Last month, Instarem launched a promotion 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 the Amaze Wallet.
This works out to a rebate of up to 4%, 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 spending, it’s an opportunity to squeeze some additional value out it.
This offer was originally supposed to lapse on 31 May 2023, but has now been extended till 30 June 2023, 12 p.m SGT. What’s more, Instarem has also expanded the list of foreign currencies supported by the Amaze Wallet from six to nine, in the clearest sign it’s gunning for incumbents like Revolut and YouTrip.
|Use code 7HK2A2 for 225 bonus InstaPoints|
|💳 tl;dr: Amaze Card|
Instarem offering 4X InstaPoints for Amaze Wallet transactions
From 5 May to 30 June 2023 (12 p.m SGT), 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, and 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 foreign currencies:
- Australian Dollar (AUD)
- Canadian Dollars (CAD)
- Swiss Francs (CHF)
- Euros (EUR)
- British Pounds (GBP)
- Japanese Yen (JPY)
- New Zealand Dollar (NZD)
- Thai Baht (THB)
- United States Dollars (USD)
Since May, Instarem has added Canadian Dollars, Thai Baht and United States Dollars as Wallet currencies, bringing the total options to nine.
It should also be noted that payments funded by the Amaze Wallet enjoy better conversion rates compared to payments funded by a credit card. I’ve tested JPY transactions both with the Amaze Wallet and linked card, and found that the Wallet rates were very close to Mastercard rates, while the linked card had a spread of close to 2%.
So if you already have an Amaze Wallet balance due to InstaPoints earned from referrals or spending, this promotion provides an incentive to spend that balance on retail transactions via the Amaze Card, instead of cashing it out immediately through GrabPay.
Instarem has extended its bonus InstaPoints offer for Amaze Card spending till 30 June 2023, with cardholders earning 4 InstaPoints per S$1 spent.
This represents a rebate of up to 4%, and to the extent that your Wallet balance arises from referrals or past spending, there isn’t much opportunity cost here. Enjoy the better conversion rates and some additional InstaPoints as a sweetener.