OCBC offering 15% Asia Miles transfer bonus (capped at just 2,500 miles)

In July 2023, OCBC finally launched its eight new airline and hotel loyalty programmes, giving cardholders additional transfer options beyond just Singapore Airlines KrisFlyer. 

While more choice is always welcome, the problem is that the conversion ratios weren’t great.

Transfer Partners
	90°N Miles & VOYAGE Miles	OCBC$
	1:1 (VOYAGE)	25,000 : 10,000
	1,000 : 1,000 (90°N)
	1,000 : 1,000	10,000 : 4,000
	1,000 : 1,000	10,000 : 4,000
	1,000 : 1,000	10,000 : 4,000
	1,000 : 900	10,000 : 3,600
	1,000 : 900	10,000 : 3,600
	1,000 : 750	10,000 : 2,900
	1,000 : 700	10,000 : 2,800
	1,000 : 500	10,000 : 2,000
All ratios expressed as OCBC points : partner miles/points

For instance, compared to KrisFlyer you’d be taking a 25% haircut when converting points to Cathay Pacific Asia Miles. That’s a tough pill to swallow, when every other bank in Singapore offers KrisFlyer and Asia Miles conversions at parity. 

OCBC has now launched a limited-time transfer bonus for Asia Miles, but since it’s only 15% and capped at just 2,500 bonus miles, I really wonder why they even bothered!

OCBC offering 15% transfer bonus to Asia Miles

From 1-30 November 2023, eligible OCBC cardholders can redeem 90°N Miles, OCBC$ and VOYAGE Miles for Asia Miles with a 15% bonus.

1,000 90°N Miles	750  863 Asia Miles
1,000 VOYAGE Miles	750  863 Asia Miles
10,000 OCBC$	2,900 3,335 Asia Miles
A minimum transfer of 1,000 90°N /VOYAGE Miles and 10,000 OCBC$ is required, but subsequent conversion blocks are 100 90°N /VOYAGE Miles and 1,000 OCBC$.

The bonus will be applied automatically, with no registration required. However, the maximum bonus is capped at just 2,500 Asia Miles, which means a transfer of 16,667 miles would max it out. Seriously, what’s that going to get you? It’s so low it’s almost derisory, quite frankly. 

If you decide to proceed nonetheless, you’ll need to visit the STACK Rewards platform where the eight new transfer partners are located (unlike KrisFlyer, which is on the legacy OCBC Rewards portal).

Click on the Points Exchange tab, and scroll until you see Cathay. 

The regular ratio will be reflected, but within a few days the STACK team should update the interface with a small notification about the additional 15% bonus.

In any case the T&Cs are ironclad about the transfer bonus running from 1-30 November 2023, so I wouldn’t worry. In any case, this is all hypothetical because you shouldn’t be transferring points in the first place! 

Base and bonus Asia Miles will be reflected in two separate transactions. The base component should be credited instantly, with the bonus component appearing within four weeks after the campaign ends, i.e. by 28 December 2023. 

Transfers via STACK Rewards normally incur a conversion fee of S$25, but OCBC will be waiving this till 30 November 2023 (extended from 31 October 2023).

Terms & Conditions

The T&Cs of this offer can be found here.

Is it worth it?

Goodness me, no.

Every other bank in Singapore, even BOC, offers transfers to Asia Miles miles at the same cost as KrisFlyer miles. 

So if you really want Asia Miles, you’re better off earning points with any bank other than OCBC. Even after the 15% transfer bonus, you’re still taking a 15% haircut compared to KrisFlyer!

On a separate note, Asia Miles had a programme devaluation which came into effect on 1 October 2023. While there was a reduction in the price of most Economy awards, Premium Economy, Business and First awards rose by 8-29%, with the biggest increases for long-haul flights.

For more analysis on the devaluation, and the remaining sweet spots, refer to the post below.

Cathay Pacific Asia Miles devaluation coming October 2023

Conclusion

OCBC cardholders can now take advantage of a 15% transfer bonus to Asia Miles, but with the underwhelming base rate and 2,500 bonus miles cap, it’s more like this promotion is taking advantage of them!

For what it’s worth, it does look like OCBC will be running regular transfer bonuses for its new partners. We’ve already seen offers for Flying Blue (good), Marriott Bonvoy (maybe), and IHG One Rewards (meh), so hopefully future promotions will give more to cheer about.