Instarem has launched a new offer for the Amaze Card, which offers 4 InstaPoints per S$1 (instead of the usual 1 InstaPoint per S$1) for all transactions funded by an Amaze Wallet balance till 31 May 2023.
This works out to a 4% rebate, although it does come at the expense of earning credit card rewards. However, if you already have an Amaze Wallet balance from redeeming InstaPoints earned through referrals or spend, this is an opportunity to squeeze some additional value out it.
|Use code 7HK2A2 for 225 bonus InstaPoints
|💳 tl;dr: Amaze Card
Instarem offering 4X InstaPoints for Amaze Wallet transactions
From 5-31 May 2023, Amaze Card transactions with Amaze Wallet selected as the funding source will earn 4 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.
The bonus will apply automatically, and no registration is required. InstaPoints are credited immediately upon spend, but do note that Instarem continues to apply a transaction-level cap of 500 InstaPoints, so any spending over S$125 will trigger the cap.
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 4 InstaPoints per S$1 is equivalent to a 4% rebate, although it should be noted that because of the 500 InstaPoints per transaction cap, any spend > S$125 will earn a weighted-average rebate of <4%.
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
Terms and Conditions
The full terms and conditions of this offer can be found here.
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 (since the funding source is either Wallet or Card, there’s no option to mix the two). Amaze Wallet 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 with the following currencies:
- Australian Dollar (AUD)
- Swiss Francs (CHF)
- Euros (EUR)
- British Pounds (GBP)
- Japanese Yen (JPY)
- New Zealand Dollar (NZD)
The basic idea is that you convert SGD into any of the above currencies, effectively locking in today’s rate for tomorrow’s spend. Since the promotion is only valid till 31 May, however, there isn’t much scope to gain from FCY movements. Therefore, I wouldn’t advocate topping up your Amaze Wallet just to earn the bonus points.
That said, most people will already have an Amaze Wallet balance due to InstaPoints earned from referrals or spending. In that case, this promotion provides an incentive to spend that balance on retail transactions via the Amaze Card, instead of cashing it out immediately through GrabPay.
For the rest of May, Amaze Cardholders who use the Amaze Wallet as a source of funding will earn 4 InstaPoints per S$1 spent.
If you already have an Amaze Wallet balance, by all means use of this opportunity to earn a little extra 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!