Guide: Earning InstaPoints with the Amaze Card

The Amaze Card allows you to double dip on credit card rewards and InstaPoints, which are worth up to a 0.5% additional rebate. Here's how it works

In addition to credit card rewards, Amaze Cardholders can also earn InstaPoints, which were introduced in July 2022 as a replacement for the previous cashback scheme. 

Unfortunately, InstaPoints aren’t nearly as lucrative as before. If you pair Amaze with a linked credit card (as you should!), your maximum effective rebate is 0.5%, down from 1% prior to August 2023. There’s also annoying gotchas like a minimum spend of S$10 and a cap of 500 InstaPoints per month, which limits your monthly rebate to just S$5. 

That said, so long as Amaze continues to earn credit card rewards, the InstaPoints are just the icing on the cake. Think of it like a rebate to offset Amaze’s spread, which at 1.8-2% above Mastercard is still better than the banks. 

Apply here
Use code 7HK2A2 for 225 bonus InstaPoints
💳 tl;dr: Amaze Card
  • Link up to five Mastercard credit/debit cards
  • Overseas transactions are converted into SGD (no FCY transaction fees, but subject to FX spread) and charged to the underlying credit/debit card
  • Transaction MCC remains the same, offline transactions charged to Amaze become online transactions for the underlying credit/debit card
  • Earn 0.5 InstaPoints per S$1 spent on FCY transactions of at least S$10 (except exclusion categories), capped at 500 InstaPoints per month
  • Redeem InstaPoints for cashback in blocks of 2,000 InstaPoints= S$20

In this post, we’ll go through the ins and outs of earning and burning InstaPoints. 

How are InstaPoints earned?

Amaze Cardholders earn InstaPoints at the following rates:

Transaction Currency Amaze Wallet Debit & Credit Card
FCY 0.5 InstaPoints per S$1
👍 Watch for promos
Amaze runs periodic promotions that upsize the InstaPoints earn rate, so make sure you’ve turned on push notifications for the Instarem app. Recent examples include 2 InstaPoints per S$1 on overseas dining, and 4,000 InstaPoints for spending at least S$1,500 on MR transactions

InstaPoints will only be awarded on FCY transactions that are at least S$10 in value after conversion to SGD.

A maximum of 500 InstaPoints can be earned per month, so you’ll max out the cap with a spend of S$1,000.

InstaPoints are credited instantly upon completing the transaction.

What can InstaPoints be redeemed for?

InstaPoints can be converted into cash rebates in the following denominations: 

InstaPoints Cashback
1,000 S$5
2,000 S$20
10,000 S$100
50,000 S$500
A 400 InstaPoints = S$5 option exists, but that’s not cashback. Instead, it’s a discount voucher for your next Instarem FX transfer

My advice is to ignore the 1,000 points = S$5 option, and wait till you have a minimum of 2,000 points. That gives you a value of 1 cent per InstaPoint, or a rebate of up to 0.5%

Do note the “up to” caveat. Because of the 500 InstaPoints cap per month, the effective rebate will decline for any spending beyond S$1,000. 

Cashback from InstaPoints redemptions will be credited immediately to the Amaze Wallet.

Can I cash out InstaPoints?

Amaze Wallet balances cannot be transferred to a bank account- at least not directly.

A workaround is to use your Amaze Wallet balance to top-up a GrabPay Wallet, and then transfer the GrabPay balance to a bank account (this is possible because Amaze is a local debit card). 

However, Amaze charges a 1% admin fee for e-wallet top-ups, so it’s not entirely frictionless. 

When do InstaPoints expire?

InstaPoints expire 12 months after the date of crediting.

Since this is a pure cashback system with no aspirational rewards to speak of, it’s unlikely anyone will be accumulating InstaPoints beyond that period anyway.

Moreover, the conversion ratio to cashback is the same regardless of denomination, so there’s no incentive to save up InstaPoints for a bigger conversion block.

What transactions do not earn InstaPoints?

The following transactions do not earn InstaPoints:

  • Any transaction in SGD
  • Any FCY transaction smaller than S$10
  • Any transaction with the following MCCs:
MCC Description
4111 Railroads, Transportation Services
4784 Tolls and Bridge Fees
4900 Utilities: Electric, Gas, Water, and Sanitary
5047 Medical, Dental, Ophthalmic and Hospital Equipment and Supplies
5199 Nondurable Goods (Not elsewhere classified)
5960 Direct Marketing: Insurance Services
5993 Cigar Stores and Stands
6012 Financial Institutions: Merchandise, Services, and debt Repayment
6211 Security Brokers/Dealers
6300 Insurance Sales, Underwritting, and Premiums
6513 Real Estate Agents and Managers: Rentals
6540 Non-Financial Institutions – Stored Value Card Purchase/Load
7299 Other Services (Not elsewhere classified)
7349 Cleaning, Maintenance and Janitorial Services
7523 Parking Lots, Parking Meters and Garages
8062 Hospitals
8211 Elementary and Secondary Schools
8220 Colleges, Universities, Professional Schools, and Junior Colleges
8241 Correspondence Schools
8244 Business and Secretarial Schools
8249 Vocational and Trade Schools
8299 Schools and Educational Services
8398 Charitable Social Service Organisations
8661 Religious Organisations
8675 Automobile Associations
8699 Membership Organisations
9211 Court Costs, including Alimony and Child Support
9222 Fines
9223 Bail and Bond Payments
9311 Tax Payments
9399 Government Services
9402 Postal Services

This exclusions list more or less mirrors the ones published by banks, with education, insurance, government payments and hospitals all ineligible.

Other ways of earning InstaPoints

While Amaze Card spending will no doubt be your biggest source of InstaPoints, they can also be earned from:

  • Making overseas money transfers of min. S$500 (1 point per S$100)
  • Referring a friend to Instarem (200 points per referral)


Amaze Cardholders can double dip on credit card rewards and InstaPoints, which offer an effective rebate of up to 0.5%.

Even though a minimum spend of S$10 and a cap of 500 InstaPoints per month applies, anything that widens the gap between Amaze and bank FCY fees is very welcome in my book.

Aaron Wong
Aaron Wong
Aaron founded The Milelion to help people travel better for less and impress chiobu. He was 50% successful.

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I wonder when the first SG bank will come up with a general spending card without any FCY fees. In the US they’re totally standard and quite popular for wealthy people who don’t chase the optimal miles but don’t like to be ripped off. Curious that no bank here ever tried to offer these


My guess is US everything is paid in USD which is the global currency. Most of banks here have to do two conversions when you paid in FCY, first FCY to USD and then USD to SGD. So it crossed the spread twice, hence the mark up.


Will you pay AF?


I’ve cashed out InstaPoints by using the funds in the Amaze wallet to buy supermarket vouchers. It was easier than setting up a GrabPay wallet.


So Amaze has just been nerfed for local currency transactions – 1% on all transactions after your first 1000 per month.