InstaReM's AMAZE MasterCard

[silverbomb]

Do you guys think this will be a loophole that the banks will block soon?

possibly bcos bank may not like that you are crippling them of their forex charges. youtrip, revolut all these don't faze them cos they're not direct competitors. this won't allow them to earn the forex which is a dinosaur fee considered this age and time.

 

[silverbomb]

but makes me wonder if i buy from taobao, will the 3% fee still applies?

planning to buy smth there for first time and don't know if it's the bank or taobao that charges the 3%, when ppl always cheong for the 3% cc rebate at 12am on weekends just to save the 3% fee.

 

[Zaalaa]

but makes me wonder if i buy from taobao, will the 3% fee still applies?

planning to buy smth there for first time and don't know if it's the bank or taobao that charges the 3%, when ppl always cheong for the 3% cc rebate at 12am on weekends just to save the 3% fee.

3% is charged by taobao during your payment page. don't worry, hardly able to escape. unless new account, they waive on mobile.

 

[silverbomb]

3% is charged by taobao during your payment page. don't worry, hardly able to escape. unless new account, they waive on mobile.

Is it cos charged SGD so they put 3% in, what if I choose (is it possible) to be charged in RMB? Still 3% applies regardless I choose Chinese currency and rightfully charged another Forex by bank side supposedly?

 

[cassowary18]

If it gets nerfed by the banks, press F and move on. The value proposition of this card is still there since you don't have to worry about topping up a prepaid account and got no $30k per year limit.

Hopefully they add support for Amex though. Then we can test whether Amex TCB and UOB Absolute hold up to their promises of no exclusions.

 

[Zaalaa]

Is it cos charged SGD so they put 3% in, what if I choose (is it possible) to be charged in RMB? Still 3% applies regardless I choose Chinese currency and rightfully charged another Forex by bank side supposedly?

Yes. If you have Alipay, no 3%. Otherwise bank charge you forex, Taobao charge you 3% fees.

 

[drawar]

If it gets nerfed by the banks, press F and move on. The value proposition of this card is still there since you don't have to worry about topping up a prepaid account and got no $30k per year limit.

Hopefully they add support for Amex though. Then we can test whether Amex TCB and UOB Absolute hold up to their promises of no exclusions.

Err nope. The value proposition is severely affected since one of the main selling points ("stack up on rewards") is no longer there. Basically now you have to choose between
- 0% cashback / 0mpd from banks + 1% capped at 100 per quarter from Instarem, or
- 8% cashback / 4mpd from banks
It takes a complete cretin to make the wrong choice here.

 

[someusername]

If it gets nerfed by the banks, press F and move on. The value proposition of this card is still there since you don't have to worry about topping up a prepaid account and got no $30k per year limit.

Hopefully they add support for Amex though. Then we can test whether Amex TCB and UOB Absolute hold up to their promises of no exclusions.

Yeah and unlike the Grab Mastercard the forex fees are much better. So even if you are getting 1-2% cashback for Grab topups and Grab rewards it is less attractive than just using this card to pass through any forex transactions to your Mastercard credit card. I wonder why Mastercard partnered with NIUM. Seems to be cannibalising their own fees.

 

[fr33d0m]

Yeah and unlike the Grab Mastercard the forex fees are much better. So even if you are getting 1-2% cashback for Grab topups and Grab rewards it is less attractive than just using this card to pass through any forex transactions to your Mastercard credit card. I wonder why Mastercard partnered with NIUM. Seems to be cannibalising their own fees.

Card associations such as MasterCard and Visa don't earn much from forex, other than the spread. The additional fee is imposed by the banks, not the card association.

 

[Trazora]

Card associations such as MasterCard and Visa don't earn much from forex, other than the spread. The additional fee is imposed by the banks, not the card association.

no ah most part of the fees charged by card associations, passed to customers by bank.

 

[fr33d0m]

no ah most part of the fees charged by card associations, passed to customers by bank.

if like merchant discount charged by card associations, but split among all parties, then still the issuer banks take the largest cut. And what particular risk do card associations take to demand most part of the fees?

If card associations take all forex fee, who funds the 0% forex fee prepaid card?

 

[someusername]

Card associations such as MasterCard and Visa don't earn much from forex, other than the spread. The additional fee is imposed by the banks, not the card association.

Isn't the spread nearly 1% and don't card associations charge additional fees for foreign transactions on top of the normal transaction handling fees? It all adds up - especially when handling 100s of millions each day.

 

[fr33d0m]

Isn't the spread nearly 1% and don't card associations charge additional fees for foreign transactions on top of the normal transaction handling fees? It all adds up - especially when handling 100s of millions each day.

spread is not 1%. otherwise the banks will use other financial institutions to clear forex.

 

[someusername]

spread is not 1%. otherwise the banks will use other financial institutions to clear forex.

I just checked and spread is between .68% and .74% on the several currencies I looked at. So I rounded up to 1%. And there are also additional fees listed by card associations for foreign currency transactions. It certainly seems to me like Amaze is reducing the fees Mastercard earns per foreign transaction.

 

[fr33d0m]

I just checked and spread is between .68% and .74% on the several currencies I looked at. So I rounded up to 1%. And there are also additional fees listed by card associations for foreign currency transactions. It certainly seems to me like Amaze is reducing the fees Mastercard earns per foreign transaction.

I doubt that's the fee or the spread the card associations charge the banks. The banks can choose to clear and settle in charged currency. Can the card associations force the banks to convert to its local currency? I doubt it, maybe only for currencies not easily obtained. The banks are not carrot heads like consumers.

imagine a transaction that Amazon charges USD to a DBS credit card. DBS certainly can obtain market rate for USD to settle the transaction. Can Visa/MasterCard force to convert to SGD with spread and charge DBS? I doubt DBS is that weak.

 

[yiron]

Hope to see Amaze onboard Visa cards soon. Quite a number of decent cashback cards are Visa.

 

[cassowary18]

Err nope. The value proposition is severely affected since one of the main selling points ("stack up on rewards") is no longer there. Basically now you have to choose between
- 0% cashback / 0mpd from banks + 1% capped at 100 per quarter from Instarem, or
- 8% cashback / 4mpd from banks
It takes a complete cretin to make the wrong choice here.

Use for foreign transactions. Similar to YouTrip

 

[revhappy]

I did my 1st transaction today with Amaze at Fairprice and I have linked it with UOB Krisflyer card. Is there any other UOB mastercard that gives better cashback/rewards with no minimum spend?

Edit: I just applied for the UOB Privemiles mastercard, I guess that the only choice I have.

 

[Trazora]

I did my 1st transaction today with Amaze at Fairprice and I have linked it with UOB Krisflyer card. Is there any other UOB mastercard that gives better cashback/rewards with no minimum spend?

Edit: I just applied for the UOB Privemiles mastercard, I guess that the only choice I have.

why must be uob mastercard? If reason is you intend to clock points on uob cards only, think better to just use uob ppv, 4mpd better than 1.4mpd+1%.

 

[silverbomb]

Yes. If you have Alipay, no 3%. Otherwise bank charge you forex, Taobao charge you 3% fees.

we can't have alipay right? need chinese passport and i don't think even so can use amaze on ali