The Amaze gravy train has been chugging along for a while now, but there’s signs that Instarem may be winding down the party soon.
From 1 April 2022, Amaze will be nerfing its cashback, and hard:
- The earn rate for local transactions gets cut to 0.5%
- The quarterly cashback cap gets cut to S$50
- The minimum quarterly spend to earn cashback increases to S$1,500
- The minimum transaction to earn cashback increases to S$10
Fortunately, the two main value propositions of Amaze — offline to online conversions and zero FCY fees — remain untouched. That said, the double dipping aspect will be a lot less lucrative going forward.
Amaze changes from 1 April 2022
Here’s a summary of how the Amaze will change from 1 April 2022.
|Till 31 March||From 1 April|
|Min. Spend Per Trxn||S$5||S$10|
|Min. Spend Per Quarter||S$500||S$1,500|
|Quarterly Cashback Cap||S$100||S$50|
Yup, it’s pretty bad.
Foreign currency transactions will continue to earn 1% cashback as before, but the cashback rate on local currency transactions gets halved to 0.5%.
Moreover, the hurdle conditions go up significantly. A minimum transaction size of S$5 is currently required to earn cashback; this doubles to S$10. A minimum overall spend of S$500 per quarter is currently required to earn cashback, this triples to S$1,500.
And to top it off, the reward gets cut. The maximum cashback that can be earned per quarter will be halved from S$100 to S$50.
Should you continue using Amaze?
In short, yes, because the two main use cases for Amaze remain untouched:
- Converting offline transactions into online ones, earning 4 mpd when paired with the DBS Woman’s World Card or Citi Rewards Card
- Converting overseas transactions into SGD at a fair rate with no FCY transaction fees
The combination of (1) and (2) means that Amaze remains hands down the best option to use whenever you’re overseas. 4 mpd with no FCY fees and 1% cashback is a formidable return, even if the cashback now has higher minimum spend requirements and a lower cap.
So long as the banks are willing to offer rewards on Amaze transactions, any cashback earned from Amaze itself is simply the icing on top. And yes, there’s less icing now, but icing is still icing, if you know what I mean.
Recap: Amaze benefits
Here’s a summary of how Amaze works and its key benefits, effective 1 April 2022.
|💳 tl;dr: Amaze card|
|Sign Up Here|
From 1 April 2022, Amaze will nerf its cashback programme by cutting the earn rate on local currency transactions, while tightening the minimum spend and cashback caps.
It definitely stings, but so long as banks keep funding the rewards, the Amaze remains hands down the best option to use for overseas spending (and some might argue local too, since the 0.5% cashback is pure profit).
I’ve said it before, and I’ll say it again: enjoy Amaze while it lasts. It’s not yet time to abandon ship, but man, that iceberg keep growing bigger…