Nerfed: Amaze to Impose Monthly Cap of 500 InstaPoints, Drops Earn Rate of Wallet-Linked Payments

From 1st June 2024, Instarem is making significant changes to Amaze that makes it a less attractive option for rewards enthusiasts. The main change is that the total InstaPoints you can earn per month is now 500.

Also, the earn rate of wallet-linked payments is reduced from 1 to 0.5 InstaPoint per S$1 (in foreign currency). On top of that, the fee to top up your wallet has increased from 1.5% to 2.1% for Visa cards, and from no charge to a 1% charge for Mastercard.

Lastly, they also introduced a new exchange rate of 1,000 InstaPoints for S$5 cashback. You can still exchange 2,000 InstaPoints for S$20, but they are giving the option of taking a 50% haircut off the value if you can’t reach 2,000 InstaPoints.

Summary of Changes

New IP redemption Option2000 IP = S$20 cashback2000 IP = S$20 cashback

1000 IP = S$5 cashback
IP Earning Rate per SGD 1 (foreign currency)0.5 IP on linked card
1 IP on wallet
0.5 IP on linked card and wallet
Cap on IP Earning500 IP per transaction500 IP per month
Wallet Top-Up Fee (Visa)1.5%2.1%
Wallet Top-Up Fee (Mastercard)Free1%

Is Amaze still viable?

Amaze has been a mainstay since its introduction in 2021, but as with all good things they tend to become less amazing over time. Despite a slew of nerfs over the past couple of years, Amaze remains relevant for a few reasons.

  1. Ability to convert offline to online spends for cards like Citi Rewards
  2. Reducing fees for foreign currency transactions and still earn card rewards

While Item 1 still persists despite a few scares here and there, Item 2 has been under fire and perhaps made worse with this change. Amaze has been hiking foreign currency exchange rates when credit cards are used as the payment source, which is made less painful since you can earn InstaPoints to offset the fees.

After 1st June, the cap has been slashed from 500 InstaPoints per transaction to 500 InstaPoints per month. It does look quite bad on surface, but that is still good for S$1,000 of foreign currency transactions per month, though I’m sure there are quite a number of people affected by this.

Nonetheless, as long as credit card rewards can more than offset the fees, Amaze can continue to be a viable option for overseas expenditure.

Slow death knell of good stuff

By now, I guess we have grown accustomed to good things becoming not-so-good over time, and Amaze has been no exception. The key is to milk cows while they’re still fat (or some other expression) and the best way to do so is to stay subscribed so that relevant updates and great deals can be received.

Keep up to date on the best cashback/mile cards, financial products, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.

Subscribe to the channel, then join the group chat. You would often benefit from the tips shared exclusively in the group chat!

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).