Last month I reported that with your UOB Platinum Credit Card you can get 5% Smart$ Cash Rebates at Valiram Group luxury item outlets such as Coach, Zanotti, Godiva, Jimmy Choo, Vertu and etc. However this offer of 5% Smart$ Cash rebate is not applicable for Valiram Group's Rolex Boutique by Swiss Watch Gallery at Pavilion, KL. I received my UOB Bank statement recently highlighting that you can have up to 18 months installment plan at these mentioned outlets but if you opt for installment plan then you don't earn the 5% Smart$ Cash.
Well I have got good news for those having a UOB Bank Platinum Credit Card and wanting to get a Rolex watch at Rolex Boutique Pavilion. You see, Rolex Boutique at Pavilion do offer 0% interest free installment plan with your OCBC (I think), CIMB and UOB, but the difference is that UOB Bank installment plan can extend up to 18 months! So instead of paying upfront and settling the UOB payment come Due Date for your Rolex watch, why not purchase it with 18 months installment plan and deposit the money into FD and earn interest with it.
Here is an example:
Assuming you purchase a solid gold Rolex costing RM90K (with model number ending with No.8), with the 18 months installment plan you would be required to pay RM5000 per month. Say you deposit RM75K into 3 months FD with interest rate of 2.8%, you would earn RM525 in 3 months time from interest. After 3 months, you uplift the deposit and revise it to RM60K with same interest rate you would earn another RM420, and at end of the 6th month you reduce the deposit by RM15K making it to RM45K and in 3 months time earning another RM315. On the 9th month, the FD amount is reduced by another 15K and at the end of the 1 year period from the time you purchase the Rolex, you would have saved a total of RM1,470 or 1.6% from the purchase price. You still can deposit the balance in 1 month FD but the interest gain would be reducing from about RM35/month onwards and would be less of a hassle by just leaving the money in your current account.
Well you may say above troublesome lah, it may be true. Then use Maybankard 2 Amex where you will get 5X Treats Points for your purchase and earn equivalent 2.5% in terms of vouchers from the purchase price. In the case of the RM90K Rolex watch, you would get 450,000 Treats Points where you can redeem for about RM2,250 worth of vouchers (more than you'll get from above example). If you willing to spend a few minutes doing some work, do a Balance Transfer from your Maybankard 2 Amex to CIMB Direct Access and earn some more pocket money by depositing a portion of the intended payment allocated to settle the Rolex purchase in full into 1 to 3 months FD :) I would say this combination would get you most in returns with your credit cards.
Oh by the way, the Rolex outlet at KLCC also owned by Valiram Group. In an article title Rolex - Symbol of Luxury and Success Status in Money For Luxury blogspot, it mentioned some locations of Rolex watch dealers in Kuala Lumpur, Malaysia.
Conclusion, if you can't get a better deal by paying in cash or with a Visa/MasterCard for whatever transaction and the merchant do accept AMEX, use the Maybankard 2 AMEX and get returns of approximately 2.5%.in terms of voucher.
Other Related Posts
Click here to read more about Rolex watches at Money For Luxury Blogspot.
Click here to read my article titled UOB Smart$ Cash - Cash Rebate for UOB Preferred Platinum Credit Card
Click here to read about Swiss Watch Gallery Invitation to UOB card members in January 2011.
Click here to read about UOB Dining Offers
Click here to read about access to KLIA Plaza Premium Lounge with your UOB Preffered Platinum Credit Card.
Click here to read my article titled Currencies Rolex No.8 at my other blog.
If you got no cash and thinking of buying unnecessary stuff with installment plans, better you deposit the money in FD. Click here to read my article titled Investment Wealth Retirement.