seen in the table above (under Redeeming Grab Vouchers). That increase itself has now cost Platinum members a 209% increase in redeeming their $5 Grab voucher.

When it previously would have cost them S$119, costs them S$367 now.

UPDATE (23/7/2018): The above redemption rates for GrabRewards will only take place on 1st Oct 2018 onwards

In Return, Grab made it easier to move up tiers in GrabRewards

It looks like they practically REVAMPED the entire GrabRewards membership points system. They made Platinum membership easier to achieve but at the same time, they reduced the multiplier as well. Would this be better in the long run?

Here is the comparison of points required for each membership tiers in the old and new GrabRewards System

Membership TiersOLDNEW
Member0 point0 point
Silver3,000 points300 points
Gold9,000 points1,200 points
Platinum19,000 points4,500 points


Is The Revaluation of GrabRewards For Better or For Worse? 
I don’t use Grab often but in one quiet night, I became a Silver member from an Ordinary member.

Started from the bottom now we here. *Dances like Drake*

Membership Tiers in Dollar Equivalent

Membership TiersOLDNEW
Points RequiredIn SGDPoints RequiredIn SGD
Member0 point-0 point-
Silver3,000 points$188300 points$100
Gold9,000 points$5631,200 points$400
Platinum19,000 points$1,1884,500 points$1,000

*Amount rounded up to the nearest dollar.

As previously established, it costs S$1,188 to attain a Platinum membership. Now, it would cost you S$1,000 instead to climb to a Platinum member from an ordinary Member. That is actually a saving of S$188, BUT it is only fair if you started today.

PLATINUM MEMBER SO WHAT?

What’s the big deal of being a Platinum member? Right now, with Grab being the biggest player in the market (almost a monopoly) with the biggest market share.

It’s no doubt we would be “loyal” to them, we kinda only have them (if we are lazy to flag down).

Platinum Member Perks

  • Accelerated Earning
  • Partner Rewards
  • Platinum Support Line
  • Priority Bookings

Honestly, I feel priority bookings are kind of a big deal. Being only a silver member, it takes me AGES to book a Grab, sometimes I just give up.

THERE’S NOTHING WE CAN DO

  • We get to save S$188 to become Platinum Member
  • At the same time, it costs S$248 more to redeem $5 Grab voucher

But hey, we will wait and see what additional perks and benefits are up on their sleeves. The nation is waiting on them to save themselves before we return back to flagging for taxis.

Try not to Grab too much as it will hinder you from achieving your goal to financial independence. Seedly is here to journey on with you on your personal finance journey. Regardless of your life stages, if you need help, feel free do a shout out at our Community platform, we would love to help!

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