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.
It’s true that 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 transaction.
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.
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| Apply here |
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| Use code 7HK2A2 for 225 bonus InstaPoints |
| 💳 tl;dr: Amaze Card |
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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 |
| SGD | N/A | |
| FCY | 1 InstaPoint per S$1 | 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 transaction, so you’ll max out the cap with a spend of:
- Amaze Wallet: S$500
- Debit & Credit Card: S$1,000
Is it worth splitting up transactions larger than this? Well, if you have time on your hands and the merchant is agreeable, I suppose it doesn’t hurt. I personally don’t bother though.
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 |
| 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 | |
1 InstaPoint is worth 1 cent, regardless of denomination, so the Amaze Card offers a up to a rebate of:
- Amaze Wallet: 1%
- Debit & Credit Card: 0.5%
Do note the “up to” caveat. Because of the 500 InstaPoints cap per transaction, the effective rebate will decline for any spending beyond S$500 (Amaze Wallet) or S$1,000 (debit & credit cards).
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 that long 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)
Conclusion
Amaze Cardholders can double dip on credit card rewards and InstaPoints, which offer an effective rebate of up to 0.5% (up to 1% if you link the Amaze wallet, though that comes at the expense of credit card rewards).
Even though a minimum spend of S$10 and a cap of 500 InstaPoints per transaction applies, anything that widens the gap between Amaze and bank FCY fees is very welcome in my book.
At the moment, InstaPoints are only valid for cash rebates, but I do wonder if at some point we’ll see other rewards added.
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.