InstaReM's AMAZE MasterCard

[highsulphur]

I have been actively using Amaze card for FX transaction, and I can really vouch that the rates have gotten from bad to worse..

Over the past few days, Revolut constantly gave me 3.14x SGD to RM.. Where'as Amaze barely even 3.11x

A whopping 1% diff from Revolut..

but Amaze gives another 1% and another x% of rebate from the underlying cc?

 

[AlvinDj]

but Amaze gives another 1% and another x% of rebate from the underlying cc?

Yes, but after WWMC or maybe even Citi's Nerf, then it doesn't feel enticing to use it anymore..

Since we essentially could do GPMC > Revo

 

[Trazora]

Yes, but after WWMC or maybe even Citi's Nerf, then it doesn't feel enticing to use it anymore..

Since we essentially could do GPMC > Revo

uh, touchwood

 

[IcYFl4mEz]

Yes, but after WWMC or maybe even Citi's Nerf, then it doesn't feel enticing to use it anymore..

Since we essentially could do GPMC > Revo

depends what you use for.
if its petrol,groceries at msia and resturant etc. there is still use..

 

[Ideas!!]

I have had 6 or 7 VND transactions in vietnam reversed after 10+ days and re applied at much higher fx prices/SGD amounts many days latter. I am over this crap. Half the time
the card wouldn’t work at terminals and it wouldn’t work on grab. Amaze’s “turn on fx markups & screw them” already hit me for 2.05% over that days master card rate on a few of those transactions. I don’t think they are professional nor the fintech geniuses we are constantly told they are. The issues I have seen are just pathetic. I have never had other cards reverse things just to improve their fx rate or actually for any reason. I have been trying to shut the card down and switching to other cards and had set amaze to the empty wallet to ensure no transactions. Would you believe they just slammed the renewed transactions in there and now there is a bigger than -90 sgd debit amount in the wallet lol. Wtf!

 

[cReDdY]

Erm some of my payments were reversed too. What happened?

 

[cReDdY]

Spent on 28th April, and 4 payments were reversed. Payments made in malaysia, I guess I have to wait for the new charges? Or they will slam it inside my amaze wallet??

 

[revhappy]

Yes, but after WWMC or maybe even Citi's Nerf, then it doesn't feel enticing to use it anymore..

Since we essentially could do GPMC > Revo

How about directly using GPMC for overseas spending, instead of revolut or Youtrip?

Gpmc you get 1.7% from UOB absolute and you get some points from gpmc for the spending and mastercard exchange rate.

 

[revhappy]

but Amaze gives another 1% and another x% of rebate from the underlying cc?

Only if you manage to hit 1500 quarterly spend.

 

[Ideas!!]

How about directly using GPMC for overseas spending, instead of revolut or Youtrip?

Gpmc you get 1.7% from UOB absolute and you get some points from gpmc for the spending and mastercard exchange rate.

Interesting. Does that match the calculator with no markup? How do you get tge 1.7% do you mean when you fund it? Update. I just read up they charge 2% fx so neither here nor there.

 

[highsulphur]

How about directly using GPMC for overseas spending, instead of revolut or Youtrip?

Gpmc you get 1.7% from UOB absolute and you get some points from gpmc for the spending and mastercard exchange rate.

Your fx rate will wipe out the 1.7% rebate

 

[revhappy]

Your fx rate will wipe out the 1.7% rebate

Yes, but compared to youtrip and revolut this is better right? Youtrip top-up won't get you any points or cashback from any credit card. So I wonder why people are even bringing up youtrip and revolut, except that you can convert in advance. But to me, that is a gamble.

 

[Trazora]

Yes, but compared to youtrip and revolut this is better right? Youtrip top-up won't get you any points or cashback from any credit card. So I wonder why people are even bringing up youtrip and revolut, except that you can convert in advance. But to me, that is a gamble.

youtrip and revolut can topup with gpmc

 

[revhappy]

youtrip and revolut can topup with gpmc

Ok but what is the benefit Vs directly spending via gpmc? Gpmc retail spend gives you points.

 

[Ideas!!]

Yes, but compared to youtrip and revolut this is better right? Youtrip top-up won't get you any points or cashback from any credit card. So I wonder why people are even bringing up youtrip and revolut, except that you can convert in advance. But to me, that is a gamble.

Hmm revolut is very well done and essentially interbank rates during weekdays. You would just need to transact a little to cover the weekend spend (to avoid the 2% stepup) You could consider this to be fixing your own rate for the weekend. If you don’t use it since it the interbank rate just sell it on Monday or just use it over time.
Gpmc would be mc rate plus 2% so is like 0.12-0.48% plus 2% … so 2 plus something percent. Revolut is hence on average 2 plus something better than this assuming the fx movement is random. I like the security revolut has. They detected one of my cards was on the dark web and so canceled it and i got new one for free. Also they have location security where they refuse a transaction if you are not in the location it is being made. And actually their help at least doesn’t lie when they answer your queries. For clean and lack of fuss i am tempted to use them for grab etc when overseas going forward. Ill use my credit cards directly locally and very occassionally on holiday ill use amaze to collect the 8 or 6 percent when buying at restaurants and supermarkets when using via cashback citibank. Though I suspect if amaze sneaks in fx markups with out saying anything then they will soon also start sneakily changing the MMCs that are presented through to banks too to appease the banks who look for all money to be finally moving on them.

 

[Trazora]

Ok but what is the benefit Vs directly spending via gpmc? Gpmc retail spend gives you points.

youtrip/revolut no fx fees, gpmc 2% fx fees and earn at most 6× points i.e. 1.2% so nett 0.8% fee

 

[revhappy]

Hmm revolut is very well done and essentially interbank rates during weekdays. You would just need to transact a little to cover the weekend spend (to avoid the 2% stepup) You could consider this to be fixing your own rate for the weekend. If you don’t use it since it the interbank rate just sell it on Monday or just use it over time.
Gpmc would be mc rate plus 2% so is like 0.12-0.48% plus 2% … so 2 plus something percent. Revolut is hence on average 2 plus something better than this assuming the fx movement is random. I like the security revolut has. They detected one of my cards was on the dark web and so canceled it and i got new one for free. Also they have location security where they refuse a transaction if you are not in the location it is being made. And actually their help at least doesn’t lie when they answer your queries. For clean and lack of fuss i am tempted to use them for grab etc when overseas going forward. Ill use my credit cards directly locally and very occassionally ill use amaze to collect the 8 or 6 percent when buying at restaurants and supermarkets when using via cashback citibank. Though I suspect if amaze sneaks in fx markups with out saying anything then they will soon also start sneakily changing the MMCs that are presented through to banks too to appease the banks who look for all money to be finally moving on them.

Thanks! Revolut does seems the best in that case. But I am curious about usage of interbank exchange rate especially for non convertible currencies like Vietnam dong or Indonesia Rupiah, which cannot be held in the wallet. I thought these are converted at the time of retail transaction via visa exchange rate?

 

[AlvinDj]

How about directly using GPMC for overseas spending, instead of revolut or Youtrip?

Gpmc you get 1.7% from UOB absolute and you get some points from gpmc for the spending and mastercard exchange rate.

Don't ever direct FX spend from GPMC... The extra charges are pretty high.. Not forgetting a lousier exchange rate compared to Revolut..

Unless you over-value your grab points so much so that you feel it is way better than the fees incurred lol..

 

[Ideas!!]

Thanks! Revolut does seems the best in that case. But I am curious about usage of interbank exchange rate especially for non convertible currencies like Vietnam dong or Indonesia Rupiah, which cannot be held in the wallet. I thought these are converted at the time of retail transaction via visa exchange rate?

Yeah, they are so all that happens then is you can’t convert to load your account with the relevant currency in advance for the weekend & you will get charged +2% in the weekends on your discrete transactions which on average will be still less than the 2 plus something we talking about with gpmc and also what i have been observing with amaze for vnd.

Wise allows you to store vietnam dong so i am hoping in future revolut will support it soon too.
If you want the extra effort you can get a wise card & load up vnd etc in the same way i indicated above just for the weekend for when you are those currency countires. It is just a little more expensive but not amaze or gpmc ecpensive.

The Revolut weekend is really just the time the 24 hour fx market is closed so they have to go somewhere else to do the fx which is either the visa wholesale rate or a fixing for pricing purposes they do themselves and since there no active market they jab in the 2% so they are not caught out too much if there is big gap in market on monday mornings open.

Also recently revolut added support for more currencies so it is something they are actively looking at. Fingers crossed on those currencies.

 

[Groudon]

I also had a few reversed transactions recently (used in Malaysia).

When contacting Instarem's support, their reply was (I quote) "Upon checking, the transactions were approved from our end however instead of claiming the funds merchant has initiated a reversal against the same. Once we receive the reversal, the amount gets credied back to the charged card within 5 business days.

As the transaction was approved from our end there are no issues, we request you to kindly reach out to the merchant and check with them the reason for reversing the transaction instead of claiming it."

Does this make any sense?