theclubsq

With regard to this I have called SCB a few times and their answers are 2% off interbank. How do I verify that (properly) based on my overseas transaction?

ny911

Is there any updated information on this topic?

chinatown

SCB Amex FX charges are approx an extra 2% off Spot rate.

so say you buy something overseas which would've cost you 100HKD paying cash which you have got at spot rate. Using SCB Amex, you will pay 102HKD

theclubsq

fair enough to me... with 6x bonus points, what more can you ask for?

chinatown

exactly... especially if you go to a place like Thailand .. Where recently, the best FX Rate i found was 4.41 THB to 1 HKD at currency exchange. Spot rate at the time was 4.51

I used Amex and they charged me 4.40xxxx .. came out to be about 2.3-2.4% premium.. But since best Currency Exchange rate was almost the same as Credit Card Charged Rate, The 6X bonus points makes it an absolute brainless decision to dump all foreign spending on SCB Amex.


Works well for USD transactions too, since the best rate at currency exchange is probably about 1.5% off spot (charged 7.91HKD-->1USD when rate is 7.8HKD-->1USD) SCB Amex almost always charges me about 7.94 or so.. but again with 6x bonus points... Easy choice.

MilesBuzz

Just got my SCB AMEX Card today. Quite surprised that the Credit Limit is only HK$50,000; which is very much lower than the ones I have on my HSBC, Citibank PremierMiles or the Cathay Pacific AMEX Elite Card (which offers the highest limit of >HK$200k). Has the credit crisis really affected the banks so much nowadays? Hmm.....

I am primarily attracted by the 2X local transactions, 6X overseas transactions and some selected local transactions (primarily travel agents) offered by SCB AMEX. So, if the limit is that small, I guess I will only use it sparingly. I have also applied for the DBS Black Card...awaiting the card to arrive sometime this week.

christep

The banks now share credit data, so I would fully expect the credit limit offered to come down with each additional card. Having 5 credit cards does seem a little unnecessary (albeit not at all uncommon in HK)!

MilesBuzz

Well, I do agree myself that having too much cards will be unnecessary, which is why I want to maximize my miles and follow similar strategies by some of you here

Basically, I will keep the Citi and CX Amex cards (because of their higher limits); while considering to cancel a few cards which I practically never use right now (like the few BOC cards that I have had for more than 4 years). I am also debating whether to cancel HSBC Plat since that card is only used for some minor AutoPay transactions (like Octopus, installments on electronics and PCCW bills).

That will leave at most 6 cards (SCB Amex and Plat; DBS Black and Plat; Citi PremierMiles; and CX Amex) that will be actively rotated depending on situations

Here's my strategies:
Overseas Spending -- SCB Amex or CX Amex (if the limit is used up), followed by Citi PremierMiles (if Amex is not accepted).
Local Spending -- SCB Amex Card or DBS Black Card or Citi PremierMiles (if both are not accepted).
Ticket Purchase -- SCB Amex Card or CX Amex.
Dining -- DBS Plat and occasionally SCB Plat (8X bonus pts on every 8th of the month).

chinatown

Ha! You're complaining about a 50K Limit! I got REJECTED for a Premier Miles Visa! And I'm way over the 150K Annual Income! I was pretty pissed off but what can I do but apply again right?

I think the fact that i have 12 credit cards might have something to do with it...
You should try to get SCB to up your credit limit by sending them some bank statements or income proof..

Local Spending I recommend you use DBS Amex over SCB amex because of the conversion fees associated with SCB Amex. Ticket purchases you should probably go through Farrington Amex to book as that gets you 6X points as well and they will happily accept the card.

Agree with cancelling HSBC and BOC cards, since they do nothing for the miles collector.

tedhl

one question on this - I noticed that for all the full-fare tickets I'm buying, the credit card statement would list "Cathay Pacific", "Dragonair", etc instead of "Farrington Amex". it's only when I buy discounted tickets that it shows the agent name. I assume if it shows CX, KA, etc on the statement, I won't get the 6x although I bought via Farrington?

is it the way the accounting works, i.e. if full-fare, money goes direct to airlines with agent getting commissions back from airline, while for discounted/market fares, the agents charged us whatever amount they set and then they pay back to the airlines at a certain amount ?

or, to make it short - it seems like in order to get 6x, I should ask my assistant to book me the discount fares as much as possible now ? (but of course many of the J fares only have full fares avail so it's only relevant for Y travel?)

IncyWincy

How are these 2 cards different for local HK spending? I don't think SCB has conversion for fee for HK$ charges.

christep

I suspect he means conversion fees for reward points (or whatever) to AsiaMiles.

MilesBuzz

Yup....plus the fact that SCB will only convert 12 bonus pts to 1 miles if you transfer over 10,000 miles; plus the conversion fee of $100 or $150 if I am not wrong.

christep

While we are on the subject, I was a bit miffed to see that PCCW No.1 points are going out to 15:1AM soon. They were 10:1AM when I first started.

kchika

christep, on what products from PCCW do you earn miles? I earn a couple of odd miles every month (which I believe is from my landline). There's also the miles from 1010 ClubBest which gets posted every few months or so...