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.
In our initial Instarem amaze card review, we noted that it 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; amaze card users will have to contend with slashed cashback and tougher requirements altogether.
But is it still amaze-ing? Read on to find out.
Table of contents
- Instarem amaze card changes
- UPDATE: UOB's exclusion and its impact
- What is Instarem amaze?
- How does amaze card work?
- Best credit cards to pair with amaze
- What are InstaPoints?
- Is there any annual fee or admin fee for the Instarem amaze card?
- Chargeable SGD transactions
- How to use amaze card?
- Is Instarem amaze card’s exchange rate good?
- Can you use amaze card on Apple Pay?
- Instarem amaze card referral
- What currencies does amaze support?
- Is Instarem amaze card still amazing?
Instarem amaze card changes
- [NEW]: From 1 October, UOB has excluded all Instarem Amaze transactions from earning credit card rewards, including UNI$, cashback or air miles. See below for more details.
- The amaze's 1% cashback rewards system was replaced with a points-based one known as InstaPoints. You'll earn 1 InstaPoint for every S$1 spent on all foreign transactions with a minimum of S$10. This is capped at 500 InstaPoints per spend. However, starting from 1 August 2023, linked-card transactions will only earn you 0.5 InstaPoint instead of 1 InstaPoint for every S$1 spent in foreign currency
- DBS has excluded Instarem amaze transactions from its DBS rewards programme
- You won't be able to earn KrisFlyer miles when you use your UOB cards for amaze transit transactions (i.e. public transport)
- Previously, you also had to spend at least S$1,500 (or foreign currency equivalent) per calendar quarter to earn InstaPoint cashback. Thankfully, Instarem has removed the minimum spending requirement, allowing you to earn unlimed InstaPoints on foreign currency transactions, capped at 500 InstaPoints per spend
- There's also an exclusion list from amaze rewards (see below)
- Starting from 13 October 2023, there will be a 1% transaction fee (minimum S$0.50) for select payments made in SGD with a linked card. These include payments for insurance, healthcare, education, car dealers, and business services (see the list below). However, transactions made from the amaze wallet will remain fee.
UPDATE: What UOB's exclusion means for the amaze card
As mentioned earlier, UOB has now removed all amaze transactions from earning UNI$ credit card rewards.
This means that paying through amaze with your linked UOB credit card will disqualify your transaction from earning any cashback, points or air miles.
Additionally, this also means you will no longer be able to to enjoy the following amaze benefits with the affected UOB cards :- Convert offline transactions to online ones (and thus earning higher rewards on the three credit cards mentioned)
- Avoid foreign currency transaction fees of 3% to 3.5% on overseas spends
Which UOB credit cards are impacted by the exclusion?
With this change, there are three UOB credit cards which will no longer earn rewards if used with amaze. These are:
- UOB Lady's Card
You will no longer earn UNI$ for amaze payments even if you choose Travel as your preferred reward category. - UOB Lady's Solitaire Card
You will no longer earn UNI$ for amaze payments even if Travel is chosen as one of your two reward categories. - KrisFlyer UOB Credit Card
You will not earn KrisFlyer miles for amaze transactions, much less the upsized rate of 3 mpd, which is awarded for online spends.
What should cardholders do in light of the change?
Well, you'll have to be content with the regular benefits offered by these cards, which mind you, aren't bad or terrible to begin with. It's just that you'll need to look to other card providers to continue enjoying the perks offered by the amaze card.
See the table below for a listing of credit cards that still works as advertised with amaze.
What is the Instarem amaze card?
Instarem’s amaze card is a multi-currency debit card, much Wise, Revolut, and YouTrip, offering competitive foreign exchange rates when you make overseas purchases.
However, the amaze card holds one major advantage over other multi-currency cards: it lets you link up to five Mastercard debit or credit cards, allowing you to earn cashback/miles/rewards from your linked card(s).
You can also choose which Mastercard to use as your primary card, and this will be where your payments are charged.
What's also amazing about the amaze card is that it can convert all eligible offline spending to online transactions. So when paired with the Citi Rewards Card for instance, you're essentially earning 4 miles per dollar (mpd) spent on eligible purchases, even for local transactions.
SingSaver Exclusive Offer: Receive the following rewards when you sign up for a Citi Rewards Card:
Receive an Apple iPad 9th Gen 10.9 wifi 64GB (worth S$508.30) or a Hinomi H1 Classic V3 Ergonomic Office Chair (With Headrest) (worth S$659) or an Apple AirPods Pro Gen 2 + Magsafe Charger (worth S$408) or 50,000 yuu Points or S$350 cash via PayNow upon activating and spending a minimum of S$500 within 30 days of card approval. Valid until 10 November 2024. T&Cs apply.
🚀Fastest Rewards Fulfilment🚀: Get the cash rewards within four (4) weeks after successful application — the fastest rewards fulfilment yet! T&Cs apply.
⬆️Reward Upgrade Campaign⬆️: Upgrade your rewards when you top specific amounts. Valid until 10 November 2024. T&Cs apply.
- S$980 for a MacBook Air 13" 256GB M3 (worth S$1,599.00)
- S$1,200 for an Apple iPhone 16 Pro 256GB (worth S$1,1,749.00)
- S$1,786 for a Samsung Galaxy S24 Ultra Titanium Gray 12+512GB 5G (worth $2,128.00)
How does the Instarem amaze card work?
Spending with your amaze card will convert your foreign transaction into an SGD transaction based on a competitive exchange rate. The transaction will then be reflected on your credit card as a local transaction.
Before it was nerfed, the amaze card was one of the most OP cards available; you could earn up to 1% cashback for local and foreign transactions. This was on top of the miles, points, or cashback your linked card(s) would earn.
This was fantastic as it’s essentially ‘free’ cashback — you’ll continue to rack up rewards earned on your credit card spend. For example, you could earn up to 8% cashback with the Citi Cash Back credit card on top of the additional 1% cashback from amaze.
The fact that amaze also doesn't charge a foreign transaction fee made it one of the best cards for local and foreign transactions.
However, the cashback for local transactions was nerfed from 1% to 0.5% circa 2022. It was then nerfed further as Instarem replaced the cashback system entirely with InstaPoints.
Best credit cards to pair with Instarem's amaze card
Our favourite Mastercard credit cards to pair with the amaze card include:
Card |
Cash rebate/miles earn rate |
Details |
|
10X ThankYou Points (4 mpd) on shopping, online shopping, online food delivery, online groceries, Grab and Gojek rides |
- S$1,000 spend cap per statement month - No minimum monthly spend |
|
8% monthly cashback on 5 chosen categories per quarter (capped at S$25 each category, up to S$125 per month) - Groceries - Dining & food delivery - Transport - Data communication & online TV streaming - Retail & pets - Online fashion - Entertainment - Pharmacy - Beauty & wellness - Sports and sports apparels - Malaysian Ringgit Spend (automatically included on top of your 5 preferred categories) |
- Minimum S$800 monthly spend, otherwise 0.3% cashback |
|
15 OCBC$ (6 mpd) per S$1 spent on on selected retailers per quarter
|
- 10,000 OCBC$ cap on bonus spend (S$1,110) per month, capped at 120,000 bonus OCBC$ (or about S$12,000 spent on shopping) annually - Additional 5,000 OCBC$ cap per month on selected retailers |
|
2 mpd on foreign spend and 1.2 mpd on local spend |
- Miles never expire |
|
2.4 mpd on foreign currency spend, 1.2 mpd on local spend |
- No conversion fee for air miles or hotel points (until 31 Dec 2023) |
|
- 8% cashback on groceries and petrol |
- Cashback capped at S$80 per month |
|
- Unlimited 1.6% cashback on all eligible spend |
- No cashback cap |
What are InstaPoints?
InstaPoints are loyalty points that you earn when you spend with the amaze card.
You'll earn InstaPoints at a rate of 1 point per S$1 (or foreign currency equivalent) spent. But note that this is capped at 500 InstaPoints per transaction.
But starting from 1 August 2023, all amaze card-linked transactions will earn 0.5 InstaPoint instead of 1 InstaPoint for every S$1 spent in foreign currency previously, or a 50% cut.
That said, you'll continue earning 1 InstaPoint for every S$1 spent on the amaze wallet.
Aside from spending with the amaze card, you'll also earn InstaPoints through successful referrals and remitting money overseas.
You can redeem your InstaPoints for cashback at a fixed rate of 2,000 InstaPoints for S$20, or 1% cashback. Your InstaPoints will expire within a year of being issued.
Aside from cashback, you can also use your InstaPoints for a discount for foreign remittance.
Also, amaze has a list of merchants that are excluded from reward points, which also includes public transport transactions:
MCC |
Description |
4111 | Railroads, Transportation Services |
4784 | Tolls and Bridge Fees |
4900 | Utilities: Electric, Gas, Water, and Sanitary |
5047 | Medical, Dental, Ophthalmic and Hospital Equipment and Supplies |
5199 | Nondurable Goods (Not elsewhere classified) |
5960 | Direct Marketing: Insurance Services |
5993 | Cigar Stores and Stands |
6012 | Financial Institutions: Merchandise, Services, and debt Repayment |
6211 | Security Brokers/Dealers |
6300 | Insurance Sales, Underwriting, and Premiums |
6513 | Real Estate Agents and Managers: Rentals |
6540 | Non-Financial Institutions – Stored Value Card Purchase/Load |
7299 | Other Services (Not elsewhere classified) |
7349 | Cleaning, Maintenance and Janitorial Services |
7523 | Parking Lots, Parking Meters and Garages |
8062 | Hospitals |
8211 | Elementary and Secondary Schools |
8220 | Colleges, Universities, Professional Schools, and Junior Colleges |
8241 | Correspondence Schools |
8244 | Business and Secretarial Schools |
8249 | Vocational and Trade Schools |
8299 | Schools and Educational Services |
8398 | Charitable Social Service Organisations |
8661 | Religious Organisations |
8675 | Automobile Associations |
8699 | Membership Organisations |
9211 | Court Costs, including Alimony and Child Support |
9222 | Fines |
9223 | Bail and Bond Payments |
9311 | Tax Payments |
9399 | Government Services |
9402 | Postal Services |
Is there any annual fee or admin fee for the Instarem amaze card?
You don't have to pay any annual fee, admin fee, or foreign transaction fee for using the amaze card.
However, you'll be charged a 1% fee (minimum S$0.50) on some SGD transactions you make with amaze, when you top up your amaze wallet with a Visa Card, and withdraw money with your amaze card overseas.
Annual fees |
Free |
Card issuance |
Free |
Card replacement and delivery |
Free |
FX (non-SGD) transactions |
Free |
Chargeable SGD transactions |
1% fee (minimum S$0.50) on transactions made in SGD to select merchants. Note: Some SGD transactions that are linked to amaze wallet will not incur this fee
|
amaze wallet top-up with Mastercard |
Free |
amaze wallet top-up with Visa |
1.5% fee |
amaze wallet top-up with PayNow |
Free |
Overseas ATM cash withdrawal |
2% fee |
Chargeable SGD transactions
Starting from 13 October 2023, a 1% fee will apply to select payments made in SGD with an amaze-linked card, including insurance, healthcare, education, car dealers, and business services. However, these will remain free when you pay with the amaze wallet.
However, there's good news for e-wallet and prepaid card top-ups: the fee will be reduced from 2% to 1%. This includes GrabPay, ShopeePay and other e-wallets under MCC 6540 as well as EZ-link wallet top-ups, security brokers, and quasi-cash merchants (MCC 6051 and 6211).
Merchant description |
Examples |
MCC (merchant category code) |
amaze transaction fee |
Non-financial institutions: wallets, cards, etc. |
GrabPay Wallet, ShopeePay |
6540 |
1% |
Security brokers, dealers, Quasi cash merchants |
Xmglobal IG.com, Coinhako, Coinbase, Wirex |
6211, 6051 |
1% |
Others |
EZ-link wallet top-ups and TransitLink General Ticketing Machines only |
4111 |
1% |
Insurance and specialty retail stores |
Singlife, FWD, AIA, Atome, ShopBack PayLater |
6300, 5999 |
1% (no fees via amaze wallet) |
Healthcare services |
Doctor Anywhere, Raffles Medical, Polyclinics and Hospitals, Q&M Dental |
8099, 8011, 8062, 8021, 8041 |
1% (no fees via amaze wallet) |
Advertising and business services |
Google, Tiktok ads, Amazon Web Services |
7311, 7399 |
1% (no fees via amaze wallet) |
Government services |
HDB, LTA, Town Council |
9399 |
1% (no fees via amaze wallet) |
Education |
THE LEARNING LAB, NTUC LearningHub, NUS, NTUC, SUSS |
8299, 8220 |
1% (no fees via amaze wallet) |
Automotive services/car dealers |
Performance Motors Cycle & Carriage, MITSUBISHI/KIA SVC CTR |
5511, 7538 |
1% (no fees via amaze wallet) |
How to use the Instarem amaze card?
Follow these easy steps to start using your amaze card:
- Activate your amaze card through the Instarem app
- Link your preferred Mastercard card(s)
- Indicate your default card
- Use your amaze card
Use the amaze card as you would any credit card; it even lets you make contactless payments.
The amaze card is also free; you can apply for a physical amaze card via the app and it will be delivered to you. There's no annual fee, processing fee, and application fee either.
Even if you’re paying in a foreign currency, charge your purchase to your amaze card. 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.
SingSaver Exclusive Offer: Receive S$50 cash on top of welcome offers when you apply for select UOB Credit Cards and fulfil promo criteria. Limited to the first 1,000 new-to-card applicants only. Valid till 30 November 2024. T&Cs apply.
✨Daily Lucky Draw✨: Plus, get a chance to win an additional S$1,000 cash when you spend S$1,000 in the first 30 days of card approval. Valid till 30 November 2024. T&Cs apply.
UOB Credit Card Welcome Offer: Receive a Samsonite EVOA Z Spinner 25” Exp (worth S$730) or a GoPro (worth S$590) or an AirPods Pro and AirTag (2 units) (worth S$439) or up to S$350 Cash Credit or up to 58,000 miles when you apply for select UOB credit cards and fulfil the minimum spend requirements. Valid till 30 November 2024. T&Cs apply.
Is Instarem amaze card’s exchange rate good?
Proponents of YouTrip may not know this: the amaze card doesn’t come with annoying foreign currency conversion (FCY) 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.
That said, it does charge a small FX spread when you make a foreign transaction. While the FX spread is slightly above those charged by YouTrip, Revolut, and Wise, it's still much lower than what credit cards typically charge.
Here's a fee comparison between amaze, Revolut, YouTrip, Wise, and credit cards:
Card | Foreign transaction fee | FX spread |
amaze | None | From 1.8% |
Revolut | None (1% to 2% on weekends) | Real-time exchange rate |
YouTrip | None | Real-time exchange rate |
Wise | None | From 0.41% |
Credit cards | 2.95% to 3.5% | From 2.8% |
Can you use the 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. As mentioned, these can be used for cashback or a discount when you remit money overseas, just like Wise.
What currencies does Instarem amaze support?
Like other multi-currency wallets out there, Instarem amaze also has a multi-currency wallet feature; you can store and covert in Singapore dollars, Euros, British pounds, Swiss francs, Japanese yen, New Zealand dollars, and Australian dollars.
That said, if you want more currency support, then Wise and Revolut are better options. Wise supports over 50 currencies, while Revolut allows you to hold more than 30+ currencies.
Is the Instarem amaze card still amazing?
Although the cashback part of the equation isn’t as attractive as it used to be, the amaze card is a convenient addition to anyone’s wallet, particularly if you’re a frequent traveller or spend in foreign currencies predominantly.
Apart from offering competitive FX rates, it allows you to link your favourite Mastercard credit cards, allowing you to continue earning credit card rewards for both foreign and local transactions.
The cherry on top would be that there’s no need to top up or have funds locked up in the account.
You can also withdraw up to S$1,000 daily from overseas ATMs. But note that you'll incur a 2% admin fee and an ATM owner fee for withdrawals. You'll also be charged a dynamic currency conversion fee if you don't withdraw in the local currency.
That said, the threshold is much higher than other multi-currency cards like Wise and Revolut, which only allow you to withdraw S$350 monthly.
As for its downsides, while the amaze wallet supports a few currencies, it's not as comprehensive as Wise and Revolut, which operate in more countries. As such, you might want to bring those cards along if you're visiting a country with a currency that's not supported on amaze.
Another minor thing to note: the foreign exchange rate offered by Wise, Youtrip, and Revolut is competitively lower.
This wouldn't matter since the difference is marginal unless you buy undervalued currencies and want the best exchange rates. That said, the amaze offers cashback on foreign purchases, which helps.
Lastly, amaze currently only supports Mastercards; if you have a Visa credit or debit card, you won't be able to collect reward points, cashback, or miles on your card.
Pros of Instarem amaze:
- Can link up to five Mastercard debit/credit cards to earn cashback/rewards/miles; no top-ups to digital wallet required
- No foreign transaction fee, only a small FX spread
- You can remit money overseas
- Earn 0.5 InstaPoint for every S$1 spent overseas when paired with a credit or debit card (1 InstaPoint for every S$1 spent via amaze wallet)
- InstaPoints can be redeemed for cashback
- Allows you to convert eligible offline transactions into online transactions
Cons of Instarem amaze:
- Cashback isn't as great as it once was
- Can't link to Visa debit/credit cards (though you can top up your amaze wallet with Visa cards)
- InstaPoints are only obtainable on overseas transactions
- Doesn't hold and support as many foreign currencies compared to Wise, Revolut, or YouTrip
- Cashback can only be used in amaze wallet
SingSaver Exclusive Offer: Receive the following rewards when you sign up for a Citi Credit Card:
🚀Fastest Rewards Fulfilment🚀: Get the cash rewards within four (4) weeks after successful application — the fastest rewards fulfilment yet! T&Cs apply.
*📣For Citi PremierMiles Card: Receive an Apple iPad 9th Gen 10.9 wifi 64GB (worth S$508.30) or a Samsonite Straren Spinner 67/24 + 2X AirTag (worth S$690.80) or 18K Heymax Miles or 50,000 yuu Points or S$350 cash via PayNow upon activating and spending a minimum of S$500 within 30 days of card approval. This card offer is exclusively available on SingSaver. Valid until 10 November 2024. T&Cs apply.
Get an additional S$100 eCapitaVoucher when you simultaneously open a Citi Citigold Account. Valid until 31 October 2024. T&Cs apply.
*📣For Citi Prestige Card: Get a Samsonite Straren Spinner 67/24 + 2X AirTag (worth S$690.80) or 18K Heymax Miles (worth S$300) or 50,000 yuu Points or S$350 cash via PayNow upon activating and spending a minimum of S$500 within 30 days of card approval. This card offer is exclusively available on SingSaver. Valid until 10 November 2024. T&Cs apply.
*📣ONLY AVAILABLE ON SINGSAVER📣
Other Citi Credit Cards: Receive an Apple iPad 9th Gen 10.9 wifi 64GB (worth S$508.30) or a Hinomi H1 Classic V3 Ergonomic Office Chair (With Headrest) (worth S$659) or an Apple AirPods Pro Gen 2 + Magsafe Charger (worth S$408) or 50,000 yuu Points or S$350 cash via PayNow upon activating and spending a minimum of S$500 within 30 days of card approval. Valid until 10 November 2024. T&Cs apply.
For Citi SMRT Card and Citi M1 Platinum Visa Card: Receive an Apple iPad 9th Gen 10.9 wifi 64GB (worth S$508.30) or Dyson Micro 1.5kg Vacuum (worth S$599) or 50,000 yuu Points or S$350 cash via PayNow upon activating and spending (min. S$500 spend) within 30 days of card approval. Valid until 10 November 2024. T&Cs apply.
⬆️Reward Upgrade Campaign⬆️: Upgrade your rewards when you top specific amounts. Valid until 10 November 2024. T&Cs apply.
- S$980 for a MacBook Air 13" 256GB M3 (worth S$1,599.00)
- S$1,200 for an Apple iPhone 16 Pro 256GB (worth S$1,1,749.00)
- S$1,786 for a Samsung Galaxy S24 Ultra Titanium Gray 12+512GB 5G (worth $2,128.00)
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