Buffed: Chocolate Visa Debit Card Giving 2 Max Miles Per Dollar, No Forex Fee, Works For Insurance, Education, and More!
Update: Chocolate Finance has blocked AXS transactions and e-wallet top-ups
Stop me if you’ve already heard this, but here’s a little buff that makes a little Chocolate card a little sweeter — everyone’s favourite (okay probably not everyone) little investment app has a debit card that will give 2 Max Miles per dollar from 11th February 2025.
The Chocolate Card continues to have no forex fee when paying for stuff in foreign currencies, making this a very compelling card for travel. And oh, before I forget to mention, this card will even give its reward on stuff like insurance, charity, and education transactions. Even AXS transactions you may ask? Yes even AXS transactions.
Yeah, you’d probably want to sign up for both Chocolate Finance and heymax if you haven’t already done so.
Chocolate Finance
Get up to 2% p.a. returns with Chocolate Finance and 1 Max Mile per dollar with Chocolate Card.
💰 Welcome Reward
Sign up by 1st November 2026
| Funding | Reward |
|---|---|
| Fund S$1,000 | S$30 Cash or S$40 Grab Vouchers |
| Fund S$10,000 | S$50 Cash or S$60 Grab Vouchers |
| Fund S$20,000 | S$120 Cash or S$130 Grab Vouchers |
Holding period: 60 days
💳 Chocolate Card
Get 1 Max Mile per dollar spent and no forex fees.
See airlines that Max Miles can go to. You need a HeyMax account first.
💰 Top-up Programme
| Balance | Rates |
|---|---|
| Up to S$20,000 | 2% p.a. (with top-up) |
| S$20,000 to S$50,000 | 1.8% p.a. (with top-up) |
| Above S$50,000 | Target 1.8% |
For reference only; refer to exact details in terms and conditions
HeyMax
Get bonus Max Miles on top of your usual card rewards. Max Miles can be used to redeem gift cards, airline miles and hotel loyalty points.
🎁 New Users
Verify your phone number and make your first confirmed purchase:
💳 Features
- Earn bonus Max Miles on top of usual card rewards
- Track card spending (Visa cards only)
- Look up Merchant Category Code and see what cards to use
For reference only; refer to exact details in terms and conditions
2 Max Miles per dollar with few exclusions
When you pay with the Chocolate Visa Debit Card, you will get 2 Max Miles per dollar on local and foreign transactions. The list of exclusions is remarkably short:
- 6529 Quasi Cash – Remote Stored Value Load – Financial
- 6530 Quasi Cash – Remote Stored Value Load – Merchant
- 6540 Non-Financial Institutions – Stored Value Card (update: blocked completely)
- 6050 Quasi Cash – Financial Institutions, Merchandise, Services
- 6051 Non-Financial Institutions – Foreign Currency, Money Orders (Not Wire Transfer), Stored Value Card/Load, Travellers Cheques, and Debt Repayment
- 4829 Money Transfer
- 6010 Financial Institutions – Manual Cash Disbursements
- 6011 Financial Institutions – Automated Cash Disbursements
- 6012 Financial Institutions – Merchandise, Services and Debt Repayment
Topping up Grab or Shopee wallets won’t work, but aside from just 9 Merchant Category Codes (MCC) listed above, everything else is fair game. This means we can now get pretty good rewards on commonly excluded transactions like insurance, education, and charitable donations.
Even AXS isn’t excluded so… have fun everyone. I repeat: AXS isn’t excluded.
Get S$450 or 26,000 Max Miles upsized S$500 or 28,000 Max Miles with HSBC Cards! Limited time only, tap here to see eligible cards
Cap of S$1,000 spend per month
There is a monthly cap of S$1,000 spend per month that will receive this 2 miles per dollar earn rate. Amounts above this will get 0.4 Max Miles per dollar instead.
Best travel card? No forex fee + 2 miles per dollar
Having no forex fee isn’t a new feature, but having no forex fee + 2 miles per dollar can easily make Chocolate Visa Debit Card the new king of travel cards.
More testing is in order, but unless the distance between the rates of Chocolate’s card and that of other no-forex fee cards is more than 2%, Chocolate’s new earn rate can easily tilt the scales in its favour. For instance, if Chocolate’s rate for a particular transaction costs me S$101 while other forex cards charge S$100, that extra 1% I pay is more than offset by the 2 Max Miles per dollar.
In all likelihood, given that Chocolate is likely using Visa’s rates, the exchange rates for this card would be very similar to that of other cards, but do stay subscribed for testing results.
What can Max Miles do?
Max Miles, as the name suggests, can be used as miles for a variety of frequent flyer programme with the noticeable exception of Singapore Airlines’ KrisFlyer. It also does not have my current favourite EVA Air’s Infinity MileageLand.
Nonetheless, there is value to be found in miles of other frequent flyer programmes which I will talk about in future pieces.
| Use Case | Value Per Max Mile | Rebate % of Chocolate Card |
| Gift Cards | 1¢ | 2% |
| Fly AnyWhere | 1.8¢ | 3.6% |
| Airline Miles | Depends | Depends |
Don’t forget that Max Miles can also be converted into gift cards at 1 point = 1 cents, making 2 Max Miles per dollar approximately 2% in rebates. You can also offset flights you have paid with cash at 1.8 cents each, making 2 Max Miles per dollar around 3.6% rebates in flights!
Watch the video for more info.
Is Chocolate Finance still worth using?
With rates down from 4.2% then 3.6% and now 3.3%, is Chocolate Finance still worth using? I have some thoughts on this which I will talk about soon, so stay subscribed for more updates.
Frequently Asked Questions
AXS wouldn’t let me pay with my Chocolate CardSelect Credit Card (Local) → Other Banks. Chocolate Card is a debit card, but AXS only recognises it as a credit card. Update: This no longer works.
Can I pay credit cards or loans with it?
No. AXS does not allow credit card bills or loans to be paid via credit cards. Since AXS recognises Chocolate Card as a credit card, you cannot pay your credit bills or loans with the Chocolate Card.
Can I pay my insurance, income tax, OnlyFans subscription etc. and get 2 Max Miles per dollar?
As long as it is not one of the 9 excluded MCCs (see above) and the transaction accepts payment via a Visa card, you will get your Max Miles.
Is there a monthly cap?
There is a S$1,000 cap per month for the 2 Max Miles per dollar earn rate. Spends above this amount will get 0.4 Max Miles per dollar without a cap.
A S$1,500 transaction, for example, will get 2,200 Max Miles (S$1,000 × 2 miles per dollar + S$500 × 0.4 miles per dollar)
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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