OCBC's recent moves have sparked controversy among its cardholders, especially with the silent devaluation of OCBC$ transfers to Asia Miles. This change, which went largely unnoticed, has left many feeling frustrated and confused.
OCBC recently streamlined its rewards programs, migrating all features to the OCBC app and retiring older platforms like STACK and Travel with OCBC. However, it also made some unexpected adjustments during this process.
One such change was the discontinuation of the credit card points sharing feature, a little-known benefit that allowed cardholders to combine their points. Additionally, OCBC tightened the terms of its VOYAGE limo benefit, excluding non-airport rides.
But the most controversial move was the devaluation of OCBC$ transfers to Asia Miles. Previously, 10,000 OCBC$ would get you 2,900 Asia Miles. Now, the same amount only nets you 2,800 Asia Miles, a reduction of approximately 3.4%.
This change is particularly baffling given that Asia Miles has always had a unique transfer ratio compared to 90°N and VOYAGE Miles. With other airline and hotel partners, all three OCBC rewards currencies have parity. For example, converting 3,600 British Airways Avios would cost either 4,000 VOYAGE Miles or 10,000 OCBC$, both resulting in an opportunity cost of 4,000 KrisFlyer miles.
However, converting 43,500 Cathay Pacific Asia Miles would require 58,000 VOYAGE Miles or 150,000 OCBC$, now increased to 155,357 OCBC$. This means the opportunity cost with OCBC$ is already higher than with 90°N/VOYAGE Miles, and it's only getting worse.
Many expected OCBC to improve the OCBC$ to Asia Miles ratio and align it with 90°N/VOYAGE Miles, but instead, it has made the situation even more unfavorable. Transfers to Asia Miles are now 6.7% worse for OCBC$ compared to 90°N/VOYAGE Miles, an increase from the previous 3.3%.
So, why transfer OCBC points to Asia Miles at all? Well, there's no real advantage to taking a haircut on conversions compared to KrisFlyer miles, especially when no other bank in Singapore imposes such a penalty.
Instead, cardholders should consider transferring OCBC points to KrisFlyer, Flying Blue, or Accor Live Limitless. Flying Blue can offer excellent Business Class awards, while Accor points provide a fixed value of 0.5 Euro cents each, resulting in a relatively low opportunity cost of about S$0.015 per KrisFlyer mile.
OCBC's use of three different rewards currencies can be confusing for cardholders. The bank continues to use OCBC$, 90°N Miles, and VOYAGE Miles, the most of any bank in Singapore. Here's a summary of the key differences between these currencies:
| Currency | Pooling | Expiry | Partners | Transfer Fee | Min. Transfer & Blocks |
| --- | --- | --- | --- | --- | --- |
| OCBC$ | Yes | 2 years | 9 airlines and hotels | S$25 | 25,000 OCBC$ (10,000 miles) |
| 90°N Miles | Yes | No expiry | N/A | N/A | 1,000 90°N Miles (1,000 miles) |
| VOYAGE Miles | N/A | N/A | N/A | N/A | 1 VOYAGE Mile (1 mile) |
For more details, check out our article on OCBC's three points currencies.
In conclusion, OCBC$ transfers to Asia Miles have suffered an unannounced devaluation, making them even less attractive compared to 90°N and VOYAGE Miles. Cardholders now face a 30% haircut compared to KrisFlyer, an increase from the previous 27.5%.
The question remains: why is OCBC$ at a further disadvantage? It's a puzzling move that has left many cardholders scratching their heads.
So, what's your take on OCBC's recent changes? Do you agree with the decision to devalue OCBC$ transfers to Asia Miles? Share your thoughts in the comments below!
