I have 4 transactions made in AUD today, observed slight difference in rate, overall was 1 AUD to 1 SGD. I checked MC rate is 1 AUD to 0.9975 SGD, spot rate is 1 AUD to 0.991.
Conclusion: Amaze is charging a markup of around 0.25% over MC rate and 0.9% over spot rate. With a 1% rebate from instarem + 8% cash rebate, it's a no brainer for me to choose Amaze over others. That is 9% more benefits over using revolut (weekend) and 4% over using the credit card itself (3.25% + 0.75%). All 4 transactions went through without any issue.
Strange you are actually achieving the impossible haha … there is no spot market in the weekend anwhere in the world —- you probably should have realised that when your reference spot was not changing every moment. Simply a lot of you folks don’t seem to understand the realities of the things they are saying. The price you are referencing will be stale data from friday and the weekend mechism is wholy different as rates are adjusted buffered out to account for this
also i assume you are using the citibank cash back card on groceries and resturants to get the 8% … what happens when you spend over 1000 ? Or spend on other things? The limit is 80 on citi and normal people will have spent much of this already before they travel in their daily life. So then you gotta ensure you spend on food only and not more than 1000 minus whatever you already spend previously and well you know the romatic no brainer situation becomes pretty hard to operate within within cause restuants pay 6% and groceries pay 8% and we know you not going to groceries shops there.
Conclusion
1) To say you are getting 1% back is incorrect if you spend more than 5k in the 3 months or (10 k onshore)
2) To say you get 8% is untrue in you spend more than 1000 on groceries in a month
3) to say you get 8-% is untrue if you spend more than 1333 a month on food elsewhere.
4) to say you get 8-% is untrue if you spend on anything else.
5) there is no spot rate in weekend
6) most likely there is a combination of spending on 2,3,4 which makes the maths quite complicated ie no a no brainer at all unless you type that puts hands over eyes and ears to create calm.
7) due to 1,2,3,4 it is only a nobrainer if you refuse to think through the realities and insist on comparing to the 3.5% Rather than cards that are very close to the interbank market which seems the better option
8) to put it simply with exaggerated example lets look at if you spend 10,000 on it and look at your disappointment when you get less than 90 versus the 900 you believed you will get … but hey you saved 3.5% lol oh wait no whilst true you paid 100 bucks too much on currency compared to revolut oh wait in fact you lost 10 lol even after rebate lol . Lets just be happy we did not pay 350 if we used the card directly lol so yeah you saved that 250 on a 10,000 spend amaze and could have saved that 250 in addition if you used revolut or wise.
Funny how complicated a no brainer situation is when you actually have to face reality.
9) extra credit for experts. …. Incorporate fact folks are seeing rates of 0.15-2.05 in reality to the above
