InstaReM's AMAZE MasterCard

[CrashWire]

One downside of Amaze that I don't see on other cards is how they repost and reconvert transactions if overseas merchants settle them (so far I've encountered this with Japan and Australia):

(I have another $142 AUD in my wallet currency balance because of this.)

Lucky I used the wallet for this and only lost around 0.1% spread from midmarket rates. Linked cards now cost around 1.9% to 2% from Mastercard rates which are usually worse, which could work out to 4% loss because Amaze isn't implementing something properly.

 

[BRYSG7]

One downside of Amaze that I don't see on other cards is how they repost and reconvert transactions if overseas merchants settle them (so far I've encountered this with Japan and Australia):

(I have another $142 AUD in my wallet currency balance because of this.)

Lucky I used the wallet for this and only lost around 0.1% spread from midmarket rates. Linked cards now cost around 1.9% to 2% from Mastercard rates which are usually worse, which could work out to 4% loss because Amaze isn't implementing something properly.

suggest not to keep any excess currency in the wallet. the way they initiate the refund (with spreads for both transactions) is the exact reason why i stopped using linked cards for transactions i'm not 100% sure that i might not refund in the future.

 

[Ark Law]

Which credit cards don't give an FX exchange loss on refunds? Whenever I get a refund it normally seems to result in a loss. (Spread/fees etc requires a large FX gain to offset which doesn't usually happen).

It depends on the type of refund. If it is a reversal, you would get the exact amount back with FX fees/charges 1:1.

If it is a credit settlement, you will get effected with FX fees/charges again. Issuers like Citi would credit effected amount to you (so purely subject to prevailing FX rates), while fintechs like Amaze (at least for linked card) eat the effected amount effectively reducing your nominal refund amount.

 

[ekardo]

It depends on the type of refund. If it is a reversal, you would get the exact amount back with FX fees/charges 1:1.

If it is a credit settlement, you will get effected with FX fees/charges again. Issuers like Citi would credit effected amount to you (so purely subject to prevailing FX rates), while fintechs like Amaze (at least for linked card) eat the effected amount effectively reducing your nominal refund amount.

This is not true. I got several reversal that suffered lost in fx also.

 

[BRYSG7]

This is not true. I got several reversal that suffered lost in fx also.

i have never gotten the exact amount before, always short but understandable

 

[CrashWire]

suggest not to keep any excess currency in the wallet. the way they initiate the refund (with spreads for both transactions) is the exact reason why i stopped using linked cards for transactions i'm not 100% sure that i might not refund in the future.

Yes but for some reason, this reversal/settlement thing happens quite a lot with in-person transactions when paid with the Amaze card.

Seems like a buggy card implementation on their end.

 

[BRYSG7]

Yes but for some reason, this reversal/settlement thing happens quite a lot with in-person transactions when paid with the Amaze card.

Seems like a buggy card implementation on their end.

yes, but thankfully they refund the difference for this issue once reported. funny how they always put the blame on the merchant for this issue but this is the only card that has this issue.

 

[fr33d0m]

yes, but thankfully they refund the difference for this issue once reported. funny how they always put the blame on the merchant for this issue but this is the only card that has this issue.

It could happen the same if you use debit card for payment.

 

[BRYSG7]

It could happen the same if you use debit card for payment.

have never encountered this issue outside of Instarem's ecosystem. if you're saying normal debit card has this issue then maybe I dont use it often enough, cant give any inputs

 

[fr33d0m]

have never encountered this issue outside of Instarem's ecosystem. if you're saying normal debit card has this issue then maybe I dont use it often enough, cant give any inputs

the way Instarem works is like a debit card.

It will debit your credit card right after the transaction no matter whether the transaction goes through eventually. If it is a foreign transaction, it will be converted at that moment. If the transaction did not settle in the end, the same amount of foreign currencies would be refunded and Instarem has to initiate another transaction with forex conversion as the original charge could have long been settled between Instarem and your credit card.

 

[BRYSG7]

the way Instarem works is like a debit card.

It will debit your credit card right after the transaction no matter whether the transaction goes through eventually. If it is a foreign transaction, it will be converted at that moment. If the transaction did not settle in the end, the same amount of foreign currencies would be refunded and Instarem has to initiate another transaction with forex conversion as the original charge could have long been settled between Instarem and your credit card.

the issue is instarem post the transaction (charge to credit card) eventhough merchant has yet to claim it. so unless they only post it when merchant claims, this problem would continue. the other issue is using settlement method rather than a reversal

 

[ekardo]

is grab still the only way to cash out the instarem points (and $0.50 admin fee) ?

wondering if there's any other way.

 

[BRYSG7]

is grab still the only way to cash out the instarem points (and $0.50 admin fee) ?

wondering if there's any other way.

certainly seems like it. you just gave me an idea as i have a few hundred stuck inside because of refunds from airtickets.

 

[BRYSG7]

What card gives decent/reasonable cashback/miles for travel related transactions (hotels/airfare/cruise lines)? basically what Citi Rewards excludes for 4mpd. currently this is the only category of spending that i'm missing

 

[ekardo]

certainly seems like it. you just gave me an idea as i have a few hundred stuck inside because of refunds from airtickets.

u toped up amaze wallet for airticket purchase? I thot you will use normal credit card for travel insurance coverage

 

[Trazora]

What card gives decent/reasonable cashback/miles for travel related transactions (hotels/airfare/cruise lines)? basically what Citi Rewards excludes for 4mpd. currently this is the only category of spending that i'm missing

uob lady solitaire, 6mpd

 

[BRYSG7]

u toped up amaze wallet for airticket purchase? I thot you will use normal credit card for travel insurance coverage

Yes, did that. Amaze has travel insurance also. Quite similar coverage. but for longer trips i usually purchase separate comprehensive travel insurance as the ones provided by Amaze and other cards are generally covering only medical

 

[BRYSG7]

uob lady solitaire, 6mpd

thanks, will look into it. any catch when using it with Amaze? as most if not all of my transactions will be charged in foreign currency

 

[ekardo]

Yes, did that. Amaze has travel insurance also. Quite similar coverage. but for longer trips i usually purchase separate comprehensive travel insurance as the ones provided by Amaze and other cards are generally covering only medical

but you missed out on credit card rewards points etc..

 

[BRYSG7]

but you missed out on credit card rewards points etc..

not really for my case thats why i'm looking for a card that gives rewards for travel related transactions.