InstaReM's AMAZE MasterCard

[cReDdY]

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?

Was given the exact reply. Lol

 

[Ideas!!]

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?

Not really, if you consider what they said previously, the merchant to us is actually amaze and then they are the customer to the subsequent ultimate merchant so are they really talking about themselves when they say that? Cause it is them that should be reaching out to the ultimate merchant under that assumption?
They told me the merchant decided to use a new authorisation to settle against but for all these large supermarket chains and even macdonalds to do this seems a bit of a stretch. I doubt merchants sit around making these type of decisions for the fun of it and if they did amaze should be reviewing and be concerned why this is happening in such large numbers and only for them and not competitors. Is there a break down in their process that makes merchants fail to be able to settle? & under what conditions?

also, If it was true that amaze did the fx then they would be very concerned about their exposure on all of these so called reversals. Instead they are happy to break and restart at new date. Who pockets the fx gain?

… you wait in a few days the charges will appear again at higher sgd amounts. And they will say the merchant decised to settle against … and you will be pissed off like me.

I guess they think they are clever providing blinkered support but it is very frustrating and a little surreal. I won’t be using them any longer. Part of the trouble is that they have said and promised so much that later turns out to be inconsistent and seem indifferent or oblivious to it. One of the claims was you will see your foreign transaction amount immediately. To me that means they can not change it from there. The merchant deals in the foreign amount and this amount does not change so what they do should not change what fx we get hit for especially so many days latter. If this is why banks charge such high fx markups then essentially amaze’s business model is faulty and they should be explain the risks that you can get amount changes clearly.

 

[zoneguard]

also, If it was true that amaze did the fx then they would be very concerned about their exposure on all of these so called reversals. Instead they are happy to break at the same amounts and recharge at considerably higher amounts. Note that this has just happen for currencies that go in their favour. I feel they have come unstuck somewhere and are just trying to claw back costs.

… you wait in a few days the charges will appear again at higher sgd amounts. And they will say the merchant decised to settle against … and you will be pissed off like me.

I guess they think they are clever providing blinkered support but it is very frustrating and a little surreal. I won’t be using them any longer. Part of the trouble is that they have said and promised so much that later turns out to be inconsistent.

Went ahead and locked the card in the app after reading about all these reversals. Nium (company behind Amaze) recently bought over Socash maybe they took on more than they can bite? I don't know.

 

[lintan84]

Hi expert,
Im considering to apply amaze card for my europe trip in June.
Is it worth to apply? i have youtrip card already.

- read through couple of comments on reversal of transaction, what the impact of this? higher forex?
- what is the best credit card to pair? i have citibank smrt and standard chartered unlimited cashback card. Im not keen on miles, i prefer cashback
- read that the min amount to get amaze cashback is $1500 per quarter, so is it ok if i charge only $1500 within a month and after that no longer charge any transaction to it?
- for amaze cashback redemption is it straight forward?

thanks so much

 

[Trazora]

Hi expert,
Im considering to apply amaze card for my europe trip in June.
Is it worth to apply? i have youtrip card already.

- read through couple of comments on reversal of transaction, what the impact of this? higher forex?
- what is the best credit card to pair? i have citibank smrt and standard chartered unlimited cashback card. Im not keen on miles, i prefer cashback
- read that the min amount to get amaze cashback is $1500 per quarter, so is it ok if i charge only $1500 within a month and after that no longer charge any transaction to it?
- for amaze cashback redemption is it straight forward?

thanks so much

yes issue with reversal is worse forex rates.

Amaze only can link mastercards and it converts everything to online in SGD. So only 1.5% on standard chartered unlimited. Can also link to Citi rewards MC, where 10x points for max $1k monthly spend can be converted to 2.3% rebate; travel related like hotel/flight/train/car rental excluded though. Can also consider BOC Qoo10 world mastercard for 3% rebate in terms of Qoo10 money. Or Maybank Family and Friends for 8% and HSBC Premier mastercard for 5% in selected categories. TnCs for min spend/rebate cap/ exclusions apply.

Yes min $1500 for Amaze rebate can be in a month.

Quite easy to redeem Amaze rebate. Just need to select Amaze wallet and use Amaze card for purchase.

 

[AlvinDj]

So it is confirmed that only transactions of $10 and above, will be considered as the $1500 min. qualifying spend per quarter?

 

[Trazora]

So it is confirmed that only transactions of $10 and above, will be considered as the $1500 min. qualifying spend per quarter?

how to confirm? You go ask instarem if you want to know.

 

[AlvinDj]

how to confirm? You go ask instarem if you want to know.

Haha.. If I asked their CS, I wouldn't be asking here..

Just thought someone could chime in if they heard from official Instarem about it..

 

[silverbomb]

So it is confirmed that only transactions of $10 and above, will be considered as the $1500 min. qualifying spend per quarter?

yes

 

[Trazora]

yes

you checked with CSO?

 

[silverbomb]

you checked with CSO?

yes, and that was what i initially derived based on how they implemented the min spend prev quarter.

 

[dao]

Anyone has experience with transfer money to China using Amaze?

When you setup the recipient, it say must be the same as Identity Card. So, I want to key in Chinese. But the app cannot accept Chinese Characters. How to transfer? Use Hanyu Pinging? Not same as Identity card.

 

[twinbaby]

I don't think this card got benefit like Amex + Grab top up .
If not I will apply.

 

[Trazora]

I don't think this card got benefit like Amex + Grab top up .
If not I will apply.

this card has benefit of most mastercards

 

[Habrosus]

Thought I could add the Amaze and YouTrip to Apple Pay for easier access, but couldn't. Sad...

 

[cReDdY]

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!

Erm.. they credit the amount to my credit card. What’s gonna happen next? I locked my card.. so they gonna charge my amaze wallet? Lol. What if I don’t pay?

 

[mlam84]

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.

Do you mind sharing the revolut rate and amaze rate for those transaction in VND? Going to Vietnam soon and thinking of which card to use. Thanks!

 

[IcYFl4mEz]

For MYR , Amaze was like 3.117 , and Youtrip was like 3.119 or something.
considering the minor diff, with amaze giving 1% cashback. it seems better, and can tag to CC.

 

[darwinkoh]

Hi all. Roughly how long it takes for the physical card to arrive? I have applied ? 2 weeks back and have yet to receive the physical card. If I received the physical card in mid May, will they pro rated the spending requirement for my current quarter? Thanx

 

[silverbomb]

Hi all. Roughly how long it takes for the physical card to arrive? I have applied ? 2 weeks back and have yet to receive the physical card. If I received the physical card in mid May, will they pro rated the spending requirement for my current quarter? Thanx

no prorate