OCBC offering up to 62% transfer bonus to Cathay Pacific Asia Miles (but not really!)

OCBC has launched a new transfer bonus for Cathay Pacific Asia Miles, which offers an uncapped 35% bonus on all transfers completed by 31 December 2024. 

With any other bank, this would be great deal to take advantage of, because Asia Miles conversions enjoy the same transfer ratio as KrisFlyer. But unfortunately, OCBC’s regular conversion rates to Asia Miles come pre-nerfed with a haircut of at least 25%, so a 35% bonus ends up being, at best, a 1% bonus (yes, the math checks out).

The picture improves if you transfer at least 100,000 Asia Miles as a further 20% bonus is granted, which brings the total bonus to 62% (the additional bonus is applied to the boosted amount, so the impact is more than the sum of the two figures), or a “real bonus” of up to 21.5%. Yes, I know it’s confusing- blame OCBC for that.

Well, in any case I guess it’s still better than the 15% Asia Miles transfer bonus offered in November 2023, which was capped at a derisory 2,500 miles!

OCBC offering up to 62% transfer bonus to Asia miles

From 1 November to 31 December 2024, eligible OCBC cardholders can redeem 90°N Miles, OCBC$ and VOYAGE Miles for Asia Miles with a 35% bonus, and an additional 20% bonus for conversions of more than 100,000 miles.

A minimum transfer of 1,000 90°N Miles, 1,000 VOYAGE Miles or 10,000 OCBC$ applies, but the bonus is the same regardless.

Currency	Transfer <100K miles	Transfer ≥100K miles
1,000 90°N Miles	750  1,013 miles	750  1,215 miles
1,000 VOYAGE Miles	750 1,013 miles	750  1,215 miles
10,000 OCBC$	2,900 3,915 miles	2,900 4,698 miles
Subsequent conversion blocks are 100 90°N /VOYAGE Miles and 1,000 OCBC$.

The bonus will be applied automatically, with no registration required. There is no cap on the maximum bonus Asia Miles that can be earned.

However, it should be noted that OCBC$ are at an inherent disadvantage, because their default haircut (compared to KrisFlyer miles conversions) is 27.5%, slightly higher than the 25% for 90°N Miles and VOYAGE Miles.

Remember, to transfer OCBC points to programmes other than KrisFlyer, you’ll need to visit STACK Rewards platform (KrisFlyer transfers remain on the legacy OCBC Rewards portal). Click on the Points Exchange tab, and scroll until you see Asia Miles, then proceed with the transfer.

Base and bonus points may be reflected as two separate transactions, but both will be credited at the same time, and transfers should be more or less instantaneous. A S$25 conversion fee applies per conversion. 

Terms & Conditions

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

Is it worth it?

This transfer bonus sounds very enticing- until you remember that OCBC cardholders are starting on the backfoot where Asia Miles transfers are concerned. 

With other banks in Singapore, you can convert points to Asia Miles at the same rate you would KrisFlyer, but with OCBC, the starting point is a haircut of at least 25%. 

Therefore, your “real bonus” is smaller, as most of the extra miles go towards repairing the damage of the original poor rate. 

If you plan to transfer at least 100,000 Asia Miles and have 90˚N or VOYAGE Miles (remember, OCBC$ users still get shafted because they’re starting from a 27.5% disadvantage versus 25%), then sure, a “real bonus” of 21.5% is good. Asia Miles just concluded a 15% transfer bonus campaign last month, so this would be better than anything else on the market currently. 

As a reminder of some Asia Miles sweet spots:

The problem with OCBC is that many of its transfer ratios are just fundamentally unattractive, which makes me wonder why they bothered adding new partners in the first place. Here’s the ratios for OCBC’s transfer partners, under normal circumstances. 

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

Conclusion

OCBC is now offering an uncapped 35% transfer bonus to Cathay Pacific Asia Miles till 31 December 2024, with a further 20% bonus for anyone who converts at least 100,000 miles.

If you’re holding on to OCBC points and were looking for a way to cash them out to Cathay Pacific without suffering the penalty, this is as good an opportunity as any, but given the regular 25% haircut, much of the bonus goes to offsetting the default damage. 

Will you be taking advantage of this offer?