GrabRewards Revaluation: For Better or For Worse? Here We Find Out.
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 Tiers||Grab rides with GrabPay||Grab rides with Cash||Pay with GrabPay |
(for in-store purchases)
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 Tiers||Pay with GrabPay||Pay with Cash|
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|
|Member||2,200 points||2,200 points||4,200 points||4,200 points|
|Silver||2,100 points||4,000 points|
|Gold||2,000 points||3,800 points|
|Platinum||1,900 points||3,600 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)
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|
*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 Tiers OLD NEW
Member 0 point 0 point
Silver 3,000 points 300 points
Gold 9,000 points 1,200 points
Platinum 19,000 points 4,500 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
|Points Required||In SGD||Points Required||In SGD|
|Member||0 point||-||0 point||-|
|Silver||3,000 points||$188||300 points||$100|
|Gold||9,000 points||$563||1,200 points||$400|
|Platinum||19,000 points||$1,188||4,500 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!