Yesterday (19th June 2023), it was reported that Instarem Amaze would add a 2% fee to wallet app and prepaid card top-ups which invariably include Grab wallet from 5th July 2023 onwards. This would prevent cashing out your Instapoints for free and perhaps put a stop to some other more creative uses of the Instarem Amaze app.
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
How to cash out Instapoints
Instapoints earned through referrals and spending can currently be cashed out with the use of Grab. Within the Instarem app, you can redeem your Instapoints with a minimum block of 2,000 points for S$20. When you do so, the cash will be credited to your Amaze wallet which you can then use to top up your Grab wallet. Such funds are transferrable to your PayNow number within the Grab app.
- Redeem Instapoints for SGD in your Amaze wallet
- Link Amaze wallet as the payment source
- Add your Amaze card number to Grab and top up your Grab wallet using your Amaze card
- Transfer out the top-up to your PayNow number
Grab only allows you to top up with a minimum of S$10 and does not allow cents, but you can always use a Mastercard (because using a Visa card incurs a fee) to top up funds to your Amaze wallet until you can withdraw the balance completely (e.g. top up S$12.29 to a S$7.71 balance to make a round S$20).
Until Instarem adds the 2% fee, this method is free of charge, so you should take the chance to cash out now while there is no cost.
If you are short on Instapoints for the minimum S$20 redemption, you have to refer friends or make more spending (ongoing spend promo is until 12PM 30th June 2023).
Is it still happening though?
Milelion first reported this yesterday morning, but I tried checking the terms and conditions last night and could not find any mention of this nerf in Instarem’s terms and conditions. Apparently, Instarem has since updated their terms and conditions to remove mention of this. Are they backpedaling on this change? Stay subscribed to the Telegram for more updates.
Update: Well, the terms and conditions have again been updated to include the date.
Regardless, I would think it’s safer to quickly cash out your Instapoints while you can do so without a charge. I personally did so earlier today and it still worked.
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