Earning InstaPoints with the Amaze Card: Introducing the Amaze Card, your ticket to maximizing credit card rewards and InstaPoints simultaneously, offering an extra rebate of up to 0.5%. Here’s the breakdown of how it operates:
In addition to credit card rewards, Amaze Cardholders now have the opportunity to accumulate InstaPoints, introduced in July 2022 as a replacement for the previous cashback scheme.
While it’s true that InstaPoints offer a reduced level of benefits compared to their predecessor, with a maximum effective rebate of 0.5% when paired with a linked credit card (as recommended), down from the previous 1% before August 2023, there are also minor inconveniences such as a minimum spend requirement of S$10 and a transaction cap of 500 InstaPoints.
However, as long as Amaze continues to accrue credit card rewards, InstaPoints serve as an additional perk. Consider them as a rebate to counterbalance Amaze’s margin, which, ranging between 1.8-2% above Mastercard, still surpasses what many banks offer.
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Amaze Card
- Connect up to five Mastercard credit/debit cards.
- Overseas transactions are converted into SGD without Foreign Currency Transaction (FCY) fees, although subject to FX spread, and billed to the linked credit/debit card.
- The Merchant Category Code (MCC) for transactions remains unchanged; however, transactions initially charged to Amaze as offline will register as online transactions for the linked credit/debit card.
- Earn between 0.5 to 1 InstaPoint per S$1 spent on FCY transactions totaling at least S$10 (excluding specific categories), with a maximum of 500 InstaPoints per transaction.
- Exchange InstaPoints for cashback in increments of 2,000 InstaPoints, equivalent to S$20.
In this post, we’ll go through the ins and outs of earning and burning InstaPoints.
How are InstaPoints earned?
Amaze Cardholders earn InstaPoints at the following rates:
| Transaction Currency | Amaze Wallet | Debit & Credit Card |
| SGD | N/A | |
| FCY | 1 InstaPoint per S$1 | 0.5 InstaPoints per S$1 |
| Watch for promos |
| Amaze runs periodic promotions that upsize the InstaPoints earn rate, so make sure you’ve turned on push notifications for the Instarem app. Recent examples include 2 InstaPoints per S$1 on overseas dining, and 4,000 InstaPoints for spending at least S$1,500 on MR transactions |
InstaPoints are exclusively granted for FCY transactions valued at a minimum of S$10 post-SGD conversion.
You can accrue a maximum of 500 InstaPoints per transaction, reaching the cap with expenditures of:
- Amaze Wallet: S$500
- Debit & Credit Card: S$1,000
Wondering if it’s worthwhile to divide transactions exceeding these thresholds? While it’s possible with ample time and merchant cooperation, it’s not a practice I find necessary in my own experience.
Instant credit of InstaPoints follows completion of the transaction.
What can InstaPoints be redeemed for?
InstaPoints can be converted into cash rebates in the following denominations:
| InstaPoints | Cashback |
| 2,000 | S$20 |
| 10,000 | S$100 |
| 50,000 | S$500 |
| A 400 InstaPoints = S$5 option exists, but that’s not cashback. Instead, it’s a discount voucher for your next Instarem FX transfer | |
Each InstaPoint holds a consistent value of 1 cent, regardless of its quantity, thereby entailing the following maximum rebates with the Amaze Card:
- Amaze Wallet: Up to 1%
- Debit & Credit Card: Up to 0.5%
However, it’s important to acknowledge the “up to” caveat. Due to the 500 InstaPoints cap per transaction, the effective rebate diminishes for expenditures exceeding S$500 (Amaze Wallet) or S$1,000 (debit & credit cards).
Instant crediting of cashback from InstaPoints redemptions occurs directly to the Amaze Wallet.
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Can I cash out InstaPoints?
Transferring Amaze Wallet balances to a bank account isn’t directly feasible.
An alternative method involves utilizing your Amaze Wallet balance to refill a GrabPay Wallet, subsequently allowing for the transfer of the GrabPay balance to a bank account, facilitated by Amaze’s status as a local debit card.
Nevertheless, it’s important to note that Amaze imposes a 1% administrative fee for e-wallet top-ups, introducing some level of friction to the process.
When do InstaPoints expire?
InstaPoints have a validity period of 12 months from the date of crediting.
Considering the absence of non-cashback incentives within this system, it’s improbable that individuals would retain InstaPoints for such a duration.
Additionally, the conversion ratio to cashback remains consistent irrespective of the InstaPoints’ quantity, thus offering no motivation to accumulate points for larger conversion blocks.
What transactions do not earn InstaPoints?
InstaPoints are not earned for the following types of transactions:
- Any transaction conducted in SGD.
- FCY transactions below the S$10 threshold.
- Transactions falling under the following Merchant Category Codes (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 – 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.
Other ways of earning InstaPoints
While spending with the Amaze Card undoubtedly stands as your primary means of accruing InstaPoints, you can also earn them through:
- Initiating overseas money transfers totaling at least S$500 (earning 1 point per S$100).
- Referring a friend to Instarem, garnering 200 points per successful referral.
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Conclusion
Amaze Cardholders have the opportunity to benefit from both credit card rewards and InstaPoints, potentially yielding an effective rebate of up to 0.5% (or up to 1% if the Amaze wallet is linked, albeit at the expense of credit card rewards).
Despite the constraints of a minimum spend requirement of S$10 and a cap of 500 InstaPoints per transaction, any initiative that widens the disparity between Amaze and bank FCY fees is highly appreciated in my view.
Presently, InstaPoints are exclusively redeemable for cash rebates. However, there’s speculation whether additional rewards might be introduced in the future.
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