Chocolate Finance Miles for Returns: Buy Max Miles at 1.25 cents each

Earlier this year, Chocolate Finance trialed a new feature called Miles for Returns that allowed selected customers to convert their monthly returns into Max Miles.

Based on the rate of 62.5 Max Miles per S$1, this was an opportunity to buy Max Miles at 1.6 cents each, and basically a form of arbitrage, since Max Miles can be cashed out at 1.8 cents via the FlyAnywhere feature.

Miles for Returns is now rolling out to all customers — along with some enhancements to the Chocolate Visa Card — and for the next three months, the conversion rate will be boosted to 80 Max Miles per S$1, allowing you to buy Max Miles at 1.25 cents each.

If you have funds in Chocolate Finance already, I think this is basically a no-brainer.

Convert Chocolate Finance returns into Max Miles

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Open a Chocolate Finance account via SingSaver and get up to S$120 cash or S$130 Grab vouchers. T&Cs.

From 1 September to 30 November 2026, Chocolate Finance customers can convert their monthly returns into Max Miles at a promotional rate of 80 Max Miles per S$1.

For example, if your returns for August 2026 are S$100, you can convert up to S$100 into 8,000 Max Miles once September 2026 comes around.

The rate will revert to the regular 62.5 Max Miles per S$1 from 1 December 2026.

Some of you may already be able to convert returns into Max Miles, as your accounts were selected for the trial. However, if you’re planning to wait for the boosted rate to come into effect, do note that you cannot “carry over” returns across months.

Once September 2026 starts, you lose the ability to convert July 2026’s returns. In other words, only the returns of the previous month are eligible for Miles for Returns.

Minimum S$5,000 ADB requirement

In order to participate in Miles for Returns (or earn Max Miles on the Chocolate Visa Card), you must have maintained a minimum average daily balance (ADB) of S$5,000 in your Chocolate SGD account in the previous month.

This criteria will be waived for September 2026, so you can convert August 2026’s returns regardless of the ADB. However, it will be a requirement from October 2026 onwards.

That said, if you have less than S$5,000 ADB in your Chocolate account, you probably won’t have much returns to convert anyway.

How do you convert your returns?

Miles for Returns conversions can be done directly from the Chocolate app, and is a lot more seamless compared to the beta.

Look for this banner on the home page and tap on it.

You’ll then be asked to indicate how much of your returns you wish to convert into Max Miles (my screenshots are based on the standard rate of 62.5 Max Miles per S$1, as mentioned, this will be boosted during the September to November period).

Max Miles will be credited instantly upon confirmation. Your HeyMax email address must match the email used on Chocolate Finance for miles to be properly credited.

Should you convert your returns?

Simply put: yes.

This is an offer you should absolutely take up — even if you have very little interest in miles otherwise.

Why? Because of the HeyMax FlyAnywhere feature. This allows you to redeem Max Miles against the cost of a commercial or award flight booking at 1.8 cents each, as a direct deposit to your bank account.

The basic idea here is that you “buy” Max Miles at 1.25 cents each and redeem them at 1.8 cents each, earning the spread. For example:

• If you have a S$20,000 balance in Chocolate, your monthly returns are S$33.33 (2% of S$20,000 / 12 months)
• You can convert those returns into 2,666 Max Miles (S$33.33 x 80), which can be cashed out for S$48 via FlyAnywhere
• Earning S$48 monthly on S$20,000 is equivalent to a 2.88% return.

The table below compares the returns from cashing out Chocolate Finance returns in cash, versus Max Miles.

How does FlyAnywhere work?

Here’s a quick recap of how FlyAnywhere works:

1. Book your air tickets whatever way 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 via the HeyMax app
3. Get reimbursed for your flight in cash, via PayNow, at a rate of 1.8 cents per Max Mile

Both commercial and award flights are eligible — in the case of the latter, HeyMax will reimburse you for the cash component of the ticket, i.e. taxes and surcharges.

Taxes start at S$65.20 or 3,622 Max Miles for flights departing from Singapore, though you might have to pay slightly more because some countries (e.g. Australia, New Zealand, Thailand and the USA) charge taxes on arriving passengers too.

There are no fuel surcharges on Singapore Airlines flights, but you will have to pay them on carriers like British Airways, Cathay Pacific, Emirates and Lufthansa.

The main catch with FlyAnywhere is that it requires a minimum redemption of 1,000 Max Miles (equivalent to S$12.50 of Chocolate returns), but there is no fixed redemption denomination beyond that threshold.

Also, partial redemptions are not allowed. You must have enough Max Miles to cover the entire cost of the ticket, so unless you’re lucky, zeroising your account on a FlyAnywhere redemption won’t be possible.

A few more things to know about FlyAnywhere:

• 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 air ticket as the basis for your claim
• 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. 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?

Get 200 Max Miles when you open an account and complete your first transaction

Get a HeyMax Account

Of course, you don’t have to cash out your Max Miles via FlyAnywhere if you don’t want to.

Max Miles can be converted to more than 20 airline and hotel partners, at a 1:1 ratio for most frequent flyer programmes.

What FlyAnywhere does is set the baseline value — you should not be converting Max Miles to any programme that gives you <1.8 cents per mile.

Conclusion

Chocolate Finance is rolling out Miles for Returns for all customers, allowing them to convert the previous month’s returns into Max Miles.

A promotional rate of 80 Max Miles per S$1 will be offered for the months of September, October and November 2026, which is equivalent to buying Max Miles at 1.25 cents each. If you have funds with Chocolate already, it’s a deal you really should take.

Even at the regular rate of 62.5 Max Miles per S$1, there’s still an arbitrage opportunity so long as you can cash out Max Miles at 1.8 cents each via FlyAnywhere.