InstaReM's AMAZE MasterCard

[decibel.]

Believe most FIs will have this inserted somewhere should they one day decide to charge any fees to hold the card.
At the moment no fees mentioned and they should announce if they plan to. The tnc I have seen it there written there since it started but no fees.

ok thanks for confirming bro. so the card good not? I read Cashback capped to $100 like not bad?


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[plustwo]

ok thanks for confirming bro. so the card good not? I read Cashback capped to $100 like not bad?


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give you $100 every quarter to collect your spending habits and profile you for future targeted offers. you lose cc protection to a paypal like company with no support staff. do you need the $100?

 

[someusername]

give you $100 every quarter to collect your spending habits and profile you for future targeted offers. you lose cc protection to a paypal like company with no support staff. do you need the $100?

Save 3.5% on forex fees while getting 4mpd and 1% cashback so NIUM know I buy $1000 in one txn from a single store overseas each month? Seems like a fair trade. They have no idea what I am buying. And unlike Paypal they don't charge ridiculous fees or have terrible exchange rates. Pretty sure that I can still institute a charge back on the underlying credit card if the Amaze transaction goes pear shaped. What prevents me?

 

[plustwo]

Pretty sure that I can still institute a charge back on the underlying credit card if the Amaze transaction goes pear shaped. What prevents me?

they will charge you back again and also all costs related to the original chargeback

this is copied from their tnc, you can find from their website.

7. CHARGES
7.1 NIUM may charge and debit from Your Card from
time to time, all fees and charges applicable to Your
Card including but not limited to, service fee for the
maintenance of Your Card and/or in relation to any
other service request, administrative fee for
replacement and/or production of documents,
cancellation fee in connection with any reversal of
service request or nonfulfilment of merchant
reservations, transaction fee for foreign currency
transactions and/or goods and services tax
imposed on or payable in respect of any goods and
services. You may contact NIUM for information on
for specific fees and charges applicable to Your
Card.
7.2 NIUM has the sole discretion to supplement, revise
or waive any applicable fees and charges payable
under Your Card, without notice or reason. NIUM
may notify You of such changes which shall take
effect on the date specified in the notice. Should
You retain or use the Card after the specified date,
You shall be deemed to have accepted such
changes.


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[someusername]

they will charge you back again and also all costs related to the original chargeback

It's not like Paypal or Grab or any fintech which uses a wallet. NIUM don't have any funds under their control they can seize. If anyone is scared of the T&Cs you quoted then simply block the credit card before doing the charge back. They can't charge the Amaze card unless it has a valid linked credit card.

 

[hwmook]

give you $100 every quarter to collect your spending habits and profile you for future targeted offers. you lose cc protection to a paypal like company with no support staff. do you need the $100?

Who say they got no support staff? I just email them and they replied promptly.

This card is not perfect though, I recently encountered card rejection at a POS, tried twice and rejected both times. I expect the transactions to not be posted but instead Amaze posted these 2 transactions to my credit card. I contacted them, they told me that the transactions was not posted by the merchants yet. Apparently Amaze will post the transactions and claim the money before the merchants does that. This is not right and will make it troublesome for some people as the refunds will come later and affect rebates/rewards earning.

 

[fr33d0m]

Who say they got no support staff? I just email them and they replied promptly.

This card is not perfect though, I recently encountered card rejection at a POS, tried twice and rejected both times. I expect the transactions to not be posted but instead Amaze posted these 2 transactions to my credit card. I contacted them, they told me that the transactions was not posted by the merchants yet. Apparently Amaze will post the transactions and claim the money before the merchants does that. This is not right and will make it troublesome for some people as the refunds will come later and affect rebates/rewards earning.

you mean the rejected chares were settled, not pending any more?

I observed that Amaze settled faster than the merchant itself, that, of itself, is not irregular. After all, Amaze is the merchant to the credit card, not the original merchant.

 

[hwmook]

you mean the rejected chares were settled, not pending any more?

I observed that Amaze settled faster than the merchant itself, that, of itself, is not irregular. After all, Amaze is the merchant to the credit card, not the original merchant.

The rejected transactions show as settled, not pending. After one week then show as rejected.

 

[fr33d0m]

The rejected transactions show as settled, not pending. After one week then show as rejected.

What was it shown in Instarem App?

I have a few transactions posted and settled by Instarem, though the merchants never posted the transactions to Instarem. These transactions are card-verification transactions from online merchants. Subsequently, another transaction created with status "payment reversed" and Instarem refunded the amount in a separate transaction posted to the underlying credit card. I believe that this handling is the merchant never claim the money from Instarem.

Were yours the same?

 

[hwmook]

What was it shown in Instarem App?

I have a few transactions posted and settled by Instarem, though the merchants never posted the transactions to Instarem. These transactions are card-verification transactions from online merchants. Subsequently, another transaction created with status "payment reversed" and Instarem refunded the amount in a separate transaction posted to the underlying credit card. I believe that this handling is the merchant never claim the money from Instarem.

Were yours the same?

Yes, that's right. Normally these transactions will not be posted to credit cards since it wasn't claimed but Instarem is posting all transactions regardless of whether the money is claimed by the merchants or not.

 

[fr33d0m]

Yes, that's right. Normally these transactions will not be posted to credit cards since it wasn't claimed but Instarem is posting all transactions regardless of whether the money is claimed by the merchants or not.

I can't remember the exact details, but I think GrabPay MasterCard does the same. No matter whether a transaction is posted or not, GrabPay MasterCard will charge your wallet first and refund to wallet after the charge expires.

 

[plustwo]

Yes, that's right. Normally these transactions will not be posted to credit cards since it wasn't claimed but Instarem is posting all transactions regardless of whether the money is claimed by the merchants or not.

bye bye cc protection if you need chargeback or refund

 

[fr33d0m]

bye bye cc protection if you need chargeback or refund

If it is provided by MasterCard, there is no difference.

 

[plustwo]

If it is provided by MasterCard, there is no difference.

you ever went through chargeback process before?

your protection is against instarem not the original merchant. you will ding dong for months while both sides try to deny liability while your money stuck with them. all for 1% that is capped.

 

[fr33d0m]

you ever went through chargeback process before?

your protection is against instarem not the original merchant. you will ding dong for months while both sides try to deny liability while your money stuck with them. all for 1% that is capped.

which one do you do chargeback?

against the original merchant or Instarem?

Instarem chargeback would be easier than the merchant as long as the merchant refund the money. Instarem is locally regulated financial service company, unlike some online merchants from other parts of the earth.

 

[plustwo]

which one do you do chargeback?

against the original merchant or Instarem?

Instarem chargeback would be easier than the merchant as long as the merchant refund the money. Instarem is locally regulated financial service company, unlike some online merchants from other parts of the earth.

you have to chargeback against instarem but good luck with filling in the forms. instarem provided the service as advertised.

 

[fr33d0m]

you have to chargeback against instarem but good luck with filling in the forms. instarem provided the service as advertised.

If Instarem refuses to refund whatever the merchant refunded, you can go to MAS to file complaint. Instarem is not any retail company, it is a regulated financial service company with base in SG.

you can write to local newspapers. There are many more avenues to get your money.

 

[plustwo]

If Instarem refuses to refund whatever the merchant refunded, you can go to MAS to file complaint. Instarem is not any retail company, it is a regulated financial service company with base in SG.

you can write to local newspapers. There are many more avenues to get your money.

i think you have a very flawed understanding of what the payments service license does

 

[fr33d0m]

i think you have a very flawed understanding of what the payments service license does

As long as it is regulated locally and with local presence, there is more loss to the company than the cardholders. MasterCard will always be the last avenue to use for such local matters.

 

[fone]

If Instarem refuses to refund whatever the merchant refunded, you can go to MAS to file complaint. Instarem is not any retail company, it is a regulated financial service company with base in SG.

MAS is so useless, when it comes to these regulations. Complained to them on some other regulated fintech, they only send email to them, and didnt resolved the issue at all. Didnt even check back if they resolved issue.