Another Credit Card Review by GenX @ http://www.GenXGenYGenZ.com
In order to be eligible for the OCBC Premier Voyage MasterCard, you need to be an OCBC Premier Banking customer.
The OCBC Premier Voyage MasterCard is made from Duralumin. Well, I have no idea what the heck duralumin is? So I went googling and this is what I found:
Alloy. Duralumin, strong, hard, lightweight alloy of aluminum, widely used in aircraft construction, discovered in 1906 and patented in 1909 by Alfred Wilm, a German metallurgist; it was originally made only at the company Dürener Metallwerke at Düren, Germany.
Boy, from the definition above, duralumin is like ancient technology, hahaha.
PRO and CONS OF THE OCBC PREMIER VOYAGE MASTERCARD
I shall now tell you the Pro (yes, just 1 pro) of the card – it’s for bragging rights, that’s all, hahaha.
And the Cons –
1. Annual fee RM848. What the hell? Why is there a No.4 present? This card is set to be doomed, hahaha. OCBC should have set the annual fee at RM818. There is no auto waiver mechanism. Even if you spend RM1,000,000 with the card, you need to pay the damn annual fee.
Well, you may argue that you can use your Voyage Miles to offset the annual fee. If this is the case, you are not getting the annual fee waived for FREE but actually paying for it in kind and lose the opportunity to redeem something else for FREE.
2. Upon activation you will get 8,000 Voyage Miles. But you need to pay the first year annual fee of RM848, which means you are actually paying for the Voyage Miles! What can you redeem with 8000 Voyage Miles? Well, I can tell you, nothing worth close to RM848.
3. And if you ever lose the card, the Card Replacement Fee is RM500!!!
4. In the terms and conditions, it is stated that – if you receive any SMS notifications which does not correspond to your usage of OCBCPremier Voyage MasterCard, you must notify OCBC immediately at +60383154288 to block usage of your OCBC Premier Voyage MasterCard. If you fail to do so you will be liable for all losses.
WTF!!! How can we be liable for fraud transaction(s) which we have no control over?
5. If you have maintained an AUM between RM1 million to RM3 million for a period of 6 months prior to your card anniversary date, you will earn FREE 8,000 Voyage Miles. WTF! I maintain RM2,800,000 with OCBC and they still make me pay for the card annual fee of RM848 and reward me with a miserable 8,000 Voyage Miles!!!
6. ZERO, ZIP, NIL FREE entry to any airport lounges!!! Pay bloody RM848 in annual fees and we don’t even get a FREE entry to our local Plaza Premium Lounge.
7. You will earn 1 Voyage Miles with every RM5 spend locally or overseas. You spend RM500,000 with the OCBC Premier Voyage MasterCard and you will earn 100,000 Voyage Miles.
Well, guess what? With 100,000 Voyage Miles there is no way you will earn yourself a FREE return Business Class ticket KL/London with Malaysia Airlines. Actually, you’ll be lucky if you can redeem a return ECONOMY CLASS ticket KL/London with 100,000 Voyage Miles!!!
If you have the Maybank 2 Cards Premier AMEX RESERVE and you spend RM500,000 with it, you will earn more than 500,000 Enrich Miles where you can redeem close to four (4) return Business Class tickets KL/London worth a total of about RM60K!!!
I shall now give you another example to show you how useless the OCBC Premier Voyage MasterCard is compared to the FREE FOR LIFE no conditions whatsoever ENTRY LEVEL Maybank 2 Gold Cards. Spend RM500,000 with the Maybank 2 Gold AMEX and you will earn yourself 235,000 Enrich Miles where you can redeem 2 return Business Class tickets KL/London worth about RM30K!!!
8. I shall now tell you the actual returns you’ll be really earning with the OCBC Voyage Miles MasterCard. You can offset the annual fee of RM800 (exclude 6% GST) with 16,000 Voyage Miles. In order to earn 16,000 Voyage Miles, you need to spend RM80,000. Therefore, this means you are getting an equivalent return of 1% only!!! But the effective returns you are getting is really ZERO, ZIP, NIL, NOTHING if you spend RM80K and below!
OCBC Bank Malaysia has been advertising the OCBC Premier Voyage MasterCard to make it sound as if it is the card to get where you can use your Voyage Miles to redeem for air tickets and other stuff. But if you visit their website, there is hardly any useful information as to what you can redeem with the Voyage Miles.
Once again, you need to spend RM80K with the OCBC Premier Voyage MasterCard to earn enough Voyage Miles to offset the annual fee. I tell you, if you spent RM80K with the Entry Level Hong Leong Bank Essential Visa which is FREE FOR LIFE with just 12 swipes, you will be rewarded with 1% cash back equal to RM800. This means a person who uses the HLB Essential Visa instead of the useless OCBC Premier Voyage MasterCard would be richer by RM800!!!
So basically, anyone who spends less than RM80K/year with their credit cards and has AUM less than RM3 million with OCBC is a fool to apply for the OCBC Premier Miles Voyage MasterCard!
From the above, it’s a no brainer that a smart person who reads my article(s) will avoid the OCBC Premier Voyage MasterCard and go sign up for the Maybank 2 Cards Premier (if they have yet to do so). But if you are one of those people who are willing to pay for bragging rights and earn less from your credit card usage, then the OCBC Premier Voyage MasterCard is the perfect card to get, hahaha.
An article by GenX