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

From now till 30 November 2024, OCBC cardholders can transfer points to Asia Miles with up to a 62% bonusโ€”but it's really up to 21.5% because of the low baseline rate.

OCBC has launched a new transfer bonus for Cathay Pacific Asia Miles, which offers an uncapped 35% bonus on all transfers completed by 30 November 2024.ย 

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% bonusย (yes, the math checks out).

โœˆ๏ธ Transfer <100,000 Asia Miles
ย  Before bonus With 35% bonus
1,000 90ยฐN or VOYAGE Miles 750 Asia Miles 1,013 Asia Miles
10,000 OCBC$ 2,900 Asia Miles 3,915 Asia Miles

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.

โœˆ๏ธ Transfer โ‰ฅ100,000 Asia Miles
ย  Before bonus With 35% + 20% bonus
1,000 90ยฐN or VOYAGE Miles 750 Asia Miles 1,215 Asia Miles
10,000 OCBC$ 2,900 Asia Miles 4,698 Asia Miles

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

Transfer OCBC points to Asia Miles with up to a 62% bonus

From 1-30 November 2024, eligible OCBC cardholders can redeem 90ยฐN 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.

โ“ “Eligible Cards”

Eligible cards refer to:

  • OCBC Titanium Rewards Credit Card
  • OCBC Rewards Card
  • OCBC 90ยฐN Card
  • OCBC VOYAGE Card
  • OCBC Premier VOYAGE Card
  • OCBC Premier Private Client VOYAGE Card
  • Bank of Singapore VOYAGE Card

The OCBC Premier Visa Infinite (which earns OCBC$) is not listed, for whatever reason.

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

Currency Transfer <100K miles Transfer โ‰ฅ100K miles
1,000 90ยฐN Miles 750 ย 1,013 miles 750 ย 1,215 miles
1,000 VOYAGE Miles 750 1,013 miles 750 ย 1,215 miles
10,000 OCBC$ 2,900 3,915 miles 2,900 4,698 miles
Subsequent conversion blocks are 100 90ยฐN /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 90ยฐN 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.ย A S$25 conversion fee applies per conversion.ย 

Terms & Conditions

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

Is it worth it?

Cathay Pacific A350-1000 Business Class

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

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%.ย 

ย  KrisFlyer Asia Miles
AMEX 400 MR pts โฎž
250 miles*
400 MR pts โฎž
250 miles*
Bank of China 60,000 pts โฎž
10,000 miles
36,000 pts โฎž
6,000 miles
Citibank 10,000 Citi Miles โฎž
10,000 miles
10,000 Citi Miles โฎž
10,000 miles
DBS 5,000 pts โฎž
10,000 miles
5,000 pts โฎž
10,000 miles
HSBC 25,000 pts โฎž
10,000 miles
25,000 pts โฎž
10,000 miles
OCBC 1,000 90ยฐN Miles โฎž
1,000 miles
1,000 90ยฐN Miles โฎž
750 miles
Maybank 25,000 TREATS โฎž
10,000 miles
12,500 TREATS โฎž
5,000 miles
UOB 5,000 UNI$ โฎž
10,000 miles
5,000 UNI$ โฎž
10,000 miles
*For Platinum Charge and Centurion; for all other AMEX cards 450 pts : 250 miles

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

If you plan to transfer at least 100,000 Asia Milesย andย have 90หšN 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.ย Asia Miles just concluded a 15% transfer bonus campaignย last month, so this would be better than anything else on the market currently.ย 

As a reminder of some Asia Miles sweet spots:

From Singapore to Economy Business
Malaysia
(on MH)
10,000 miles 20,000 miles*
Hong Kong or Taipei
(on CX)
10,000 miles 28,000 miles
Perth
(on QF)
15,000 miles 33,000 miles
Amsterdam, Frankfurt, Milan
(on CX)
27,000 miles 84,000 miles
Europe
(on AY)^
40,000 miles 89,000 miles
*Not so much for the flight, but the opportunity to do a oneworld lounge safari
^If you can position yourself to Bangkok, you’ll find cheaper rates of 27,000/63,000 miles in Economy/Business, and possibly better award space

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.ย 

Transfer Partners
ย  90ยฐN Miles & VOYAGE Miles OCBC$
krisflyer logo 1:1 (VOYAGE)
25,000 : 10,000
1,000 : 1,000 (90ยฐN)
flyingblue logo 1,000 : 1,000 10,000 : 4,000
1,000 : 1,000 10,000 : 4,000
1,000 : 1,000 10,000 : 4,000
british airways logo 1,000 : 900 10,000 : 3,600
etihad guest logo 1,000 : 900 10,000 : 3,600
asia miles logo 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 30 November 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.ย 

Will you be taking advantage of this offer?

Aaron Wong
Aaron Wong
Aaron founded The Milelion to help people travel better for less and impress chiobu. He was 50% successful.

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Steve

Looks like OCBC is competing with UOB now for gotcha’s !!