Before going into depth about this credit card, I would like to point out that Cathay Pacific is a member of the Oneworld alliance, which means that any points that you accumulate with this airline, you can use to redeem on any of its member partners. Airlines that are members of an alliance makes their loyalty points that much more valuable because it gives you so much more flexibility when looking for award bookings. With Cathay Pacific flights, you earn Asia Miles points.
Furthermore, keep in mind that you can transfer 1,000 AMEX Membership Rewards points for 750 Asia Miles. We previously wrote about the AMEX Gold Rewards Card and the AMEX Platinum Card which allows you to earn Membership Rewards. So even as a Canadian, you can top up your Asian Miles account in a hurry if you take advantage of the options available to you.
Now onto the credit card. Below are the highlights of the RBC Cathay Pacific VISA Platinum:
- $150 annual fee
- $75 for each additional cardholder
- Earn 10,000 bonus points upon approval
- Earn 2 points for every $1 CAD spent on Cathay Pacific tickets purchased on the Cathay Pacific website
- Earn 2 points for every $5 HKD spent on in-flight purchases (minimum purchase of $500 HKD)
- Earn 1 point for every $1 CAD spent on all other purchases
Essentially you are paying $150 for the 10,000 sign up bonus. If you need to top up your Asia Miles for a specific reward flight in mind, this is a great way to top it up. Though the website says it will take up to 8 weeks before the points are deposited in your account, so keep this min mind if you need the points in a hurry.
Beyond the first year, I see no benefits for retaining this credit card. The 2x points on certain spend categories can be useful if you value Asia Miles and if you can take advantage of those spend categories.
The sign up bonus has gone up to 20,000 back in June 2013, so if you are not in a hurry to get this card, you can wait until the next promotion to roll around. Another promotion that I would like to see is for the annual fee to be waived on the first year.