InstaReM's AMAZE MasterCard

[CrashWire]

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.

1% is charged by the card association. 1.8%-2.5% is charged by the bank.

I believe forex is performed by the card association. For example, Mastercard has a calculator that gives a good indication on the rate they use every day: https://www.mastercard.us/en-us/personal/get-support/convert-currency.html

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.

Isn't this the premise behind multi-currency debit cards like DBS Visa Debit, UOB Mighty FX, and HSBC EGA?

It's probably doable for credit cards too, since ICBC has a dual currency card: https://singapore.icbc.com.cn/ICBC/...CardProducts/ICBCVISADualCurrrencyCreditCard/

 

[revhappy]

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%.

My monthly spend is very low, so doesnt make sense for me to keep any credit cards for long term. I usually just apply keep the new signup promo and then cancel. UOB is the only card without signup promo, so I only keep that card for long term. Right now UOB Absolute is my primary card for all spend. I was just wondering if UOB PPV+ Amaze is better than UOB Absolute alone.

Are you saying using UOB ppv without Amaze is better than with Amaze? But I thought the MCC is just pass through?

 

[fr33d0m]

1% is charged by the card association. 1.8%-2.5% is charged by the bank.

I believe forex is performed by the card association. For example, Mastercard has a calculator that gives a good indication on the rate they use every day: https://www.mastercard.us/en-us/personal/get-support/convert-currency.html


Isn't this the premise behind multi-currency debit cards like DBS Visa Debit, UOB Mighty FX, and HSBC EGA?

It's probably doable for credit cards too, since ICBC has a dual currency card: https://singapore.icbc.com.cn/ICBC/海外分行/新加坡网站/en/CommercialBankBusiness/CreditCards/CreditCardProducts/ICBCVISADualCurrrencyCreditCard/

Banks charge the cardholders with MasterCard exchange rate. It does not mean that MasterCard actually charges the banks the same amount. It could well be that MasterCard charges the banks in original currency and it is up to the banks to settle in original currency or local currency. I vaguely remember that for certain regional currencies, local banks don’t always use MasterCard or Visa exchange rate.

That can easily explain why the prepaid card can offer zero spread zero fee as it is one of the option to settle the charge.

 

[Trazora]

My monthly spend is very low, so doesnt make sense for me to keep any credit cards for long term. I usually just apply keep the new signup promo and then cancel. UOB is the only card without signup promo, so I only keep that card for long term. Right now UOB Absolute is my primary card for all spend. I was just wondering if UOB PPV+ Amaze is better than UOB Absolute alone.

Are you saying using UOB ppv without Amaze is better than with Amaze? But I thought the MCC is just pass through?

uob ppv is visa not mastercard cannot be added to Amaze. I suppose when u say uob privemiles card u referring to uob prvi which give only 1.4 miles at fairprice. uob ppv gets 4mpd for mobile contactless.

 

[revhappy]

uob ppv is visa not mastercard cannot be added to Amaze. I suppose when u say uob privemiles card u referring to uob prvi which give only 1.4 miles at fairprice. uob ppv gets 4mpd for paywave.

Thanks, but I believe, uob ppv gives the 4mpd only for contactless paywave and not physical card paywave, as per milelion. My phone dont have nfc

https://milelion.com/2020/04/22/psa...th-uob-preferred-platinum-visa-physical-card/

 

[cassowary18]

Anyone tried linking ICBC card to Amaze? Thinking of getting the zodiac card to link to this card.

 

[revhappy]

uob ppv is visa not mastercard cannot be added to Amaze. I suppose when u say uob privemiles card u referring to uob prvi which give only 1.4 miles at fairprice. uob ppv gets 4mpd for mobile contactless.

I just realized UOB prvi miles gives only 3.5 UNI$ for every $5 spent which is like 0.7 UNI$ for every $1 spend. The valuation of UNI$ is like 0.1c, So it is about 0.7% cashback and if I use amaze it adds 1%, so total 1.7%. This is same as my UOB Absolute card.

I was hoping UOB has a general purpose card which gives around the 1.5% and then I use Amaze along with it. But I dont see any so far. I dont intend to use any category specific cards, because my spend is usually very low like on average $300 and that includes SP Services and Simply go.

I would have loved to use ICBC's mastercards as they already give 1.5-1.6% but there is a bug and I am not able to add ICBC cards to Amaze.

 

[cassowary18]

I just realized UOB prvi miles gives only 3.5 UNI$ for every $5 spent which is like 0.7 UNI$ for every $1 spend. The valuation of UNI$ is like 0.1c, So it is about 0.7% cashback and if I use amaze it adds 1%, so total 1.7%. This is same as my UOB Absolute card.

I was hoping UOB has a general purpose card which gives around the 1.5% and then I use Amaze along with it. But I dont see any so far. I dont intend to use any category specific cards, because my spend is usually very low like on average $300 and that includes SP Services and Simply go.

I would have loved to use ICBC's mastercards as they already give 1.5-1.6% but there is a bug and I am not able to add ICBC cards to Amaze.

Why uob specifically though? You can use SCB Unlimited

 

[drawar]

I just realized UOB prvi miles gives only 3.5 UNI$ for every $5 spent which is like 0.7 UNI$ for every $1 spend. The valuation of UNI$ is like 0.1c, So it is about 0.7% cashback and if I use amaze it adds 1%, so total 1.7%. This is same as my UOB Absolute card.

I was hoping UOB has a general purpose card which gives around the 1.5% and then I use Amaze along with it. But I dont see any so far. I dont intend to use any category specific cards, because my spend is usually very low like on average $300 and that includes SP Services and Simply go.

I would have loved to use ICBC's mastercards as they already give 1.5-1.6% but there is a bug and I am not able to add ICBC cards to Amaze.

First of all, if you are getting a rewards card just to redeem the points for rebates, then you are playing the credit card game wrong. Rewards cards are for miles and cashback cards are for rebates, it’s as simple as that. An exception to this rule is when there’s a limited time special redemption rate for things like vouchers and electronics and whatnot, but again, 99% of the time you’d be much better off redeeming reward points for miles still. Have you ever wondered why banks never run promo for miles redemption?

Second of all, if your monthly spend is low and you don’t have families or friends to pay bills for or buy groceries on behalf of to increase that spend amount significantly, then your best strategy is to go with a cashback card. SCB Unlimited / Citi Cashback plus are all solid choices with no minimum spend so you’re not gonna be incentivised to spend more than you need.

 

[silverbomb]

Did anyone that encounter issues with adding ICBC cards reported to instarem amaze about the issue and if they have responded? Their response so far has been quite friendly and prompt, and can comprehend human language. Unlike Razer support, talk to them can vomit blood one

 

[silverbomb]

I just realized UOB prvi miles gives only 3.5 UNI$ for every $5 spent which is like 0.7 UNI$ for every $1 spend. The valuation of UNI$ is like 0.1c, So it is about 0.7% cashback and if I use amaze it adds 1%, so total 1.7%. This is same as my UOB Absolute card.

I was hoping UOB has a general purpose card which gives around the 1.5% and then I use Amaze along with it. But I dont see any so far. I dont intend to use any category specific cards, because my spend is usually very low like on average $300 and that includes SP Services and Simply go.

I would have loved to use ICBC's mastercards as they already give 1.5-1.6% but there is a bug and I am not able to add ICBC cards to Amaze.

You need to have a better formula that suits best for yourself and not chase cards without a strategy in this card game. You would know a ballpark figure of monthly expenses and the most commonly used type or categories of spending. Everyone's game is different and if you have a low spending based on the past few post, would suggest you look into other cards that is frills free cashback unless your spending can hit a certain amount consistently.

Uni$ normally is more for the miles chaser. Same goes for points by other banks. Points to cashback valuation is by far poor value under normal circumstances.

 

[fr33d0m]

For general strategy, consider UOB Absolute + Grabpay MasterCard. Should be able to hit 3-4% for most spending.

 

[drawar]

For general strategy, consider UOB Absolute + Grabpay MasterCard. Should be able to hit 3-4% for most spending.

It might not be the best idea to equate Grab points to rebates. The former can't be redeemed for cash rebates, at least not in any legitimate and hassle-free way that I know of, so you're incentivised to either (a) spend more on Grab services or (b) exchange to Capita star and again, spend more at Capitaland malls. Also:

(a) might not apply to people who take public transport or do their own cooking;
(b) might not apply to people who live far from a Capitaland mall, not to mention more often than not you can find much better deals with stackable vouchers on Lazada, Shopee, Qoo10, Taobao, etc. you name it.

Granted, it can be quite tempting to convert everything to one common denominator but you're just painting yourself a very misleading picture if you do so.

 

[Rayleigh1]

Can keep the discussion on topic?

 

[fr33d0m]

It might not be the best idea to equate Grab points to rebates. The former can't be redeemed for cash rebates, at least not in any legitimate and hassle-free way that I know of, so you're incentivised to either (a) spend more on Grab services or (b) exchange to Capita star and again, spend more at Capitaland malls. Also:

(a) might not apply to people who take public transport or do their own cooking;
(b) might not apply to people who live far from a Capitaland mall, not to mention more often than not you can find much better deals with stackable vouchers on Lazada, Shopee, Qoo10, Taobao, etc. you name it.

Granted, it can be quite tempting to convert everything to one common denominator but you're just painting yourself a very misleading picture if you do so.

the original poster mentioned vouchers or cashback.

It may not suit you, but for the original poster, I don't see anything inappropriate.

The utility of cash is to spent. When it is spent, it has little difference from vouchers.

Academically speaking, there is huge difference between cash and vouchers; in reality, for an economic person, the difference is little.

 

[xiaosinsinful]

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.

There is still a value in having the card even if there’s no CC rewards.

I would rather sacrifice any CC rewards/points in return save on foreign exchange fees of 3.25% paying via amaze

 

[silverbomb]

There is still a value in having the card even if there’s no CC rewards.

I would rather sacrifice any CC rewards/points in return save on foreign exchange fees of 3.25% paying via amaze

That's the main value I see here for this card. The Forex by the banks are eating up the regular Joes. The extra cashbacks is just a small little incentive and good to have thingy.

 

[xiaosinsinful]

That's the main value I see here for this card. The Forex by the banks are eating up the regular Joes. The extra cashbacks is just a small little incentive and good to have thingy.

Agreed, which is why one of my earlier post questions which is better overall (I didn’t even mention the extra cashback)

Question is which is better?
using CC letting it charge 3.25%
or
via amaze to change to local currency , charging CC with local currency (I’m guessing there’s no additional charges from the CC since it’s a local charge)

for now it’s a absolute no brainer to use via amaze. But if they remove the CC rewards, this card is still useful for foreign transactions

 

[RedsYWNA]

Hi guys, have just started using the card. How does Amaze give back the 1%?

 

[drawar]

Agreed, which is why one of my earlier post questions which is better overall (I didn’t even mention the extra cashback)


for now it’s a absolute no brainer to use via amaze. But if they remove the CC rewards, this card is still useful for foreign transactions

I’m a miles chaser (yes even in these times!) so I value 4mpd more than 1% cashback. Also don’t forget the rather tiny hoops you have to jump through to get the cashback, including the $5 block and minimum spend of $500 per quarter. It’s a very minor annoyance at best, but to a miles chaser like me, it’s enough to sway me the other way. This is where I think we can agree to disagree.