Nerfed: Amaze Halves Earn Rate on Foreign Currency Transactions

From 1st August 2023, Amaze transactions charged to a linked card will earn 0.5 InstaPoints instead of the current 1 InstaPoint per S$1 spent in foreign currency. Announced by Instarem via an email sent yesterday (11th July 2023), this is yet another nerf done to amaze in recent months.

Card-linked foreign currency transactions only; wallet unaffected

As a result of this nerf, card-linked foreign currency transactions will earn only 0.5% rebate (each InstaPoint = 1 cent).

Wallet-linked transactions will still earn the usual 1 point per S$1 spent on foreign currency transactions, and this represents 1% rebate.

Apart from this, users of Amaze have found that while wallet-linked transactions give pretty good exchange rates (about 0.75% worse than spot rate), card-linked transactions have been faring much worse, about 2.6% worse than spot rate.


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Is Amaze still worth using?

Despite the nerf, using Amaze with a high-earn card after the nerf can setill get us good value because the rewards can outweigh the costs:

Payment TypeDifference From SpotReward Per DollarEffective Reward
A) Amaze Wallet0.75%1 InstaPoint0.25%
B) Amaze with Linked Card2.6%4 miles + 0.5 InstaPoint1.9 to 2.9%* (or more if you value miles more)
C) 4 miles per dollar Credit Card0.75% + 3.25% fee4 miles per dollar 0% to 1%*
*assuming 1 to 1.25 cents per mile valuation

Compared to using your Amaze Wallet (or other travel cards like YouTrip or Trust), you might not get the best exchange rate, but you can get 4 miles per dollar pretty easily with Citi Rewards which makes the lousier exchange rate worth it.

You increase your effective rewards when you tie Amaze to cards that earn even more rewards, such as Citi Cash Back or UOB Lady’s.

Using these high-earn cards directly typically results in a high fee charged by the bank, so using Amaze still makes sense even after the nerf is in effect from 1st August.

Instarem Amaze

Promo code iQYZTH for 325 points

New users:

Get 225 InstaPoints when you sign up with referral code iQYZTH and make at least one transaction of S$10. Get another 100 points when you verify your account upon sign up.


  • Get 0.5 InstaPoint per S$1 equivalent* spent in foreign currency (equivalent to 0.5% rebate, min spend S$10)
  • Save on forex fees (compared to your credit card forex charges)
  • Convert offline to online spending (for cards like Citi Rewards)
  • Store and swap between 5 credit cards on one Amaze card
  • Find out Merchant Category Code of transactions

Still good for making transactions online

In any case, for many people who use Amaze simply to convert spend online for cards like Citi Rewards and KrisFlyer UOB Card, this change has zero impact for local spending.

Even if the rates on foreign currency transactions become too untenable for Amaze to be used overseas, many would still be happy as long as Amaze continues to help convert offline transactions into online ones.


Readers who have been following this site for a while would know I typically take a more sanguine approach towards nerfs, especially if the product is still usable after the reduction in benefits.

Amaze may have been repeatedly nerfed, but it is still a very card to use for one’s travels and converting spend to online transactions. Let’s hope for more nerfs to come later rather than sooner.

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