Standard Chartered Conversion changes 16-Nov
 

I have just been told that starting 16-Nov, Standard Chartered will change conversion to Asiamiles such that regardless of quantity of pts converted, the ratio will be 15:1 with $300 handling. Until then, conversion of smaller no. of blocks are at 15:1 but larger no. of blocks are at 12:1 and handling is HK100 per block.

Is this not rendering the 6x overseas downwards to 4.8 times compared to the past?

thanks for the heads up...but, so the last day for conversion with the old rate is today ??!! (or they work Sat morning too?)

how come there's absolutely no communications from them at all ??

again...as usual the SCB level of customer service...

- priority banking line printed at the back of the priority banking credit card: of course no one knows what's happening, immediately transferring to the credit card service center

- credit card service center staff: this change will come Dec 1; I then asked "how come my friend told me it's effective Nov 16, next Monday ?? and how come no communications at all even when I have so many SCB credit cards ?? I got no communications from any of these cards on this change" - now she's going back to check the effective date.

I was told starting date is 16-Nov. But it is irrelevant whether it is 16-Nov or 1-Dec. The fact is that it is hardly known/advertised. There may be a small print somewhere, but surely that is not enough, ESPECIALLY when their own staff not are aware/sure!

Dec 1 is the date for complete implementation of this new rule. Nov 16 - Nov 30 is the period when you could choose either the new or old rule.

the call center supervisor said they were also just notified of this yesterday - hence many of their staff still don't know the details. and they didn't deny when I said that it's a complete trap/lie - on one hand they're publicising broadly the promotion of 2x miles, while on the other hand completely make the 15/1 to 12/1 devaluation silent. they said their marketing department is often late in giving their promotion details even internally etc...then I said, sorry, no, I'm sure they did it intentionally - I didn't see them keeping silent the 2x promotion, they only keep silent about the devaluation...

FWIW, they also did this silent increase of conversion fees (hkd 100 for every 10,000 miles converted) a year ago. at least HSBC/AmEx gave 2-3 months of advance notice for the conversion ratio change, if I remember right.

Is it that last year they use a promotion to cover up the change of their reward scheme also ?

So the updated conversion per spending will be

SCB AMEX

Oversea : HKD 2.5 to 1 AM
Local: HKD 7.5 to 1 AM (HKD 3.75 to 1 AM during promotion)

After Change, compare with DBS Black for Oversea transaction (let's forget local trans for SCB Amex and use DBS Black)

HKD300 handling is regardless of miles converted

SCB : 50K HKD Spending = 300K Bonus Point = 20K AM + 300 Service Fee
DBS Black: 50K HKD Spending = 200K Bonus Point = 16.6K AM + No Service Fee

So for 300 HKD you get 3333 AM more (as a medicore oversea spender), 1 HKD to 10 AM
that's still bit better than Asiamiles top-up (1 HKD to 4 AM) but well seems not a good choice...

Bye Bye SCB Amex

My thought exactly. +1! :td:

Hi. This is the first time I posted my comments on this website. Re the SCB AMEX and the Conversion Rate Changes, I have called up SCB a couple of times and looked at the TnC in more detail. It seems to me that:

Conversion Rate Rule Changes
======================
- Current Rate is 15 Bonus Pts to Asiamiles + HKD300 conversion fee
- You can still convert 12 Bonus Pts to Asiamiles + HKD100 per 10,000 miles before Year End

Asiamiles Double Up Promotion
======================
- This promo is for local spending
- This only benefit you if you spend over HKD12,000 before promo expiry on 31 Jan 2010 (otherwise no extra Asiamiles)
- And this promo give up 12:1 conversion rate BUT it only Double Up the "base" Bonus Points!! So beware!

This is how it works:

Normally, if you spend HKD6, under the bonus programme, you get 6 Bonus Points and 6 extra Bonus Points under SCB Amex totalling 12 Bonus Points. And you can redeem 12:1 to get your 1 miles.

Now, under the Asiamiles Double Up promotion, the same HKD6 local spending, you get the same (a) 6 Bonus Points and (b) 6 extra Bonus Points under SCB Amex. In addition, you get the (c) "Double Up extra 6 Bonus Points".

Under the promotion, (a) + (c) will automatically converted to 1 Asiamiles whereas component (b) is left untouched.

So your HKD6 spending would mean 1 Asiamiles + 6 Bonus Points under (b). And given the new conversion ratio is 15:1, your local spending of HKD6 = 1 + 6 / 15 miles = 1.4 miles. In other words, it is HKD4.286 to 1 AM (not HKD3.75 to 1)

It is better off using DBS Black given under the DBS promotion most people get HKD4=1.

Regards

rhleung, welcome and thanks for the detailed analysis. 2 comments:

• "You can still convert 12 Bonus Pts to Asiamiles + HKD100 per 10,000 miles before Year End" - from I heard it's "month end (November)", and not "year end"
• the DBS Black HKD 4 = 1 mile promotion is until end November only I think...so afterwards it might still make sense to do the SCB promo ?

SCB flyer received
 

Flyer quote
"From now until 31 Jan 2010 you can earn double asia miles reward whenever you spend with SCB Credit cards
We wil reward you with double miles for your desired destinations
Enjoy your holiday at ease because the miles conversion handling fee is totally on us."

:confused:even for a self proclaimed credit card mileage guru like myself, the new terms are kinda complicated:td: thank god i just cleared out 50k miles from SCB... i dont get it ...

so basically if i have 322,000 points to transfer in SCB, what's the best way I should do now ? this is all so confusing to me ?

For me, having 170K points @ SCB, I opt to transfer now and stop using the card. I will get my scissors on the card when they try charge me for annual fee.

Still the best for overseas spending
 

But isnt this still the best card for overseas spending?

Depends how is your spending and mileage conversion pattern. If you consistently spend big amounts oversea then yes. If not, you better double check.

For myself the flexibility of converting anytime with no cost out-weight the service fee by using DBS Black.

My Annual oversea spending : Approx HKD 40K
Translate to 16K AM using SCB or 13.3K AM using DBS
so it's the decision between 2.6K miles vs 300 HKD

If it's once every 2 year I have no complain and just pay the 300 HKD, but I redeem award fairly often so the flexibility is more important to me.

I will also transfer the 300k pts++ pts I have in my SCB Card account ASAP.
Probably, I will not use it anymore for overseas and some local travel agent transactions. A pity though....

I thought it's HKD4 to 1 AM for the DBS Black Card Overseas Spending? So, 50k HKD = 12.5k AM + No Service Fee. It's similar to the Cathay Pacific AMEX and Citibank PremierMiles.

thanks to all of you for being so alert. i didn't even see it coming! i'm usually really good at reading the fine print. was the change of conversion to HK$15 = 1 mile ever sent to us in a flyer with our credit card statements?

i've just converted >2 million points from my SC amex to asia miles. i've never converted points before with SC (i've just allowed my account to accumulate for the past 3 years), so i was quite shocked at the $100 for 10000 miles thing. i'll be paying $2500 for my 250,000 asia miles!

I am about to convert ~3m points into 250k AM too. When I call I will also tell them why I won't be using the card from now. When I applied for the card 6-8 months ago it was 12:1 for a fixed fee ($300?) regardless of how many miles are converted. Then they changed to $100/10,000miles and now 15:1 on the conversion!

no, in fact, u're paying $2200 for 50000 AM :), on top of the $300 for 200000

I think it's quite funny - somehow I think most others including the SCB agents don't really understand how we value miles here.

I also have a few million points scattered across 5 SCB cards (I must have converted some 10 million points from HSBC, AmEx, SCB this year already). anyway, last week when the SCB agent talked to me, she said, Mr tedhl, for example, you have ~1.2M points on this one card - so you either do (1) 100k miles + HKD 1000 or (2) 80k + HKD 300 flat. I'm sure 80k + HKD 300 is better value, right...for the difference of HKD 700 you can buy what 20k miles is worth easily - in that case why would you want to convert now ?

well of course I think 20k miles is worth well more than HKD 700...

Sorry, I don't follow.

The problem is, we frequent flyers who are also avid miles collectors are really a minority. Most of my family and friends (including colleagues who are DM) are not really clued up on which cards offer most value in terms of points/miles and even when i inform them, they don't seem to care too much.

I'm another one that has converted all their SCB miles and can't see myself using those cards again much.

Psychiatrist has two choices
1) flat fee of HK$300 and 200k miles or
2) HK$2500 and 250k miles

For the incremental 50k miles, he's paying HK$2200 more in fees, which is still reasonable if you use your miles for upgrades and biz class tickets. Probably not as good a deal if you used the points for a coach award at a time of high fuel surcharges.

Thanks fallinasleep! :) Although I don't agree paying an additional $2200 for 50k is reasonable!! Not when I am spending on average HK$100k on the card each month and already generating an income of ~$4,000 for them.

Can someone confirm whether I am right here. Like I mentioned in my previous post, I think HK$40k of Overseas Transactions is equivalent to 10k AM using the DBS Black Card and NOT 13.3k as posted by ChrisLi. I think he's using 4 Bonus Points to HK$1 of overseas transactions is not the right figure for the Black Card. It should only be 3 Bonus Points/HK$1.

This is from the DBS Website, the Black Privileges:
HK$6 Local Spending = 1 Mile /
HK$4 Overseas Spending = 1 Mile

My own take on the new rate for the SCB AMEX:
For local transaction, unless you are buying tickets from certain travel agents (which still gives 6 Bonus Points for HK$1), use the DBS Black Card or Citibank PremierMiles or Cathay Pacific AMEX.

For overseas transactions, I am still inclined towards the SCB Amex since it's still offering 6 BP for HK$1, which will be equivalent to HK$2.5 for 1 AM, way much better than HK$4 for 1 AM offered by other cards. Also, I tend to reedem in big amounts (at least 30k AM one time). Since I am paying HK$300 dollar (or more) right now anway, HK$300 for 1 bulk transaction may seem to be okay still.

Examples:
to earn 50k AM, under the SCB AMEX, I need to spend HK$125k of overseas transactions and fork out $300 for the handling fee.

to earn similar amount under the Black Card or Citibank PremierMiles or Cathay Pacific AMEX, I need to spend a HK$200k of overseas transactions with no handling fee.

It's still a no brainer that the SCB is still favorable for bulk miles (>30k miles), except that the amount of miles you will earn will be less but you pay a flat fee (as compared to $100 per 10k miles at the moment).

Correct me if I am wrong here.

So these changes also apply to the Priority Banking credit card? I just applied for this card thinking I would get $6 = 1 mile, but now I'm thinking it's not worth the hassle.

With changes to cards lately, does anyone have an updated list of what the best Hong Kong credit cards are best to use for local or overseas transactions?

Thanks.

For local, the DBS Black Card should be the best (2x bonus points), while for overseas, I am still inclined to use the SCB Amex.

i must be being too lazy, but i'm just wondering if there is an alternative method besides online redemption with SCB? My mum is not a big fan of online XXX unless there's no alternatives. All I've found on the website is online rewards. So, any help? Thanks.

Just call the customer services number printed on the back of your card and they can do it instantly, with a follow up letter a few days later to confirm the transaction. That's what i did after confirming the changes and decided I wasn't going to use the card anymore and converted all my points to miles.

As stated on some of the earlier replies, it might still offer a little extra value for overseas transactions but with the expiry date and no desire to spread my credit card points too thinly, for me the SCB Amex will definitely not be used in the near future.

horse's mouth
 

Dear Customer,

Thank you for your email of 20 November 2009.

We would like to inform that from 16 November 2009 the conversion rate of all mileage redemptions will be 15 bonus points to 1 mile. A handling charge of HK$300 will be debit for the mileage redemption (applicable to Visa/Master Card/Standard Chartered American Express Card). Redemption must be made in multiples of 1,000 miles and the minimum redemption level is 1,000 miles.

However, during the Double Up Asia Miles Spending Stimulation Promotion period, Standard Chartered Bank(Hong Kong) Limited will reward bonus points based on the basic reward scheme of applicable credit card and convert them into Asia Miles at a conversion rate of 12 bonus points to
1 mile. During the promotion period, cardholders are entitled to extra
1 time Asia miles (?Double Up Rewards?) based on the actual number of Asia miles that are redeemable with the bonus points earned from the basic reward scheme. The extra 1 time Asia Miles together with the Asia miles eared from the basic reward scheme will be credited to the cardholders? respective Asia miles membership account on or before 30 April 2010.

Should you have further enquiry, please feel free to contact our 24-hour Customer Service Hotline at 2282 3733 for assistance.

Yours sincerely,
Nora Lau
Standard Chartered Bank (Hong Kong) Limited Tele-electronic Banking Services Centre


This email is confidential and may contain legally privileged information. If you are not the intended recipient, please be informed that any use, disclosure, copying or dissemination of this email is strictly prohibited. If you have received this email in error, please notify the sender immediately by return email. Thank you very much.

Don't understand what the Double up rewards is or how it works.

Does it mean a ratio higher than 12.1?

If so, then they should have told us WHEN we were converting millions of points recently!

I just converted 34,000 miles at the old rate (12 to 1). Today is the LAST DAY in which you can use the old rate to convert your Bonus Points to Miles.

But, for the Double-Up Asia Miles Promo, they are still charging the old rate and the conversion will be free-of-charge for this promo.

After much thought and calculation, I will still keep the SCB Amex, despite the higher conversion rate wef tomorrow; mostly using the card for overseas transactions.

me too...convered 684,000 points which basically means by transfering today i paid $300more to get 11,400 miles extra.....not sure if it's a deal or not, but the way i look at it made sense to pay $300 for the extra miles.....

684,000 / 12 = 57,000 miles with a HK$600 charge
684,000 / 15 = 45,600 miles with a HK$300 charge

Me three... just transfer merely 14K am ... at better rate plus lower fee

168000 / 12 = 14000 @ HKD 200
168000 / 15 = 11200 @ HKD 300 .......

me4,
sorted out my mum's. Now wondering what good is for the orphan points...

I got a really helpful agent (or supervisor in fact) to help me with my transfer, and she proactively offered a couple of things (1) since I have 5 SCB cards and 3 of them have relatively fewer points, she got permission from the management to combine those points for me before converting, save me $ / get me better conversion rate (2) she proactively reminded me that the Double Up promo started Nov 9, so she helped me took out all the points I earned from local transactions between Nov 9 and late Nov, so that those points can be doubled at the end of the Double up promotion (which is a better deal).

Sadly, I read this post too late................................

If there is 41093 points outstanding, would you guys pay HKD100 more for 600 more miles?