Instarem’s amaze Card Review: Is It Still Amazing?

Denise Bay

Denise Bay

Last updated 04 May, 2022

In this Instarem amaze card review, we’ll break down the amaze card changes and determine if the amaze card is still worth its salt. 

The Instarem amaze card was really quite something — it lets anyone and everyone earn free 1% cashback so long as they met the easily attainable criteria. Alas! Good things don’t last forever. With effect from April 2022, amaze card users will have to contend with slashed cashback and tougher requirements altogether. 

Instarem amaze card changes 

  1. Only eligible transactions of at least S$10 (or currency equivalent) will earn cashback, up from S$5 
  2. A total spend of at least S$1,500 (or currency equivalent) per calendar quarter is required, up from a mere S$500 each quarter 
  3. Eligible SGD transactions will earn 0.5% cashback, down from 1%
  4. Cashback cap of S$50 per calendar quarter, down from S$100 

How does amaze card work?

Instarem’s amaze card lets you link up to five Mastercard debit or credit cards that you can take with you anywhere, anytime.

The amaze card lets you stack rewards by offering up to 1% cashback on all eligible transactions, so long as you’ve jumped through all hoops. This is fantastic as it’s essentially ‘free’ cashback — you’ll continue to rack up rewards earned on your credit card spend. 

Our favourite Mastercard credit cards include: 

Eligible SGD transactions will earn 0.5% cashback while eligible foreign (i.e. non-SGD) currency transactions will earn 1% cashback. Thanks to the newly revised T&Cs, amaze card users can only earn a maximum cashback of S$50 per calendar quarter, down from the previous S$100. 

Take note that cashback will not apply to refunded transactions or transactions that fall within the Merchant Category Codes (MCCs) detailed in their T&Cs.

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How to use amaze card?

Follow these easy steps to start using your amaze card: 

  1. Activate your amaze card through the Instarem app
  2. Link your preferred Mastercard card(s) 
  3. Indicate your default card
  4. Use your amaze card 

Use the amaze card as you would any credit card; it even lets you make contactless payments.  

Even if you’re paying in a foreign currency, simply charge your purchase to your amaze card and it will automatically convert the amount for you at competitive FX rates, without additional fees or charges. 

To check how much your transaction is exactly in SGD, log in to your Instarem mobile app. 

Furthermore, there is no need to top up your amaze card before using it online, in-store or on the go either.

amaze card cashback 

When will you receive your amaze cashback?

Instarem will credit your cashback to your amaze wallet on the 25th of the month after every quarter. To illustrate, you can expect to receive your amaze cashback on 25th April for eligible amaze transactions made from January to March. 

How to use your amaze cashback? 

As the amaze cashback is nestled in your amaze wallet, you need to switch your linked Mastercard to the amaze wallet to utilise your cashback. 


You have S$40 cashback in your amaze wallet. After you’ve linked your amaze wallet to your amaze card, you can pay up to S$40 using your amaze card. Your purchase will be paid using the balance in your amaze wallet. 

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Is Instarem amaze card’s exchange rate good? 

Proponents of YouTrip may not know this: the amaze card doesn’t come with annoying FX fees or charges! 

This means users can access competitive FX rates 24/7 wherever they may be, plus continue to earn rewards on their linked credit card. 

Can you use amaze card on Apple Pay?

Unfortunately, not at the moment. You’re in luck if you have Google Pay, though. 

Instarem amaze card referral

You get 400 InstaPoints referral bonus when you invite a family member or friend to join Instarem. Your referred family member or friend will receive 475 InstaPoints. 

What exactly are InstaPoints and how do they work? Consider InstaPoints as loyalty points that can be redeemed for a discount on your future money transfers overseas. Yes, Instarem lets you remit money overseas, just like Wise

Is Instarem amaze card still amazing? 

Honestly, things were much better before they started clamping down on excluded transactions and tweaking its T&Cs against consumers’ favour. 

However, although the cashback part of the equation isn’t as attractive as it used to be, the amaze card is a superbly convenient addition to anyone’s wallet, particularly so if you’re a frequent traveller or if you spend in foreign currencies predominantly. 

Apart from letting you enjoy competitive FX rates, and avoid FX fees, all while letting you earn credit card rewards, the cherry on top would be that there’s no need to top up or have funds locked up in the account. 

These are the main reasons why my husband uses the Instarem amaze card all the time on his overseas trips. 

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YouTrip Review 2022: Fees, Rates, and Promos
Mobile Wallets In Singapore: Complete 2022 Guide
Best Credit Cards For Overseas Spending In Singapore
6 Credit Cards Which Give Free Access to Airport Lounges
7 Travel Insurance Plans With COVID-19 Coverage (2022)

While Denise has a thing for travel, K-dramas, 0% sugar bbt (with boba!), Japanese cuisine and flat white, her curious nature means all sorts of random tabs are open on her phone 24/7. She doesn’t like to pay full price for anything, too.