InstaPoints are the Amaze Cardโs loyalty currency, introduced in July 2022 as a replacement for the previous cashback scheme.
Once upon a time, InstaPoints were a lovely little bonus, since you could earn them on top of credit card rewards. They were equivalent to a cash rebate of up to 1%, which help to offset the 1.8-2% spread charged by Amaze.
But InstaPoints have been in a death spiral for a while now. The rebate was cut to 0.5%, a monthly earning cap of just 500 InstaPoints was added, and then on 10 March 2025, Amaze nuked the programme by axing InstaPoints for card-linked Amaze transactions, and removing the cashback option in favour of KrisFlyer miles (at a very poor conversion rate).
Long story short, InstaPoints wonโt have much appeal to most people these days, but on the off chance youโre interested, hereโs a guide to the ins and outs of earning and burning them.
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How are InstaPoints earned?
Transactions on the Amaze Card earn InstaPoints at the following rates:
| Transaction Currency | Amaze Wallet | Debit & Credit Card |
| SGD | 0.5 InstaPoints per S$1 | N/A |
| FCY |
From 10 March 2025, only wallet-funded Amaze transactions will earn InstaPoints, at a rate of 0.5 InstaPoints per S$1.
Hereโs the key points to note:
- InstaPoints can be earned on both SGD and FCY transactions
- A minimum spend of S$10 is required to earn InstaPoints
- There is no cap on how many InstaPoints you can earn in a month
- InstaPoints are credited immediately upon completing the transaction
Other ways of earning InstaPoints
In addition to Amaze Card spending, InstaPoints 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)
What can InstaPoints be redeemed for?
InstaPoints used to be redeemable for cashback, but ever since 10 March 2025 there are only two redemption options.
| InstaPoints | Reward |
| 100-400 |
S$1.25 to S$5 off an Instarem funds transfer |
| 1,200 | 400 KrisFlyer miles |
Customers can redeem 100 to 400 InstaPoints for S$1.25 to S$5 off an Instarem funds transfer, which values each InstaPoint at 1.25 cents.
Alternatively, they can redeem 1,200 InstaPoints for 400 KrisFlyer miles. All conversions to KrisFlyer are instant (despite the T&Cs saying 10 business days), and free of charge.
Based on the conversion rate, spending with the Amaze Card is equivalent to earning 0.17 mpd.
When do InstaPoints expire?
InstaPoints expire 12 months from the date of crediting.
What transactions do not earn InstaPoints?
The following transactions do not earn InstaPoints:
- 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 โ 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.
Should you bother with InstaPoints?
Back when InstaPoints could be earned on top of credit card rewards, they were simply the icing on the cake.
But now, Amaze is forcing you to make a choice. Either you earn credit card rewards by linking Amaze to a card, or you earn InstaPoints by linking Amaze to a wallet.
For miles chasers, itโs a no-brainer. No one in their right mind would earn 0.17 mpd with a wallet-linked Amaze when you could earn 4 mpd with a Citi Rewards-linked Amaze (even if exchange rates are slightly better when using a wallet-linked Amaze).
However, if your primary concern is minimising the overall cost of an FCY transaction rather than earning rewards, then a wallet-linked Amaze lets you do just that. Itโs conceptually similar to spending on a multi-currency debit card like Revolut or YouTrip, with the added bonus of earning some rewards, paltry though they may be.
Conclusion
Amaze Card users now have to choose between earning InstaPoints or credit card rewards, and for most people, itโs not much of a contest. Unless youโre looking to minimise transaction costs as much as possible, card-linked Amaze is still the way to go.
Perhaps in the future Instarem may add some additional redemption options to make InstaPoints more attractive, but for now Iโm quite happy to ignore them altogether.
I wonder when the first SG bank will come up with a general spending card without any FCY fees. In the US theyโre totally standard and quite popular for wealthy people who donโt chase the optimal miles but donโt 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?
Iโve cashed out InstaPoints by using the funds in the Amaze wallet to buy supermarket vouchers. It was easier than setting up a GrabPay wallet.
Please advise on how to do so, thank you
So Amaze has just been nerfed for local currency transactions โ 1% on all transactions after your first 1000 per month.
If I redeem Instapoints to Cash into my InstaWallet, my CitiRewards points is still untouched? Because ultimately I would prefer to grow my miles in CitiRewards for airline redemption.
I not only ignore Insta Points altogether, I ignore the entire card. Has not been used since the latest ridiculous Nerf (made for our benefit of course!!!!!!!). For some it *may* still have some value pairing with Citi Rewards, but for me this is not the case. The card is dead. I wonder what will be their next nerf (to improve the card of course)? There is not much left to Nerf.