Buy Max Miles through Chocolate Finance at 1.6 cents each

If you’re looking to earn more Max Miles, Chocolate Finance is now trialing a new feature that allows selected accountholders to convert their returns into Max Miles. 

This is basically a way of buying Max Miles at 1.6 cents each, and in my opinion, a no-lose proposition. Not only is the price 20% cheaper than HeyMax’s own Max Miles Boost campaign, but you can cash out Max Miles at 1.8 cents each through the FlyAnywhere feature.

To put it another way, it’s an arbitrage opportunity, and one you should definitely take advantage of, assuming you have funds in Chocolate Finance already.

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Convert Chocolate Finance returns into Max Miles

Chocolate Finance is now offering selected customers the opportunity to convert their February 2026 returns into Max Miles, at a rate of 62.5 Max Miles per S$1 of returns. 

If you’ve been targeted to participate, you’ll see this banner in the Chocolate Finance app.

Tapping on the banner will bring you to a form, where you’ll indicate how much of your February 2026 returns you want to convert into Max Miles.

• The form must be submitted by 6 p.m on 31 March 2026
• On 1 April 2026, Chocolate will withdraw the chosen amount from your balance
• Max Miles will be awarded within the first week of April 2026
• Your HeyMax email address must match the email used on Chocolate Finance in order for miles to be properly credited.

For example, if your returns for February 2026 were S$100, you can opt to convert up to S$100 into 6,250 Max Miles. You don’t have to convert your entire balance if you don’t want to, but, as we’ll see in the next section, you really should. 

Terms & Conditions

The T&Cs for the Max Miles conversion campaign can be found here.

Is it worth it?

Simply put: yes.

If you’ve been selected to participate, this is an offer you should absolutely take up — even if you have very little interest in miles otherwise. Why? Because the HeyMax FlyAnywhere feature allows you to encash those Max Miles at 1.8 cents each.

In other words, you earn an extra return by “buying” Max Miles at 1.6 cents and “selling” them at 1.8 cents. 

The table below compares the returns for someone who cashes out their Chocolate Finance returns in cash, versus in Max Miles (and then to cash via FlyAnywhere at 1.8 cents/mile).

Therefore, if you already have funds inside Chocolate Finance, then you might as well boost those returns to 2.25% and 2.03% respectively through the Max Miles conversion option.

Here’s how FlyAnywhere works:

1. Book your air tickets however you like: through the airline’s official website, an OTA, or even a traditional brick-and-mortar travel agency.
2. Submit a FlyAnywhere redemption request and upload the receipt
3. Get reimbursed for your flight in cash, via PayNow, at a rate of S$0.018 per Max Mile

FlyAnywhere redemptions can be made for anyone, so even if you don’t have any recent or upcoming travel plans, you can always get a friend or family member to forward you their ticket as the basis for your claim.

There are two points worth highlighting:

• FlyAnywhere requires a minimum redemption of 1,000 Max Miles (equivalent to S$16 of Chocolate returns), but there is no fixed redemption denomination beyond that threshold
• Partial redemptions are not allowed. You must have enough Max Miles to cover the entire cost of the ticket

Therefore, if you were starting from a zero Max Miles balance, then you might end up with orphan miles.

That said, even if your Chocolate Finance returns are insufficient to cover the cost of a commercial ticket, FlyAnywhere also supports award flights. In this scenario, you’ll be reimbursed for the cash component of the ticket, i.e. taxes and surcharges.

These start at S$65.20 or 3,622 Max Miles for flights from Singapore. Taxes can be even lower for other points of origin (e.g. just US$5.60 from the USA), so it shouldn’t be too difficult to cash out. 

A few more points to know about FlyAnywhere:

• Requests can be submitted for any flight booked within the past one month (whether or not it’s already been flown)
• Both budget and full service carriers are supported, with no airline restrictions
• Tickets in foreign currency will be converted into SGD at the current spot rate to calculate the Max Miles deduction
• If you use a non-cash instrument to pay for part of your commercial ticket, e.g. United TravelBank or some other airline credits, Max Miles can only be redeemed for the remaining component paid in cash

I’ve written a detailed guide to FlyAnywhere, which can be found below.

HeyMax FlyAnywhere guide: Redeem Max Miles for any seat, any airline, anywhere

What else can you do with Max Miles?

Apart from FlyAnywhere, Max Miles can be converted to more than 30 airline and hotel partners, at a 1:1 ratio for all programmes (except AirAsia Rewards, Shangri-La Circle and IHG One Rewards). 

You could certainly get more than 1.6 cents per Max Mile from some of these programmes. The ones that immediately jump to mind are World of Hyatt points and Accor points. Accor points, in particular, have a fixed redemption value of €0.02 each, so buying them at S$0.016 is like locking in a discount of ~46% on future hotel stays.

Conclusion

Selected Chocolate Finance customers can now convert their returns into Max Miles, effectively buying them at 1.6 cents each.

With the FlyAnywhere cash-out option valuing Max Miles at 1.8 cents each, this is essentially an arbitrage opportunity. Moreover, 1.8 cents should be the floor valuation, because you can achieve higher returns by converting those Max Miles into miles or points with HeyMax’s 30+ partners.

For the moment, conversions are limited to your February 2026 returns from Chocolate, but I understand this trial could be further expanded if the take-up is good—as it likely will be.