Instarem has launched a new offer that doubles the rewards for spending with an Amaze Card linked to an Amaze Wallet.
Cardholders will earn 2 InstaPoints per S$1, instead of the usual 1 InstaPoint per S$1. This works out to a 2% rebate, although it does come at the expense of earning credit card rewards. That said, if you already have an Amaze Wallet balance from redeeming InstaPoints earned through referrals or spending, this is an incentive to keep those funds in the system for a while instead of cashing out right away.
|Use code 7HK2A2 for 225 bonus InstaPoints|
|💳 tl;dr: Amaze Card|
Instarem offering 2X InstaPoints for Amaze Wallet transactions
From 13-28 February 2023, transactions made on the Amaze Card with Amaze Wallet selected as the funding source will earn 2 InstaPoints per S$1 spent, subject to the usual restrictions:
- Each transaction must have a minimum equivalent value of S$10
- A maximum of 500 InstaPoints can be earned per eligible transaction
- Transactions in the exclusion list will not be eligible for InstaPoints
Do note that both local and FCY spend is eligible to earn points, provided the Amaze Wallet is used as the funding source.
This will apply automatically; no registration is required. Do note that Instarem continues to apply a transaction-level cap on the number of InstaPoints you can earn, so any spending over S$250 will trigger the cap.
InstaPoints were previously credited at the end of each calendar quarter, but are now credited immediately upon spending.
You can redeem InstaPoints for cashback in the following denominations (you’ll only see the S$100 and S$500 denominations if you have sufficient points).
|A 400 InstaPoints = S$5 option exists, but that’s not cashback. Instead, it’s a discount voucher for your next Instarem FX transfer|
Therefore, earning 2 InstaPoints per S$1 is equivalent to a 2% rebate, although it should be noted that because of the minimum conversion blocks, anything smaller than 2,000 InstaPoints becomes an orphan balance.
A few other things to note:
- All InstaPoints cashback redemptions will be credited to your Amaze Wallet instantly
- The maximum balance you can hold in your Amaze Wallet is S$3,000
- There is no limit on the number of InstaPoint redemptions you can make
- Points earned before 1 October 2022 expire six months after date of crediting
- Points earned from 1 October 2022 expire 12 months after date of crediting
Should you use the Amaze Wallet?
The biggest drawback of using the Amaze Wallet is that you won’t earn any credit card rewards on your transaction- top-ups code as MCC 6540 (POI Funding Transactions), which do not earn rewards with any card in Singapore.
On the other hand, the Amaze Wallet does allow you to lock in a favourable rate for future spend, provided you don’t mind the limited selection of supported currencies:
- Swiss Francs (CHF)
- British Pounds (GBP)
- Euros (EUR)
The basic idea is that you convert your SGD into any of the above currencies, effectively locking in today’s rate for tomorrow’s spend. Since the promotion is only valid till 28 February, however, there isn’t much scope to gain from FCY movements. So I probably wouldn’t advocate topping up your Amaze Wallet just to earn one bonus InstaPoint per S1.
On the other hand, you may already have an Amaze Wallet balance arising from previous InstaPoint redemptions earned through referrals or spending. If that’s the case, this offer provides an incentive to spend that balance on retail transactions via the Amaze Card, instead of cashing it out immediately through GrabPay (GrabPay top-ups are ineligible to earn InstaPoints, so unfortunately you won’t be able to double dip on the cashout).
From now till end-February, Amaze Cardholders who use the Amaze Wallet as a source of funding will earn 2 InstaPoints per S$1 spent.
If you already have an Amaze Wallet balance, by all means use of this opportunity to earn a little more rebate on your spending. However, this should not serve as an incentive to top-up your Wallet further using a card- the ultimate objective is to get more cash out of the Amaze ecosystem, not put more in!