Nerfed? Amaze Seems to be Adding 2% Fee For Wallet App Top-ups (Grab Wallet Included)
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.
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.
💳 Features
- Save on forex fees (typically around 2% spread compared to credit card forex charges of more than 3%)
- 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
Note that local transactions incur a 1% fee with a S$0.50 minimum per transaction.
For reference only; refer to exact details in terms and conditions
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.
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.
Subscribe to the channel for free updates!
Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!
Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).