InstaReM's AMAZE MasterCard

[CrashWire]

Ya. But at least can get better forex, earn insta point and also citi miles.

I need to remind people that Amaze is "better", but not the best.

1) They switched to using Mastercard rates over spot rates, which are fast to rise but slow to fall. The Mastercard USD rate right now is 1.338, while spot rate is fluctuating between 1.325 and 1.331 right now.

2) There is a ~1.6% markup on the Mastercard rate, which is offset by the 1% points back for purchases between $10 and $500.

 

[Trazora]

I need to remind people that Amaze is "better", but not the best.

1) They switched to using Mastercard rates over spot rates, which are fast to rise but slow to fall. The Mastercard USD rate right now is 1.338, while spot rate is fluctuating between 1.325 and 1.331 right now.

2) There is a ~1.6% markup on the Mastercard rate, which is offset by the 1% points back for purchases between $10 and $500.

then which is the best? Thought it is the best since can get credit card rewards that more than compensate the markup

 

[BRYSG7]

I need to remind people that Amaze is "better", but not the best.

1) They switched to using Mastercard rates over spot rates, which are fast to rise but slow to fall. The Mastercard USD rate right now is 1.338, while spot rate is fluctuating between 1.325 and 1.331 right now.

2) There is a ~1.6% markup on the Mastercard rate, which is offset by the 1% points back for purchases between $10 and $500.

it depends on what you are pairing it with, in my case with the 1% in Amaze Points and 1% from my card and potentially more (certain MCC), it makes more sense than charging directly or using Youtrip or Revolut

 

[bobobob]

Isn't ICBC global MasterCard better now. It gives 3% cashback on foreign currency and admin fee is 1.5%

I feel amaze is unethical to advertise no admin fee when they mark up by 1.8%

 

[Trazora]

Isn't ICBC global MasterCard better now. It gives 3% cashback on foreign currency and admin fee is 1.5%

I feel amaze is unethical to advertise no admin fee when they mark up by 1.8%

icbc 2.5% fee

 

[highsulphur]

I used amaze yesterday and I barely hit the spot rate even after the 2.5% scb/amaze rebate

 

[ekardo]

this is a futile promo..

Double your rewards!​

Until March 31, 11.59 am, earn 2X InstaPoints on local and FX spends when you pay with amaze card linked to your wallet.​

 

[ekardo]

several spending in JB, the official rate is 3.33, while Amaze charge 3.24 and 3.25 (2.49% or 2.47% diff)

rates really getting very chui.....but 1% amaze points and 10x citipoints..I think suck thumb..

if I use normal ocbc or citibank card, diff will be more than 3% right ?

 

[maniamcool]

Am spending in Aussie now

amaze rates is 2% more than spot

 

[Crimsom]

several spending in JB, the official rate is 3.33, while Amaze charge 3.24 and 3.25 (2.49% or 2.47% diff)

rates really getting very chui.....but 1% amaze points and 10x citipoints..I think suck thumb..

if I use normal ocbc or citibank card, diff will be more than 3% right ?

Ya i think FCY for directly using bank card is around 3.25%. So as long as can they below 3% still worth for me.

For now the Amaze is still worth it to get the credit card rewards/rebates. Although their rate is no longer as good as 1 to 1.5 years ago la.

I know amaze got to earn something but their transparency not very good. keep on increasing their earning share with no info on what is the rate.

 

[naruto13]

Anyone have experience on their tax refund back to the same card?
serious issue seen, fcy amount not seen and base on estimate it’s 8% off the market rate since they can’t even provide the fcy amount and blame the merchant, but merchant is oversea so will post in fcy amount, the support reply obviously is trying to trick user

5 digit transaction with 4 digit figure refund

 

[ekardo]

Anyone have experience on their tax refund back to the same card?
serious issue seen, fcy amount not seen and base on estimate it’s 8% off the market rate since they can’t even provide the fcy amount and blame the merchant, but merchant is oversea so will post in fcy amount, the support reply obviously is trying to trick user

5 digit transaction with 4 digit figure refund

more specific example? what is fcy amount? not seen, not provide?

 

[naruto13]

more specific example? what is fcy amount? not seen, not provide?

Fcy amount not seen and not provided even after contacting cso, thus using estimate due to no info provided it’s 8% off as per the sgd transaction posted on app

 

[demoforce1]

any data point using amaze for markup in Indonesia IDR?

 

[BRYSG7]

Fcy amount not seen and not provided even after contacting cso, thus using estimate due to no info provided it’s 8% off as per the sgd transaction posted on app

dont use it for any refunds or crediting transactions. Tax refund can be made to any card, doesnt have to be the same purchasing card right?

 

[stonkogu]

any data point using amaze for markup in Indonesia IDR?

Just paid 2,844,000 Indonesian Rupiah,

Google rate 250.46 SGD
Instarem rate 255.07 SGD

Markup = 1.84%

Also, Just paid 10,300 KRW,

Google rate 10.53 SGD
instarem rate 10.81 SGD

Markup = 2.66%

 

[CrashWire]

Just paid 2,844,000 Indonesian Rupiah,

Google rate 250.46 SGD
Instarem rate 255.07 SGD

Markup = 1.84%

Also, Just paid 10,300 KRW,

Google rate 10.53 SGD
instarem rate 10.81 SGD

Markup = 2.66%

Can you check what is the rate above Mastercard rate?

https://www.mastercard.us/en-us/personal/get-support/convert-currency.html

 

[Prof Goh]

Fcy amount not seen and not provided even after contacting cso, thus using estimate due to no info provided it’s 8% off as per the sgd transaction posted on app

always use Revolut for tax refunds, saves the hassle of fighting Amaze for FX difference

but interestingly even for Revolut, I got back my Australia tax refund via Mastercard rail in SGD, not AUD and then converted to SGD by Revolut

 

[coconut1]

always use Revolut for tax refunds, saves the hassle of fighting Amaze for FX difference

but interestingly even for Revolut, I got back my Australia tax refund via Mastercard rail in SGD, not AUD and then converted to SGD by Revolut

Is the tax refund administered by global blue? If so, the culprit is likely to be global blue

 

[naruto13]

after a few more refund, seem like the tax refund agent trying to shortchange by quoting the lower currency via their own internal exchange, similar to bank board rate as oppose to fx rate
both global blue and planet (europe expense)
instrem support is not any better where fraud transaction on the card is pretty norm and if you lock your card to wallet, any deposit will land up in the wallet stuck if the merchant dont refund properly with the initial transaction code
in short, dont expect much cso support as their support is level is low and even can quote chargeback clause in the event fraud, but your card number is compromised to begin with (they think they can perform better than bank when bank also have this issue but have better support for such issue)