Effective 10 March 2025, Instarem Amaze will be implementing key changes that significantly reduce its benefits:
- 1% Fee (min. S$0.50) on SGD Transactions – A flat 1% fee will be applied to all SGD-linked card transactions, eliminating the fee-free advantage Amaze previously offered for spending below S$1,000.
- InstaPoints No Longer Convertible to Cashback – This removes a key redemption option for users who preferred cashback over other rewards.
Instarem Amaze Just Dropped Some Big Changes—Here’s What You Need to Know
Effective March 10th, 2025, Instarem Amaze will implement key changes that reduce its benefits. Notably, a 1% fee will now be imposed on all SGD linked card transactions and Instapoints will no longer be convertible to cashback.
In case you are new to this, let us do a small recap:
Recap: What Is Amaze Card
Instead of managing multiple credit cards, the Instarem Amaze card simplifies your payments by acting as a single payment processor that allows you to convert your offline spends into online. It comes with an Amaze Wallet which serves as a digital wallet for cashless transactions, and it also comes with a Linked Card feature which allows you to link up to 5 Mastercard debit or credit cards.
Two Main Reasons Why We Use Amaze:
(1) Convert Offline to Online Transactions
We pair the Instarem Amaze Card with the Citi Rewards Card to convert local offline dining & retail into online transactions. This strategy allows us to maximise miles, as Citi Rewards grants 4 miles per dollar on online transactions but not on offline spending. By routing payments through Amaze, which processes transactions as online purchases, we can still get the same miles that Citi Rewards earn.
(2) Use on Overseas Spending for lowered foreign currency fees
Pairing the Instarem Amaze Card with miles or cashback credit cards converts offline overseas transactions into online ones, helping you earn the same credit card rewards while reducing costs.
There are two cards that are suitable for this:
- OCBC Rewards - overseas department store categories
- Maybank Family and Friends Card - your 5 chosen categories
Amaze lowers the usual 3.25% FCY fee to a 2% FX spread by converting overseas transactions into SGD and charges the bank in SGD.
All Changes At A Glance:
AMAZE WALLET | BEFORE MARCH 10 | AFTER MARCH 10 |
Benefits | • Overseas ATM Withdrawals • Exchange and hold 11 currencies: SGD, MYR, THB, USD, EUR, CHF, NZD, CAD, AUD, GBP, JPY • Wallet limit of S$3,000 per transaction, up to S$20,000 in a calendar year | • BUFF: Wallet limit of S$15,000 per transaction, up to S$75,000 in calendar year • NEW! Transfer balance from amaze wallet directly to bank account • NEW! Set spend limits by daily or per-transaction for security |
Rewards | Earn 0.5 Instapoints per dollar on overseas spend, capped at 500 Instapoints per month | BUFF: Earn 0.5 Instapoints per dollar on local or overseas spend, no cap |
Fees | • Fee-free on currency exchanges in wallet • 2% ATM withdrawal fee | • Fee-free on currency exchanges in wallet • 2% ATM withdrawal fee |
AMAZE LINKED CARD | BEFORE MARCH 10 | AFTER MARCH 10 |
Benefits | • Earn card reward points with Citi Rewards, Maybank F&F, OCBC Rewards (must use correctly) • Get lowered fx spread of 2+% instead of usual bank card’s FX markup of 3.25% to 3.75% | No changes |
Rewards | Earn 0.5 Instapoints per dollar on overseas spend, capped at 500 Instapoints per month | NERF: No Instapoints issued |
Fees | • 1% fee on SGD spends >S$1,000 (first S$1,000 free) • 1% fee on spends on MCC 6540 (eg. Grab topups, e-wallet topups) | NERF: 1% fee on all SGD spends |
Let’s Dive Deeper Into the Changes…
(1) 1% Fee on All SGD Transactions - Nerf
The most notable nerf is the introduction of a 1% fee on transactions made in Singapore Dollars when you are using Amaze Linked Card. Previously, this fee applied but was waived for the first S$1,000 in SGD transactions. Now, with the update, there is no longer a “first S$1,000 free”, and all SGD transactions are automatically subject to the 1% fee! Boo! This change will have a significant impact for those who have been using their Amaze Wallet with a credit card like Amaze with Citi Rewards for local offline transactions, like dental clinics, restaurants, shopping, and even the Kris+ app, where it is essential to use with amaze card to qualify for 4 miles per dollar. However, it should not affect you if you are using this for online transactions in SGD, as you can use the Citi Rewards card directly.
(2) Transfer Amaze Wallet Balance to Bank Account - Yay
In my recent video, I talked about how I was hesitant to put money into my Amaze Wallet because it doesn’t let you withdraw money from the wallet and that it cannot be very helpful for when I need a cash— this has also been a major pain point for some users. However, with the new feature, you can now transfer funds directly from their Amaze Wallet to their bank account!
(3) Instapoints (IP) Can No Longer Be Converted To Cashback - Nerf
After March 10th, you'll lose the ability to turn Instapoints (IP) into cashback at the previous rate of 1,000 IP for S$5. Now, your only option is to convert them to KrisFlyer miles, and the rate is pretty disappointing: 1,200 IP for just 400 miles. This makes your cost per mile 3 cents per mile which is really expensive. In addition, without the cashback option, this forces everyone to convert it to miles, even if you are a cashback person.
I’d suggest that you convert your IP points before 10 March and cash it out after 10 March, when the bank transfer function is made available.
After 10 March, you can still use your IP to reduce the cost of remittance transactions through Amaze. Specifically, you can use a maximum of 400 IP to get S$5 off each remittance transfer, provided the transfer is at least S$500. If you regularly send money overseas, whether for domestic helpers or business, this could be a useful alternative.
(4) Earn Instapoints with No Cap on Amaze Wallet - Maybe Not
Previously, Instapoints were capped at 500 per month on foreign currency spend. Now, you can earn 0.5 Instapoints per dollar on both local and overseas transactions with no cap. While this is an improvement from before, it only translates to approximately 0.25% cashback—significantly lower than many other credit cards. While it's a general upgrade for the Amaze card itself, it still ranks at the bottom of my list compared to other available options.
(5) No More Instapoints for Linked Card Transactions - Nerf
Previously, linking your selected credit cards to the Amaze card allowed you to earn Instapoints on every transaction. Unfortunately, that benefit is no longer available. This change might make it slightly more expensive for those who use the Amaze linked card to rack up rewards in foreign currency spend, but it’s not too bad and does not affect the overall value of using the card with selected credit cards for foreign currency spend.
Common Questions:
Is it still worth using your Citi Rewards + Amaze on local offline spend?
Well, yes, but at a higher cost, which means for every 400 miles earned, you pay S$1 more, making your cost per mile 0.25 cents per mile, which is still quite cheap. Effectively, instead of earning a 4 miles per dollar, you are earning 3.96 miles per dollar on local spending for a 4 miles per dollar credit card.
Would I still use this?
Likely yes, after I have maxed out other 4 miles per dollar cards. For two reasons:
(1) Able To Transfer To Infinity Mileagelands For Better Miles Value
Citi cards are one of the three banks cards (besides HSBC and AMEX) that allows transfer to Infinity Mileagelands and Infinity Mileagelands miles have some sweet spot for miles redemptions, even on Singapore Airlines.
(2) Continue to Stock Up On Existing Points in Citi Rewards
As of time of writing, I have around 235,000 points, and it would be a waste to stop the accumulation. At a 3.96 miles per dollar earn rate, it is still not too bad in my opinion and the cost per mile is still within my acceptable range.
Final Thoughts:
Instarem Amaze has rolled out a significant number of updates, with a mix of positive and negative changes. On the positive side, Instarem now allows you to transfer funds directly from your Amaze Wallet to your bank account. However, there are notable drawbacks. Instarem has introduced a 1% fee on all your Singapore Dollar transactions made with the linked card. Furthermore, they have discontinued Instapoint earning on your linked card transactions, be it local or foreign transactions. While Instarem Amaze remains useful for overseas spending with linked card function, it is less beneficial for your local offline spending in Singapore when using the linked card method. Therefore, you may want to consider alternative credit cards for your offline purchases in SGD, specifically for Citi Rewards & Amaze pairing.
How Does This Impact You?
Currently, using Citi Rewards with the Amaze card allows us to convert offline spending into online spending, making it an easy way to earn 4 miles per dollar (mpd) on virtually all transactions—except for travel and excluded MCCs. We only incur a 1% fee (or S$0.50, whichever is higher) if we exceed S$1,000 spending per calendar month on Amaze when linked to Citi Rewards for SGD spending.
With the nerf implemented by Amaze, all SGD spend with Amaze + Citi Rewards will now incur a 1% fee (or S$0.50, whichever is higher) from the first dollar spend. This brings up the cost per mile:
Transaction Size | After Nerf | Cost per mile |
Below S$50 | min S$0.50 fee per transaction | max 12.5 cents per mile (too ex!) |
Above S$50 | S$0.50 onwards | 0.25 cents per mile |
Effective Earn Rate on Citi Rewards + Amaze (with 1% Fee for transactions above S$50):
Depending on Your Mile Valuation:
Mile Valuation | Adjusted Earn Rate |
1 cent per mile | 3 mpd |
1.25 cents per mile | 3.2 mpd |
1.5 cents per mile | 3.33 mpd |
(Shoutout to Thomas from my Telegram chat for pointing this out!)
As you can see, the nerf lowers the overall miles earned on any SGD transactions above S$50, making the Citi Rewards + Amaze combo much less attractive for local spending.
What’s Still Good? Citi Rewards Remains Strong
Despite the Amaze nerf, the Citi Rewards Card alone is still one of the best options for online and selected retail spending, offering 4 miles per dollar (mpd) on many everyday transactions.
Citi Rewards for SGD Spending (Without Amaze)
(1) Almost All Online Spending (Except Travel)
Eligible transactions include:
- Apps like FairPrice, ShopBack, FavePay
- Online food delivery & ride-hailing/taxi services
- Subscription services (Netflix, Spotify, Telco bills)
- BNPL transactions via Atome (MCC 5999)
- Any non-travel online spend
Remember to enter Citi Rewards card details directly, to be safe
What to Avoid:
- Kris+ app
- exclusion list
- Payments via Apple Pay or Google Pay (mobile wallet transactions)
- Travel-related online spending (including SMRT which is under Passenger Railways)
(2) Offline Retail Shopping
Here are the eligible MCCs:
Merchant Category Code (MCC) | Description |
5311 | Department Stores |
5611 | Men’s and Boy’s Clothing and Accessories Stores |
5621 | Women’s Ready to Wear Stores |
5631 | Women’s Accessory and Specialty Stores |
5641 | Children’s and Infant’s Wear Stores |
5651 | Family Clothing Stores |
5655 | Sports and Riding Apparel Stores |
5661 | Shoe Stores |
5691 | Men’s and Women’s Clothing Stores |
5699 | Miscellaneous Apparel and Accessory Shops |
5948 | Luggage and Leather Goods Stores |
Citi Rewards + Amaze for Foreign Currency Spend (Still Viable!)
Even after the nerf, Citi Rewards + Amaze is still useful for overseas transactions as it reduces FX fees from 3.25% to 2% while earning 4 mpd. This strategy remains unchanged.
In Summary, Here Are Changes To The Earn Rates For Citi Rewards
Scenarios | Before Nerf | After Nerf |
Offline Spend (e.g., dining, doctor’s visit) | 4 mpd (Citi Rewards with Amaze) or 0.4 mpd (Citi Rewards without Amaze) | 3–3.33 mpd due to 1% fee (Citi Rewards with Amaze) (for transactions above S$50) (Only this is affected!) or 0.4 mpd (Citi Rewards without Amaze)(unchanged) |
Online Spend | 4 mpd (Citi Rewards without Amaze) | Still 4 mpd (Citi Rewards without Amaze) (unchanged) |
Offline Shopping Spend (Selected MCCs) (MCCs include department stores, bags, shoes, clothes) | 4 mpd (Citi Rewards without Amaze) | Still 4 mpd (Citi Rewards without Amaze) (unchanged) |
FCY Spend | 4 mpd, 2% FX fee (Citi Rewards with Amaze) | Still 4 mpd, 2% FX fee (unchanged) |
As you can see, only the offline spend is affected. Basically, we cannot blindly tap the Amaze card at every local payment terminal without thinking much anymore. Everything else is business as usual.
What Cards Can Replace The Citi Rewards Offline Spend:
Card | Best For | Rewards (Miles/Cashback) | Best for |
one or two of your chosen categories | No min spend; S$1,000 or S$2,000 cap per calendar month | Dining, beauty & wellness, travel, or shopping Fulfill spend criteria on UOB One Account to receive 4% p.a interest on savings | |
 UOB Preferred Platinum | 4 mpd on mobile contactless spend | No min spend; S$1,110 cap per calendar month | Apple Pay/ Google Pay/Samsung Pay transactions |
 UOB Visa Signature | 4 mpd on petrol, local contactless, and foreign currency spend | S$1,000 min spend; S$2,000 cap per statement month | Petrol & general contactless payments |
UOB Cards Combo: A Strong Alternative for Maximizing Rewards But We Still Need Citi Rewards
If you’re looking to maximize your rewards across UOB’s cards, the key advantage is that UOB points pool together across most of their UNI$ earning cards (excluding the UOB KrisFlyer Card). Here’s how to optimize your card setup:
- UOB Lady’s Card: Tailor this for your high-spend categories such as dining, beauty, and travel (no min spend)
- UOB PPV Card: Maximise miles on mobile contactless payments (just avoid in-app payments or physical card payments) (no min spend)
- UOB Visa Signature Card: Ideal for local contactless, overseas and petrol spend. (min spend required)
Unfortunately, these cards have limitations. They are not able to cover an extensive list of online spending in SGD. UOB Lady’s can only cover one or two categories at best. These cards need to be used alongside Citi Rewards for the best miles strategy.
What To Do If You Are New To UOB Cardholders?
To take full advantage of UOB’s rewards system, it’s actually best to apply for the UOB Lady’s, UOB PRVI Miles or UOB KrisFlyer Card (See below) first to maximise the sign-up bonuses. You can get minimally a S$60 Cash via PayNow or S$70 Lazada Voucher with no minimum spend if you sign up for any UOB Cards as a new-to-bank credit cardholder today (28th Feb 2025). Stay updated for the sign up promotions on my Telegram channel.
Once you’ve capitalized on the sign-up bonuses, you can then switch to cards like the UOB PPV, and UOB Visa Signature, which are better optimized for specific spending categories like dining, contactless payments, and overseas purchases. This strategy ensures that you maximize both your initial bonus and your long-term rewards without getting stuck with cards that aren’t as effective for your regular spending.
UOB Lady's Card
Earn 4 miles per dollar on 1 or 2 chosen categories
UOB PRVI Card
Earn 1.4 miles per dollar on local spend and up to 3 miles per dollar on foreign currency spend
4 Priority Pass visits per calendar year
UOB Krisflyer Card
Earn uncapped 3 miles per dollar on SIA group spend, dining, online shopping and selected travel
Final Thoughts
With the changes to Instarem Amaze coming into effect on 10 March 2025, it’s clear that the Citi Rewards + Amaze combo will no longer be as attractive for local spending. The introduction of the 1% fee on SGD transactions and the removal of InstaPoints conversion to cashback significantly reduces the value of this strategy, especially for smaller transactions.
However, Citi Rewards remains strong for online purchases and overseas transactions (via Amaze), where you can still earn 4 miles per dollar.
To replace offline spending, consider using UOB cards like the UOB Lady’s Card, UOB PPV, and UOB Visa Signature, which offer 4 mpd in specific categories with no extra fees.
Ultimately, while the Amaze nerf requires a shift in strategy, everything else is business as usual, except local offline spend which can be covered by the mentioned UOB Cards.
