Chocolate Visa Card: Earn 2 Max Miles per S$1 on virtually everything

From 11 February 2025, earn 2 Max Miles per S$1 via the Chocolate Visa Card, with almost no exclusions (even AXS!).

If you’ve been looking for additional ways to earn Max Miles, here’s an exciting development.

From 11 February 2025, Chocolate Finance will partner up with Heymax to offer Max Miles for spending on the Chocolate Visa Platinum Debit Card, with 2 Max Miles per S$1 on virtually everything. Yes, even charitable donations, education, hospitals, insurance premiums, utilities, and โ€” wait for it โ€” AXS transactions.

This earn rate is offered for the first S$1,000 of spending per calendar month, and there’s also a guaranteed 3.3% p.a. on the first S$20,000, and 3% p.a. on the next S$30,000 with Chocolate Finance.

Max Miles are arguably the most valuable loyalty currency in Singapore right now, because of their exceptional versatility. They can be transferred to 19 airline and eight hotel programmes, including exclusive partners not available through any local bank like American Airlines AAdvantage and World of Hyatt.

๐Ÿ‘ 250 Max Miles joining bonus
Sign up for a Heymax account and get up to 250 Max Miles as a welcome bonus
250 bonus Max Miles

Earn 2 mpd with the Chocolate Visa Card

Apply here
No annual fee or minimum income requirement

With the new Heymax partnership, the Chocolate Visa Card will award:

  • 2 Max Miles per S$1 on the first S$1,000 of spend per calendar month
  • 0.4 Max Miles per S$1 on all spend above S$1,000 per calendar month

This applies to both online and offline transactions, in local or foreign currency. There’s currently no end date for this promotion, which will continue until further notice. 

“Wait a minute,” you say. “Only 2 mpd? I could earn 4 mpd with other cards!” You certainly could, but let me say three things to that.

Max Miles are extremely valuable

Max Miles do not expire, and can be converted at a 1:1 ratio to 27 airline and hotel partners, with no fees.

โœ… Heymax Transfer Partners
โœˆ๏ธ Airlines
  • Air Canada Aeroplan
  • AirAsia Rewards
  • Alaska Mileage Plan
  • American Airlines AAdvantage
  • Avianca LifeMiles
  • British Airways Executive Club
  • Emirates Skywards
  • Etihad Guest
  • Frontier Miles
  • Flying Blue
  • Hainan Fortune Wings Club
  • JAL Mileage Bank
  • Qantas Frequent Flyer
  • Qatar Privilege Club
  • THAI Royal Orchid Plus
  • Turkish Miles&Smiles
  • United MileagePlus
  • Velocity Frequent Flyer
  • Vietnam Airlines Lotusmiles
๐Ÿจ Hotels
  • Accor Live Limitless
  • IHG One Rewards
  • Hilton Honors
  • Marriott Bonvoy
  • Radisson Rewards
  • Shangri-La Circle
  • World of Hyatt
  • Wyndham Rewards

KrisFlyer is not a partner, but even if it were, transferring Max Miles to KrisFlyer would be a waste of their potential. KrisFlyer miles can be earned almost everywhere; the whole point of Max Miles is to get access to “exotic” partners. 

No other bank in Singapore offers anything close to the variety of Max Miles, and it’s not just any random partners- some of these have exceptional sweet spots. You could fly First Class to Tokyo on JAL with 40,000 American AAdvantage miles, or domestically within Japan on JAL with 4,000 JAL Mileage Bank miles. 

Here’s a snapshot of some of my favourite sweet spots that you can redeem through Max Miles transfers. 

From Singapore to  Cabin Cost FFP
Tokyo F 40K AAdvantage
Tokyo J 30K AAdvantage
Europe J 80K Aeroplan
USA J 87.5K Aeroplan
Japan / South Korea J 45K Aeroplan
Australia J 45K Aeroplan
Tokyo Y 12K JAL Mileage Bank
Amsterdam / Paris J 70K Flying Blue
Abu Dhabi / Doha J 40K AAdvantage
Bangkok J 15K Alaska Mileage Plan
Domestic Japan Y 4K to 10K JAL Mileage Bank
Domestic Japan Y 7.5K AAdvantage
F= First, J= Business, Y= Economy

For more details and how to book these, refer to the post below.

Max-imum Fun: The best sweet spots for Max Miles redemptions

Max Miles can also be used to offset the cost of commercial flights at S$0.018 apiece through the FlyAnywhere feature, which offers good value redemptions for Economy Class flights. 

There’s virtually no exclusions

Heymax and Chocolate Finance are taking a very broad approach to eligible spendingโ€” and in case you were wondering, that’s deliberate, not an oversight.

The only transactions that aren’t eligible for Max Miles are those which give rise to manufactured spending/money laundering concerns.

MCC Merchant Category Name
4829 Money Transfer
6010 Financial Institutions โ€“ Manual Cash Disbursements
6011 Financial Institutions โ€“ Automated Cash Disbursements
6012 Financial Institutions โ€“ Merchandise, Services and Debt Repayment
6050 Quasi Cash โ€“ Financial Institutions, Merchandise, Services
6051 Non-Financial Institutions โ€“ Foreign Currency, Money Orders (Not Wire Transfer), Stored Value Card/Load, Travelers Cheques, and Debt Repayment
6529 Quasi Cash โ€“ Remote Stored Value Load โ€“ Financial
6530 Quasi Cash โ€“ Remote Stored Value Load โ€“ Merchant
6540 Non-Financial Institutions โ€“ Stored Value Card

Otherwise, everything else is fair game. You can earn Max Miles on commonly-excluded transactions like:

  • AXS transactions
  • charitable donations
  • education
  • government bills
  • hospitals
  • insurance premiums
  • utilities

You could also earn Max Miles on CardUp payments, though I don’t think there’s a point in paying a fee, assuming you could pay the entity directly with Visa or via AXS.

So there is really no reason why you shouldn’t be earning the full 2,000 Max Miles per month (or more, if you can accept the 0.4 mpd earn rate after that). Pay your income taxes. Pay your school fees. Pay your electricity bill. Pay your road tax. It’s all good. 

No FCY transaction fees

Most banks charge you a 3.25% foreign currency (FCY) transaction fee, but the Chocolate Visa does not. Overseas transactions will simply be converted into SGD at the Visa rate, with no further mark-up.

This makes the Chocolate Visa a 2 mpd option for overseas spending, superior to other zero FCY fee cards like Trust, Revolut, or YouTrip.

How to get a Chocolate Visa Card

Apply here

To get the Chocolate Visa, you’ll need to download the Chocolate Finance app and open a Chocolate Finance account (using The MileLion’s link generates a referral bonus that supports the site). 

Once that’s done, you can create a virtual Chocolate Visa Card immediately.

While there is the option of ordering a physical card, there’s really no need to. You can add the card to your Apple Pay or Google Pay wallet immediately and pay in-store by tapping your phone. 

The Chocolate Visa Card has no minimum income requirement, nor annual fee.

How to link to Heymax

๐Ÿ‘ 250 Max Miles joining bonus
Sign up for a Heymax account and get up to 250 Max Miles as a welcome bonus
250 bonus Max Miles

If you don’t have a Heymax account, the first step will of course be to create one, which you can do via the link above. 

After that, you need to pair the card with Heymax under the Your Cards > Add Card menu. A test transaction will be charged and later refunded. 

Debit card, not credit card!

The most important thing to understand about the Chocolate Visa is a debit card, not a credit card. This means you’ll need to put money into your Chocolate Finance account before spending, and can’t spend more than you have in your account.

It also means you should take additional precautions with regards to fraud, because any successful fraudulent transactions will be immediately debited from your account balance (as opposed to a credit card where the bill is only payable later, giving you time to spot the transaction, report it, and receive a temporary credit that removes the charge pending further investigation).

There is, of course, a proper fraud reporting process to get such transactions reversed from your account, but you’ll be out of pocket during the investigation period. Mind you, these concerns aren’t unique to the Chocolate Visa; it’s the same for every debit card. 

To be extra safe, I recommend locking your card via the Chocolate app whenever it’s not in use.

What is Chocolate Finance?

Chocolate Finance is a spare cash management platform that holds a CMS license from the Monetary Authority of Singapore.

At the time of writing, accountholders earn:

  1. 3.3% p.a. on the first S$20,000
  2. 3% p.a. on the next S$30,000 
  3. A target 3% p.a. on any amount above that

Returns are credited daily, just after midnight. If Chocolate Finance does not make its target returns for components (1) or (2), the difference will be topped up, so it’s effectively guaranteed. (3), however, is not.

There is no lock-in period, and funds can be withdrawn at any time. Withdrawals of up to S$20,000 per day are processed instantly. Amounts larger than this require 3-10 working days (so if you want to withdraw, say, S$50,000, it’d be better to do it as S$20,000, S$20,000 and S$10,000 over three consecutive days). 

Since Chocolate Finance is not a bank, your funds are not SDIC-insured. Mind you, that’s the same as any other money market funds outside of a bank or insurer, such as Stashaway Simple or Endowus Cash Smart.

For security, MAS regulations require that customer assets be ringfenced and segregated in a separate, third-party account. These are not mixed with Chocolate Finance’s operating capital, and in the event that the company were to go under, the funds would still be safe.

Look. If the lack of SDIC coverage makes you lose sleep at night, then don’t park anything in here beyond the S$1,000 you need to max out the 2,000 Max Miles each month. Chocolate isn’t requiring a minimum deposit to earn Max Miles (though that might happen in the future).

You can find a list of FAQs about Chocolate Finance here.

Conclusion

Apply here

From 11 February 2025, the Chocolate Visa Platinum Debit Card will earn 2 Max Miles per S$1 spent, capped at S$1,000 per calendar month.

With virtually no exclusion categories, most people should be able to max out the full 2,000 Max Miles each month, which can be converted into 27 airline and hotel loyalty programmes at a 1:1 ratio. Just imagine earning 2 Hyatt points per S$1, or 2 Aeroplan points per S$1- it’s something we’ve never had before in Singapore!

Obviously, a lot of money is being burnt here from the Chocolate and Heymax sides, so this arrangement can’t last forever, at least not in its current form. I anticipate that we’ll see additional terms added further down the road, such as a lower earn rate, smaller cap, or perhaps a minimum deposit requirement. 

But that’s a tomorrow problem, really. Today is all about making hay, and make hay we shall.

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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T M

May I know how to link Chocolate debit card to the Max account?

Googoo

Looks like a perfect deal!

Andi

anybody else having issues connecting the chocolate card to heymax? i am on their verification, need to enter an OTP that they never send. tried 3 times already

Alan

Am in the same situation, except I’ve tried 8 times without luck

Nazrul

Same here . Was using the app. But I would get a better result on the website?

Mark

Mine setup first time, no issues at all. But after all that, now realize there is no point in using the Chocolate Debit card just yet – have to wait until 11 February to use it to get the 2mpd, right?

Mark

Wow! This feels like it did when Amaze first came out. Well, Amaze is almost dead, and here is something new and GOOD. Fabulous! Plus a high interest rate on some funds if you are so inclined. This is going to be a real wake-up call for the likes of Cardup and Citi Payall – as now there is a way to make those payments that normally require Cardup or Citi Payall without ANY fee, while still earning miles! The only pity is the $1k/month cap. But I get a card, my wife gets a card, that is $2k/month of… Read more »

Peter Lee

Don’t think the comparison to Stashaway Simple or Endowus Cash Smart is applicable. The risk with EndowUs or StashAway is significantly smaller as assets are clearly invested into money market funds and segregated, it’s mainly market risk. Chocolate Finance is less transparent here and the insolvency risk of the firm is there (while not with EndowUs or StashAway). You might want to correct this.

Kenny

Hmmโ€ฆ at least in terms of transparency, I didnโ€™t find it that hard to see what their investment strategy is. From their FAQ, which if I remember correctly, has always been quite upfront since day 1: The Chocolate Finance managed account is a portfolio of fixed-income securities comprising of a collection of funds. The portfolio is currently made up of: โ€“ Dimensional Short-Term Investment Grade SGD Fund (DSF) โ€“ UOBAM United SGD Fund (USF) โ€“ Fullerton Short Term interest rate SGD Fund (FST) โ€“ LionGlobal Short Duration Bond SGD Fund (LGF) โ€“ Nikko AM Shenton Short Term Bond Fund (NST)… Read more »

Jan

Am I able to link my spouseโ€™s chocolate card to my Heymax to accumulate the points together?
Also to clarify, paying $1000 bill on AXS will also earn me the 2mmpd right?

Mark

The interesting point here, is what happens if I link both my chocolate card and my wife’s chocolate card to BOTH my Hey Max and her Hey Max ? Would we end up getting 4mpd – 2mpd on each Hey Max ? That would be interesting to try………..

Skip

Tried linking 2x choco cards to 1x HeyMax account. Not possible

Joker

So all it takes just 20 months and I get to fly first class? Wow!!

Desmond

Do you know if they also give 2 miles on grabpay?

Adam

GrabPay MCC is 6540, excluded

CFO

You missed out the ultimate hackโ€ฆ
If one can earn from AXS payments, and since this is a debit card, means one can earn 2k miles/month for paying oneโ€™s other credit card billโ€ฆ meaning earning 2k miles without โ€œsacrificingโ€ spend from your other 4mpd cards etc.
This is because debit cards can be used as a source of fund (ie. underlying deposit account) to pay your credit card.

CFO

why won’t it go through? i’ve paid credit cards of other banks using a savings account debit card before (e.g. paid AmEx Plat with UOB ONE debit card on AXS app).

mechu

so even car loan payments using axs will earn heymax miles?

Chk

AXS means can use it to payout credit card bill?

shawnlis

can you stack with hsbc ega account’s 1% cashback?

MKT

Noob question, how to use visa on AXs payment? Thought only master?

cle

Does government bills means can use this to pay upcoming income tax for 2mpd?

Ram

wow this is something else! if only AXS allows you to pay for your rent…

Greg

Any options for rental payments to landlord bank account? Or still cardup/ipaymy?