vsepr - if you can only achieve $12,500 spending in three years, then of course the UOB10K/transfer is not for you.
However if you can achieve that spending in three months (or in my case, the last three days buying Watsons coupons to max out the
Bank of Communications extra 7X (S$0.2/Asia Mile) promo) then the 10K/redemption requirement will not be that onerous.
No, I don't have to be rich (I sold all I bought for 97-98 cents on the dollar already). I just have to have the ability to generate enough spend (and a fraction of it as working capital).