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.
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 Type||Difference From Spot||Reward Per Dollar||Effective Reward|
|A) Amaze Wallet||0.75%||1 InstaPoint||0.25%|
|B) Amaze with Linked Card||2.6%||4 miles + 0.5 InstaPoint||1.9 to 2.9%* (or more if you value miles more)|
|C) 4 miles per dollar Credit Card||0.75% + 3.25% fee||4 miles per dollar||0% to 1%*|
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.
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.
iQYZTH for 325 points
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 1 InstaPoint per S$1 equivalent* spent in foreign currency (equivalent to 1% rebate)
- 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
*0.5 InstaPoint per S$1 from 1st August 2023 onwards
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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