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I have the Amex Personal Plat Charge card and I must say I have never been so let down by a product and that is including non-credit card related products. At first I was a strong advocate as I also have a card in the US and it has been a lifesaver for various situations, but here in SG it's been one big hassle from the beginning.
It all started with an insurance claim that dragged out for 6 weeks before getting denied for not filing a police report within 24-48 hours (fine print). After the insurance incident occurred I have been trying to cancel my card (~July). The reps simply refuse to cancel with the main reasoning being, "we will have our supervisor call you back since you are not happy, we cannot simply cancel your card." I know I could just suck it up and say I am moving or some other stupid mistruth, but honestly these people need to know that as a long term platinum cardholder in various other markets that I think the product they are offering has little to no value in relation to the annual fee and based on similar card offerings. Does anyone else feel the same way? Sorry venting as I tried to cancel again today and yet again was told a supervisor would call me back and never received a reply. This makes the 7th time!!! PS: on a different note, does anyone know the SG cards that have the best rates on foreign transaction fees? |
What was the claim about? Unauthorised transaction?
You always get shafted on foreign exchange when making purchases abroad. Actually you get done twice because they will first convert the amount to USD, and only then will they convert it to SGD. The best you can do it get one of the Maybank cards that gives double miles on all foreign transactions, at least that way you will get a ton of miles to ease the pain. :) |
Originally Posted by aster
(Post 16990640)
You always get shafted on foreign exchange when making purchases abroad. Actually you get done twice because they will first convert the amount to USD, and only then will they convert it to SGD.
I notice that Visa cards don't do that. |
HSBC Premier MC in the US
I'm not sure this is "news" but I do note that HSBC Premier world mastercard holders in the US (and perhaps elsewhere) can now convert 1 rewards mile to 1 KF mile.
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Originally Posted by eriond
(Post 16992525)
Does that apply to Co-branded Amex Cards as well (e.g. DBS)? So if I made a purchase in GBP or EUR it would first be converted to USD and then to SGD?
I notice that Visa cards don't do that. |
Citibank & ANZ (Singapore based)
Just found out about two promotions, one had just expired and another had just started.
Citibank PremierMiles Visa Signature Card "2 miles per $1 spent overseas" Promotion Period: 1 June - 31 August 2011 - must register via sms - spend at least $1K overseas in a month (must be in other currencies) - cap at $5K spend per month ANZ Platinum Card Earn up to 5X Rewards Points* on your next trip abroad. Charge your travel expenses to your ANZ Platinum Card and enjoy up to 5X Rewards Points*! Complete BOTH steps to get your Rewards Points: Step 1: Book a trip anywhere with your favourite airline or travel agency (Receive 2X Rewards Points*) Step 2: Accumulate a minimum of S$1,000 overseas spend (Receive 5X Rewards Points*) *Promotion is valid from 24 August to 31 December 2011 (“Promotion Period”). The respective 2X and 5X Rewards Points are only awarded when you book your trip whilst in Singapore using your ANZ Platinum Card with any airline or travel agency, together with a minimum retail spend of S$1,000 overseas during the Promotion Period. Any trip bookings made whilst overseas will not qualify for participation in this Promotion. Upon qualifying, 2X Rewards Points are awarded on any airline or travel agency spend; 5X Rewards Points are awarded on overseas spend (and excludes online transactions). Minimum of 1 transaction is required per step to qualify. Each transaction is only eligible for one or the other offer/benefit/promotion. Bonus Rewards Points will be awarded by 29 February 2012 and capped at a maximum of 10,000 points per Cardmember. Visit anz.com.sg for details. © Australia and New Zealand Banking Group Limited (ANZ) 2011 ABN 11 005 357 522 There is a similar promotion for their higher-end card and you earn double of the above (4x & 10x) |
Originally Posted by aster
(Post 16990640)
You always get shafted on foreign exchange when making purchases abroad. Actually you get done twice because they will first convert the amount to USD, and only then will they convert it to SGD.
The best you can do it get one of the Maybank cards that gives double miles on all foreign transactions, at least that way you will get a ton of miles to ease the pain. :) Using HKD cards (strict peg to USD) overseas, we've noticed: - USD: Visa > AE (slightly) - EUR, CNY, Asian currencies excl SGD: AE > Visa - SGD (MC, Visa not tested): MC > AE - GBP, AUD: Visa > AE (significantly) I've kept a tally board of exchange rates compared to HK Association of Banks' refernece over-the-counter exchange rates here http://www.hongkongcard.com/forum/fo...ow.php?id=3939 We have huge overseas earning bonuses for overseas transactions (6X and 4X for AE and Visa respectively), so it doesn't hurt us to use the cards overseas so long as we can use miles (if we can't use miles then we shouldn't post on FT). But we get very upset when we use Visa/MC and someone pulls Dynamic Currency Conversion (the compulsory, non-compliant type) on us. |
I don't use my Singapore cards abroad to any significant extent, so it's hard to say. I only made one major transaction in GBP using my Amex card and the currency exchange costs were significant. But as there was a decent promo then for purchasing SQ tickets, it was still worth it.
Keep in mind that when using cards in Singapore to withdraw cash, you get the same rate regardless of which bank you use. Watch out for the "do you want to use the bank's exchange rate and charge your card in your home currency" feature. The rates can be a complete rip-off and you are better off having the transaction carried out in SGD. |
I so wish that Foreign Currency conversion charges could be waived the way it is for some US cards. As a general rule AMEX charges pretty steep 2.7% FCC compared to Visa or MC which charge nearly 2.5% but in Singapore certain AMEX cards do offer a good bonus points on overseas spends to ease the pain. Although i would still prefer no FCC on my cards.
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Originally Posted by aster
(Post 17041044)
I don't use my Singapore cards abroad to any significant extent, so it's hard to say. I only made one major transaction in GBP using my Amex card and the currency exchange costs were significant. But as there was a decent promo then for purchasing SQ tickets, it was still worth it.
Keep in mind that when using cards in Singapore to withdraw cash, you get the same rate regardless of which bank you use. Watch out for the "do you want to use the bank's exchange rate and charge your card in your home currency" feature. The rates can be a complete rip-off and you are better off having the transaction carried out in SGD. |
Originally Posted by enelym1978
(Post 17046848)
This option about using SGD rather than the FX rate is more than too often ignored by the sales person... I hate it. Now I always ask BEFORE whether they have that option available. Otherwise, they just press OK, OK, OK and you end up being charged in the local currency...
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Originally Posted by Fly-Swiss
(Post 17046935)
The rip-off is when you get carved in your home currency. The rate is even worse !
You get ripped off when you actually try to have the transaction carried out in your home currency instead of SGD. |
Originally Posted by enelym1978
(Post 17046848)
This option about using SGD rather than the FX rate is more than too often ignored by the sales person... I hate it. Now I always ask BEFORE whether they have that option available. Otherwise, they just press OK, OK, OK and you end up being charged in the local currency...
If you use an SGD Visa/MC in PRC (and HK starting to do so as well) it's not a free choice no matter how skilled the cashier is and how willing s/he's willing to help you - the terminal is (illegally) hard-coded to force DCC. HSBC China is notorious for this http://www.flyertalk.com/forum/china...onversion.html |
Originally Posted by percysmith
(Post 17049322)
Home currency you mean not local. If you get charged in the local currency (e.g. HKD in HK) then you're fine.
If you use an SGD Visa/MC in PRC (and HK starting to do so as well) it's not a free choice no matter how skilled the cashier is and how willing s/he's willing to help you - the terminal is (illegally) hard-coded to force DCC. HSBC China is notorious for this http://www.flyertalk.com/forum/china...onversion.html |
The way people select a transaction to be carried out in their home currency is yet more proof that stricter regulation is needed to get rid of this daylight robbery.
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I just got a mailer from UOB saying that my UOB credit card can now be used to pay Income Tax and Property Tax to IRAS.
Example: Your 2011 Income Tax Notice of Assessment is S$12,000. UOB will credit S$12,000 to your desired bank account. You may proceed to make the necessary payment to IRAS. S$1,000 will be charged to your UOB Card per month for the next 12 months. Form for bill payment needs to be completed. A one-time fee of 0.7% on the total tax amount will apply. Do any of the other cards (preferably with a better miles earning ratio than the UOB cards) in Singapore allow tax payments? |
Any idea if any other credit card can be used to pay taxes in SIN?
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Originally Posted by planensimple
(Post 17094571)
Any idea if any other credit card can be used to pay taxes in SIN?
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Originally Posted by Savage25
(Post 17093941)
Do any of the other cards (preferably with a better miles earning ratio than the UOB cards) in Singapore allow tax payments?
ANZ has a promotion whereby the admin fee is waived if cardholder spends at least $1,200 per month for 12 months. But it's a lousy offer as there is very little reason to use the bank's cards. OCBC also has the tax payment facility but it has an admin fee of 1.01%. The UOB facility is news to me. What card is it? I can't seem to find this on the bank's website which suggests that it's available only to some. Suggest that you double check that UNI$ are awarded for tax payment. UOB is notorious for excluding many transactions from UNI$ accrual - e.g. all those that earn SMART$ rebates. |
Originally Posted by chrispstan
(Post 17168523)
HSBC and ANZ have this feature for a 0.7% admin fee. Every $1 of tax paid translates into 0.4 miles. So, in a way, it's a cheaper way of buying miles than buying direct from SQ. $10,000 in taxes paid results in a fee of $74.90 and gives 4,000 miles for a buy rate of $18.73 for 1,000 miles (not factoring in the points-to-miles transfer fee).
ANZ has a promotion whereby the admin fee is waived if cardholder spends at least $1,200 per month for 12 months. But it's a lousy offer as there is very little reason to use the bank's cards. OCBC also has the tax payment facility but it has an admin fee of 1.01%. The UOB facility is news to me. What card is it? I can't seem to find this on the bank's website which suggests that it's available only to some. Suggest that you double check that UNI$ are awarded for tax payment. UOB is notorious for excluding many transactions from UNI$ accrual - e.g. all those that earn SMART$ rebates. |
Originally Posted by chrispstan
(Post 17168523)
UOB is notorious for excluding many transactions from UNI$ accrual - e.g. all those that earn SMART$ rebates.
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Originally Posted by Savage25
(Post 17093941)
Example:
Your 2011 Income Tax Notice of Assessment is S$12,000. UOB will credit S$12,000 to your desired bank account. You may proceed to make the necessary payment to IRAS. S$1,000 will be charged to your UOB Card per month for the next 12 months. Form for bill payment needs to be completed. A one-time fee of 0.7% on the total tax amount will apply. |
Originally Posted by chrispstan
(Post 17168523)
HSBC and ANZ have this feature for a 0.7% admin fee. Every $1 of tax paid translates into 0.4 miles. So, in a way, it's a cheaper way of buying miles than buying direct from SQ. $10,000 in taxes paid results in a fee of $74.90 and gives 4,000 miles for a buy rate of $18.73 for 1,000 miles (not factoring in the points-to-miles transfer fee).
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Originally Posted by SingaporeDon
(Post 17217538)
Remember you can buy Krisflyer miles from HSBC at the rate of 2 cents per mile. i.e. you could have bought the 4,000 miles for $80 directly from HSBC. So getting the 4,000 miles in your example via the 12 monthly tax payments saves you just $5.10. May be not worth the hassle?????
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Originally Posted by eriond
(Post 17218540)
I'm afraid buying HSBC points with cash to convert to KF miles is no longer possible.
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For those who have an ANZ credit card, they are running a promotion right now.
You need to spend $1k by the 28th October, and you will either win $1,000 or 1,000 rewards points (which is equivalent to 2,000 KF miles). You need to sign up for the promotion. Details can be found here. |
New offer from DBS Altitute Amex card:
Earn up to 2 miles per $1 for overseas spent of at least $2K between 28 Sep and 31 Dec 2011. Full T&Cs at the link below: http://www.dbs.com/sg/personal/cards..._altitude_card Cheers! |
The new HSBC Visa Infinite could potentially be a game changer with a mileage earning ratio of 2.5mile/dollar
http://singapore-promotions.com/wp-c...dent-Cover.jpg |
Originally Posted by tycosiao
(Post 17318510)
The new HSBC Visa Infinite could potentially be a game changer with a mileage earning ratio of 2.5mile/dollar
http://singapore-promotions.com/wp-c...dent-Cover.jpg And what the qualification requirements will be (HSBC Private Bank?) |
Originally Posted by percysmith
(Post 17319172)
Wow...wonder if HK will get this...
And what the qualification requirements will be (HSBC Private Bank?) Minimum income requirement of $250k/annum and by invitation only but doesn't require one to be a Private Bank customer. |
Originally Posted by tycosiao
(Post 17320528)
Minimum income requirement of $250k/annum and by invitation only but doesn't require one to be a Private Bank customer.
One thing though, the card actually gives 1 mile per $1, and 2 miles per $1 for overseas spend (ie foreign currency). If you spend more than $75,000 in a year, your overseas spend in your subsequent year will be 2.5 miles per $1. Frankly, an Altitude (or Premiermiles) for S$ spends and Maybank Horizon for foreign currency spends would be better, unless you regularly spend >$75k a year. In which case, I'm sure there are better options out there... |
Originally Posted by Archieflyer
(Post 17321100)
As per all credit cards, they aren't too strict about the income requirement. A friend of mine got the invitation letter and his pay is not quite the 250k mark yet. However, he has an existing card which he uses a fair bit so that might have counted in his favour.
One thing though, the card actually gives 1 mile per $1, and 2 miles per $1 for overseas spend (ie foreign currency). If you spend more than $75,000 in a year, your overseas spend in your subsequent year will be 2.5 miles per $1. Frankly, an Altitude (or Premiermiles) for S$ spends and Maybank Horizon for foreign currency spends would be better, unless you regularly spend >$75k a year. In which case, I'm sure there are better options out there... 1mile/dollar earning for local purchase is not a good deal imo. Yet another marketing gimmick. |
Originally Posted by tycosiao
(Post 17322001)
Thanks for the heads up.
1mile/dollar earning for local purchase is not a good deal imo. Yet another marketing gimmick. HSBC's 1 mile/dollar is no different from UOB's Visa Infinite's rates for S$ expenditure. |
Wirelessly posted (Palm850/V0100 Mozilla/4.0 (compatible; MSIE 6.0; Windows CE; IEMobile 7.11))
I was starting to work out ways to get my parents to issue me a VI sub for this - would've been some work. Discovering the 2.5 mile per S$1 spent only applies to overseas spending and only after spending S$75K in the previous year is like getting the biggest breasted chick in a Changping sauna into a room only to find out she's been wearing a wonderbra. Thank goodness for archieflyer's post or else I would've paid up. |
Originally Posted by eriond
(Post 17322161)
Yup agreed. DBS Altitude for S$ spending and DBS Elite Treasures for non-S$ spending is a very good combination.
HSBC's 1 mile/dollar is no different from UOB's Visa Infinite's rates for S$ expenditure. BTW, UOB's Visa Infinite gives 1.2 miles per $ for Priviledged card and 1.6 miles per $ for Priviledged Reserve, so both better than HSBC for S$. |
I called HSBC Infinite card hotline at 1800 227 8811 and this is what I got.
Local Spending: first year 1$/1mile Second year is $1/1.25miles if spent more than 50,000 in 1st year Second year is $1/1.5miles if spent more than 75,000 in 1st year Overseas spending : First year $1/2miles Second year $1/2.25miles if spent more than 50,000 in 1st year Second year $1/2.5miles if spent more 75,000 in 1st year and if you qualify for the earn ratio increase from the second year onwards, it continues till T&C changes. unlimited one way transfer to the airport if you back it with any 1 transaction. The unlimited transfer IMO, the most worthwhile as I stay in the west. |
Originally Posted by tycosiao
(Post 17331016)
Local Spending:
Second year is $1/1.5miles if spent more than 75,000 in 1st year Overseas spending : Second year $1/2.5miles if spent more 75,000 in 1st year 1.5 mile/S$ is still less than DBS Altitude's 1.6/S$. Wish DBS Altitude's available in HK - it's equivalent to a HK$4/mile earn rate - we get that for local spending under certain conditions (e.g. dining or Unionpay >=$300) but not for all local spending (even if Amex) regardless of category. 2.5/S$ for overseas is similar to our HK$2.5/mile earn rate for our Standard Chartered HK American Express (see 2009 list above). Unfortunately that card is no longer open for new applications. |
Originally Posted by tycosiao
(Post 17331016)
unlimited one way transfer to the airport if you back it with any 1 transaction. The unlimited transfer IMO, the most worthwhile as I stay in the west. |
Originally Posted by yosithezet
(Post 17334740)
what do you mean back it?
This is from what I got from the operator. I have not received the full T&C yet. |
OK, that changes things a bit then...
So, the key to this card is to be a big spender. :) At least $75,000 per year to really reap the benefit. At 1.5 miles per $, it is almost the same as the Altitude card (if you work it out, Altitude card gives about 3k more). But, the foreign transactions will really make this much more worthwhile. Too bad I can't charge my business spending to my own card if not this will be perfect. :cool: |
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