OCBC devalues OCBC$ to Asia Miles transfers

OCBC recently migrated all its rewards features to the OCBC app, and streamlined its offerings by retiring the STACK loyalty platform, Travel with OCBC and OCBC Rewards portal.

However, this was more than just a mere housekeeping exercise. During the migration, OCBC also discontinued its little-known credit card points sharing feature, and tightened the terms of its VOYAGE limo benefit to exclude non-airport rides. 

But there’s one more change that flew under the radar, and so subtle that I didn’t even catch it until someone in the MileChat flagged it out: OCBC has also devalued OCBC$ transfers to Asia Miles.

OCBC devalues OCBC$ transfers to Asia Miles

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 10,000 : 2,800
	1,000 : 700	10,000 : 2,800
	1,000 : 500	10,000 : 2,000
All ratios expressed as OCBC points : partner miles/points

When OCBC migrated its rewards features to the OCBC app, it took the opportunity to adjust the transfer ratio for Asia Miles- and not in a good way. 

Every 10,000 OCBC$ transferred now nets you 2,800 Asia Miles, a reduction of ~3.4% from the previous 2,900 Asia Miles. It’s a marginal change to be sure, but I don’t understand the need to do this in the first place.

I mean, Asia Miles has always been the one weird programme where the transfer ratios between 90°N/VOYAGE miles and OCBC$ didn’t match up. With other airline and hotel transfer partners, all three rewards currencies have parity. For example, converting 3,600 British Airways Avios would require 4,000 VOYAGE Miles or 10,000 OCBC$. In both cases, the opportunity cost is 4,000 KrisFlyer miles.

In contrast, converting 43,500 Cathay Pacific Asia Miles would require 58,000 VOYAGE Miles, or 150,000 OCBC$- now increased to 155,357 OCBC$. Therefore, the opportunity cost with OCBC$ is already higher than 90°N/VOYAGE miles- and now will get higher still!

If anything, I was expecting OCBC to enhance the OCBC$ to Asia Miles ratio and harmonise it with 90°N/VOYAGE miles. Instead, they’ve gone and made it even worse, so I suppose that was wishful thinking on my part!

Long story short, transfers to Asia Miles are now 6.7% worse for OCBC$ compared to 90°N/VOYAGE miles, compared to 3.3% prior.

Don’t transfer OCBC points to Asia Miles

As annoying as this unannounced devaluation is, you shouldn’t be transferring OCBC$, 90°N Miles or VOYAGE miles to Asia Miles in the first place. There’s little point taking a haircut on conversions (compared to KrisFlyer miles) when no other bank in Singapore requires this. 

Instead, the only partners I’d consider transferring OCBC points to (in the absence of any transfer bonuses) are KrisFlyer, Flying Blue and maybe Accor Live Limitless.

Flying Blue can sometimes offer up 85,000-mile Business Class awards between Singapore and Europe, or 28,500-mile Business Class awards between Singapore and Taiwan. Accor points are fixed at 0.5 Euro cents each, so the opportunity cost of choosing these is about S$0.015 per KrisFlyer mile- possibly above the acceptable limit for some.

What’s the difference between OCBC’s three rewards currencies?

While OCBC may have been streamlining its rewards platforms, it certainly hasn’t streamlined its rewards currencies. The bank continues to use three different currencies, the most of any bank in Singapore.

This often creates confusion for cardholders, so I’ve summarised the key differences between OCBC’s three points currencies in the table below.

For further details, refer to the article below.

Explained: OCBC’s three different points currencies

Conclusion

OCBC$ transfers to Asia Miles, already at a disadvantage compared to 90°N & VOYAGE Miles, have suffered a further unannounced devaluation.

Cardholders will now face a 30% haircut compared to KrisFlyer, compared to 27.5% before.  While it’s a small change, relatively speaking, it’s also rather surreptitious. And haircut to KrisFlyer aside, I don’t see why OCBC$ should be at a further disadvantage compared to 90°N & VOYAGE Miles.

Long story short: keep your OCBC$, 90°N & VOYAGE Miles for KrisFlyer, Flying Blue or maybe Accor points, and use other banks for Asia Miles instead.