[Extended] Get a 15% Bonus When Transferring Bank Points to Singapore KrisFlyer

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Singapore Airlines is one of the few loyalty programs that partners with every major flexible point currency. That means that whether you collect Membership Rewards, Ultimate Rewards, Capital One Miles, ThankYou Points, or Bonvoy points, you can transfer points to your KrisFlyer account for an award redemption. As you'd imagine, this makes it a favorite among award travel enthusiasts.

Now, the loyalty program has announced a new promotion for bank transfer partners. Between now and January 16, 2021, collectors of eligible currencies can transfer points to Singapore and receive 15% bonus miles. Moreover, selected bank partners in Asia can convert points and receive 20% bonus miles.

However, with COVID-19 cases rising and many countries re-entering lockdown, is now a good time to transfer points?

Singapore KrisFlyer transfer bonus banner

Transfer Bonus Key Terms

Interestingly, five Asia-based bank partners can convert points and receive a 20% bonus. These include:

  1. Baiduri Bank (Brunei)
  2. BCA (Indonesia)
  3. Danamon (Indonesia)
  4. Maybank (Indonesia)
  5. DBS (Hong Kong)

New Singapore Suites Individual Suite

Should I take advantage of Singapore's 15% transfer bonus?

I'm a big fan of both Singapore Airlines and transfer bonuses. But with that said, I think this promotion will have limited value to most KrisFlyer members right now.

For one thing, most of the destinations served by Singapore Airlines have restrictive border regulations in response to COVID-19. This has resulted in the airline massively reducing its operation schedule. Put it together, and it makes it fairly difficult to book an award redemption to anywhere you'd be allowed to enter.

The second limiting factor for me is that Singapore continues to utilize an archaic expiration policy for KrisFlyer miles. No matter your account activity, your miles expire three years after being earned. This makes converting points speculatively a bad idea for almost everyone.

Bottom Line

Singapore Airlines has announced a 15–20% transfer bonus when KrisFlyer members convert eligible bank points. And Singapore is giving KrisFlyer members more than a month to take advantage of this transfer bonus.

However, most travelers probably won't find much value in this promotion right now. However, if you're comfortable with your ability to enter the destinations served and have a redemption in mind, this could save you a significant number of points.

Is there an amazing Singapore redemption you'd book with this 15–20% Singapore KrisFlyer transfer bonus?

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    Why does SQ want to increase the “liabilities” of its FFP at this very moment anyway?

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      It’s probably to help cashflow. Banks have to buy miles from the airline when a member transfers bank points to the airline. So, it’s a way of getting cash now while increasing liabilities for later. And the airline is probably banking on the redemption (even after the 15-20% bonus) being less costly than what the bank paid for it.

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    Singapore Airlines still has one of the most restrictive expiration policy wherein miles are not extendable except for a fee. Only transfer if you have an immediate use for the miles.

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    The expiration policy removes all attraction of this bonus transfer offer.

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    Tough call, given that their routes are so limited right now. This bonus would make up for the most recent devaluation. I’m tempted, given that we fly SQ 2-4 times per year, and these won’t expire for 36 months. Just need to weigh that against the opportunity cost of using the miles elsewhere…

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    Juan Ignacio says:

    Singapore Airlines is one of my favorites Airlines. I miss EWR-SIN in business.

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    If SA removed their expiration policy on the KrisFlyer points, this would be useful. But since they have an expiration policy and given the situation for travel, its a big risk to stash points without a specific plan. Even Cathay removed the expiration restriction, i think SA should learn from them.

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    What about DBS customer in Singapore since Singapore is the home base of DBS?

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      Strange right? Unfortunately, KrisFlyer specifically states: “For Hong Kong DBS customers, 20% bonus miles is applicable to the first 10,000 DBS Bank reward points conversion to KrisFlyer miles only, after which 15% bonus miles will apply. All other DBS customers in other countries will earn 15% bonus miles on eligible conversions.”

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    Not really worth transferring points to Singapore airlines now for those long international routes where you can’t get into those countries.

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      That’s why I think any transfer is not suitable at this moment.

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      Precisely my take on this. We’ve extended, then finally cancelled, all travel plans given the vicissitudes of the Covid-19 waves, travel restrictions, and uncertainty about when the vaccines will be available to all and the duration of the antibodies they convey.

      As always, I appreciate AwardWallet’s honest take on this offer.

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    The three year expiration time makes this possibly a big waste of flexible points for all but the most specific people. I’d hate to have points that could be cash back if necessary tied up with this program, possibly to disappear forever.

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    I think you can then turn these miles into gifts, staycations, road trips, meals and exclusive KrisFlyer Experiences. Or accumulate the miles for future travels to fuel your wanderlust. Find out more ways that you can use your KrisFlyer miles

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    I’ve been more interested in Krisflyer singe the latest Aeroplan and UA devaluations. United availability shows nicely on the Krisflyer website. Air Canada’s availability does not.

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    I transferred 75k citi thank you points to Krisflyer 2 years ago intending to use for a trip but has not had a chance to use them then can’t even use this year due to covid. The miles will hit the 3 years mark October 2021. I’m kinda stump on what to do now before it expires. I would think SQ should at least make an exception to the 3 years expiration rule for now.