Back in March 2025, the Instarem Amaze Card nerfed its InstaPoints rewards system to remove cashback redemptions. This left KrisFlyer miles as the only way of using InstaPoints, assuming you had no plans to make overseas funds transfers.
However, Instarem has now had a change of heart. Cashback is back on the menu once more, along with a spiffed-up app, and an enhanced referral programme offering S$25 each to referrer and referee.
Amaze restores cashback redemptions
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| Apply | |||
| Use code 7HK2A2 for 2,000 bonus InstaPoints |
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| 💳 tl;dr: Amaze Card | |||
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Effective immediately, Amaze cardholders can redeem InstaPoints for cashback at the following rates:
- 1,000 InstaPoints = S$5
- 2,000 InstaPoints = S$25
If you don’t see these options, remember to update your Instarem app to the latest version.
| ❓What were the previous cashback options? |
| Prior to March 2025, InstaPoints could be redeemed for cashback at 1,000 InstaPoints= S$5 or 2,000 InstaPoints= S$20. Therefore, there’s been a slight improvement in InstaPoint valuation. |
The 2,000 InstaPoints denomination obviously represents superior value, but users will be capped at redeeming this reward once per calendar month. You can make as many redemptions of the 1,000 InstaPoints denomination as you wish — but you’re better off saving up for a larger redemption.
These cashback options will be offered alongside the existing rewards of KrisFlyer miles and discounts on Instarem fund transfers.
| 🎁 InstaPoints Redemption Options |
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| InstaPoints | Reward |
| 100 to 400 |
 S$1.25 to S$5 off an Instarem funds transfer |
| 1,200 |  400 KrisFlyer miles |
| 1,000 | S$5 cashback |
| 2,000 | S$25 cashback 1x redemption per month |
With the return of cashback, is it still worth redeeming InstaPoints for KrisFlyer miles?
It depends on how much you value an InstaPoint. If we use the 2,000 InstaPoints = S$25 denomination, then you’re effectively paying S$15 for 400 KrisFlyer miles, or 3.75 cents per mile — an insanely high price.
If we use the 1,000 InstaPoints = S$5 denomination, then the cost per mile is 1.5 cents per mile. This is a lot more reasonable, but I don’t believe it’s the right denomination to be redeeming in the first place.
How are InstaPoints earned?
Perhaps the bigger issue is that most people won’t have many InstaPoints to begin with, because ever since March 2025, Amaze no longer awards InstaPoints for card-linked transactions.
| Transaction Currency | Amaze Wallet | Debit & Credit Card |
| SGD | 0.5 InstaPoints per S$1 | N/A |
| FCY |
This means that InstaPoints and credit card rewards are mutually exclusive. You can use a wallet-linked Amaze to earn InstaPoints, or a card-linked Amaze to earn credit card rewards, but you cannot do both.
Here are 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
Given the conversion rate from InstaPoints to KrisFlyer miles, it would take S$2,400 of Amaze spending to earn 400 KrisFlyer miles, so the implicit earn rate for wallet-linked transactions is 0.17 mpd.
That is far worse than any miles-earning credit card, so you shouldn’t be spending with a wallet-linked Amaze, unless your only priority is to minimise the cost of the FCY transaction.
If you choose the cashback redemption option, then the effective rebate for wallet-linked transactions is 0.63% (based on 2,000 InstaPoints = S$25). It would be far better to spend on a zero FCY card with up to 1.5% cashback instead.
Other things to know about InstaPoints
When do InstaPoints expire?
InstaPoints have a hard expiry of 12 months from the date of crediting. Earning or redemption activity does not extend the life of your balance.
What transactions do not earn InstaPoints?
The following transactions do not earn InstaPoints:
| 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, Underwriting, 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 |
Amaze’s exclusions largely match those of banks, with education, insurance, government payments and hospitals all ineligible. This means you won’t earn any InstaPoints should you use the Amaze to pay for overseas school fees, visa applications or medical treatment.
Referral programme
Instarem has launched a new referral programme that awards both the referrer and referee 2,000 InstaPoints when the latter signs up with their code and:
- Sends a transfer of S$1,000 or more, or
- Spends at least S$100 on the Amaze Card
It’s a pretty decent return for both parties, so if your friends and family don’t have an Amaze yet, now’s the time to start bugging them.
Overview: Amaze Card
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| Apply | |||
| Use code 7HK2A2 for 2,000 bonus InstaPoints |
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| Income Req. | None | Points Validity | 12 months |
| Annual Fee | None |
Min. Transfer | 1,200 points (400 miles) |
| FCY Fee | None | Transfer Partners | 1 |
| Earn Rate | 0.17 mpd Wallet Up to 4 mpd Card |
Transfer Fee | None |
| Cardholder Terms and Conditions | |||
The Amaze Card is available to anyone with an Instarem account, and has no minimum income requirement nor annual fee.
Applications can be made through the Instarem app (Android | iOS), and a virtual card is issued immediately upon approval.
Amaze is a debit card, which is funded by either:
- Amaze Wallet
- A debit or credit card
Here are the differences between the two funding sources.
| Amaze Wallet | Debit or Credit Card | |
| Conversion Rates | More favourable Transparent: You know the rate before spending |
Less favourable Opaque: You only know the rate after spending |
| Lock in FX Rates? | Yes | No |
| Credit Card Rewards | No | Yes |
| InstaPoints | Yes | No |
| Transaction Limits | Wallet limit: S$15K Annual limit: S$75K |
Based on the linked card |
For more on the Amaze Card, refer to my review below.
Conclusion
Instarem has restored cashback redemption options for Amaze cardholders, who can now redeem 2,000 InstaPoints for S$25, or 1,000 InstaPoints for S$5. You’ll definitely want to save up for the bigger denomination, though it’s capped at one redemption per month.
In any case, InstaPoints aren’t that easy to earn, since I imagine most readers of this site will be doing card-linked spend, which doesn’t earn InstaPoints. The only real way to earn InstaPoints in that case is through referrals, with a fairly generous S$25 each for referrer and referee.
So basically nothing changes.
What ever new changes is still crap for the average user
for mile user> I want credit card rewards, unless amaze can introduce like 6MPD using wallet , no one going to care
for cashback user> I rather use other product like Mari or trust 0% FCY but with a 1.5% cashback(better than amaze)
You have not mentioned the big NURF. And that is, there now seems to be restrictions on what can be withdrawn from your wallet. And it seems that any merchant credit can no longer be withdrawn – only spent – removing a fairly lucrative way of earning/buying cheap miles for those who were smart……….